Company: DNLI
Filing Date: 2025-12-09
Form Type: 424B5
Source: 0001628280-25-056085
Chunk: 8

Company: Denali Therapeutics Inc.
Filing Date: 2025-12-09
Form: 424B5
Chunk 8
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     | We estimate that the net proceeds from this offering will be approximately            (or approximately                if the underwriters exercise their option to purchase additional shares in full).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                       |     | We intend to use the net proceeds to advance commercial readiness for DNL310, accelerate regulatory pathways for DNL310 and DNL126, support advancement of our pipeline, scale internal manufacturing capabilities, and for other general corporate purposes. See “Use of Proceeds” for more information.                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Nasdaq Global Select Market symbol                    |     | DNLI. We do not intend to list the pre-funded warrants on the Nasdaq Global Select Market or any other national securities exchange or any recognized trading system. Without an active market, the liquidity of the pre-funded warrants will be limited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Risk factors                                          |     | Investing in our securities involves risks. See "Risk Factors" beginning on pageS-7of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus for a discussion of the factors you should carefully consider before deciding to invest in our securities.                                                                                                                                                                                                                                                                                                                                                                                                      |

The number of shares of our common stock to be outstanding after the offering is based on 146,625,722 shares of common stock outstanding as of September 30, 2025, and excludes: • 21,442,215 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;

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• 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;

• 14,774,621 shares of common stock reserved for future issuance under our 2017 Equity Incentive Plan, or the 2017 Plan,