$DNLI
Denali Therapeutics Inc.

2023 Q3 Form 10-Q Financial Statement

#000171489923000120 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.267M $294.1M
YoY Change -64.4% 460.45%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.30M $26.12M
YoY Change 8.78% 23.45%
% of Gross Profit
Research & Development $89.74M $97.52M
YoY Change 2.22% 5.16%
% of Gross Profit
Depreciation & Amortization $2.200M $2.285M
YoY Change 2.76% 10.28%
% of Gross Profit
Operating Expenses $115.1M $123.6M
YoY Change 3.62% 8.56%
Operating Profit -$113.8M $170.5M
YoY Change 5.87% -377.59%
Interest Expense $14.40M $12.90M
YoY Change 243.92% 386.98%
% of Operating Profit 7.57%
Other Income/Expense, Net $14.44M $12.90M
YoY Change 244.92% 386.98%
Pretax Income -$99.40M $183.4M
YoY Change -3.77% -412.05%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$99.35M $183.4M
YoY Change -3.82% -411.91%
Net Earnings / Revenue -7841.59% 62.35%
Basic Earnings Per Share -$0.72 $1.34
Diluted Earnings Per Share -$0.72 $1.30
COMMON SHARES
Basic Shares Outstanding 137.4M shares 136.9M shares
Diluted Shares Outstanding 137.6M shares 140.9M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.108B $1.191B
YoY Change 0.15% 11.45%
Cash & Equivalents $148.0M $132.0M
Short-Term Investments $961.2M $1.059B
Other Short-Term Assets $35.20M $33.08M
YoY Change 8.4% -27.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.143B $1.224B
YoY Change 0.38% 9.82%
LONG-TERM ASSETS
Property, Plant & Equipment $48.10M $39.82M
YoY Change 15.37% 2.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.900M
YoY Change
Other Assets $11.14M $14.43M
YoY Change -30.9% -4.94%
Total Long-Term Assets $93.89M $81.67M
YoY Change 5.4% -54.08%
TOTAL ASSETS
Total Short-Term Assets $1.143B $1.224B
Total Long-Term Assets $93.89M $81.67M
Total Assets $1.237B $1.306B
YoY Change 0.75% 1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $8.520M
YoY Change -84.08% 19.73%
Accrued Expenses $59.60M $53.02M
YoY Change -2.53% 4.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.18M $69.36M
YoY Change -80.26% -80.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $379.0K $379.0K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $379.0K $379.0K
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.18M $69.36M
Total Long-Term Liabilities $379.0K $379.0K
Total Liabilities $118.4M $118.9M
YoY Change -71.55% -70.86%
SHAREHOLDERS EQUITY
Retained Earnings -$996.7M -$897.4M
YoY Change 14.26% 16.69%
Common Stock $1.707M $1.700M
YoY Change 9.14% 9.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.118B $1.187B
YoY Change
Total Liabilities & Shareholders Equity $1.237B $1.306B
YoY Change 0.75% 1.03%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$99.35M $183.4M
YoY Change -3.82% -411.91%
Depreciation, Depletion And Amortization $2.200M $2.285M
YoY Change 2.76% 10.28%
Cash From Operating Activities -$87.30M -$113.2M
YoY Change 53.03% 163.81%
INVESTING ACTIVITIES
Capital Expenditures $2.100M $5.850M
YoY Change -134.71% -302.21%
Acquisitions
YoY Change
Other Investing Activities $103.0M $173.9M
YoY Change 379.76% 90.02%
Cash From Investing Activities $100.9M $168.1M
YoY Change 554.39% 89.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.500M 9.019M
YoY Change -51.49% 104.88%
NET CHANGE
Cash From Operating Activities -87.30M -113.2M
Cash From Investing Activities 100.9M 168.1M
Cash From Financing Activities 2.500M 9.019M
Net Change In Cash 16.10M 63.92M
YoY Change -144.14% 27.49%
FREE CASH FLOW
Cash From Operating Activities -$87.30M -$113.2M
Capital Expenditures $2.100M $5.850M
Free Cash Flow -$89.40M -$119.0M
YoY Change 75.31% 197.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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Assets
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CY2023Q2 dnli Other Accrued Costs And Other Liabilities Current
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CY2022Q4 dnli Other Accrued Costs And Other Liabilities Current
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CY2023Q2 us-gaap Operating Lease Liability Current
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CY2023Q2 us-gaap Liabilities Current
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Liabilities
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CY2023Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2022Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Earnings Per Share Diluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Investment Income Net Amortization Of Discount And Premium
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Other Risks and Uncertainties</span></div><div><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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’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. </span></div><div><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s investment policy limits investments to certain types of securities issued by the U.S. government and its agencies, as well as 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 Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, the Company had no off-balance sheet concentrations of credit risk. </span></div><div><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to a number of risks similar to other clinical-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’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. Further, the company is also subject to broad market risks and uncertainties resulting from recent events, such as bank failures or instability in the financial services sector, the COVID-19 pandemic, the Russian invasion of Ukraine, inflation, rising interest rates, and recession risks as well as supply chain and labor shortages.</span></div>
us-gaap Number Of Operating Segments
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Revenues
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Revenues
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us-gaap Revenues
Revenues
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Revenues
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Payments
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q2 dnli Lessee Operating Lease Liability To Be Paid After Year Four
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
418929 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
41.33
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16946571 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.29
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
16136700 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
28.63
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10656835 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
24.47
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26570000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23936000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
54654000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50081000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
183383000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-58794000 usd
us-gaap Net Income Loss
NetIncomeLoss
73602000 usd
us-gaap Net Income Loss
NetIncomeLoss
-124014000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137047227 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3883398 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140930625 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11800000 shares
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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