Denali Therapeutics Inc. (DNLI) Balance Sheet
DNLI balance sheet, 2025
December 31, 2025 · U.S. dollars$1.14B assets = $131.1M liabilities + $1.01B equity
Both columns are drawn to the same scale: what DNLI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DNLI financial health
Descriptive bands, not a rating. Fiscal 2025.
DNLI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $271.1M2016 | $1.14B2025 | +17.4%/yr | |
| Total liabilities | $16.5M2016 | $131.1M2025 | +25.9%/yr | |
| Shareholders’ equity | $254.5M2016 | $1.01B2025 | +16.6%/yr | |
| Cash & short-term investments | $178.3M2016 | $867.9M2025 | +19.2%/yr | |
| Total debt | $19.1M2018 | $36.8M2025 | +9.8%/yr | |
| Net cash (debt) | $445.2M2018 | $831.1M2025 | +$385.9M | |
| Working capital | $172.8M2016 | $802.3M2025 | +$629.5M | |
| Book value per share | $5.902018 | $5.782025 | −0.3%/yr | |
| Current ratio | 19.982016 | 9.162025 | −10.82 | |
| Debt / equity | 0.032018 | 0.042025 | 0.00 | |
| Shares outstanding | 92.6M2018 | 175.5M2025 | +9.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DNLI assets
DNLI liabilities and equity
DNLI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DNLI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $867.9M | $832.3M | $1.03B | $1.34B | $865.4M | $1.47B | $415.4M | $464.3M | $406.2M | $178.3M |
| Cash & equivalents | $205.3M | $175.0M | $127.1M | $218.0M | $293.5M | $507.1M | $79.4M | $77.1M | $218.4M | $39.9M |
| Short-term investments | $662.6M | $657.4M | $907.4M | $1.12B | $571.9M | $962.6M | $335.9M | $387.2M | $187.9M | $138.5M |
| Receivables | $2.2M | $2.2M | $3.4M | $9.3M | $1.2M | $5.7M | $0 | $8.5M | $464,000 | $438,000 |
| Inventory | $0 | $0 | $1 | −$5.0M | $0 | $0 | $0 | −$8.5M | −$464,000 | $0 |
| Other current assets | $30.6M | $29.9M | $26.2M | $31.8M | $30.6M | $20.3M | $14.7M | $16.5M | $3.4M | $3.2M |
| Total current assets | $900.7M | $864.4M | $1.06B | $1.37B | $897.2M | $1.50B | $430.0M | $480.8M | $409.6M | $182.0M |
| Property, plant & equipment (net) | $119.9M | $125.6M | $71.6M | $74.5M | $69.6M | $73.5M | $80.7M | $25.2M | $14.9M | $15.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $98.3M | $359.4M | $0 | $0 | $425.4M | $32.7M | $39.9M | $147.9M | $61.2M | $73.1M |
| Other non-current assets | $25.9M | $24.7M | $18.1M | $13.4M | $11.9M | $2.5M | $2.7M | $8.1M | $941,000 | $770,000 |
| Total assets | $1.14B | $1.37B | $1.15B | $1.46B | $1.40B | $1.60B | $553.2M | $662.0M | $486.7M | $271.1M |
| Liabilities | ||||||||||
| Accounts payable | $3.3M | $11.1M | $9.5M | $2.8M | $4.8M | $1.1M | $2.6M | $1.9M | $2.7M | $2.0M |
| Short-term debt | $9.5M | $12.0M | $7.3M | $7.3M | $5.5M | $4.7M | $3.7M | $19.1M | — | — |
| Deferred revenue | — | — | −$46.9M | $290.1M | $320.3M | $23.5M | $18.7M | $11.4M | — | — |
| Total current liabilities | $98.4M | $102.2M | $78.0M | $363.9M | $378.2M | $71.7M | $45.3M | $32.8M | $14.2M | $9.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $36.8M | $48.7M | $52.2M | $60.4M | $58.6M | $68.9M | $72.5M | — | — | — |
| Other long-term liabilities | $32.7M | $42.3M | $45.0M | $53.9M | $63.6M | $382.1M | $113.0M | $82.4M | $6.8M | $7.4M |
| Total liabilities | $131.1M | $144.5M | $123.0M | $417.8M | $441.9M | $453.7M | $158.3M | $115.1M | $20.9M | $16.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.9M | $1.8M | $1.7M | $1.7M | $1.5M | $1.5M | $1.3M | $1.3M | $1.2M | $2.7M |
| Retained earnings (deficit) | −$2.05B | −$1.54B | −$1.12B | −$971.0M | −$645.0M | −$354.4M | −$425.6M | −$227.9M | −$191.7M | −$103.5M |
| Accumulated other comprehensive income | $682,000 | $2.0M | $643,000 | −$6.9M | −$2.5M | −$245,000 | $350,000 | −$649,000 | −$368,000 | −$373,000 |
| Total shareholders' equity | $1.01B | $1.23B | $1.03B | $1.04B | $962.3M | $1.15B | $394.9M | $546.8M | $465.8M | $254.5M |
| Key figures | ||||||||||
| Total debt | $36.8M | $48.7M | $52.2M | $60.4M | $64.0M | $68.9M | $72.5M | $19.1M | — | — |
| Net cash (debt) | $831.1M | $783.6M | $982.3M | $1.28B | $801.4M | $1.40B | $342.8M | $445.2M | — | — |
| Working capital | $802.3M | $762.2M | $986.2M | $1.01B | $519.0M | $1.42B | $384.7M | $448.1M | $395.4M | $172.8M |
| Tangible book value | $1.01B | $1.23B | $1.03B | $1.04B | $962.3M | $1.15B | $394.9M | $546.8M | $465.8M | $254.5M |
| Book value per share | $5.78 | $7.48 | $7.50 | $8.30 | $7.92 | $10.21 | $4.13 | $5.90 | — | — |
| Shares outstanding | 175.5M | 164.5M | 137.4M | 125.5M | 121.5M | 112.7M | 95.6M | 92.6M | — | — |
| Current ratio | 9.16 | 8.46 | 13.65 | 3.77 | 2.37 | 20.86 | 9.48 | 14.67 | 28.92 | 19.98 |
| Quick ratio | 8.85 | 8.16 | 13.31 | 3.70 | 2.29 | 20.58 | 9.16 | 14.42 | 28.71 | 19.63 |
| Debt / equity | 0.04 | 0.04 | 0.05 | 0.06 | 0.07 | 0.06 | 0.18 | 0.03 | — | — |
| Equity / assets | 88.5% | 89.5% | 89.3% | 71.4% | 68.5% | 71.7% | 71.4% | 82.6% | 95.7% | 93.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $710.5M | $987.7M | $867.9M | $848.2M | $899.0M | $817.9M | $832.3M | $836.6M | $896.0M | $936.9M | $1.03B | $1.11B |
| Cash & equivalents | $201.5M | $387.6M | $205.3M | $91.0M | $141.2M | $56.9M | $175.0M | $90.6M | $74.7M | $60.6M | $127.1M | $148.0M |
| Short-term investments | $508.9M | $600.1M | $662.6M | $757.2M | $757.7M | $761.0M | $657.4M | $745.9M | $821.4M | $876.3M | $907.4M | $961.2M |
| Receivables | $3.9M | $1.6M | $2.2M | $1.9M | $1.4M | $0 | $2.2M | $0 | $1.4M | $1.9M | $3.4M | $0 |
| Inventory | $4.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 |
| Other current assets | $35.4M | $33.5M | $30.6M | $32.5M | $34.4M | $60.7M | $29.9M | $32.3M | $30.9M | $34.8M | $26.2M | $33.6M |
| Total current assets | $753.9M | $1.02B | $900.7M | $882.6M | $934.7M | $878.6M | $864.4M | $868.8M | $928.4M | $973.6M | $1.06B | $1.14B |
| Property, plant & equipment (net) | $113.4M | $117.3M | $119.9M | $123.2M | $130.1M | $129.9M | $125.6M | $113.2M | $72.6M | $72.2M | $71.6M | $74.9M |
| Goodwill & intangible assets | $35.2M | $36.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $229.5M | $63.8M | $98.3M | $24.7M | $78.5M | $235.8M | $359.4M | $445.5M | $451.0M | $490.7M | $0 | $7.9M |
| Other non-current assets | $25.8M | $26.2M | $25.9M | $25.1M | $23.0M | $26.9M | $24.7M | $26.5M | $50.6M | $44.6M | $18.1M | $11.1M |
| Total assets | $1.16B | $1.27B | $1.14B | $1.06B | $1.17B | $1.27B | $1.37B | $1.45B | $1.50B | $1.58B | $1.15B | $1.24B |
| Liabilities | ||||||||||||
| Accounts payable | $11.8M | $40.4M | $3.3M | $6.7M | $10.8M | $8.5M | $11.1M | $9.6M | $13.9M | $11.9M | $9.5M | $1.2M |
| Short-term debt | — | $9.9M | $9.5M | $9.2M | $8.9M | $8.6M | $12.0M | $8.0M | $7.8M | $7.5M | $7.3M | $7.0M |
| Deferred revenue | — | $15.1M | — | $22.6M | — | — | — | $14.9M | — | — | — | — |
| Total current liabilities | $90.1M | $110.2M | $98.4M | $90.1M | $91.1M | $91.9M | $102.2M | $87.1M | $74.5M | $82.6M | $78.0M | $71.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $32.2M | $34.5M | $36.8M | $44.4M | $46.6M | $48.6M | $48.7M | $52.5M | $48.8M | $50.5M | $52.2M | $53.9M |
| Other long-term liabilities | $232.7M | $229.8M | $32.7M | $39.3M | $48.1M | $56.8M | $42.3M | $48.4M | $41.0M | $43.0M | $45.0M | $47.3M |
| Total liabilities | $322.8M | $339.9M | $131.1M | $129.4M | $139.2M | $148.7M | $144.5M | $135.5M | $115.5M | $125.6M | $123.0M | $118.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.9M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.7M | $1.7M |
| Retained earnings (deficit) | −$2.31B | −$2.18B | −$2.05B | −$1.92B | −$1.80B | −$1.67B | −$1.54B | −$1.42B | −$1.32B | −$1.22B | −$1.12B | −$996.7M |
| Accumulated other comprehensive income | −$2.0M | −$682,000 | $682,000 | $1.1M | $939,000 | $2.0M | $2.0M | $5.5M | −$2.7M | −$1.3M | $643,000 | −$651,000 |
| Total shareholders' equity | $835.2M | $926.1M | $1.01B | $926.2M | $1.03B | $1.12B | $1.23B | $1.32B | $1.39B | $1.46B | $1.03B | $1.12B |
| Key figures | ||||||||||||
| Total debt | $27.5M | $40.0M | $36.8M | $44.4M | $46.6M | $48.6M | $48.7M | $52.5M | $48.8M | $50.5M | $52.2M | $53.9M |
| Net cash (debt) | $683.0M | $947.6M | $831.1M | $803.8M | $852.4M | $769.3M | $783.6M | $784.0M | $847.3M | $886.3M | $982.3M | $1.06B |
| Working capital | $663.8M | $912.6M | $802.3M | $792.5M | $843.6M | $786.8M | $762.2M | $781.7M | $853.9M | $891.0M | $986.2M | $1.07B |
| Tangible book value | $799.9M | $890.1M | $1.01B | $926.2M | $1.03B | $1.12B | $1.23B | $1.32B | $1.39B | $1.46B | $1.03B | $1.12B |
| Book value per share | $4.46 | $4.96 | $5.78 | $5.37 | $5.99 | $6.56 | $7.23 | $7.78 | $8.22 | $9.74 | $7.46 | $8.12 |
| Shares outstanding | 187.3M | 186.6M | 175.5M | 172.4M | 171.4M | 171.2M | 170.1M | 169.5M | 168.8M | 149.4M | 138.2M | 137.6M |
| Current ratio | 8.37 | 9.28 | 9.16 | 9.79 | 10.27 | 9.56 | 8.46 | 9.98 | 12.46 | 11.79 | 13.65 | 16.06 |
| Quick ratio | 7.93 | 8.98 | 8.85 | 9.43 | 9.89 | 8.90 | 8.16 | 9.61 | 12.04 | 11.37 | 13.31 | 15.58 |
| Debt / equity | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 |
| Equity / assets | 72.1% | 73.2% | 88.5% | 87.7% | 88.1% | 88.3% | 89.5% | 90.7% | 92.3% | 92.1% | 89.3% | 90.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
DNLI financial position
At the end of fiscal 2025 (December 31, 2025), Denali Therapeutics had total assets of $1.1 billion (down 16.7% from a year earlier), total liabilities of $131.1 million and shareholders' equity of $1.0 billion. It held $867.9 million in cash and short-term investments against $36.8 million of debt, a net cash position of $831.1 million. Its current ratio was 9.16. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $835.2 million.
Related: DNLI income statement, DNLI cash flow statement, DNLI key metrics. See the DNLI stock overview for the latest quote and news.
DNLI balance sheet FAQ
What are Denali Therapeutics's total assets?
Denali Therapeutics reported total assets of $1.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.4 billion a year earlier.
How much debt does Denali Therapeutics have?
Denali Therapeutics had $36.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.04.
How much cash does Denali Therapeutics have?
Denali Therapeutics held $867.9 million in cash and short-term investments at the end of fiscal 2025; with $36.8 million of debt that is net cash of $831.1 million.
What is Denali Therapeutics's book value?
Denali Therapeutics's shareholders' equity (book value) was $1.0 billion at the end of fiscal 2025, or $5.78 per share.
What is Denali Therapeutics's current ratio?
Denali Therapeutics had current assets of $900.7 million and current liabilities of $98.4 million, a current ratio of 9.16 (it can cover its short-term obligations).