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Biotechnology · Healthcare · Fiscal year ends Dec 31
Denali Therapeutics reported revenue of $0 in the fiscal year ended Dec 2025. Net income was −$513M. Operating cash flow of −$413M less capital expenditure of $10M left free cash flow of −$422M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 48.7 | 105 | 331 | 0.0 | 0.0 |
| Research & development | 265 | 359 | 424 | 396 | 419 |
| Operating income | −296 | −341 | −197 | −487 | −555 |
| Income tax | −0.6 | 0.0 | 0.0 | 0.1 | 0.1 |
| Net income | −291 | −326 | −145 | −423 | −513 |
| Diluted EPS | −2.39 | −2.60 | −1.06 | −2.57 | −2.97 |
| Diluted shares | 122 | 126 | 137 | 164 | 173 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 293 | 218 | 127 | 175 | 205 |
| Receivables | – | 9.3 | 3.4 | 2.2 | 0.0 |
| Inventory | – | – | – | – | 0.0 |
| Current assets | 897 | 1,372 | 1,064 | 864 | 901 |
| Net PP&E | 38.9 | 44.1 | 45.6 | 55.2 | 52.4 |
| Total assets | 1,404 | 1,460 | 1,154 | 1,374 | 1,145 |
| Payables | 4.8 | 2.8 | 9.5 | 11.1 | 0.5 |
| Deferred revenue | 27.9 | 290 | 0.0 | – | – |
| Current liabilities | 378 | 364 | 78.0 | 102 | 98.4 |
| Total liabilities | 442 | 418 | 123 | 144 | 131 |
| Shareholders' equity | 962 | 1,042 | 1,031 | 1,230 | 1,014 |
| Backlog (remaining obligations) | – | – | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −211 | −245 | −358 | −348 | −413 |
| Capital expenditure | 8.5 | 17.8 | 12.9 | 15.9 | 9.5 |
| Free cash flow | −220 | −263 | −371 | −364 | −422 |
| Depreciation & amortisation | 8.6 | 10.4 | 16.7 | 7.8 | 11.2 |
| Stock-based compensation | 85.2 | 99.8 | 108 | 103 | 99.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 115.9% | 214.6% | −100.0% | – |
| Operating margin | −607.8% | −324.3% | −59.5% | – | – |
| Net margin | −597.2% | −310.3% | −43.9% | – | – |
| Return on equityBlank when equity is negative | −30.2% | −31.3% | −14.1% | −34.4% | −50.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −28.8% | −31.1% | −18.3% | −38.3% | −53.1% |
| Free cash flow margin | −451.9% | −249.9% | −112.2% | – | – |
| Cash conversion (CFO ÷ net income) | 0.73x | 0.75x | 2.47x | 0.82x | 0.81x |
| Receivable days | – | 32 | 4 | – | – |
| Current ratio | 2.37x | 3.77x | 13.6x | 8.46x | 9.16x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.