DNLI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$25.06

Market Cap

$3.98B

P/E (TTM)

-8.6

EPS (TTM)

$-2.97

Revenue (TTM)

$0

Div Yield

—

ROE

-50.2%

Debt/Equity

—

52W Range

$13 – $27

DNLI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $0

2016-12-31 → 2025-12-31

EPS $-2.97

2018-12-31 → 2025-12-31

Free Cash Flow $-422M

2018-12-31 → 2025-12-31

Margins —

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

DNLI

Peer Median

P/E (TTM)

-8.6

13.2

P/B

3.9

3.5

Price / FCF

-9.4

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

DNLI

Peer Median

ROA

-40.7%

-42.2%

ROE

-50.2%

-52.8%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

DNLI

Peer Median

Current Ratio

9.2

10.3

Quick Ratio

8.8

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

DNLI

Peer Median

Revenue YoY

204.7%

—

Revenue CAGR 3Y

-0.51%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

DNLI

Peer Median

EPS (Diluted)

$-2.97

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

DNLI

Peer Median

DNLI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 26 analysts

Strong Buy 11 42.3%
Buy 13 50.0%
Hold 2 7.7%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

16 analysts · 2026-08-14

Median $35.00

← Below all targets $25.06

Low $27.00

High $42.00

Median target $35.00 +39.7%

Mean target $35.44 +41.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.01%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$-0.68	$-0.67	-0.01%
March 31, 2026	$-0.69	$-0.74	0.05%
Dec. 31, 2025	$-0.73	$-0.76	0.03%
Sept. 30, 2025	$-0.74	$-0.77	0.03%
June 30, 2025	$-0.72	$-0.73	0.01%
March 31, 2025	$-0.78	$-0.70	-0.08%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
DNLI	$2.58B	-5.6	204.7%	—	-50.2%	—
RLAY	$1.47B	-5.3	53.4%	-1800.6%	-44.9%	—
TNGX	$1.20B	-10.2	48.3%	-162.8%	-42.2%	—
LEGN	—	—	—	—	—	—
RCUS	$2.99B	-7.2	-4.3%	-142.9%	-59.8%	—
VKTX	$4.04B	-11.0	—	—	-47.3%	—
IDYA	$3.04B	-27.0	3024.4%	-52.0%	-11.5%	—
VCYT	$3.34B	51.3	16.0%	12.8%	5.2%	70.1%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13

Annual Income Statement data for DNLI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$0	$0	$331M	$108M	$49M	$336M	$27M	$129M	$0
R&D Expense	$419M	$396M	$424M	$359M	$265M	$213M	$193M	$143M	$74M
SG&A Expense	$137M	$105M	$103M	$90M	$79M	$60M	$46M	$32M	$16M
Operating Expenses	$555M	$502M	$527M	$449M	$344M	$273M	$240M	$176M	$90M
Operating Income	$-555M	$-487M	$-197M	$-341M	$-296M	$63M	$-213M	$-46M	$-90M
Other Non-op	·	·	$52M	$15M	$5M	$9M	$15M	$10M	$2M
Income Tax	$102.0K	$68.0K	$30.0K	$21.0K	$-575.0K	$823.0K	$-351.0K	$0	$0
Net Income	$-513M	$-423M	$-145M	$-326M	$-291M	$71M	$-198M	$-36M	$-88M
EPS (Basic)	$-2.97	$-2.57	$-1.06	$-2.60	$-2.39	$0.65	$-2.07	$-0.39	·
EPS (Diluted)	$-2.97	$-2.57	$-1.06	$-2.60	$-2.39	$0.63	$-2.07	$-0.39	·
Shares (Basic)	172,649,097	164,473,772	137,370,897	125,530,703	121,524,795	108,974,137	95,608,208	92,621,991	·
Shares (Diluted)	172,649,097	164,473,772	137,370,897	125,530,703	121,524,795	112,703,108	95,608,208	92,621,991	·
EBITDA	$-544M	$-480M	$-180M	$-330M	$-287M	$71M	$-205M	$-39M	·

Balance Sheet 25

Annual Balance Sheet data for DNLI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Cash & Equivalents	$205M	$175M	$127M	$218M	$293M	$507M	$79M	$77M	$218M
Short-term Investments	$663M	$657M	$907M	$1.12B	$572M	$963M	$336M	$387M	$188M
Receivables	$0	·	·	·	·	$9M	·	·	·
Inventory	$0	·	·	·	·	·	·	·	·
Prepaid Expense	$33M	$32M	$30M	$36M	$31M	$20M	$15M	$17M	$3M
Current Assets	$901M	$864M	$1.06B	$1.37B	$897M	$1.50B	$430M	$481M	$410M
PP&E (Net)	$52M	$55M	$46M	$44M	$39M	$41M	$47M	$25M	$15M
PP&E (Gross)	$115M	$107M	$92M	$81M	$68M	$62M	$59M	$37M	$20M
Accum. Depreciation	$63M	$52M	$46M	$37M	$29M	$21M	$12M	$12M	$5M
Intangibles	$0	·	·	·	·	·	·	·	·
Other Non-current Assets	$26M	$25M	$18M	$13M	$12M	$2M	$3M	$8M	$1M
Total Assets	$1.14B	$1.37B	$1.15B	$1.46B	$1.40B	$1.60B	$553M	$662M	$487M
Accounts Payable	$505.0K	$11M	$9M	$3M	$5M	$1M	$3M	$2M	$3M
Accrued Liabilities	$98M	$91M	$68M	$67M	·	$8M	$7M	$9M	$5M
Current Liabilities	$98M	$102M	$78M	$364M	$378M	$72M	$45M	$33M	$14M
Capital Leases	$27M	$37M	$45M	$53M	$59M	$64M	$69M	·	·
Other Non-current Liabilities	·	·	$0	$379.0K	$379.0K	$701.0K	$379.0K	$471.0K	$467.0K
Total Liabilities	$131M	$144M	$123M	$418M	$442M	$454M	$158M	$115M	$21M
Common Stock	·	·	$2M	$2M	$2M	$2M	$1M	$1M	$1M
Paid-in Capital	$3.06B	$2.76B	$2.14B	$2.02B	$1.61B	$1.50B	$819M	$774M	$657M
Retained Earnings	$-2.05B	$-1.54B	$-1.12B	$-971M	$-645M	$-354M	$-426M	$-228M	$-192M
AOCI	$682.0K	$2M	$643.0K	$-7M	$-2M	$-245.0K	$350.0K	$-649.0K	$-368.0K
Stockholders' Equity	$1.01B	$1.23B	$1.03B	$1.04B	$962M	$1.15B	$395M	$547M	$466M
Liabilities + Equity	$1.14B	$1.37B	$1.15B	$1.46B	$1.40B	$1.60B	$553M	$662M	$487M
Shares Outstanding	156,182,177	144,220,986	138,385,498	135,965,918	122,283,305	120,531,333	96,189,935	94,662,435	87,480,362

Cash Flow 13

Annual Cash Flow data for DNLI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
D&A	$11M	$8M	$17M	$10M	$9M	$9M	$8M	$7M	$3M
Stock-based Comp	$100M	$103M	$108M	$100M	$85M	$50M	$38M	$19M	$4M
Deferred Tax	$0	$0	$0	$0	$0	$0	$-351.0K	·	·
Other Non-cash	$-11M	$-36M	$-338M	$-29M	$-15M	$286M	$-331.0K	$60M	·
Operating Cash Flow	$-413M	$-348M	$-358M	$-245M	$-211M	$416M	$-152M	$50M	$-77M
CapEx	$10M	$16M	$13M	$18M	$8M	$3M	$18M	$3M	$3M
Investing Cash Flow	$255M	$-89M	$249M	$-141M	$-22M	$-623M	$148M	$-287M	$-41M
Stock Issued	·	$0	$0	$296M	$0	$194M	$0	$0	$266M
Net Stock Activity	·	$0	$0	$296M	$0	$194M	$0	$0	·
Financing Cash Flow	$189M	$484M	$18M	$311M	$19M	$635M	$6M	$97M	$296M
Net Change in Cash	$32M	$48M	$-91M	$-75M	$-214M	$428M	·	·	·
Taxes Paid	$46.0K	$0	$3.0K	$47.0K	$210.0K	$0	·	·	·
Free Cash Flow	$-422M	$-364M	$-371M	$-263M	$-220M	$413M	$-169M	$47M	·

Profitability 5

Annual Profitability data for DNLI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Operating Margin	·	·	-59.5%	-314.2%	-607.8%	18.7%	-799.1%	-35.9%	·
Net Margin	·	·	-43.9%	-300.6%	-597.1%	21.2%	-740.7%	-28.1%	·
EBITDA Margin	·	·	-54.4%	-304.6%	-590.1%	21.2%	-769.1%	-30.2%	·
ROA	-40.7%	-33.5%	-11.1%	-22.8%	-19.3%	6.6%	-32.5%	-6.3%	·
ROE	-50.2%	-33.2%	-13.5%	-35.2%	-29.4%	7.0%	-47.4%	-7.2%	·

Liquidity & Solvency 2

Annual Liquidity & Solvency data for DNLI
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017
Current Ratio		9.2	8.5	13.6	3.8	2.4	20.9	9.5	14.7	·
Quick Ratio		8.8	8.1	13.3	3.7	2.3	20.5	9.2	14.2	·

Efficiency 1

Annual Efficiency data for DNLI
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017
Asset Turnover		0.0	0.0	0.3	0.1	0.0	0.3	0.0	0.2	·

Per Share 5

Annual Per Share data for DNLI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Book Value / Share	$6.49	$8.53	$7.45	$7.67	$7.87	$9.55	$4.11	$5.78	·
Revenue / Share	$0.00	$0.00	$2.41	$0.86	$0.40	$2.98	·	·	·
Cash Flow / Share	$-2.39	$-2.11	$-2.61	$-1.95	$-1.74	$3.69	·	·	·
Cash / Share	$1.31	$1.21	$0.92	$1.60	$2.40	$4.21	$0.83	$0.81	·
EPS (TTM)	$-2.97	$-2.57	$-1.06	$-2.60	$-2.39	$0.63	$-2.07	$-0.39	·

Growth Rates 2

Annual Growth Rates data for DNLI
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue YoY		·	·	204.7%	122.9%	-85.5%	·	·	·	·
Revenue CAGR 3Y		·	·	-0.51%	·	·	·	·	·	·

Valuation (TTM) 10

Annual Valuation (TTM) data for DNLI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue TTM	$0	$0	$331M	$108M	$49M	$336M	$27M	$129M	$0
Net Income TTM	$-513M	$-423M	$-145M	$-326M	$-291M	$71M	$-198M	$-36M	$-88M
Market Cap	$2.58B	$2.94B	$2.97B	$3.78B	$5.45B	$10.10B	$1.68B	$1.96B	·
P/E	-5.6	-7.9	-20.2	-10.7	-18.7	133.0	-8.4	-53.0	·
P/S	·	·	9.0	34.9	112.1	30.1	62.8	15.1	·
P/B	2.5	2.4	2.9	3.6	5.7	8.8	4.2	3.6	·
P / Tangible Book	2.5	2.4	2.9	3.6	5.7	8.8	·	·	·
P / Cash Flow	-6.2	-8.5	-8.3	-15.5	-25.8	24.3	-11.1	39.0	·
P / FCF	-6.1	-8.1	-8.0	-14.4	-24.8	24.4	-9.9	41.9	·
Earnings Yield	-18.0%	-12.6%	-4.9%	-9.3%	-5.4%	0.75%	-11.9%	-1.9%	·

Income Statement 14

Quarterly Income Statement data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$4M	·	·	·	$0	·	$0	$0	$0	$0	$0	$1M	$294M	$35M	$10M	$4M
Cost of Revenue	$93.0K	·	·	·	$0	·	·	·	·	·	·	·	·	·	·	·
R&D Expense	$97M	$104M	$98M	$102M	$103M	$116M	$100M	$98M	$91M	$107M	$108M	$90M	$98M	$129M	$92M	$88M
SG&A Expense	$36M	$34M	$39M	$35M	$32M	$29M	$30M	$25M	$25M	$25M	$25M	$25M	$26M	$27M	$24M	$23M
Operating Expenses	$134M	$137M	$137M	$137M	$135M	$146M	$130M	$123M	$117M	$132M	$133M	$115M	$124M	$156M	$116M	$111M
Operating Income	$-131M	$-137M	$-137M	$-137M	$-135M	$-146M	$-130M	$-123M	$-117M	$-118M	$-133M	$-114M	$170M	$-121M	$-105M	$-107M
Other Non-op	·	·	·	·	·	·	·	·	·	·	·	$14M	$13M	$11M	·	$4M
Income Tax	·	·	·	·	·	·	·	·	·	·	$30.0K	$0	$0	·	$-6.0K	$0
Net Income	$-128M	$-128M	$-129M	$-127M	$-124M	$-133M	$-115M	$-107M	$-99M	$-102M	$-119M	$-99M	$183M	$-110M	$-99M	$-103M
EPS (Basic)	$-0.68	$-0.69	$-0.73	$-0.74	$-0.72	$-0.78	$-0.67	$-0.63	$-0.59	$-0.68	$-0.88	$-0.72	$1.34	$-0.80	$-0.75	$-0.84
EPS (Diluted)	$-0.68	$-0.69	$-0.73	$-0.74	$-0.72	$-0.78	$-0.67	$-0.63	$-0.59	$-0.68	$-0.84	$-0.72	$1.30	$-0.80	$-0.75	$-0.84
Shares (Basic)	187,314,501	186,636,978	-342,444,272	172,421,492	171,449,847	171,222,030	-323,218,733	169,456,988	168,831,329	149,404,188	-273,845,392	137,644,534	137,047,227	136,524,528	-243,625,180	123,473,390
Shares (Diluted)	187,314,501	186,636,978	-342,444,272	172,421,492	171,449,847	171,222,030	-323,218,733	169,456,988	168,831,329	149,404,188	-277,728,790	137,644,534	140,930,625	136,524,528	-243,625,180	123,473,390
EBITDA	$-131M	$-135M	·	$-137M	$-135M	$-143M	·	$-123M	$-117M	$-116M	·	$-114M	$170M	$-111M	·	$-107M

Balance Sheet 25

Quarterly Balance Sheet data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$202M	$388M	$205M	$91M	$141M	$57M	$175M	$91M	$75M	$61M	·	$148M	$132M	$68M	·	$119M
Short-term Investments	$509M	$600M	$663M	$757M	$758M	$761M	$657M	$746M	$821M	$876M	·	$961M	$1.06B	$1.22B	·	$987M
Receivables	$4M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Inventory	$4M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Prepaid Expense	$35M	$35M	$33M	$34M	$36M	$61M	$32M	$32M	$32M	$37M	·	$34M	$33M	$37M	·	$32M
Current Assets	$754M	$1.02B	$901M	$883M	$935M	$879M	$864M	$869M	$928M	$974M	·	$1.14B	$1.22B	$1.33B	·	$1.14B
PP&E (Net)	$50M	$52M	$52M	$54M	$59M	$58M	$55M	$51M	$48M	$47M	·	$48M	$40M	$42M	·	$42M
PP&E (Gross)	·	·	$115M	·	·	·	$107M	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	·	$63M	·	·	·	$52M	·	·	·	·	·	·	·	·	·
Intangibles	$35M	$36M	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$26M	$26M	$26M	$25M	$23M	$27M	$25M	$26M	$51M	$45M	·	$11M	$14M	$14M	·	$16M
Total Assets	$1.16B	$1.27B	$1.14B	$1.06B	$1.17B	$1.27B	$1.37B	$1.45B	$1.50B	$1.58B	·	$1.24B	$1.31B	$1.41B	·	$1.23B
Accounts Payable	$12M	$40M	$3M	$7M	$11M	$8M	$11M	$10M	$14M	$12M	·	·	·	·	·	$8M
Accrued Liabilities	$78M	$70M	$95M	$5M	$7M	$7M	$91M	$5M	$6M	$6M	·	·	·	·	·	·
Current Liabilities	$90M	$110M	$98M	$90M	$91M	$92M	$102M	$87M	$75M	$83M	·	$71M	$69M	$391M	·	$361M
Capital Leases	$22M	$25M	$27M	$30M	$32M	$34M	$37M	$39M	$41M	$43M	·	$47M	$49M	$51M	·	$55M
Other Non-current Liabilities	·	·	·	·	·	·	·	·	·	·	·	$379.0K	$379.0K	$379.0K	·	$379.0K
Total Liabilities	$323M	$340M	$131M	$129M	$139M	$149M	$144M	$136M	$116M	$126M	·	$118M	$119M	$443M	·	$416M
Common Stock	·	·	·	·	·	·	·	·	·	·	·	$2M	$2M	$2M	·	$2M
Paid-in Capital	$3.14B	$3.10B	$3.06B	$2.85B	$2.82B	$2.79B	$2.76B	$2.74B	$2.70B	$2.67B	·	$2.11B	$2.08B	$2.05B	·	$1.69B
Retained Earnings	$-2.31B	$-2.18B	$-2.05B	$-1.92B	$-1.80B	$-1.67B	$-1.54B	$-1.42B	$-1.32B	$-1.22B	·	$-997M	$-897M	$-1.08B	·	$-872M
AOCI	$-2M	$-682.0K	$682.0K	$1M	$939.0K	$2M	$2M	$6M	$-3M	$-1M	·	$-651.0K	$-1M	$-3M	·	$-12M
Stockholders' Equity	$835M	$926M	$1.01B	$926M	$1.03B	$1.12B	$1.23B	$1.32B	$1.39B	$1.46B	$1.03B	$1.12B	$1.19B	$967M	$1.04B	$811M
Liabilities + Equity	$1.16B	$1.27B	$1.14B	$1.06B	$1.17B	$1.27B	$1.37B	$1.45B	$1.50B	$1.58B	·	$1.24B	$1.31B	$1.41B	·	$1.23B
Shares Outstanding	159,755,526	158,656,318	156,182,177	146,625,722	145,685,442	145,251,258	144,220,986	143,840,029	143,123,582	142,512,856	138,385,498	138,051,798	137,362,688	136,741,627	135,965,918	123,796,438

Cash Flow 13

Quarterly Cash Flow data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$4M	$3M	$3M	$3M	$3M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$10M	$4M	$2M
Stock-based Comp	$23M	$23M	$24M	$25M	$25M	$25M	$25M	$25M	$25M	$28M	$26M	$27M	$27M	$28M	$25M	$25M
Amort. of Intangibles	$750.0K	·	·	·	$0	·	·	·	·	·	·	·	·	·	·	·
Other Non-cash	·	$-29M	·	·	·	$-26M	·	·	·	$-42M	·	·	·	$13M	·	·
Operating Cash Flow	$-97M	$-131M	$-99M	$-107M	$-75M	$-131M	$-84M	$-59M	$-91M	$-114M	$-99M	$-87M	$-113M	$-59M	$-73M	$-57M
CapEx	$805.0K	$2M	$2M	$-1M	$4M	$5M	$5M	$4M	$5M	$2M	$2M	$2M	$6M	$3M	$5M	$6M
Investing Cash Flow	$-104M	$94M	$21M	$58M	$158M	$19M	$172M	$94M	$99M	$-453M	$73M	$101M	$168M	$-93M	$-128M	$15M
Stock Issued	$0	$12M	·	$0	$0	$0	·	$0	$0	$499M	·	$0	$0	$0	·	·
Net Stock Activity	·	$12M	·	·	·	$0	·	·	·	$499M	·	·	·	·	·	·
Financing Cash Flow	$15M	$219M	$192M	$-778.0K	$2M	$-4M	$-4M	$-19M	$7M	$500M	$5M	$2M	$9M	$2M	$300M	$5M
Net Change in Cash	$-186M	$182M	$114M	$-50M	$84M	$-116M	$84M	$16M	$14M	$-67M	$-21M	$16M	$64M	$-150M	$99M	$-36M
Taxes Paid	·	·	·	·	·	·	$0	$0	$0	$0	$-1.0K	$0	$0	$4.0K	$47.0K	$0
Free Cash Flow	·	$-134M	·	·	·	$-137M	·	·	·	$-116M	·	·	·	$-62M	·	·

Profitability 5

Quarterly Profitability data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-3622.1%	·	·	·	·	·	·	·	·	·	·	-8981.4%	58.0%	-343.8%	·	-3020.1%
Net Margin	-3539.2%	·	·	·	·	·	·	·	·	·	·	-7841.6%	62.4%	-312.4%	·	-2902.5%
EBITDA Margin	-3622.1%	·	·	·	·	·	·	·	·	·	·	-8981.4%	58.0%	-315.2%	·	-3020.1%
ROA	-11.0%	-10.1%	·	-10.1%	-9.3%	-9.3%	·	-8.0%	-7.0%	-6.8%	·	-8.1%	14.1%	-8.0%	·	-7.7%
ROE	-13.7%	-12.5%	·	-11.3%	-10.3%	-10.3%	·	-8.8%	-7.7%	-8.4%	·	-10.3%	17.7%	-11.7%	·	-11.3%

Liquidity & Solvency 2

Quarterly Liquidity & Solvency data for DNLI
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio		8.4	9.3	·	9.8	10.3	9.6	·	10.0	12.5	11.8	·	16.1	17.6	3.4	·	3.2
Quick Ratio		7.9	9.0	·	9.4	9.9	8.9	·	9.6	12.0	11.3	·	15.6	17.2	3.3	·	3.1

Efficiency 3

Quarterly Efficiency data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.0	·	·	·	·	·	·	0.0	0.0	0.0	·	0.0	0.2	0.0	·	0.0
Inventory Turnover	0.0	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Receivables Turnover	0.4	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·

Per Share 5

Quarterly Per Share data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$5.23	$5.84	·	$6.32	$7.05	$7.73	·	$9.17	$9.69	$10.21	·	$8.10	$8.64	$7.07	·	$6.55
Revenue / Share	$0.02	·	·	·	·	·	·	$0.00	$0.00	$0.00	·	$0.01	$2.09	$0.26	·	$0.03
Cash Flow / Share	·	$-0.70	·	·	·	$-0.77	·	·	·	$-0.76	·	·	·	$-0.43	·	·
Cash / Share	$1.26	$2.44	·	$0.62	$0.97	$0.39	·	$0.63	$0.52	$0.42	·	$1.07	$0.96	$0.50	·	$0.96
EPS (TTM)	$-2.83	$-2.93	·	$-2.87	$-2.72	$-2.68	·	$-2.62	$-0.69	$-0.90	·	$-1.06	$-0.82	$-2.65	·	$-2.54

Valuation (TTM) 10

Quarterly Valuation (TTM) data for DNLI
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	·	$1M	·	$1M	$1M	$1M	·	$1M	$295M	$331M	·	$334M	$385M	$133M	·	$103M
Net Income TTM	$-507M	$-512M	·	$-491M	$-463M	$-441M	·	$-407M	$-117M	$-128M	·	$-129M	$-88M	$-337M	·	$-312M
Market Cap	$4.11B	$3.05B	·	$2.13B	$2.04B	$1.97B	·	$4.19B	$3.32B	$2.92B	·	$2.85B	$4.05B	$3.15B	·	$3.80B
P/E	-9.1	-6.6	·	-5.1	-5.1	-5.1	·	-11.1	-33.7	-22.8	·	-19.5	-36.0	-8.7	·	-12.1
P/S	·	2404.3	·	1680.4	1608.6	1558.6	·	3307.1	11.3	8.8	·	8.5	10.5	23.6	·	36.7
P/B	4.9	3.3	·	2.3	2.0	1.8	·	3.2	2.4	2.0	·	2.5	3.4	3.3	·	4.7
P / Tangible Book	5.1	3.4	·	2.3	2.0	1.8	·	3.2	2.4	2.0	·	2.5	3.4	3.3	·	4.7
P / Cash Flow	·	-23.2	·	·	·	-15.0	·	·	·	-25.7	·	·	·	-53.6	·	·
P / FCF	·	-22.8	·	·	·	-14.5	·	·	·	-25.3	·	·	·	-51.2	·	·
Earnings Yield	-11.0%	-15.3%	·	-19.8%	-19.4%	-19.7%	·	-9.0%	-3.0%	-4.4%	·	-5.1%	-2.8%	-11.5%	·	-8.3%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$0	$0	$331M	$108M	$49M
Operating Margin %	—	—	-59.5%	-314.2%	-607.8%
Net Income	$-513M	$-423M	$-145M	$-326M	$-291M
Diluted EPS	$-2.97	$-2.57	$-1.06	$-2.60	$-2.39

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	9.2	8.5	13.6	3.8	2.4
Quick Ratio	8.8	8.1	13.3	3.7	2.3

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-422M	$-364M	$-371M	$-263M	$-220M

Latest News Recent headlines mentioning this company

What Makes Denali Therapeutics (DNLI) One of the Best AI Driven Biotech Names Yahoo Finance · 2 months, 1 week ago

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Institutional owners (13F) 315 filers · $2.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
59 (-6 vs prior Q)	27 (+1 vs prior Q)	112 (+11 vs prior Q)	68 (+10 vs prior Q)	+8.1M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
STATE STREET CORP	$181,308,099	7,049,304	7.56%	Shares
Temasek Holdings (Private) Ltd	$180,373,691	7,012,974	7.52%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$166,589,906	6,477,057	6.95%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$161,411,750	6,275,729	6.73%	Shares
Holocene Advisors, LP	$100,442,387	3,905,225	4.19%	Shares
BAKER BROS. ADVISORS LP	$96,047,122	3,734,336	4.01%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$87,800,941	3,413,001	3.66%	Shares
NORGES BANK	$72,652,467	2,824,746	3.03%	Shares
Pictet Asset Management Holding SA	$71,894,854	2,791,206	3.00%	Shares
DIMENSIONAL FUND ADVISORS LP	$69,032,043	2,683,983	2.88%	Shares
Capital Research Global Investors	$65,992,813	2,565,817	2.75%	Shares
FMR LLC	$63,276,395	2,460,202	2.64%	Shares
Fisher Asset Management, LLC	$62,092,245	2,414,162	2.59%	Shares
ALLIANCEBERNSTEIN L.P.	$57,308,294	2,984,807	2.39%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$56,797,000	2,208,263	2.37%	Shares
Casdin Capital, LLC	$52,597,400	2,045,000	2.19%	Shares
Crestline Management, L.P.	$49,144,027	1,910,732	2.05%	Shares
PRINCIPAL FINANCIAL GROUP INC	$36,433,897	1,416,559	1.52%	Shares
Foresite Capital Management VI LLC	$35,924,950	1,396,771	1.50%	Shares
Siren, L.L.C.	$35,918,314	1,396,513	1.50%	Shares
Aberdeen Group plc	$34,605,771	1,345,481	1.44%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$32,020,243	1,244,955	1.34%	Shares
Artisan Partners Limited Partnership	$31,494,063	1,224,497	1.31%	Shares
BAILLIE GIFFORD & CO	$31,300,057	1,216,954	1.31%	Shares
Candriam S.C.A.	$30,574,423	1,189,886	1.27%	Shares
MILLENNIUM MANAGEMENT LLC	$28,954,239	1,125,748	1.21%	Shares
ADAR1 Capital Management, LLC	$26,467,938	1,029,080	1.10%	Shares
VANGUARD FIDUCIARY TRUST CO	$25,511,771	991,904	1.06%	Shares
GOLDMAN SACHS GROUP INC	$23,242,521	903,675	0.97%	Shares
DAFNA Capital Management LLC	$19,007,440	739,014	0.79%	Shares
AMERICAN CENTURY COMPANIES INC	$18,326,346	712,526	0.76%	Shares
Cercano Management LLC	$16,075,000	625,000	0.67%	Shares
Ensign Peak Advisors, Inc	$14,986,247	582,669	0.62%	Shares
SEGALL BRYANT & HAMILL, LLC	$13,361,103	519,483	0.56%	Shares
CITIGROUP INC	$12,302,982	478,343	0.51%	Shares
CITADEL ADVISORS LLC	$11,723,176	455,800	0.49%	Put option
Balyasny Asset Management L.P.	$11,131,616	432,800	0.46%	Call option
BANK OF AMERICA CORP /DE/	$10,789,798	419,510	0.45%	Shares
Defilade Capital Management, L.P.	$10,078,794	391,866	0.42%	Shares
Woodline Partners LP	$9,364,189	364,082	0.39%	Shares
ExodusPoint Capital Management, LP	$8,656,503	336,567	0.36%	Shares
Marex Group Ltd	$7,603,629	295,631	0.32%	Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	$7,250,468	281,900	0.30%	Shares
MORGAN STANLEY	$7,148,231	277,925	0.30%	Shares
Swiss National Bank	$6,957,260	270,500	0.29%	Shares
TD Asset Management Inc	$5,957,884	231,644	0.25%	Shares
GROUPAMA ASSET MANAGMENT	$5,914,031	229,939	0.25%	Shares
Privium Fund Management B.V.	$5,911,922	229,857	0.25%	Shares
XTX Topco Ltd	$5,837,231	226,953	0.24%	Shares
Alyeska Investment Group, L.P.	$5,641,270	219,334	0.24%	Shares
Camber Capital Management LP	$5,596,000	400,000	0.23%	Shares
Susquehanna Portfolio Strategies, LLC	$5,439,111	211,474	0.23%	Shares
BlackRock, Inc.	$5,144,746	200,029	0.21%	Shares
MASTERS CAPITAL MANAGEMENT LLC	$5,144,000	200,000	0.21%	Shares
Burkehill Global Management, LP	$5,144,000	200,000	0.21%	Shares
SCS Capital Management LLC	$5,092,509	197,998	0.21%	Shares
Clarius Group, LLC	$5,016,487	368,995	0.21%	Shares
RHUMBLINE ADVISERS	$5,009,911	194,787	0.21%	Shares
Universal- Beteiligungs- und Servicegesellschaft mbH	$4,608,895	179,195	0.19%	Shares
Rhenman & Partners Asset Management AB	$4,603,880	179,000	0.19%	Shares
NEW YORK STATE COMMON RETIREMENT FUND	$4,416,433	171,712	0.18%	Shares
AXA Investment Managers S.A.	$4,279,509	294,732	0.18%	Shares
EDMOND DE ROTHSCHILD HOLDING S.A.	$4,245,858	165,080	0.18%	Shares
ALPS ADVISORS INC	$4,124,922	160,378	0.17%	Shares
GREAT LAKES ADVISORS, LLC	$3,727,162	144,913	0.16%	Shares
Bank of New York Mellon Corp	$3,697,276	143,751	0.15%	Shares
VANGUARD ASSET MANAGEMENT, Ltd	$3,630,455	141,153	0.15%	Shares
Man Group plc	$3,576,752	139,065	0.15%	Shares
Cubist Systematic Strategies, LLC	$3,353,656	230,968	0.14%	Shares
Hudson Bay Capital Management LP	$3,343,600	130,000	0.14%	Shares
Odyssean, LLC	$3,216,595	125,062	0.13%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$3,170,196	123,258	0.13%	Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	$3,121,459	162,576	0.13%	Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$3,018,191	117,348	0.13%	Shares
Zurcher Kantonalbank (Zurich Cantonalbank)	$2,977,733	115,775	0.12%	Shares
B. Metzler seel. Sohn & Co. AG	$2,888,356	112,300	0.12%	Shares
Integrated Wealth Concepts LLC	$2,629,636	102,241	0.11%	Shares
PFM Health Sciences, LP	$2,596,846	100,966	0.11%	Shares
Integral Health Asset Management, LLC	$2,572,000	100,000	0.11%	Shares
Ghisallo Capital Management LLC	$2,572,000	100,000	0.11%	Shares
TWO SIGMA ADVISERS, LP	$2,555,748	154,800	0.11%	Shares
Lumbard & Kellner, LLC	$2,527,813	98,282	0.11%	Shares
Rafferty Asset Management, LLC	$2,477,916	96,342	0.10%	Shares
Nuveen, LLC	$2,361,868	91,830	0.10%	Shares
D.A. DAVIDSON & CO.	$2,256,699	87,741	0.09%	Shares
UBS Group AG	$2,232,419	86,797	0.09%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$2,206,776	85,800	0.09%	Call option
MetLife Investment Management, LLC	$2,202,172	85,621	0.09%	Shares
STATE OF WISCONSIN INVESTMENT BOARD	$2,177,249	84,652	0.09%	Shares
AMERIPRISE FINANCIAL INC	$2,094,895	81,450	0.09%	Shares
VANGUARD GROUP INC	$2,067,762	125,243	0.09%	Shares
BARCLAYS PLC	$2,049,267	79,676	0.09%	Shares
CITADEL ADVISORS LLC	$1,988,156	77,300	0.08%	Call option
Phocas Financial Corp.	$1,831,187	71,197	0.08%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$1,742,401	67,745	0.07%	Shares
Knights of Columbus Asset Advisors LLC	$1,738,441	67,591	0.07%	Shares
1492 Capital Management LLC	$1,706,985	66,368	0.07%	Shares
Vanguard Global Advisers, LLC	$1,579,208	61,400	0.07%	Shares
Dana Investment Advisors, Inc.	$1,542,454	59,971	0.06%	Shares
JANE STREET GROUP, LLC	$1,512,336	58,800	0.06%	Put option

Company insiders 16 insiders · 1 officers · 10 directors

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Carole Ho	Chief Medical Officer	Jan. 3, 2023 A	175,500	0	$0
Timothy Van Hauwermeiren	Director	June 3, 2026 A	17,040	0	$0
Nancy Thornberry	Director	June 3, 2026 A	31,125	0	$0
Jennifer E. Cook	Director	June 3, 2026 A	32,483	0	$0
Steve E. Krognes	Director	June 3, 2026 A	38,202	0	$0
David P Schenkein	Director	June 3, 2026 A	21,665	0	$0
Peter S Klein	Director	June 3, 2026 A	33,941	0	$0
Jay T Flatley	Director	June 3, 2026 A	22,628	0	$0
Marc Tessier-Lavigne	Director	June 7, 2021 M	2,544,370	0	$0
Douglas G. Cole	Director	June 2, 2021 A	5,327	0	$0
Robert Nelsen	Director	June 2, 2021 A	12,432	0	$0
Ryan J. Watts	—	Aug. 12, 2026 G	2,120,384	0	$0
Alexander O. Schuth	—	Aug. 11, 2026 S	281,763	1	$-71,625
Vicki L Sato	—	June 23, 2021 S	134,497	0	$0
FMR LLC	—	April 9, 2018	—	0	$0
FIL Ltd	—	Dec. 12, 2017 C	1,379	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 55 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
SBIO · ALPS ETF Trust	2.13%	163,467 NS	May 31, 2026	N-PORT
BBC · ETFis Series Trust I	0.77%	15,351 NS	April 30, 2026	N-PORT
LABU · Direxion Shares ETF Trust	0.59%	162,191 NS	April 30, 2026	N-PORT
FDG · AMERICAN CENTURY ETF TRUST	0.34%	67,356 NS	May 31, 2026	N-PORT
BIB · ProShares Trust	0.17%	5,863 NS	May 31, 2026	N-PORT
AVSC · AMERICAN CENTURY ETF TRUST	0.16%	207,132 NS	May 31, 2026	N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.14%	55,222 NS	April 30, 2026	N-PORT
BKSE · BNY Mellon ETF Trust	0.12%	5,106 NS	April 30, 2026	N-PORT
RSSL · Global X Funds	0.08%	61,711 NS	April 30, 2026	N-PORT
ITWO · ProShares Trust	0.08%	6,701 NS	May 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.07%	500,970 NS	April 30, 2026	N-PORT
SCHA · SCHWAB STRATEGIC TRUST	0.07%	712,909 NS	May 31, 2026	N-PORT
UWM · ProShares Trust	0.04%	5,241 NS	May 31, 2026	N-PORT
FHLC · FIDELITY COVINGTON TRUST	0.04%	64,790 NS	April 30, 2026	N-PORT
URTY · ProShares Trust	0.03%	5,302 NS	May 31, 2026	N-PORT
TILT · FlexShares Trust	0.03%	27,258 NS	April 30, 2026	N-PORT
GSSC · Goldman Sachs ETF Trust	0.02%	10,205 NS	May 31, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.02%	4,027 NS	April 30, 2026	N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.02%	5,427 NS	May 31, 2026	N-PORT
HDG · ProShares Trust	0.01%	133 NS	May 31, 2026	N-PORT
ONEQ · Fidelity Commonwealth Trust	0.01%	52,052 NS	May 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.01%	211,099 NS	April 30, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.01%	11,898 NS	April 30, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	29,687 NS	April 30, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	45,948 NS	April 30, 2026	N-PORT
SCHB · SCHWAB STRATEGIC TRUST	0.00%	85,423 NS	May 31, 2026	N-PORT
AVSU · AMERICAN CENTURY ETF TRUST	0.00%	828 NS	May 31, 2026	N-PORT
AVUS · AMERICAN CENTURY ETF TRUST	0.00%	19,379 NS	May 31, 2026	N-PORT
AVIE · AMERICAN CENTURY ETF TRUST	0.00%	14 NS	May 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	—	—	July 15, 2026	Daily
VB · VANGUARD INDEX FUNDS	—	—	July 15, 2026	Daily
VBK · VANGUARD INDEX FUNDS	—	—	July 15, 2026	Daily
VTI · VANGUARD INDEX FUNDS	—	—	July 15, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	—	—	July 15, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
ITOT · iShares Trust	—	—	Aug. 5, 2026	Daily
IWV · iShares Trust	—	—	Aug. 18, 2026	Daily
IWN · iShares Trust	—	—	Aug. 17, 2026	Daily
IWO · iShares Trust	—	—	Aug. 18, 2026	Daily
IWM · iShares Trust	—	—	Aug. 18, 2026	Daily
IBB · iShares Trust	—	—	Aug. 18, 2026	Daily
PTH · Invesco Exchange-Traded Fund Trust	—	—	July 13, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	—	—	July 20, 2026	Daily
VHT · VANGUARD WORLD FUND	—	—	July 20, 2026	Daily
ESGV · VANGUARD WORLD FUND	—	—	July 30, 2026	Daily
ISCB · iShares Trust	—	—	Aug. 18, 2026	Daily
ISCV · iShares Trust	—	—	Aug. 5, 2026	Daily
SMLF · iShares Trust	—	—	Aug. 10, 2026	Daily
ESML · iShares Trust	—	—	Aug. 14, 2026	Daily
IBRN · iShares Trust	—	—	Aug. 6, 2026	Daily
WSML · iShares Trust	—	—	Aug. 5, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	—	—	July 20, 2026	Daily

DNLI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

DNLI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

Moving averages & overlays

Volume

Oscillators

Momentum & trend

10-Year Performance Revenue, net income, margins and EPS trends

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Financial Health Debt, liquidity, solvency — balance sheet strength

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

DNLI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

12-Month Price Target

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Latest News Recent headlines mentioning this company

My Metrics Your personal watchlist — selected rows from Full Fundamentals

Institutional owners (13F) 315 filers · $2.4B total · As of June 30, 2026

Company insiders 16 insiders · 1 officers · 10 directors

ETF ownership Held by 55 ETFs