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

On December 9, 2025, Denali Therapeutics Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the public offering of 9,142,857 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), at a price to the public of $17.50 per share (the “Firm Shares”), and pre-funded warrants (the “Pre-Funded Warrants”) to purchase 2,285,714 shares of Common Stock at a price to the public of $17.49 per underlying share. Under the terms of the Underwriting Agreement, the Underwriters have agreed to purchase the Firm Shares from the Company at a price of $16.625 per share and the Pre-Funded Warrants at a price of $16.615 per underlying share. Additionally, the Company has granted the Underwriters an option exercisable for 30 days from the date of the