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Develops therapies for neurodegenerative diseases using a proprietary blood-brain-barrier delivery platform.
Develops therapies for neurodegenerative diseases using a proprietary blood-brain-barrier delivery platform.
Revenue so far has come from partners' upfront and milestone payments rather than product sales, with Takeda and Biogen among those sharing the cost of its drugs; the rest of its funding comes from selling shares to investors.
Moat: narrow (IP / patents, process know-how). Proprietary Transport Vehicle platform for crossing the blood-brain barrier, licensed to major pharma partners.
Headquarters: South San Francisco, California, US · Founded: 2013 · Employees: 503
Size Denali Therapeutics (DNLI) is a United States Health Care company (Biotechnology) with a market value of $3.22B, the 1496th largest of 3,117 United States companies the cockpit tracks. Shares closed at $20.07 on 6 Nov 2026.
Performance Over six months the shares gained 2.3%, against +3.9% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth The operating margin is -2,488.1% (peer median 5.1%).
Valuation It trades at 128.0× enterprise value to sales against a peer median of 5.9× (2nd most expensive of 17).
Capital Return on invested capital runs 104.6 points below its cost of capital (10.2% WACC).
Short interest Short interest is 9.7% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $21.4M | $0 | $0 | $331M | $108M |
| Revenue growth | — | — | -100% | +205% | — |
| Gross profit | $4.58M | -$14.8M | -$7.79M | $314M | $101M |
| EBITDA | -$515M | -$541M | -$494M | -$180M | -$334M |
| Net income | -$314M | -$513M | -$423M | -$145M | -$326M |
| Free cash flow | -$450M | -$422M | -$364M | -$371M | -$263M |
| Capital expenditure | $41.8M | $9.50M | $15.9M | $12.9M | $17.8M |
| Total debt | $35.2M | $42.3M | $54.3M | $52.2M | $60.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Denali Therapeutics DNLI | $3.22B | +2% | n/a | -2,488% | 128.0× | n/a |
| Biogen BIIB | $36.7B | +28% | +2% | 17% | 4.4× | 9.4% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 15.2× | 5.9% |
| Alector ALEC | $340M | +9% | -83% | -857% | 14.4× | n/a |
| Ionis Pharmaceuticals IONS | $6.55B | -48% | -7% | -68% | 7.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DNLI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.5% | +0.4% | 8th highest of 21 |
| 6-month return | +2.3% | +3.9% | 10th lowest of 21 |
| Distance from 52-week high | -26.5% | -25.0% | 10th lowest of 21 |
| Operating margin | -2,488.1% | 5.1% | 2nd lowest of 17 |
| EV / Sales | 128.0× | 5.9× | 2nd most expensive of 17 |
| ROIC minus cost of capital | -104.6 pp | -4.6 pp | 2nd lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Denali Therapeutics DNLI | United States | $3.22B | +2% | n/a | -2,488% | 128.0× | n/a | n/a |
| Telix Pharmaceuticals TLX.AX | Australia | $3.22B | -6% | +27% | -1% | 3.9× | n/a | n/a |
| XtalPi 2228.HK | Hong Kong | $3.35B | -34% | +4% | -127% | 26.3× | n/a | n/a |
| Hualan Biological Engineering 002007.SZ | China | $3.37B | -15% | -11% | 17% | 5.6× | 16.7% | -1.8% |
| Dyne Therapeutics DYN | United States | $3.37B | +3% | n/a | n/a | n/a | n/a | n/a |
| Virbac VIRP.PA | France | $3.38B | +5% | +4% | 15% | 2.1× | 6.2% | +9.4% |
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | 45.9× | n/a | n/a |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | 6,237.3× | n/a | n/a |
| Disc Medicine IRON | United States | $3.50B | +16% | n/a | n/a | n/a | n/a | n/a |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 14.2× | n/a | n/a |
| Enliven Therapeutics ELVN | United States | $3.62B | +21% | n/a | n/a | n/a | n/a | n/a |
| Tango Therapeutics TNGX | United States | $3.63B | -7% | +121% | -253% | 49.1× | n/a | n/a |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | 6.1× | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 5.7× | -0.8% | +64.6% |
| Iovance Biotherapeutics IOVA | United States | $3.64B | +64% | +35% | -91% | 10.4× | n/a | n/a |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 8.8× | 33.3% | +70.2% |
| Lin BioScience 6696.TWO | Taiwan | $3.74B | +129% | n/a | n/a | n/a | n/a | n/a |
| Xiamen Amoytop Biotech 688278.SS | China | $2.76B | -23% | +18% | 27% | 4.7× | 0.5% | +36.0% |
| Beijing Tiantan Biological Products 600161.SS | China | $3.76B | -11% | -13% | 21% | 4.8× | 3.2% | +12.5% |