Denali reports Q4 net loss $119.5M, announces ~$500M PIPE and spin-out of preclinical small molecules

Denali Therapeutics Inc.

Net loss $119.5M in Q4 vs $98.7M YoY; full year net loss $145.2M vs $326.0M on $330.5M collaboration revenue (Biogen ATV:Abeta option $293.9M).
PIPE financing of ~$500M gross proceeds: 3.24M shares and 26.05M pre-funded warrants at ~$17.07 per unit; cash runway into 2028.
Plans to spin out preclinical small molecule portfolio to focus on TV-enabled platforms; CD98hc TV platform announced.
Phase 2/3 COMPASS (MPS II) and HEALEY ALS (DNL343) enrollment expected to complete in 2024.
SAR443820/DNL788 (RIPK1) missed ALS Phase 2 HIMALAYA primary endpoint; ongoing MS Phase 2 unaffected.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Denali Therapeutics Inc. reported financial results for the fourth quarter and year ended December 31, 2023.

Period: the fourth quarter and year ended December 31, 2023
Result: reported results

Exact text from the filing

Denali Therapeutics Inc. (Nasdaq: DNLI), a biopharmaceutical company developing a broad portfolio of product candidates engineered to cross the blood-brain barrier (BBB) for the treatment of neurodegenerative diseases and lysosomal storage diseases, today reported financial results for the fourth quarter and year ended December 31, 2023, and provided business highlights.

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Source: SEC EDGAR

accession 0001714899-24-000076

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