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Denali Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$118M in Q3 2026 · −$450M over twelve months

Operating cash flow−$117M
Capital spending−$1.0M
Free cash flow−$118M
Cash / net income-1.7×
Cash conversion cycle1235 days

Analysis

In Q3 2026, Denali Therapeutics generated −$117M of operating cash flow and spent $1.0M on capital projects, leaving free cash flow of −$118M. That is $12.5M less than in Q3 2025 (−$106M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$444M; the largest uses were operating cash flow ($444M), capital spending ($5.8M), net borrowing (+) / repaid (−) ($76K); besides operations, cash came from other financing ($401M), other investing ($33.1M); the cash balance rose by $11.9M.

Operating cash flow was −$117M against net income of $70.1M — -1.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$22.9M, inventory −$22.1M, receivables −$15.0M.

Its cash conversion cycle was 1235 days (receivables 59 + inventory 7287 − payables 6111).

Free cash flow

Denali Therapeutics: free cash flow by quarterDenali Therapeutics: free cash flow by quarter−$88.8MQ4 2024−$137MQ1 2025−$79.6MQ2 2025−$106MQ3 2025−$100MQ4 2025−$134MQ1 2026−$97.8MQ2 2026−$118MQ3 2026
Operating cash flow less capital spending.
Denali Therapeutics: operating cash flow against capital spendingDenali Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$83.7M$5.1MQ4 2024−$131M$5.1MQ1 2025−$75.3M$4.3MQ2 2025−$107M−$1.4MQ3 2025−$98.5M$1.5MQ4 2025−$131M$2.5MQ1 2026−$97.0M$805KQ2 2026−$117M$1.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$117M, Capital spending $1.0M.

Capital allocation, year by year

Denali Therapeutics: where the cash came from (up) and went (down), by fiscal yearDenali Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$211MFY2021: Shares issued $19.3MFY2021: Capital spending −$8.5M$19.3MFY2021FY2022: Operating cash flow −$245MFY2022: Shares issued $311MFY2022: Capital spending −$17.8M$311MFY2022FY2023: Operating cash flow −$358MFY2023: Shares issued $17.8MFY2023: Capital spending −$12.9M$17.8MFY2023FY2024: Operating cash flow −$348MFY2024: Net borrowing −$32.3MFY2024: Shares issued $17.4MFY2024: Capital spending −$15.9M$17.4MFY2024FY2025: Operating cash flow −$413MFY2025: Net borrowing −$8.2MFY2025: Shares issued $8.5MFY2025: Capital spending −$9.5M$8.5MFY2025
Over these 5 years operating cash flow totalled −$1.6B; the largest uses were operating cash flow ($1.6B) and capital spending ($64.7M). Cash-flow statements as filed.

Where the cash came from and went

Denali Therapeutics: sources (+) and uses (−) of cash, Q3 2026Denali Therapeutics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$117MCash drawn (+) / kept (−)$98.7MOther investing$17.2MShares issued$2.6MCapital spending−$1.0MNet borrowing (+) / repaid (−)−$22K
Denali Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Denali Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$444MOther financing$401MOther investing$33.1MShares issued$27.5MCash drawn (+) / kept (−)−$11.9MCapital spending−$5.8MNet borrowing (+) / repaid (−)−$76K

From profit to cash

Denali Therapeutics: net income to operating cash flow, Q3 2026Denali Therapeutics: net income to operating cash flow, Q3 2026Net income$70.1MDepreciation & amortization$3.6MStock-based pay$22.9MOther non-cash−$1.0MReceivables−$15.0MInventory−$22.1MPayables$8.9MAccrued liabilities$6.5MPrepaid and other assets$5.1MOperating cash flow−$117M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$117M−$1.0M−$22K$2.6M$98.7M−$118M
Q2 2026−$97.0M−$805K−$21K$15.0M$186M−$97.8M
Q1 2026−$131M−$2.5M−$17K$19.1M−$182M−$134M
Q4 2025−$98.5M−$1.5M−$16K$3.2M−$114M−$100M
Q3 2025−$107M$1.4M−$1.4M$583K$50.2M−$106M
Q2 2025−$75.3M−$4.3M−$2.4M$4.1M−$84.3M−$79.6M
Q1 2025−$131M−$5.1M−$4.4M$595K$116M−$137M
Q4 2024−$83.7M−$5.1M−$8.3M−$495M−$84.3M−$88.8M

Denali Therapeutics: income statement and cash flow

Denali Therapeutics, Q3 2026: revenue $17.8M, operating margin -713.0%. The chart follows the revenue to costs, profit and cash.

Denali Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.