Denali Therapeutics Inc. (DNLI) Form 10-Q — Aug 6, 2026
Denali Therapeutics reported its first-ever product revenue of $3.6 million for the quarter ended June 30, 2026, following the FDA's March 2026 accelerated approval of AVLAYAH (tividenofusp alfa-eknm) for Hunter syndrome. Quarterly net loss was $127.6 million, or $0.68 per share, versus $124.1 million, or $0.72 per share, a year earlier.
Key figures
- Eps
- -$0.68 (Q2 2026 basic and diluted) vs -$0.72 (Q2 2025)
- Revenue
- $3.6 million (Q2 2026 net product revenue; first commercial quarter)
- Net Income
- -$127.6 million (Q2 2026) vs -$124.1 million (Q2 2025); -$256.0 million for six months ended June 30, 2026
- Total Debt
- $205.2 million liability related to revenue participation right (debt-classified under ASC 470); no traditional debt
- Cash Position
- $940.0 million in cash, cash equivalents and marketable securities (June 30, 2026); $201.5 million cash and equivalents
- Shares Outstanding
- 159847403
- Royalty Rate
- 9.25% of worldwide AVLAYAH net sales
- Rnd Expense Q2
- $97.0 million (Q2 2026) vs $102.7 million (Q2 2025)
- Sga Expense Q2
- $36.3 million (Q2 2026) vs $32.3 million (Q2 2025)
- Fstar Milestone Due
- $36.0 million upon FDA approval ($28.8 million paid; $7.2 million remaining in accounts payable)
- Royalty Funding Max
- $275.0 million
- Stockholders Equity
- $835.2 million
- Royalty Repayment Cap
- 3.0x funding received (2.5x if reached on sales through Q1 2039)
- Ema Contingent Tranche
- $75.0 million upon EMA approval on or before December 31, 2029
- Loss From Operations Q2
- $130.5 million
- Customer Concentration
- one specialty distributor accounted for all product revenues and all product accounts receivable
- Prefunded Warrant Shares
- 28331779
- Royalty Funding Received
- $200.0 million (March 2026)
- Non Cash Interest Expense Q2
- $5.9 million
- Sanofi Milestones Eligible
- up to approximately $495.0 million ($100.0 million earned to date)
- Operating Cash Use Six Months
- $228.2 million
- Pre Launch Inventory Expensed
- $12.6 million (expected sell-through by January 2027)
- Intangible Asset Carrying Value
- $35.3 million
- Royalty Effective Interest Rate
- approximately 12% annual
- Remaining Fstar Contingent Payments
- up to $174.0 million ($24.0 million EU approval; up to $150.0 million commercial)
- Underwriter Option Proceeds January2026
- $12.4 million (746,468 shares)
Price after filing
1 day: +1.0%7 days: +2.7%30 days: -7.8%
Close on the filing date to close N calendar days later (from $24.17). Historical, not a forecast.
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