The equity base has eroded from $1.5 billion in 2024Q1 to $926.1 million by 2026Q1, reflecting the ongoing accumulation of net losses.
| Total Current Assets | 1.02B | 900.66M | 864.44M | 1.06B | 1.37B | 897.23M | 1.5B | 430.03M | 480.84M | 409.61M | 181.96M | 33.43M |
| Cash & Short-Term Investments | 987.68M | 867.88M | 832.33M | 1.03B | 1.34B | 865.41M | 1.47B | 415.36M | 464.3M | 406.23M | 178.33M | 30.74M |
| Cash Only | 387.63M | 205.33M | 174.96M | 127.11M | 218.04M | 293.48M | 507.14M | 79.45M | 77.12M | 218.38M | 39.85M | 30.74M |
| Short-Term Investments | 600.06M | 662.55M | 657.37M | 907.4M | 1.12B | 571.93M | 962.55M | 335.91M | 387.17M | 187.85M | 138.48M | 0 |
| Accounts Receivable | 1.6M | 2.18M | 2.17M | 3.42M | 9.28M | 1.23M | 0 | 0 | 8.55M | 464K | 438K | 0 |
| Days Sales Outstanding | - | - | - | 3.78 | 31.24 | 9.2 | - | - | 24.15 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.55M | -464K | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 33.47M | 30.6M | 0 | 0 | 0 | 0 | 25.96M | 0 | 1.35M | 0 | 0 | 0 |
| Total Non-Current Assets | 243.27M | 244.2M | 509.74M | 89.78M | 87.92M | 506.93M | 108.63M | 123.2M | 181.15M | 77.11M | 89.11M | 3.25M |
| Property, Plant & Equipment | 117.27M | 119.94M | 125.63M | 71.64M | 74.52M | 69.61M | 73.46M | 80.66M | 25.16M | 14.92M | 15.26M | 3.17M |
| Fixed Asset Turnover | 0.00x | - | - | 4.61x | 1.46x | 0.70x | 4.57x | 0.33x | 5.13x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 274.57M | 0 | 359.37M | 0 | 0 | 425.45M | 34.2M | 39.89M | 147.88M | 60.75M | 73.08M | 84K |
| Other Non-Current Assets | 23.12M | 124.26M | 24.74M | 18.14M | 13.4M | 11.87M | 962K | 2.66M | 8.11M | 1.44M | 770K | 0 |
| Total Assets | 1.27B | 1.14B | 1.37B | 1.15B | 1.46B | 1.4B | 1.6B | 553.23M | 661.98M | 486.72M | 271.07M | 36.68M |
| Asset Turnover | 0.00x | - | - | 0.29x | 0.07x | 0.03x | 0.21x | 0.05x | 0.20x | - | - | - |
| Asset Growth % | -66.89% | -16.69% | 19.09% | -20.98% | 3.99% | -12.47% | 189.98% | -16.43% | 36.01% | 79.56% | 638.94% | - |
| Total Current Liabilities | 110.16M | 98.35M | 102.21M | 77.98M | 363.92M | 378.25M | 71.7M | 45.34M | 32.79M | 14.16M | 9.11M | 3.48M |
| Accounts Payable | 40.38M | 3.33M | 11.14M | 9.48M | 2.79M | 4.78M | 1.07M | 2.59M | 1.89M | 2.72M | 1.96M | 1.71M |
| Days Payables Outstanding | 979.43 | 108.69 | - | - | - | - | - | - | - | 321.65 | 487.74 | 5.17K |
| Short-Term Debt | 9.86M | 9.55M | 0 | 0 | 0 | 0 | 4.69M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 37.7M | 0 | 0 | 0 | 290.05M | 320.3M | 23.48M | 18.74M | 11.43M | 0 | 0 | 0 |
| Other Current Liabilities | 35.58M | 85.47M | 38.86M | 21.59M | 17.09M | 19.01M | 21.95M | 8.74M | 9.52M | 918K | 701K | 148K |
| Current Ratio | 9.28x | 9.16x | 8.46x | 13.65x | 3.77x | 2.37x | 20.86x | 9.48x | 14.67x | 28.92x | 19.98x | 9.60x |
| Quick Ratio | 9.28x | 9.16x | 8.46x | 13.65x | 3.77x | 2.37x | 20.86x | 9.48x | 14.93x | 28.95x | 19.98x | 9.60x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 229.77M | 32.74M | 42.29M | 44.98M | 53.89M | 63.63M | 382.05M | 113M | 82.35M | 6.76M | 7.44M | 48.84M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 135.86M | 32.74M | 36.67M | 44.98M | 53.03M | 58.55M | 64.17M | 68.86M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 5.62M | 0 | 379K | 379K | 701K | 379K | 25M | 6.76M | 7.44M | 48.84M |
| Total Liabilities | 339.93M | 131.09M | 144.5M | 122.96M | 417.81M | 441.87M | 453.75M | 158.34M | 115.14M | 20.93M | 16.55M | 52.32M |
| Total Debt | 40.05M | 42.29M | 48.71M | 52.24M | 60.35M | 64.01M | 68.86M | 72.53M | 0 | 0 | 0 | 0 |
| Net Debt | -347.58M | -163.04M | -126.25M | -74.86M | -157.69M | -229.47M | -438.28M | -6.92M | -77.12M | -218.38M | -39.85M | -30.74M |
| Debt / Equity | 0.04x | 0.04x | 0.04x | 0.05x | 0.06x | 0.07x | 0.06x | 0.18x | - | - | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - | - | 0.97x | - | - | - | - | - |
| Net Debt / EBITDA | 0.65x | - | - | - | - | - | -6.15x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | -46.11x | - | -153.02x |
| Total Equity | 926.1M | 1.01B | 1.23B | 1.03B | 1.04B | 962.29M | 1.15B | 394.89M | 546.85M | 465.8M | 254.52M | -15.63M |
| Equity Growth % | -90.78% | -17.56% | 19.28% | -1.1% | 8.33% | -16.36% | 191.35% | -27.79% | 17.4% | 83.01% | 1727.98% | - |
| Book Value per Share | 4.96 | 5.78 | 7.48 | 7.50 | 8.30 | 7.92 | 10.21 | 4.13 | 5.90 | 31.13 | 39.62 | -5.20 |
| Total Shareholders' Equity | 926.1M | 1.01B | 1.23B | 1.03B | 1.04B | 962.29M | 1.15B | 394.89M | 546.85M | 465.8M | 254.52M | -15.63M |
| Common Stock | 1.91M | 1.89M | 1.77M | 1.71M | 1.69M | 1.55M | 1.53M | 1.29M | 1.27M | 1.2M | 2.69M | 170K |
| Retained Earnings | -2.18B | -2.05B | -1.54B | -1.12B | -970.99M | -645M | -354.42M | -425.55M | -227.94M | -191.7M | -103.51M | -16.86M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -682K | 682K | 2.02M | 643K | -6.89M | -2.5M | -245K | 350K | -649K | -368K | -373K | -48.31M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone funding dependency
As reported in financial statements, Denali's equity base has experienced significant volatility, declining from $1.5 billion in 2024Q1 to $926.1 million by 2026Q1, a trend that reflects the persistent accumulation of net losses and the ongoing depletion of capital to fund high-cost clinical research programs.
The consistent expansion of the accumulated deficit, now reaching $2.2 billion, suggests that the company's business model remains entirely dependent on external capital or partner milestones. Investors should monitor whether the current trajectory of equity erosion necessitates further dilutive financing to maintain operational continuity.
Based on Denali's reported figures, cash and equivalents fluctuated to $387.6 million in 2026Q1, yet the company's historical burn rate suggests this buffer remains insufficient to support long-term clinical development without the realization of significant, non-guaranteed milestone payments from its strategic pharmaceutical partners.
While the current ratio of 9.28 appears superficially robust, it is heavily influenced by the timing of milestone-related deferred revenue rather than operational cash generation. This liquidity profile warrants caution, as any delay in clinical trial readouts could rapidly accelerate the depletion of available cash reserves.
According to recent SEC filings, Denali's asset base is characterized by a lack of significant tangible infrastructure, with net PPE rising to $117.3 million in 2026Q1, confirming an asset-light model that prioritizes intellectual property and clinical trial execution over traditional manufacturing or physical production capabilities.
The emergence of $36 million in goodwill as of 2026Q1 suggests potential inorganic activity that warrants further investigation regarding the long-term value of acquired technologies. The absence of meaningful tangible assets underscores the company's reliance on the intangible success of its proprietary blood-brain barrier delivery platform.
As indicated by the company's balance sheet, the appearance of $214.7 million in deferred revenue as of 2026Q1 provides a misleading sense of financial stability, as this figure represents pre-collected milestone payments rather than recurring revenue or a sustainable, self-funding operational model for the business.
Investors should be wary of interpreting deferred revenue as a proxy for future commercial success, as it primarily reflects the accounting treatment of past partnership agreements. This distortion may mask the underlying reality that the company has yet to establish a repeatable, non-dilutive path to operational self-sufficiency.
Quick answers to the most common questions about buying DNLI stock.
As of 2025, Denali Therapeutics Inc. (DNLI) had total assets of $1.14B including $900.7M in current assets.
Denali Therapeutics Inc. (DNLI) carries total debt of $42.3M, offset by $867.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Denali Therapeutics Inc. (DNLI) has total shareholders' equity (book value) of $1.01B ($5.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Denali Therapeutics Inc. (DNLI) reported a current ratio of 9.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.