Company: DNLI
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001714899-25-000170
Chunk: 192

Company: Denali Therapeutics Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 192
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 Fair Value Measurements

Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):June 30, 2025Level 1Level 2Level 3TotalAssets:Cash equivalents:Money market funds$109,037 $— $— $109,037 Short-term marketable securities:U.S. government treasuries720,131 — — 720,131 Corporate debt securities— 37,614 — 37,614 Long-term marketable securities:U.S. government treasuries66,852 — — 66,852 Corporate debt securities— 11,611 — 11,611 Total$896,020 $49,225 $— $945,245 December 31, 2024Level 1Level 2Level 3TotalAssets:Cash equivalents:Money market funds$126,728 $— $— $126,728 Short-term marketable securities:U.S. government treasuries629,400 — — 629,400 Corporate debt securities— 21,399 — 21,399 Commercial paper— 6,572 — 6,572 Long-term marketable securities:U.S. government treasuries334,892 — — 334,892 Corporate debt securities— 24,481 — 24,481 Total$1,091,020 $52,452 $— $1,143,472 The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.The Company has not transferred any assets or liabilities between the fair value measurement levels for the six months ended June 30, 2025 or for the year ended December 31, 2024.

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3.    Marketable Securities

All marketable securities were considered available-for-sale at June 30, 2025 and December 31, 2024. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs as discussed in Note 2, "Fair Value Measurements". The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date