Company: DNLI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001714899-25-000193
Chunk: 421

Company: Denali Therapeutics Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 421
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0.68 Balance at September 30, 202521,442,215 $26.37 Vested and expected to vest at September 30, 202521,442,215 $26.37 Exercisable at September 30, 202513,292,134 $29.41 

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The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:Nine Months Ended September 30,20252024Expected term (in years)5.50- 6.085.50 - 6.08Volatility64.8% - 68.7%64.5% - 66.0%Risk-free interest rate3.6% - 4.5%3.7% - 4.5%Dividend yield——Restricted Stock ActivityThe following table summarizes restricted stock unit ("RSU") activity for the nine months ended September 30, 2025:Number of RSU sharesWeighted-Average Fair Value at Date of Grant per ShareUnvested at December 31, 20244,128,514 $27.33 Granted2,572,097 18.84 Vested and released(1,362,487)32.32 Forfeited(160,762)21.84 Unvested and expected to vest at September 30, 20255,177,362 $21.97 Stock-Based Compensation ExpenseThe Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Research and development$15,178 $14,141 $45,503 $44,847 General and administrative9,957 10,719 30,179 32,953 Total$25,135 $24,860 $75,682 $77,800 

9.    Net Loss Per Share

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):

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Three Months Ended September 30,Nine Months Ended September