Company: DNLI
Filing Date: 2025-12-09
Form Type: 424B5
Source: 0001628280-25-056085
Chunk: 21

Company: Denali Therapeutics Inc.
Filing Date: 2025-12-09
Form: 424B5
Chunk 21
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 net tangible book value as of September 30, 2025 was $926.2 million, or $6.32 per share of our common stock. Our historical net tangible book value is the amount of our total tangible assets less our total liabilities. Historical net tangible book value per share represents historical net tangible book value divided by the number of shares of our common stock outstanding as of September 30, 2025.

After giving further effect to the sale of shares of common stock in this offering at the public offering price of per share, and pre-funded warrants to purchase shares of common stock at the public offering price of $ per pre-funded warrant (which equals the public offering price of the common stock at which shares of our common stock are being sold to the public in this offering less the $0.01 per share exercise price of each such pre-funded warrant) (excluding shares of common stock issuable upon exercise of the pre-funded warrants, any proceeds which may be received upon exercise of the pre-funded warrants or any resulting accounting as sociated with the exercise of the pre-funded warrants), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately , or approximately per share. This represents an immediate increase in as adjusted net tangible book value per share of to our existing stockholders and an immediate dilution in as adjusted net tangible book value per share of approximately to new investors participating in this offering. Dilution per share to new investors purchasing common stock or pre-funded warrants in this offering is determined by subtracting as adjusted net tangible book value per share after this offering from the public offering price per share paid by new investors.

The following table illustrates this per share dilution:

| Public offering price per share                                             |     |   |      |
|:----------------------------------------------------------------------------|:----|:--|-----:|
| Historical net tangible book value per share as of September 30, 2025       |     | $ | 6.32 |
| Increase in net tangible book value per share attributable to new investors |     |   |      |
| As adjusted net tangible book value per share after this offering           |     |   |      |
| Dilution per share to new investors                                         |     |   |      |

The foregoing table and discussion is based on 146,625,722 shares of common stock outstanding as of September 30, 2025, and excludes:

• 21,442,215