Company: DNLI
Filing Date: 2025-12-10
Form Type: 424B5
Source: 0001628280-25-056361
Chunk: 23

Company: Denali Therapeutics Inc.
Filing Date: 2025-12-10
Form: 424B5
Chunk 23
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50 per share, the as adjusted net tangible book value after this offering would be $7.26 per share, representing an increase in net tangible book value of $0.94 per share to existing stockholders and immediate dilution in net tangible book value of $10.24 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 due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

<div align='center'>S-17</div>

### DIVIDEND POLICY
We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings, if any, to fund the development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be made at the discretion of our board of directors.

<div align='center'>S-18</div>

### DESCRIPTION OF CAPITAL STOCK
The following is a summary of our capital stock and provisions of our amended and restated certificate of incorporation, amended and restated bylaws, as each is in effect as of the date of this prospectus supplement. This summary does not purport to be complete and is qualified in its entirety by the provisions of our amended and restated certificate of incorporation, amended and restated bylaws, copies of which are incorporated by reference as exhibits to the accompanying registration statement. References in this section to "the company," "we," "us" and "our" refer to Denali Therapeutics Inc. and not to any of its subsidiaries.

Our authorized capital stock consists of 440,000,000 shares, with a par value of $0.01 per share, of which:

• 400,000,000 shares are designated as common stock; and

• 40,000,000 shares are designated as preferred stock.

#### Common Stock

#### Outstanding Shares
As of December 4, 2025, we had 147,015