DNLIDenali Therapeutics Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $0
Operating margin: —
EBITDA: −$544M; 13% YoY
Market cap: $3.0B
Employees: 25,000
Net debt / EBITDA: —
AI in 10-K: 1.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
61% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$39M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$49M	$105M	$331M	$0	$0
Operating income	−$296M	−$341M	−$197M	−$487M	−$555M	14%
Net income	−$291M	−$326M	−$145M	−$423M	−$513M	21%
Operating cash flow	−$211M	−$245M	−$358M	−$348M	−$413M	19%
Capex	$9M	$18M	$13M	$16M	$10M	40%
Stock-based comp	$85M	$100M	$108M	$103M	$100M	3.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 7
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$1M	20	125
FY2024	$7M	$6M	24	93
FY2023	$8M	−$813K	26	94
FY2022	$9M	−$12M	33	90
FY2021	$13M	−$58M	53	100