Company: DNLI
Filing Date: 2025-12-10
Form Type: 424B5
Source: 0001628280-25-056361
Chunk: 22

Company: Denali Therapeutics Inc.
Filing Date: 2025-12-10
Form: 424B5
Chunk 22
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0.84 |     |   |       |
| As adjusted net tangible book value per share after this offering           |     |   |      |     | $ |  7.16 |
| Dilution per share to new investors                                         |     |   |      |     | $ | 10.34 |

The foregoing table and discussion 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;

• 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;

<div align='center'>S-16</div>

• 14,774,621 shares of common stock reserved for future issuance under the 2017 Plan as of September 30, 2025;

• 7,668,813 shares of common stock reserved for future issuance under our 2017 ESPP as of September 30, 2025; and

• pre-funded warrants to purchase up to 2,285,714 shares of our common stock at an exercise price of $0.01 per share.

Assuming the pre-funded warrants issued in this offering were immediately and fully exercised, this would result in an as adjusted net tangible book value, after giving effect to this offering and warrant exercise, of $7.06 per share. This represents a decrease in net tangible book value of $0.10 per share to existing stockholders and dilution in net tangible book value per share of $10.44 to new investors participating in this offering.

If the underwriters exercise in full their option to purchase up to 1,714,285 additional shares of common stock at the public offering price of $17.