$DNLI
Denali Therapeutics Inc.

2023 Q4 Form 10-Q Financial Statement

#000171489923000146 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $1.267M
YoY Change -100.0% -64.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $24.77M $25.30M
YoY Change 5.33% 8.78%
% of Gross Profit
Research & Development $107.8M $89.74M
YoY Change 17.04% 2.22%
% of Gross Profit
Depreciation & Amortization $2.177M $2.200M
YoY Change -46.79% 2.76%
% of Gross Profit
Operating Expenses $132.6M $115.1M
YoY Change 14.65% 3.62%
Operating Profit -$113.8M
YoY Change 5.87%
Interest Expense $13.13M $14.40M
YoY Change 97.13% 243.92%
% of Operating Profit
Other Income/Expense, Net $14.44M
YoY Change 244.92%
Pretax Income -$119.4M -$99.40M
YoY Change 21.04% -3.77%
Income Tax $30.00K $0.00
% Of Pretax Income
Net Earnings -$119.5M -$99.35M
YoY Change 21.07% -3.82%
Net Earnings / Revenue -7841.59%
Basic Earnings Per Share -$0.72
Diluted Earnings Per Share -$0.86 -$0.72
COMMON SHARES
Basic Shares Outstanding 138.2M shares 137.4M shares
Diluted Shares Outstanding 137.6M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.035B $1.108B
YoY Change -22.58% 0.15%
Cash & Equivalents $127.1M $148.0M
Short-Term Investments $907.4M $961.2M
Other Short-Term Assets $29.63M $35.20M
YoY Change -17.94% 8.4%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.064B $1.143B
YoY Change -22.46% 0.38%
LONG-TERM ASSETS
Property, Plant & Equipment $45.59M $48.10M
YoY Change 3.41% 15.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.900M
YoY Change
Other Assets $18.14M $11.14M
YoY Change 35.41% -30.9%
Total Long-Term Assets $89.78M $93.89M
YoY Change 2.11% 5.4%
TOTAL ASSETS
Total Short-Term Assets $1.064B $1.143B
Total Long-Term Assets $89.78M $93.89M
Total Assets $1.154B $1.237B
YoY Change -20.98% 0.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.483M $1.200M
YoY Change 239.89% -84.08%
Accrued Expenses $68.50M $59.60M
YoY Change 2.71% -2.53%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.98M $71.18M
YoY Change -78.57% -80.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $379.0K
YoY Change -100.0% 0.0%
Total Long-Term Liabilities $0.00 $379.0K
YoY Change -100.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.98M $71.18M
Total Long-Term Liabilities $0.00 $379.0K
Total Liabilities $123.0M $118.4M
YoY Change -70.57% -71.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.116B -$996.7M
YoY Change 14.96% 14.26%
Common Stock $1.711M $1.707M
YoY Change 1.48% 9.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.031B $1.118B
YoY Change
Total Liabilities & Shareholders Equity $1.154B $1.237B
YoY Change -20.98% 0.75%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$119.5M -$99.35M
YoY Change 21.07% -3.82%
Depreciation, Depletion And Amortization $2.177M $2.200M
YoY Change -46.79% 2.76%
Cash From Operating Activities -$98.66M -$87.30M
YoY Change 35.77% 53.03%
INVESTING ACTIVITIES
Capital Expenditures $2.235M $2.100M
YoY Change -53.91% -134.71%
Acquisitions
YoY Change
Other Investing Activities $75.28M $103.0M
YoY Change -161.35% 379.76%
Cash From Investing Activities $73.05M $100.9M
YoY Change -157.27% 554.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.705M 2.500M
YoY Change -98.43% -51.49%
NET CHANGE
Cash From Operating Activities -98.66M -87.30M
Cash From Investing Activities 73.05M 100.9M
Cash From Financing Activities 4.705M 2.500M
Net Change In Cash -20.90M 16.10M
YoY Change -121.03% -144.14%
FREE CASH FLOW
Cash From Operating Activities -$98.66M -$87.30M
Capital Expenditures $2.235M $2.100M
Free Cash Flow -$100.9M -$89.40M
YoY Change 30.16% 75.31%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Fiscal Period Focus
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us-gaap Use Of Estimates
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<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 Loss.</span></div>
us-gaap Concentration Risk Credit Risk
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<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 September 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
NumberOfOperatingSegments
1 segment
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1600000 usd
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1063040000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1277240000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
969450000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
21000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
321000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
969150000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Term
DebtSecuritiesAvailableForSaleTerm
P2Y
CY2023Q3 us-gaap Revenues
Revenues
1267000 usd
CY2022Q3 us-gaap Revenues
Revenues
3559000 usd
us-gaap Revenues
Revenues
330531000 usd
us-gaap Revenues
Revenues
98180000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3200000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
9400000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
8700000 usd
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2793000 usd
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2899000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
8552000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
8193000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.089
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2793000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
11417000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11793000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
12182000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
12584000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
68150000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14249000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
53901000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14673717 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3395331 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
27.68
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
795686 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.20
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
597984 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
40.37
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16675378 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.39
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
15865507 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
29.91
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10721238 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
25.28
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27459000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24579000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
82114000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
74660000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18400000 shares
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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amendmenttodefinitivelrrk2.htm Edgar Link pending
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