$DNLI
Denali Therapeutics Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518160070 Filed on May 11, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $1.648M $641.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.900M $5.600M $3.300M
YoY Change 91.67% 69.7%
% of Gross Profit
Research & Development $52.13M $20.82M $18.47M
YoY Change 174.33% 12.72%
% of Gross Profit
Depreciation & Amortization $1.800M $854.0K $731.0K
YoY Change 125.0% 16.83%
% of Gross Profit
Operating Expenses $59.03M $26.39M $21.74M
YoY Change 161.57% 21.36%
Operating Profit -$57.38M -$25.75M -$21.74M
YoY Change 154.26% 18.41%
Interest Expense $2.700M $2.100M $400.0K
YoY Change 575.0% 425.0%
% of Operating Profit
Other Income/Expense, Net $2.658M $2.070M $424.0K
YoY Change 512.44% 388.21%
Pretax Income -$54.70M -$23.70M -$21.30M
YoY Change 147.51% 11.27%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$54.72M -$23.68M -$21.32M
YoY Change 147.24% 11.06%
Net Earnings / Revenue -3320.63% -3693.92%
Basic Earnings Per Share -$0.59 -$0.26
Diluted Earnings Per Share -$0.59 -$0.26 -$2.367M
COMMON SHARES
Basic Shares Outstanding 94.44M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $372.6M $373.4M
YoY Change 99.25%
Cash & Equivalents $33.09M $44.00M $36.75M
Short-Term Investments $339.5M $329.4M
Other Short-Term Assets $4.800M $4.000M
YoY Change 100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $377.4M $377.4M
YoY Change 99.38%
LONG-TERM ASSETS
Property, Plant & Equipment $13.32M $14.86M
YoY Change -11.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $178.7M $219.4M
YoY Change 589.96%
Other Assets $2.611M $2.265M
YoY Change 117.58%
Total Long-Term Assets $194.6M $236.5M
YoY Change 362.32%
TOTAL ASSETS
Total Short-Term Assets $377.4M $377.4M
Total Long-Term Assets $194.6M $236.5M
Total Assets $572.1M $614.0M
YoY Change 147.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.176M $1.377M
YoY Change 555.43%
Accrued Expenses $5.537M $4.425M
YoY Change -34.86%
Deferred Revenue $8.715M $8.434M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.01M $17.17M
YoY Change 187.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $156.0K $188.0K
YoY Change -97.86%
Total Long-Term Liabilities $156.0K $188.0K
YoY Change -97.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.01M $17.17M
Total Long-Term Liabilities $156.0K $188.0K
Total Liabilities $81.78M $74.93M
YoY Change 351.84%
SHAREHOLDERS EQUITY
Retained Earnings -$270.1M -$215.4M
YoY Change
Common Stock $1.259M $1.252M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $490.3M $539.0M
YoY Change
Total Liabilities & Shareholders Equity $572.1M $614.0M
YoY Change 147.21%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$54.72M -$23.68M -$21.32M
YoY Change 147.24% 11.06%
Depreciation, Depletion And Amortization $1.800M $854.0K $731.0K
YoY Change 125.0% 16.83%
Cash From Operating Activities -$41.80M $33.58M -$18.80M
YoY Change 137.5% -278.6%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K $537.0K $868.0K
YoY Change 20.0% -38.13%
Acquisitions
YoY Change
Other Investing Activities $31.10M -$300.7M $16.30M
YoY Change 37.61% -1944.79%
Cash From Investing Activities $30.60M -$301.3M $15.38M
YoY Change 38.46% -2058.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $94.41M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M $93.24M 300.0K
YoY Change 1400.0% 30979.67%
NET CHANGE
Cash From Operating Activities -41.80M $33.58M -18.80M
Cash From Investing Activities 30.60M -$301.3M 15.38M
Cash From Financing Activities 1.500M $93.24M 300.0K
Net Change In Cash -9.700M -$174.5M 15.38M
YoY Change -310.87% -1234.1%
FREE CASH FLOW
Cash From Operating Activities -$41.80M $33.58M -$18.80M
Capital Expenditures -$600.0K $537.0K $868.0K
Free Cash Flow -$41.20M $33.04M -$19.67M
YoY Change 140.94% -267.99%

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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1800000
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9017425 shares
CY2017Q1 dnli Fair Value Liabilities Level3 To Level2 Transfers Amount
FairValueLiabilitiesLevel3ToLevel2TransfersAmount
0
CY2017Q1 dnli Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
78000
CY2018Q1 dei Amendment Flag
AmendmentFlag
false
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2925000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11094363 shares
CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
246000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-174458000
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
Denali Therapeutics Inc.
CY2018Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
44000
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5570000
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Concentration of Credit Risk and Other Risks and Uncertainties</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. Substantially all of the Company&#x2019;s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits have and will continue to exceed federally insured limits. The Company maintains its cash with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities and issuers of marketable securities to the extent recorded on the consolidated balance sheets. As of March&#xA0;31, 2018 and December&#xA0;31, 2017, the Company <font style="WHITE-SPACE: nowrap">had&#xA0;no&#xA0;off-balance&#xA0;sheet&#xA0;concentrations</font> of credit risk.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company&#x2019;s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, protection of proprietary technology, the ability to make milestone, royalty or other payments due under any license or collaboration agreements, and the need to secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.</p> </div>
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-24597000
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Depreciation
Depreciation
854000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y7M6D
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001714899
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-951000
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3257000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1613000
CY2018Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
387000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
33577000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-301274000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
26389000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
93239000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-23678000
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-25748000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2070000
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-919000
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
537000
CY2018Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
328036000
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
94406000
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
27299000
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
219000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20819000
CY2018Q1 us-gaap Revenues
Revenues
641000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2925000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M29D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.875 pure
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y8M16D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y3M4D
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.67
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.860 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.026 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
65970 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.36
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
2.90
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.48
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.10
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y0M7D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.027 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1300000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2555504 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
81735 shares
CY2018Q1 dei Trading Symbol
TradingSymbol
DNLI
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
89560576 shares
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material to the condensed consolidated financial position and results of operations.</p> </div>
CY2018Q1 dnli Fair Value Liabilities Level3 To Level2 Transfers Amount
FairValueLiabilitiesLevel3ToLevel2TransfersAmount
0
CY2018Q1 dnli Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-225000
CY2018Q1 dnli Increase Decrease In Contract Liabilities
IncreaseDecreaseInContractLiabilities
-59953000
CY2018Q1 dnli Increases Due To Cash Received Excluding Amounts Recognized As Revenue During Period
IncreasesDueToCashReceivedExcludingAmountsRecognizedAsRevenueDuringPeriod
60173000
CY2018Q1 dnli Contract With Customer Liability Off Set Revenue Recognized
ContractWithCustomerLiabilityOffSetRevenueRecognized
-220000

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