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Denali Therapeutics (DNLI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Denali Therapeutics (DNLI) Q3 2026 earnings results →
Q3 2026 394¢ of every $1 of revenue kept as net profit · operating margin -713.0%
Denali Therapeutics made $17.8M in Q3 2026. Operating margin -713.0%, net earnings $70.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $17.8M in Q3 2026, up 393% from the previous quarter.
Operating costs exceeded revenue by $126.8M, an operating margin of -713.0%. Net earnings were $70.1M. The effective tax rate was 0.0%. Non-operating items added $196.9M, 281% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$117.4M. Non-cash charges added back $3.6M of depreciation and amortization and $22.9M of share-based compensation. Working capital and other items used $214.0M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$118.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $17.8M | — | -713.0% | $70.1M | −$117M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $3.6M | — | n/m | −$128M | −$97.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Denali Therapeutics
Our purpose is to bring the power of biotherapeutics to the whole body, including the brain, by discovering, developing, and delivering medicines for people living with serious diseases. Historically, the blood-brain barrier has been a major challenge to the development of medicines for diseases of the central nervous system. While the blood-brain barrier protects the brain and is essential for our survival, it also prevents the delivery of medicines to the brain in sufficient quantities to have therapeutic effect. We have invented, developed, and validated a proprietary technology, called the TransportVehicle TM ("TV"), to address the blood-brain barrier challenge and enable a new class of barrier-crossing therapeutics.
In its own words, from its 10-K, filed Feb 26, 2026.
Denali Therapeutics against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Operating margin: -713.0% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DNLI Denali Therapeutics | Q3 2026 | $17.8M | — | -713.0% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Denali Therapeutics 10-Q on SEC EDGAR · CIK 1714899 · Biological Products, (No Diagnostic Substances)
Guidance and outlook
13F: who owns DNLI and who is buying
More on DNLI
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History
Every quarter: Q3 2026 results · Q2 2026 results