Denali Therapeutics Inc. (DNLI) Income Statement
DNLI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDNLI revenue and net income
DNLI profit margins
DNLI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DNLI quarterly EPS vs estimates
Denali Therapeutics beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.68).
DNLI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $330.5M | $108.5M | $48.7M | $335.7M | $26.7M | $129.2M | $0 | $0 |
| Cost of revenue | $11.2M | $7.8M | $16.7M | $7.0M | $5.6M | $212.6M | $193.4M | $143.2M | $74.5M | $1.5M |
| Gross profit | −$11.2M | −$7.8M | $330.5M | $108.5M | $48.7M | $335.7M | $26.7M | $129.2M | −$74.5M | −$1.5M |
| Research & development | $418.8M | $396.4M | $423.9M | $358.7M | $265.4M | $212.6M | $193.4M | $143.2M | $74.5M | $75.7M |
| Sales, general & admin | $97.1M | $105.4M | $103.4M | $90.5M | $79.1M | $60.3M | $46.5M | $32.3M | $15.7M | $11.7M |
| Total operating expenses | $544.2M | $487.3M | $527.2M | $449.2M | $344.4M | $272.9M | $239.9M | $175.5M | $90.1M | $87.4M |
| Operating income | −$555.3M | −$487.3M | −$196.7M | −$340.7M | −$295.8M | $62.7M | −$213.2M | −$46.4M | −$90.1M | −$87.4M |
| Interest income | $42.9M | $64.6M | $51.5M | $14.8M | $4.6M | $9.2M | $15.2M | $10.1M | $2.0M | $781,000 |
| Interest expense | — | — | — | $14.8M | $13.2M | $17.8M | $15.2M | $2.0M | $2.0M | $0 |
| Income before taxes | −$512.4M | −$422.7M | −$145.2M | −$326.0M | −$291.2M | $72.0M | −$198.0M | −$36.2M | −$88.2M | −$86.7M |
| Income taxes | $102,000 | $68,000 | $30,000 | $21,000 | −$575,000 | $823,000 | −$351,000 | $10.1M | −$3.1M | $0 |
| Net income | −$512.5M | −$422.8M | −$145.2M | −$326.0M | −$290.6M | $71.1M | −$197.6M | −$36.2M | −$88.2M | −$86.7M |
| EBITDA | −$497.6M | −$492.9M | −$128.5M | −$315.6M | −$287.2M | $71.2M | −$205.2M | −$39.0M | −$87.1M | −$86.0M |
| EPS (diluted) | −$2.97 | −$2.67 | −$1.08 | −$2.60 | −$2.39 | $0.26 | −$2.06 | −$0.44 | −$3.63 | −$9.61 |
| Gross margin | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — |
| Operating margin | — | — | −59.5% | −314.2% | −607.8% | 18.7% | −799.1% | −35.9% | — | — |
| Net margin | — | — | −43.9% | −300.6% | −597.2% | 21.2% | −740.7% | −28.1% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.3M |
| Cost of revenue | $93,000 | $2.8M | $2.9M | $102.0M | $3.0M | — | — | — | $1.9M | $2.2M | $2.2M | $89.7M |
| Gross profit | $3.5M | −$2.8M | −$2.9M | −$102.0M | −$3.0M | — | — | — | −$1.9M | −$2.2M | −$307.2M | $1.3M |
| Research & development | $97.0M | $103.8M | $97.9M | $102.0M | $102.7M | $116.2M | $99.8M | $98.2M | $91.4M | $107.0M | $107.8M | $89.7M |
| Sales, general & admin | $36.3M | $33.5M | $39.5M | $35.5M | $32.3M | $29.4M | $30.1M | $24.9M | $27.1M | $25.2M | $26.9M | $25.3M |
| Total operating expenses | $134.1M | $134.5M | $134.5M | $137.4M | $135.0M | $145.6M | $129.8M | $123.2M | $116.6M | $117.7M | $132.6M | $115.1M |
| Operating income | −$130.5M | −$137.4M | −$137.4M | −$137.4M | −$135.0M | −$145.6M | −$129.8M | −$123.2M | −$116.6M | −$117.7M | −$132.6M | −$113.8M |
| Interest income | $3.0M | $8.9M | $8.9M | $10.5M | $10.8M | $12.6M | $15.2M | $16.0M | $17.6M | $15.9M | — | $14.4M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $21.1M | — |
| Income before taxes | −$127.6M | −$128.4M | −$128.4M | −$126.9M | −$124.1M | −$133.0M | −$114.7M | −$107.2M | −$99.0M | −$101.8M | −$119.4M | −$99.4M |
| Income taxes | — | — | $102,000 | — | — | — | $68,000 | — | — | $2.1M | $30,000 | $2.3M |
| Net income | −$127.6M | −$128.4M | −$128.5M | −$126.9M | −$124.1M | −$133.0M | −$114.8M | −$107.2M | −$99.0M | −$101.8M | −$119.5M | −$99.4M |
| EBITDA | −$124.9M | −$125.6M | −$124.7M | −$123.0M | −$121.0M | −$129.8M | −$112.1M | −$104.9M | −$97.1M | −$130.1M | −$117.3M | −$97.1M |
| EPS (diluted) | −$0.68 | −$0.69 | −$0.73 | −$0.74 | −$0.72 | −$0.78 | −$0.67 | −$0.63 | −$0.59 | −$0.78 | −$0.86 | −$0.72 |
| Gross margin | 97.4% | — | — | — | — | — | — | — | — | — | — | 100.0% |
| Operating margin | −3,622.1% | — | — | — | — | — | — | — | — | — | — | −8,981.5% |
| Net margin | −3,539.2% | — | — | — | — | — | — | — | — | — | — | −7,841.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DNLI's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DNLI financial results
Denali Therapeutics reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $512.5 million. Diluted earnings per share came to −$2.97.
See the DNLI stock overview for the latest quote and news, or the DNLI chart for price history and technical indicators.
DNLI income statement FAQ
Does Denali Therapeutics have revenue?
Denali Therapeutics reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Denali Therapeutics profitable?
No. Denali Therapeutics reported a net loss of $512.5 million in fiscal 2025.
How much does Denali Therapeutics spend on research and development?
Denali Therapeutics spent $418.8 million on research and development in fiscal 2025.
What are Denali Therapeutics's earnings per share?
Denali Therapeutics earned $-2.97 per diluted share in fiscal 2025, compared with $-2.67 a year earlier.
When will Denali Therapeutics report its next earnings?
Denali Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Denali Therapeutics's fiscal year end?
Denali Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.