DNLI
Denali Therapeutics Inc.Healthcare·Biotechnology
$21.04
$3.3B market cap
Revenue
$0.0M
Free Cash Flow
$-233.7M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Denali Therapeutics Inc., a biopharmaceutical company, discovers and develops therapeutic candidates for neurodegenerative diseases in the United States. It offers leucine-rich repeat kinase 2 (LRRK2) inhibitor product candidate, including BIIB122/DNL151, a small molecule inhibitor, which is in phase I and phase Ib clinical trials for the treatment of Parkinson's disease. The company also develops DNL310 that is in Phase I/II clinical trials for the treatment of hunter syndrome; DNL343, which is
2-Year Price History
$18.64-10.3%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -134.5 | -137.4 | -128.5 | -131.2 | -133.7 | -2.5 | 987.7 | 40.1 | 186.6 | -198.5% | -- | -- |
| Act | 2025-Q4 | 0.0 | -124.7 | -137.4 | -128.6 | -98.5 | -100.1 | -1.5 | 867.9 | 42.3 | 175.5 | -147.8% | -- | -- |
Valuation & Metrics
Market Stats
Price$21.04
Market Cap$3.3B
Enterprise Value$2.4B
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-7.0%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-257.0M
Free Cash Flow$-233.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-173.2%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares14.8M
Days to Cover10.0
Change (vs Prior)-3.1%
Need at least 2 settlement dates for chart
Employees
Headcount443
Revenue / Employee$0
Gross Profit / Employee$-12,892
Cash Runway
50.7months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
66.7%(+22.5% YoY)
246 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
25.4%(+9.3% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.0% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $250M | $28.25 | +$6.1M | −$15.4M | -0.2% | $5.69T |
| BAILLIE GIFFORD & CO | $232M | $21.00 | −$4.7M | −$452K | -2.0% | $97.89B |
| T. Rowe Price Investment Management, Inc. | $164M | $16.53 | +$24.3M | +$164M | -1.3% | $145.22B |
| Temasek Holdings (Private) Ltd | $135M | $21.55 | +$0 | +$31.8M | -2.3% | $29.72B |
| STATE STREET CORPPassive | $120M | $20.73 | +$166K | +$34.8M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $118M | $19.20 | +$118M | +$118M | — | $4.04T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $118M | $19.20 | +$118M | +$118M | — | $1.91T |
| FMR LLC | $87.8M | $28.11 | −$29.2M | −$54.5M | -0.0% | $1.89T |
| UBS ASSET MANAGEMENT AMERICAS INC | $85.1M | $19.90 | −$10.6M | −$44.8M | -0.3% | $480.58B |
| GOLDMAN SACHS GROUP INC | $84.6M | $18.75 | +$11.0M | +$52.5M | -0.2% | $760.93B |
| BAKER BROS. ADVISORS LP | $71.6M | $23.75 | +$0 | +$0 | -0.4% | $16.13B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $71.6M | $21.55 | +$5.2M | +$13.2M | +2.3% | $1.61T |
| Holocene Advisors, LP | $61.4M | $16.13 | +$820K | +$61.4M | -0.1% | $41.28B |
| DIMENSIONAL FUND ADVISORS LPPassive | $51.7M | $19.97 | +$6.1M | +$11.4M | -0.4% | $480.92B |
| UBS Group AG | $49.4M | $17.68 | +$3.2M | +$34.2M | -0.3% | $562.11B |
| Pictet Asset Management Holding SA | $48.4M | $17.94 | +$23.6M | +$41.9M | -1.1% | $94.52B |
| Capital Research Global Investors | $48.3M | $24.33 | −$23.3M | −$43.2M | +0.4% | $644.55B |
| ALLIANCEBERNSTEIN L.P. | $47.8M | $23.71 | −$12.8M | −$4.3M | -0.3% | $307.70B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $47.3M | $17.57 | −$27.9M | −$36.5M | -0.2% | $864.93B |
| Fisher Asset Management, LLC | $46.8M | $17.09 | −$2.9M | +$20.6M | +0.1% | $294.89B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.26%
avg per quarter
Holders (ex-self)
-0.23%
excl. this stock
Buyers (this Q)
+0.90%
149 buyers · $0.71B in
Sellers (this Q)
+0.11%
65 sellers · $0.06B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+8.9%
how holders react when this stock falls
On quiet Qs
+0.1%
−10% to +10% baseline
On rallies (+10%+)
-0.9%
how they react when this stock rises
Holders' portfolio flow this Q
+1.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.7%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.7%
Holder mid (any stock)
-3.8%
Holder rally (any stock)
-5.1%
Biggest decreases this quarter
FMR LLC−$29.2Mα-0.0Point72 Asset Management, L.P.exited−$28.1MPRICE T ROWE ASSOCIATES INC /MD/−$27.9Mα-0.2Capital Research Global Investors−$23.3Mα+0.4ExodusPoint Capital Management, LPexited−$16.9MALLIANCEBERNSTEIN L.P.−$12.8Mα-0.3Crestline Management, LP−$11.5Mα+2.1UBS ASSET MANAGEMENT AMERICAS INC−$10.6Mα-0.3VOLORIDGE INVESTMENT MANAGEMENT, LLCexited−$9.8MQube Research & Technologies Ltdexited−$9.7M
New buyers this quarter
Top-5 holders · 31.9%
BlackRock, Inc.--
BAILLIE GIFFORD & CO--
T. Rowe Price Investment Management, Inc.--
Temasek Holdings (Private) Ltd--
STATE STREET CORP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
BAILLIE GIFFORD & CO12.1MCrestline Management, LP2.2MPRICE T ROWE ASSOCIATES INC /MD/2.5MTemasek Holdings (Private) Ltd7.0MWELLINGTON MANAGEMENT GROUP LLP53KCapital Research Global Investors2.5MFMR LLC4.6MGILDER GAGNON HOWE & CO LLC—Flagship Pioneering Inc.—T. Rowe Price Investment Management, Inc.8.5M
Related Stocks
Investors who own this also own
Stocks held by the same active managers as this one, ranked by score — how much more often these appear together than random chance (1× = baseline). Excludes index ETFs and market makers; minimum 3 shared holders.
| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| RVMD | Revolution Medicines, Inc. | 3 | 59.00× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (3 analysts)$32.675530.0%
Last Year (8 analysts)$32.635510.0%
Current Price$21.04
Analyst Ratings
18
Buy: 18Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$23K
1 txn · 1 insider · 2,285,714 sh
Sells ($, 12mo)
$8.39M
6 txns · 3 insiders · 554,378 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-01-06 | SELL | Schuth Alexander O. | officer: COFO and Secretary | 17,218 | $16.50 | $284K | $4.67M |
| 2026-01-06 | SELL | Watts Ryan J. | director, officer: President and CEO | 35,198 | $16.50 | $581K | $4.90M |
| 2025-12-11 | BUY | BAKER BROS. ADVISORS LP | director | 2,285,714 | $0.01 | $23K | $260K |
| 2025-08-13 | SELL | Ho Carole | officer: Chief Medical Officer | 806 | $14.64 | $12K | $3.17M |
| 2025-08-12 | SELL | Ho Carole | officer: Chief Medical Officer | 2,937 | $13.58 | $40K | $2.95M |
| 2025-08-12 | SELL | Schuth Alexander O. | officer: COFO and Secretary | 2,937 | $13.58 | $40K | $3.29M |
| 2025-07-09 | SELL | Watts Ryan J. | director, officer: President and CEO | 495,282 | $15.00 | $7.43M | $3.80M |
Order Flow (FINRA, ~3w lag)
13.1%retail+1.3pp
26.9%dark-1.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Denali Therapeutics Inc.: Strategic R&D De-leveraging via VIE Divestitures and Latent Dilution Warrants
Overall Risk
6/10
Fraud
3/10
Dilution
8/10
Insolvency
4/10
Earnings Overstated
2/10
Hidden Liabilities
5/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
7/10
Contextually Acceptable
7/10