Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Denali Therapeutics Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
129
26.7
336
48.7
108
331
0
0
Research and development
75.7
74.5
143
193
213
265
359
424
396
419
General and administrative
11.7
15.7
32.3
46.5
60.3
79.1
90.5
103
105
137
Operating expenses
87.4
90.1
176
240
273
344
449
527
502
555
Operating income
-87.4
-90.1
-46.4
-213
62.7
-296
-341
-197
-487
-555
Other non-operating income
0.78
1.96
10.1
15.2
9.24
4.6
14.8
51.5
Income tax
0
0
-0.35
0.82
-0.58
0.02
0.03
0.07
0.1
Net income
-86.7
-88.2
-36.2
-198
71.1
-291
-326
-145
-423
-513
EBITDA
-86
-87.1
-39
-205
71.2
-287
-330
-180
-480
-544
EPS, basic
-13.49
-5.89
-0.39
-2.07
0.65
-2.39
-2.60
-1.06
-2.57
-2.97
EPS, diluted
-13.49
-5.89
-0.39
-2.07
0.63
-2.39
-2.60
-1.06
-2.57
-2.97
Shares, basic (weighted)
6.42
15
92.6
95.6
109
122
126
137
164
173
Shares, diluted (weighted)
6.42
15
92.6
95.6
113
122
126
137
164
173
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
39.9
218
77.1
79.4
507
293
218
127
175
205
Short-term investments
188
387
336
963
572
1,118
907
657
663
Receivables
8.59
0
Inventory
0
Other current assets
3.38
16.5
14.7
20.3
30.6
36.1
29.6
32.1
32.8
Total current assets
410
481
430
1,496
897
1,372
1,064
864
901
Property, plant and equipment
14.9
25.2
46.7
40.8
38.9
44.1
45.6
55.2
52.4
Lease right-of-use assets
33.9
32.6
30.7
30.4
26
22.9
19
Intangible assets
0
Long-term investments
60.8
148
39.9
32.7
425
0
0
359
98.3
Other non-current assets
1.44
8.11
2.66
2.46
11.9
13.4
18.1
24.7
25.9
Total assets
487
662
553
1,604
1,404
1,460
1,154
1,374
1,145
Accounts payable
2.72
1.89
2.59
1.07
4.78
2.79
9.48
11.1
0.51
Accrued liabilities
5.36
8.52
6.57
8.32
19
66.7
68.5
91.1
97.8
Deferred revenue
0
11.4
18.7
19.9
27.9
290
0
Total current liabilities
14.2
32.8
45.3
71.7
378
364
78
102
98.4
Lease liabilities
68.9
64.2
58.6
53
45
36.7
27.2
Other non-current liabilities
0.47
0.47
0.38
0.7
0.38
0.38
0
Total liabilities
20.9
115
158
454
442
418
123
144
131
Paid-in capital
657
774
819
1,504
1,608
2,019
2,145
2,765
3,063
Retained earnings
-192
-228
-426
-354
-645
-971
-1,116
-1,539
-2,052
Other comprehensive income
-0.37
-0.65
0.35
-0.25
-2.5
-6.89
0.64
2.02
0.68
Shareholders' equity
-94.2
466
547
395
1,151
962
1,042
1,031
1,230
1,014
Total equity
-94.2
466
547
395
1,151
962
1,042
1,031
1,230
1,014
Total liabilities and equity
487
662
553
1,604
1,404
1,460
1,154
1,374
1,145
Shares outstanding
87.5
94.7
96.2
121
122
136
138
144
156
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-86.7
-88.2
-36.2
-198
71.1
-291
-326
-145
-423
-513
Depreciation and amortization
1.47
3.08
7.42
7.99
8.53
8.59
10.4
16.7
7.8
11.2
Stock-based compensation
2.95
4.41
18.8
38.4
50.4
85.2
99.8
108
103
99.6
Deferred income tax
-0.35
0
0
0
0
0
0
Change in payables
0.16
0.21
-0.53
1.03
-1.62
3.71
2.27
2.43
1.44
-7.52
Cash from operations
-71.9
-76.6
50.1
-152
416
-211
-245
-358
-348
-413
Capital expenditures
-6.13
-2.88
-3.39
-17.9
-3.1
-8.5
-17.8
-12.9
-15.9
-9.5
Purchases of investments
-226
-180
-558
-370
-1,285
-1,423
-1,115
-1,814
-1,230
-441
Sales and maturities of investments
14
141
274
535
665
1,410
991
2,076
1,157
706
Cash from investing
-219
-41.2
-287
148
-623
-21.6
-141
249
-88.8
255
Stock issued
0
266
0
0
194
0
296
0
0
Cash from financing
300
296
97
6.19
635
19.3
311
17.8
484
189
Net change in cash
9.56
179
-140
2.33
428
-214
-75.4
-90.9
47.9
31.9
Free cash flow
-78
-79.5
46.7
-169
413
-220
-263
-371
-364
-422
Income taxes paid
0
0.21
0.05
0
0
0.05
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.39 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-61.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-44.2%
Net income / average total assets.
Return on invested capital (ROIC)
-67.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-17.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-0.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-2.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-16.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-7.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-6.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
5.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
11.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
8.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.37x
Current assets / current liabilities.
Quick ratio
7.93x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.89x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$2.34
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.32
Cash from operations / diluted weighted shares.
Book value per share
$5.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
3.90x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.07x
Market cap / tangible book value, when positive.
FCF yield
-13.4%
Free cash flow / market cap.
Earnings yield
-15.7%
Net income / market cap (the inverse of P/E).
What was Denali Therapeutics Inc.'s revenue in fiscal 2025?
Denali Therapeutics Inc. reported revenue of $0.0 for fiscal 2025.
Was Denali Therapeutics Inc. profitable in fiscal 2025?
No. It reported a net loss of $512.5M.
How much free cash flow did Denali Therapeutics Inc. generate in fiscal 2025?
Cash from operations of $412.6M minus capital expenditures of $9.5M left free cash flow of -$422.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.