Company: DNLI
Filing Date: 2025-12-10
Form Type: 424B5
Source: 0001628280-25-056361
Chunk: 41

Company: Denali Therapeutics Inc.
Filing Date: 2025-12-10
Form: 424B5
Chunk 41
---
 the particular U.S. federal, state and local and non-U.S. tax consequences of purchasing, holding and disposing of our common stock or pre-funded warrants, including the consequences of any proposed change in applicable laws.

<div align='center'>S-32</div>

### UNDERWRITING
We and the underwriters named below have entered into an underwriting agreement with respect to the shares being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares of our common stock and pre-funded warrants indicated in the following table. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters.

| Underwriters               |     | Number of 
 Shares    |     |           |     | Number of Pre-Funded Warrants |           |
| Goldman Sachs & Co. LLC    |     |           |     | 3,062,858 |     |                               |   765,714 |
| J.P. Morgan Securities LLC |     |           |     | 2,240,000 |     |                               |   560,000 |
| Morgan Stanley & Co. LLC   |     |           |     | 1,508,571 |     |                               |   377,143 |
| Jefferies LLC              |     |           |     | 1,508,571 |     |                               |   377,143 |
| H.C. Wainwright & Co., LLC |     |           |     |   457,143 |     |                               |   114,286 |
| B. Riley Securities, Inc.  |     |           |     |   365,714 |     |                               |    91,428 |
| Total                      |     |           |     | 9,142,857 |     |                               | 2,285,714 |

The underwriters will be committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters will have an option to buy up to approximately 1,714,285 additional shares from us to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set