Company: DNLI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001714899-25-000193
Chunk: 213

Company: Denali Therapeutics Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 213
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14,537 (14,537)*Loss from operations(417,977)(357,495)(60,482)17 Interest and other income, net33,986 49,475 (15,489)(31)Net loss$(383,991)$(308,020)$(75,971)25 %

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*Percentage is not meaningful.

Research and development expenses. Research and development expenses were $102.0 million and $320.9 million for the three and nine months ended September 30, 2025, compared to $98.2 million and $296.7 million for the three and nine months ended September 30, 2024, respectively.

The following tables provide a breakdown of our research and development expenses by category (in thousands):

Three Months Ended September 30,Change20252024$%External research and development expenses - TV programs, including cost sharing$35,157 $35,436 $(279)(1)%External research and development expenses - small molecule programs, including cost sharing2,048 12,227 (10,179)(83)Other research and development expenses23,008 15,257 7,751 51 Personnel related expenses(1)41,737 35,318 6,419 18 Total research and development expenses$101,950 $98,238 $3,712 4 %

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(1)Personnel related expenses include stock-based compensation expense of $15.2 million and $14.1 million for the three months ended September 30, 2025 and 2024, respectively, reflecting an increase of $1.1 million.

The increase in research and development expenses of approximately $3.7 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, was primarily attributable to the following:

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•an increase of $7.8 million in other research and development expenses, including lab consumables, consultants and general facilities costs, driven by the commencement of operations at our large molecule manufacturing facility in Salt Lake City, Utah; and

•an increase of $6.4 million in personnel-related expenses, including salaries and stock-based compensation, primarily driven by higher headcount related to the commencement of operations at our large molecule manufacturing facility in Salt Lake City, Utah.

These increases were partially offset by a $10.2 million decrease in small molecule external research and development expenses