Denali prices $200M public offering of common stock and pre-funded warrants

Denali Therapeutics Inc.

Prices 9.14M shares at $17.50 and 2.29M pre-funded warrants at $17.49, raising ~$200M gross proceeds.
Underwriters granted 30-day option for additional 1.71M shares, potential total $230M gross proceeds.
Offering expected to close Dec 11, 2025; Goldman Sachs, J.P. Morgan, Morgan Stanley, Jefferies as joint book-runners.
Pre-funded warrants have $0.01 exercise price, immediately exercisable, with 4.99% beneficial ownership limitation.

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