Company: DNLI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001714899-25-000066
Chunk: 100

Company: Denali Therapeutics Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 100
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 small molecule programs consists entirely of the non-cash gain associated with the divestiture of assets associated with select preclinical small molecule programs, including specified intellectual property, tangible assets and equipment used to conduct early-stage small molecule drug discovery from the Company, in exchange for equity consideration.

Interest and Other Income, Net 

Interest and other income, net, consists primarily of interest income and investment income earned on our cash, cash equivalents and marketable securities, as well as sublease income, and an offset from interest expense on our finance lease liability.

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Results of Operations

Comparison of the years ended December 31, 2024 and 2023 

The following table sets forth the significant components of our results of operations (in thousands): Year Ended December 31,Change20242023$%Collaboration revenue:Collaboration revenue from customers$— $330,531 (330,531)*%     Total collaboration revenue— 330,531 (330,531)*Operating expenses:Research and development396,440 423,876 (27,436)(6)General and administrative105,438 103,354 2,084 2 Total operating expenses501,878 527,230 (25,352)(5)Gain from divestiture of small molecule programs14,537 — 14,537 *Loss from operations(487,341)(196,699)(290,642)*Interest and other income, net64,636 51,505 13,131 25 Loss before income taxes(422,705)(145,194)(277,511)*Income tax expense(68)(30)(38)*Net loss$(422,773)$(145,224)(277,549)*%__________________________________________________

*Percentage is not meaningful.

Collaboration revenue. There was no collaboration revenue for the year ended December 31, 2024 and $330.5 million for the year ended December 31, 2023. The decrease in collaboration revenue of $330.5 million was primarily due to $293.9 million in revenue recognized in April 2023 under the Biogen Collaboration Agreement as a result of Biogen exercising its option to license our ATV:Abeta program, as well as decreases due to revenue earned under the Takeda and Sanofi Collaboration Agreements of $10.0 million and $25.0 million, respectively.

Research and development expenses. Research and development expenses were $396.4 million for the year