Company: DNLI
Filing Date: 2025-12-09
Form Type: 424B5
Source: 0001628280-25-056085
Chunk: 22

Company: Denali Therapeutics Inc.
Filing Date: 2025-12-09
Form: 424B5
Chunk 22
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 shares of common stock issuable upon the exercise of stock options outstanding as of September 30, 2025, at a weighted average exercise price of $26.37 per share;

• 5,177,362 shares of common stock issuable upon the vesting of restricted stock units outstanding as of September 30, 2025;

• up to an aggregate of $400.0 million of shares of common stock that may be sold under our “at-the-market” program with Goldman Sachs & Co. LLC and Leerink Partners LLC;

• 26,046,065 shares of common stock issuable up on the exercise of pre-funded warrants outstanding as of September 30, 2025 (which are immediately exercisable at an exercise price of $0.01 per share of common stock, subject to beneficial ownership limitations) sold in our private placement in February 2024;

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• 14,774,621 shares of common stock reserved for future issuance under the 2017 Plan as of September 30, 2025;

• 7,668,813 shares of common stock reserved for future issuance under our 2017 ESPP as of September 30, 2025; and

• pre-funded warrants to purchase up to shares of our common stock at an exercise price of $0.01 per share.

Assuming the pre-funded warrants issued in this offering were immediately and fully exercised, this would result in an as adjusted net tangible book value, after giving effect to this offering and warrant exercise, of $ per share. This represents an increase in net tangible book value of $ per share to existing stockholders and dilution in net tangible book value per share of $ to new investors participating in this offering.

If the underwriters exercise in full their option to purchase up to additional shares of common stock at the public offering price of $ per share, the as adjusted net tangible book value after this offering would be $ per share, representing an increase in net tangible book value of $ per share to existing stockholders and immediate dilution in net tangible book value of per share to investors participating in this offering at the public offering price.

To the extent that any options are exercised, any restricted stock units are settled, any new awards are issued under our equity incentive plans, or we otherwise issue additional shares of common stock in the future (including shares issued in connection with acquisitions), there will be further dilution to new investors.

In addition, we may choose to raise additional capital