Company: DNLI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001714899-25-000193
Chunk: 191

Company: Denali Therapeutics Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 191
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 Measurements

Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):September 30, 2025Level 1Level 2Level 3TotalAssets:Cash equivalents:Money market funds$25,645 $— $— $25,645 Short-term marketable securities:U.S. government treasuries721,058 — — 721,058 Corporate debt securities— 36,183 — 36,183 Long-term marketable securities:Corporate debt securities— 24,703 — 24,703 Total$746,703 $60,886 $— $807,589 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 nine months ended September 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 September 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 are summarized in the tables below (in thousands):September 30, 2025Amortized CostUn