The company has reported zero revenue for ten consecutive quarters, while maintaining a rigid R&D cost structure that consistently consumes roughly $100 million per quarter.
| Sales/Revenue | 0 | 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 % | - | - | - | 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 | 541.41M | 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 | 135.01M | 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 | 406.4M | 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 | 0 | 28.28M | -14.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -547.12M | -555.34M | -487.34M | -196.7M | -340.74M | -295.75M | 62.72M | -213.18M | -46.37M | -90.14M | -87.43M | -16.68M |
| Operating Margin % | - | - | - | -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 | -532.67M | -540.53M | -478.35M | -179.97M | -330.36M | -287.16M | 71.25M | -205.19M | -38.96M | -87.06M | -85.96M | -16.56M |
| EBITDA Margin % | - | - | - | -54.45% | -304.58% | -590.12% | 21.23% | -769.15% | -30.16% | - | - | - |
| EBITDA Growth % | -5.45% | -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) | 14.45M | 14.81M | 8.99M | 16.73M | 10.38M | 8.59M | 8.53M | 7.99M | 7.42M | 3.08M | 1.47M | 121K |
| EBIT | -538.2M | -512.44M | -501.88M | -196.7M | -340.74M | -295.75M | 62.72M | -213.18M | -46.37M | -90.14M | -87.43M | -16.68M |
| Net Interest Income | 39.2M | 42.9M | 64.64M | 51.51M | 14.77M | 4.59M | 9.24M | 15.22M | 10.13M | 0 | 0 | -109K |
| Interest Income | 39.2M | 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 | 39.2M | 42.9M | 64.64M | 51.51M | 14.77M | 4.59M | 9.24M | 15.22M | 10.13M | 1.96M | 781K | -109K |
| Pretax Income | -507.92M | -512.44M | -422.7M | -145.19M | -325.97M | -291.16M | 71.96M | -197.97M | -36.24M | -88.19M | -86.65M | -16.79M |
| Pretax Margin % | - | - | - | -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 | -508.02M | -512.54M | -422.77M | -145.22M | -325.99M | -290.58M | 71.14M | -197.61M | -36.24M | -88.19M | -86.65M | -16.79M |
| Net Margin % | - | - | - | -43.94% | -300.56% | -597.15% | 21.19% | -740.74% | -28.06% | - | - | - |
| Net Income Growth % | -11.91% | -21.23% | -191.12% | 55.45% | -12.19% | -508.49% | 136% | -445.29% | 58.9% | -1.77% | -416.15% | - |
| Net Income (Continuing) | -508.02M | -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) | -2.72 | -2.97 | -2.57 | -1.06 | -2.60 | -2.39 | 0.63 | -2.07 | -0.39 | -5.89 | -13.49 | -5.58 |
| EPS Growth % | -7.87% | -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 | 186.64M | 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 | 186.64M | 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 | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As indicated by the company's financial statements, Denali has reported zero revenue for ten consecutive quarters, underscoring a total reliance on sporadic milestone payments from partners rather than recurring commercial sales to drive its top-line growth profile.
The lack of consistent revenue generation suggests that the company remains entirely in a pre-commercial phase where growth is defined by partnership activity rather than market penetration. Investors should monitor the absence of revenue as a signal that the firm's valuation is disconnected from current operational output and remains tethered to future clinical success.
Based on reported figures, Denali maintains a rigid cost structure where R&D expenses consistently hover around $100 million per quarter, representing the primary driver of capital depletion in the absence of any meaningful offsetting revenue streams.
This high fixed-cost burden appears to be a structural necessity for maintaining its complex clinical pipeline, yet it leaves little room for operational efficiency improvements. The persistent R&D spend suggests that management is prioritizing long-term platform validation over near-term expense discipline, which may necessitate further dilutive financing.
According to recent SEC filings, Denali consistently records significant stock-based compensation expenses, often exceeding $25 million per quarter, which effectively obscures the true cash cost of retaining specialized scientific talent within its high-burn operating model.
The reliance on equity-based incentives appears to be a strategic tool to preserve cash, yet it creates a persistent dilution risk for existing shareholders. Analysts should interpret these non-cash charges as a real economic cost that, when added to the operating losses, highlights the aggressive rate of capital consumption.
With reported cash and equivalents of approximately $205 million, the company's liquidity position appears increasingly precarious when measured against its historical quarterly burn rate, suggesting a heightened risk of a near-term capital raise to sustain ongoing clinical programs.
The current cash balance may be insufficient to support the company's ambitious Phase 3 trial schedule without external intervention or a major milestone payment. This vulnerability warrants further investigation into the timing of potential partnership inflows, as any delay could force management to access capital markets under unfavorable conditions.
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.