Denali Therapeutics Q4 2023 Earnings Report
Key Takeaways
Denali Therapeutics reported a net loss of $119.5 million for the fourth quarter of 2023, compared to a net loss of $98.7 million for the same period in 2022. The company's cash, cash equivalents, and marketable securities were approximately $1.03 billion as of December 31, 2023.
Presented additional interim data from the Phase 1/2 study of DNL310 at the 2024 WORLDSymposiumTM, showing improvement and stabilization in clinical outcomes and robust biomarker responses.
Enrollment continues in the global Phase 2/3 COMPASS study of DNL310 and is expected to be completed in 2024.
Enrollment continues in Regimen G (DNL343) of the Phase 2/3 HEALEY ALS Platform Trial and is expected to be completed in 2024.
Announced entering into a securities purchase agreement with certain existing accredited investors to issue and sell an aggregate of 3,244,689 shares of Denali's common stock at a price of $17.07 per share and pre-funded warrants to purchase an aggregate of 26,046,065 shares of Denali's common stock at a purchase price of $17.06 per pre-funded warrant, through a private investment in public equity (PIPE) financing.
Denali Therapeutics
Denali Therapeutics
Forward Guidance
For the full year 2024, Denali anticipates its operating expenses will be less than or equal to those in 2023 based on prioritization of its portfolio. With the anticipated proceeds from the PIPE financing, Denali expects the company’s cash runway to extend into 2028.