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DNLI Denali Therapeutics

Denali Therapeutics, Inc. is a biopharmaceutical company, which engages in the development and commercialization of a portfolio of product candidates for neurodegenerative diseases. Its product pipeline includes LRRK2, RIPK1, TREM2, and Tau. The company was founded by Ryan J. Watts, Marc Tessier-Lavigne, and Alexander Schuth on October 14, 2013 and is headquartered in San Francisco, CA.

DNLI stock data

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Calendar

26 Feb 21
28 Feb 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
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Cash on hand
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Feb 21 Krognes Steve E. Common Stock Sell Dispose S Yes Yes 66.803 501 33.47K 900,000
16 Feb 21 Krognes Steve E. Common Stock Sell Dispose S Yes Yes 66.201 16,616 1.1M 900,501
16 Feb 21 Krognes Steve E. Common Stock Sell Dispose S Yes Yes 65.038 10,199 663.32K 917,117
16 Feb 21 Krognes Steve E. Common Stock Sell Dispose S Yes Yes 64.271 22,684 1.46M 927,316
12 Feb 21 Douglas K Bratton Common Stock Sell Dispose S Yes No 65 2,216,798 144.09M 9,984,836
11 Feb 21 Watts Ryan J. Common Stock Sell Dispose S Yes No 71.469 960 68.61K 2,324,076
11 Feb 21 Watts Ryan J. Common Stock Sell Dispose S Yes No 70.172 8,513 597.37K 2,325,036
11 Feb 21 Krognes Steve E. Common Stock Sell Dispose S No No 71.428 400 28.57K 97,587
11 Feb 21 Krognes Steve E. Common Stock Sell Dispose S No No 70.174 2,635 184.91K 97,987
11 Feb 21 Schuth Alexander O. Common Stock Sell Dispose S Yes No 71.408 433 30.92K 541,582
73.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 200 169 +18.3%
Opened positions 60 43 +39.5%
Closed positions 29 18 +61.1%
Increased positions 61 54 +13.0%
Reduced positions 62 45 +37.8%
13F shares
Current Prev Q Change
Total value 24.04B 2.93B +721.1%
Total shares 87.65M 81.69M +7.3%
Total puts 68.3K 69.9K -2.3%
Total calls 346.9K 52.1K +565.8%
Total put/call ratio 0.2 1.3 -85.3%
Largest owners
Shares Value Change
Crestline Management 19.46M $339.04M +59.5%
Baillie Gifford & Co 12.19M $1.02B +12.6%
Vanguard 7.93M $663.8M +18.3%
TROW T. Rowe Price 6.46M $541.49M +48.2%
BLK Blackrock 6.38M $534.06M +4.8%
Temasek 4.41M $369.42M 0.0%
FMR 3.51M $294.35M -27.9%
Gilder Gagnon Howe & Co 3.22M $269.69M -2.9%
Flagship Pioneering 2.73M $228.69M -54.3%
STT State Street 2.07M $173.14M -8.4%
Largest transactions
Shares Bought/sold Change
Crestline Management 19.46M +7.26M +59.5%
Flagship Pioneering 2.73M -3.25M -54.3%
TROW T. Rowe Price 6.46M +2.1M +48.2%
Baillie Gifford & Co 12.19M +1.36M +12.6%
FMR 3.51M -1.36M -27.9%
CS Credit Suisse 1.4M +1.32M +1626.2%
Vanguard 7.93M +1.22M +18.3%
Caas Capital Management 180.46K -877.91K -82.9%
Wasatch Advisors 481.28K -853.9K -64.0%
Pictet Asset Management 639.46K -677.06K -51.4%

Financial report summary

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Competition
BiogenAstrazenecaRocheShireCytokineticsSanofiAbbvieProthenaMallinckrodtRegenxbio
Risks
  • We are in the early stages of clinical drug development and have a very limited operating history and no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability.
  • We have incurred significant net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future.
  • A pandemic, epidemic or outbreak of an infectious disease, such as COVID-19, or the perception of its effects, may materially and adversely affect our business, operations and financial condition.
  • If we fail to obtain additional financing, we may be unable to complete the development and, if approved, commercialization of our product candidates.
  • Due to the significant resources required for the development of our programs, and depending on our ability to access capital, we must prioritize development of certain product candidates. Moreover, we may expend our limited resources on programs that do not yield a successful product candidate and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • We may not be successful in our efforts to continue to create a pipeline of product candidates or to develop commercially successful products. If we fail to successfully identify and develop additional product candidates, our commercial opportunity may be limited.
  • We have concentrated a substantial portion of our research and development efforts on the treatment of neurodegenerative diseases, a field that has seen limited success in drug development. Further, our product candidates are based on new approaches and novel technology, which makes it difficult to predict the time and cost of product candidate development and subsequently obtaining regulatory approval.
  • We may encounter substantial delays in our clinical trials, or may not be able to conduct or complete our clinical trials on the timelines we expect, if at all.
  • We may encounter difficulties enrolling and/or retaining patients in our clinical trials, and our clinical development activities could thereby be delayed or otherwise adversely affected.
  • Our clinical trials may reveal significant adverse events, toxicities, or other side effects and may fail to demonstrate substantial evidence of the safety and efficacy or potency of our product candidates, which would prevent, delay or limit the scope of regulatory approval and commercialization.
  • Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available, and are subject to audit and verification procedures that could result in material changes in the final data.
  • We face significant competition in an environment of rapid technological and scientific change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer, more advanced or more effective than ours, which may negatively impact our ability to successfully market or commercialize any product candidates we may develop and ultimately harm our financial condition.
  • The manufacture of our product candidates, particularly those that utilize our BBB platform technology, is complex and we may encounter difficulties in production. If we or any of our third-party manufacturers encounter such difficulties, or fail to meet rigorously enforced regulatory standards, our ability to provide supply of our product candidates for clinical trials or our products for patients, if approved, could be delayed or stopped, or we may be unable to maintain a commercially viable cost structure.
  • If, in the future, we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market any product candidates we may develop, we may not be successful in commercializing those product candidates if and when they are approved.
  • Even if any product candidates we develop receive marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, healthcare payors, and others in the medical community necessary for commercial success.
  • Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices, or healthcare reform initiatives, which would harm our business.
  • If any of our product candidates that are small molecules obtain regulatory approval, additional competitors could enter the market with generic versions of such drugs, which may result in a material decline in sales of affected products.
  • Our biologic, or large molecule, product candidates for which we intend to seek approval may face competition sooner than anticipated.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
  • The regulatory approval processes of the FDA, EMA and comparable foreign regulatory authorities are lengthy, time consuming, and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our product candidates, we will be unable to generate product revenue and our business will be substantially harmed.
  • Our product candidates may cause undesirable side effects or have other properties that could halt their clinical development, prevent their regulatory approval, limit their commercial potential, or result in significant negative consequences.
  • We may in the future conduct clinical trials for our product candidates outside the United States, and the FDA, EMA and applicable foreign regulatory authorities may not accept data from such trials.
  • Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Even if we obtain regulatory approval for a product candidate, our products will remain subject to extensive regulatory scrutiny.
  • We plan to seek orphan drug designation for some product candidates, but we may be unable to obtain such designations or to maintain the benefits associated with orphan drug status, including market exclusivity, which may cause our revenue, if any, to be reduced.
  • Healthcare legislative measures aimed at reducing healthcare costs may have a material adverse effect on our business and results of operations.
  • Our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • If we fail to comply with healthcare laws, we could face substantial penalties and our business, operations and financial conditions could be adversely affected.
  • Our business is subject to complex and evolving U.S. and foreign laws and regulations, information security policies and contractual obligations relating to privacy and data protection, including the use, processing, and cross-border transfer of personal information. These laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, or monetary penalties, and otherwise may harm our business.
  • If we or any contract manufacturers and suppliers we engage fail to comply with environmental, health, and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Our business activities may be subject to the Foreign Corrupt Practices Act and similar anti-bribery and anti-corruption laws, as well as U.S. and certain foreign export controls, trade sanctions, and import laws and regulations.
  • Inadequate funding for the FDA, the SEC and other government agencies could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • We expect to depend on collaborations with third parties for the research, development and commercialization of certain of the product candidates we may develop. If any such collaborations are not successful, we may not be able to realize the market potential of those product candidates.
  • We expect to rely on third parties to conduct our clinical trials and some aspects of our research and preclinical testing, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research, or testing.
  • We currently contract with third parties for the manufacture of materials for our research programs, preclinical studies and clinical trials and expect to continue to do so for commercialization of some or all product candidates that we may develop. This reliance on third parties may increase the risk that we will not have sufficient quantities of such materials, product candidates, or any medicines that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost, which could delay, prevent, or impair our development or commercialization efforts.
  • We depend on third-party suppliers for key raw materials used in our manufacturing processes, and the loss of these third-party suppliers or their inability to supply us with adequate raw materials could harm our business.
  • If we are unable to obtain and maintain patent protection for any product candidates we develop or for our BBB platform technology, our competitors could develop and commercialize products or technology similar or identical to ours, and our ability to successfully commercialize any product candidates we may develop, and our technology may be adversely affected.
  • If any of our owned or in-licensed patent applications do not issue as patents in any jurisdiction, we may not be able to compete effectively.
  • If the scope of any patent protection we obtain is not sufficiently broad, or if we lose any of our patent protection, our ability to prevent our competitors from commercializing similar or identical technology and product candidates would be adversely affected.
  • Our rights to develop and commercialize our BBB platform technology and product candidates are subject, in part, to the terms and conditions of licenses granted to us by others or licenses granted by us to others.
  • If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • We may not be able to protect our intellectual property and proprietary rights throughout the world.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment, and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Issued patents covering our BBB platform technology, product candidates and other technologies could be found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad.
  • If we do not obtain patent term extension and data exclusivity for any product candidates we may develop, our business may be materially harmed.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may not be successful in obtaining, through acquisitions, in-licenses or otherwise, necessary rights to our BBB platform technology, product candidates or other technologies.
  • We may be subject to claims that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • Third party claims of intellectual property infringement, misappropriation or other violation against us, our licensors or our collaborators may prevent or delay the development and commercialization of our BBB platform technology, product candidates and other technologies.
  • We may become involved in lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive, time consuming, and unsuccessful.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • Intellectual property rights do not necessarily address all potential threats.
  • We are highly dependent on our key personnel, and if we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • We will need to grow the size and capabilities of our organization, and we may experience difficulties in managing this growth.
  • We have engaged in and may in the future engage in acquisitions or strategic partnerships, which may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities, and subject us to other risks.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • Our business is subject to economic, political, regulatory and other risks associated with international operations.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • We may be subject to adverse legislative or regulatory tax changes that could negatively impact our financial condition.
  • The market price of our common stock has been and may continue to be volatile, which could result in substantial losses for investors.
  • If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our stock, the price of our stock and trading volume could decline.
  • Sales of substantial amounts of our common stock in the public markets, or the perception that such sales might occur, could cause the market price of our common stock to decline significantly, even if our business is doing well.
  • Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.
  • If we are unable to maintain effective internal controls, our business, financial position and results of operations and growth prospects could be adversely affected.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Delaware law and provisions in our charter documents might discourage, delay, or prevent a change in control of our company or changes in our management and, therefore, depress the trading price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
Management Discussion
  • *     Percentage is not meaningful.
  • Collaboration revenue. Collaboration revenue was $335.7 million for the year ended December 31, 2020 compared to $26.7 million recognized for the year ended December 31, 2019. The increase of $309.0 million was primarily due to $307.4 million of revenue recognized under our Biogen Collaboration Agreement in 2020. There was also an increase in revenue from our collaboration with Takeda of $21.2 million driven by increased costs incurred in the programs partnered with Takeda, partially offset by a decrease of $19.6 million in revenue from our collaboration with Sanofi driven by a $10.0 million milestone recognized in the year ended December 30, 2019 related to the Peripheral program and the winding down of revenue for retained activities as activities are transferred to Sanofi.
  • Research and development expenses. Research and development expenses were $212.6 million for the year ended December 31, 2020 compared to $193.4 million for the year ended December 31, 2019.
Content analysis
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Readability
H.S. junior Avg
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