Revenue is negligible at $3.6M in 2026Q2, while R&D expenses exceed $97M per quarter, driving operating losses to -$130.5M and net losses to -$127.6M, with gross margin not yet meaningful.
Denali Therapeutics Inc. (DNLI) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 3.6M | 0 | 0 | 330.53M | 108.46M | 48.66M | 335.66M | 26.68M | 129.16M | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | 204.74% | 122.9% | -85.5% | 1158.19% | -79.34% | - | - | - | - |
| Cost of Goods Sold | 5.71M | 11.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08M | 1.47M | 121K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -5.71M | -11.18M | 0 | 330.53M | 108.46M | 48.66M | 335.66M | 26.68M | 129.16M | -3.08M | -1.47M | -121K |
| Gross Margin % | -158.46% | - | - | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | - | -100% | 204.74% | 122.9% | -85.5% | 1158.19% | -79.34% | 4290.79% | -109.8% | -1114.05% | - |
| Operating Expenses | 540.59M | 544.16M | 487.34M | 527.23M | 449.21M | 344.41M | 272.94M | 239.86M | 175.53M | 90.14M | 87.43M | 16.68M |
| OpEx % of Revenue | - | - | - | 159.51% | 414.16% | 707.78% | 81.31% | 899.1% | 135.9% | - | - | - |
| Selling, General & Admin | 139.03M | 97.1M | 105.44M | 103.35M | 90.47M | 79.06M | 60.33M | 46.48M | 32.35M | 15.68M | 11.73M | 5.11M |
| SG&A % of Revenue | - | - | - | 31.27% | 83.42% | 162.47% | 17.97% | 174.23% | 25.05% | - | - | - |
| Research & Development | 400.72M | 418.78M | 396.44M | 423.88M | 358.73M | 265.35M | 212.62M | 193.38M | 143.18M | 74.46M | 75.7M | 11.57M |
| R&D % of Revenue | - | - | - | 128.24% | 330.74% | 545.31% | 63.34% | 724.87% | 110.86% | - | - | - |
| Other Operating Expenses | 843K | 28.28M | -14.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -542.7M | -555.34M | -487.34M | -196.7M | -340.74M | -295.75M | 62.72M | -213.18M | -46.37M | -90.14M | -87.43M | -16.68M |
| Operating Margin % | -15058.19% | - | - | -59.51% | -314.16% | -607.78% | 18.68% | -799.1% | -35.9% | - | - | - |
| Operating Income Growth % | - | -13.95% | -147.76% | 42.27% | -15.21% | -571.56% | 129.42% | -359.73% | 48.56% | -3.1% | -424.21% | - |
| EBITDA | -532.21M | -540.53M | -478.35M | -179.97M | -330.36M | -287.16M | 71.25M | -205.19M | -38.96M | -87.06M | -85.96M | -16.56M |
| EBITDA Margin % | -14767.15% | - | - | -54.45% | -304.58% | -590.12% | 21.23% | -769.15% | -30.16% | - | - | - |
| EBITDA Growth % | -2.05% | -13% | -165.79% | 45.52% | -15.04% | -503.03% | 134.72% | -426.72% | 55.25% | -1.27% | -419.17% | - |
| D&A (Non-Cash Add-back) | 10.49M | 14.81M | 8.99M | 16.73M | 10.38M | 8.59M | 8.53M | 7.99M | 7.42M | 3.08M | 1.47M | 121K |
| EBIT | -383.8M | -512.44M | -501.88M | -145.19M | -325.97M | -291.16M | 62.72M | -213.18M | -46.37M | -90.14M | -87.43M | -16.68M |
| Net Interest Income | 28.36M | 42.9M | 64.64M | 51.51M | 14.77M | 4.59M | 9.24M | 15.22M | 10.13M | 0 | 0 | -109K |
| Interest Income | 28.36M | 42.9M | 64.64M | 51.51M | 14.77M | 4.59M | 9.24M | 15.22M | 10.13M | 1.96M | 781K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.96M | 0 | 109K |
| Other Income/Expense | 31.35M | 42.9M | 64.64M | 51.51M | 14.77M | 4.59M | 9.24M | 15.22M | 10.13M | 1.96M | 781K | -109K |
| Pretax Income | -511.35M | -512.44M | -422.7M | -145.19M | -325.97M | -291.16M | 71.96M | -197.97M | -36.24M | -88.19M | -86.65M | -16.79M |
| Pretax Margin % | -14188.37% | - | - | -43.93% | -300.54% | -598.34% | 21.44% | -742.05% | -28.06% | - | - | - |
| Income Tax | 102K | 102K | 68K | 30K | 21K | -575K | 823K | -351K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.02% | -0.02% | -0.02% | -0.02% | -0.01% | 0.2% | 1.14% | 0.18% | 0% | 0% | 0% | 0% |
| Net Income | -511.45M | -512.54M | -422.77M | -145.22M | -325.99M | -290.58M | 71.14M | -197.61M | -36.24M | -88.19M | -86.65M | -16.79M |
| Net Margin % | -14191.2% | - | - | -43.94% | -300.56% | -597.15% | 21.19% | -740.74% | -28.06% | - | - | - |
| Net Income Growth % | -6.77% | -21.23% | -191.12% | 55.45% | -12.19% | -508.49% | 136% | -445.29% | 58.9% | -1.77% | -416.15% | - |
| Net Income (Continuing) | -511.45M | -512.54M | -422.77M | -145.22M | -325.99M | -290.58M | 71.14M | -197.61M | -36.24M | -88.19M | -86.65M | -16.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.73 | -2.97 | -2.57 | -1.06 | -2.60 | -2.39 | 0.63 | -2.07 | -0.39 | -5.89 | -13.49 | -5.58 |
| EPS Growth % | -1.43% | -15.56% | -142.45% | 59.23% | -8.79% | -479.37% | 130.43% | -430.77% | 93.38% | 56.34% | -141.76% | - |
| EPS (Basic) | - | -2.97 | -2.57 | -1.06 | -2.60 | -2.39 | 0.65 | -2.07 | -0.39 | -5.89 | -13.49 | -5.58 |
| Diluted Shares Outstanding | 187.31M | 175.46M | 164.47M | 137.37M | 125.53M | 121.52M | 112.7M | 95.61M | 92.62M | 14.96M | 6.42M | 3.01M |
| Basic Shares Outstanding | 187.31M | 175.46M | 164.47M | 137.37M | 125.53M | 121.52M | 108.97M | 95.61M | 92.62M | 14.96M | 6.42M | 3.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DNLI stock.
For fiscal year 2025, Denali Therapeutics Inc. (DNLI) reported total revenue of $0.0M.
Denali Therapeutics Inc. (DNLI) reported a net loss of $512.5M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Sustained R&D cash burn
Metrics are mathematically derived from official filings.
Revenue Stalled, Pipeline Dependent
Denali's revenue has been negligible, with only $3.6M reported in 2026Q2, reflecting a pre-commercial stage. According to the income statement data, growth is essentially flat, underscoring reliance on pipeline milestones.
The company's revenue is minimal and sporadic, with the only reported figure being $3.6M in 2026Q2, likely from collaborations or grants. This suggests that the company is still in the development phase, with no commercial product revenue. The lack of consistent revenue growth indicates that the investment thesis hinges entirely on clinical and regulatory successes, not on current sales.
Gross Margin Not Yet Meaningful
Gross margin is not calculable due to negligible revenue and COGS, but the company's cost structure is dominated by R&D, which consumed over $100M per quarter in recent periods, as per financial statements.
With revenue near zero, gross margin analysis is premature. The company's focus is on research and development, with R&D expenses consistently above $90M per quarter, indicating a heavy investment in its pipeline. This is typical for a biotech at this stage, but it means that profitability is far off and will depend on successful product launches.
Operating Leverage Absent, Costs Escalate
Operating losses have widened from -$116.6M in 2024Q2 to -$130.5M in 2026Q2, as R&D and SG&A expenses outpace any revenue growth, according to reported quarterly data.
The company's operating expenses have been rising, with R&D and SG&A combined exceeding $130M per quarter in recent periods. This has led to a steady increase in operating losses, indicating that the company is not yet achieving operating leverage. The lack of revenue means that every dollar of expense directly increases the loss, making cost control critical for extending the cash runway.
Net Losses Deepen, SBC Adds to Burn
Net losses have grown from -$99.0M in 2024Q2 to -$127.6M in 2026Q2, with stock-based compensation (SBC) averaging around $25M per quarter, as per income statement data.
The company's net losses are substantial and increasing, reflecting the heavy investment in R&D. Stock-based compensation is a significant non-cash expense, averaging about $25M per quarter, which adds to the reported losses but does not directly impact cash. However, it does dilute shareholders, and investors should monitor the dilution rate as the company continues to fund operations through equity offerings.
R&D Dominates Cost Structure
R&D expenses are the primary cost driver, consistently exceeding $90M per quarter, while SG&A has grown from $25M to $36M, according to recent financial statements.
The company's cost structure is heavily weighted towards R&D, which is typical for a clinical-stage biotech. SG&A expenses have also increased, possibly due to scaling up operations and supporting pipeline development. The rising costs suggest that the company is investing heavily in its future, but this also means that the cash burn rate is high, necessitating frequent capital raises.
Cash Burn Sustainability Questioned
With quarterly operating losses exceeding $130M and minimal revenue, Denali's cash runway may be limited, as per reported figures, raising concerns about future dilution.
The company's cash burn is significant, with operating losses consistently above $130M per quarter. Given the lack of revenue, the company will need to raise additional capital through equity or debt, which could dilute existing shareholders. The sustainability of this burn rate is a key risk, especially if pipeline milestones are delayed. Investors should monitor the company's cash position and financing activities closely.