SOUTH SAN FRANCISCO, Calif. — December 10, 2025 — Leads & Copy — Denali Therapeutics Inc. (NASDAQ: DNLI) announced the pricing of its underwritten public offering of 9,142,857 shares of its common stock at $17.50 per share. Some investors will receive pre-funded warrants to purchase 2,285,714 shares of common stock at $17.49 per pre-funded warrant, representing the per-share public offering price less the $0.01 per share exercise price.
All shares and pre-funded warrants are offered by Denali Therapeutics. The underwriters have been granted a 30-day option to purchase up to 1,714,285 additional common stock shares.
Denali Therapeutics anticipates gross proceeds of approximately $200 million, excluding underwriting discounts, commissions, other offering expenses, and any exercise of the underwriters’ option.
The offering is expected to close around December 11, 2025, pending standard closing conditions.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Jefferies LLC are joint book-running managers. H.C. Wainwright & Co., LLC, and B. Riley Securities, Inc. are co-managers.
Denali Therapeutics has filed relevant documentation, including a Registration Statement on Form S-3 and a preliminary prospectus supplement, with the SEC. Final versions will also be filed with the SEC and are accessible on the SEC’s website.
Copies of the final prospectus supplement and accompanying prospectus can be obtained from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, fax: 212-902-9316, email: prospectus-ny@ny.email.gs.com;
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com;
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: 1-866-718-1649, email: prospectus@morganstanley.com;
Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com.
This announcement is not an offer to sell or a solicitation to buy securities.
Denali Therapeutics is focused on developing biotherapeutics that cross the blood-brain barrier using its TransportVehicle™ platform to treat neurodegenerative, lysosomal storage, and other diseases.
Laura Hansen, Ph.D.
Vice President, Investor Relations
hansen@dnli.com
Erin Patton
Corporate Communications
epatton@dnli.com
Source: Denali Therapeutics
