Company: DNLI
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001714899-25-000170
Chunk: 414

Company: Denali Therapeutics Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 414
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279 20.25 Exercised(113,792)5.23 Forfeited(306,693)27.48 Balance at June 30, 202522,599,944 $24.97 Vested and expected to vest at June 30, 202521,790,073 $25.87 Exercisable at June 30, 202513,450,734 $28.16 

18

The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:Six Months Ended June 30,20252024Expected term (in years)5.50- 6.085.50 - 6.08Volatility64.8% - 68.7%64.5% - 66.0%Risk-free interest rate3.7% - 4.5%3.9% - 4.5%Dividend yield——Restricted Stock ActivityThe following table summarizes restricted stock unit ("RSU") activity for the six months ended June 30, 2025:Number of RSU sharesWeighted-Average Fair Value at Date of Grant per ShareUnvested at December 31, 20244,128,514 $27.33 Granted2,134,261 19.73 Vested and released(1,009,121)32.61 Forfeited(125,780)22.74 Unvested and expected to vest at June 30, 20255,127,874 $23.24 Stock-Based Compensation ExpenseThe Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Research and development$15,188 $14,364 $30,325 $30,706 General and administrative10,199 10,736 20,222 22,234 Total$25,387 $25,100 $50,547 $52,940 

9.    Net Loss Per Share

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per