Denali Therapeutics Reports First Quarter 2018 Financial Results
May 11 2018 - 7:00AM
Denali Therapeutics Inc. (NASDAQ:DNLI), a biopharmaceutical company
developing a broad portfolio of therapeutic candidates for
neurodegenerative diseases, today reported financial results for
the first quarter ended March 31, 2018.
First Quarter 2018 Financial Results
For the three months ended March 31, 2018, Denali reported a net
loss of $23.7 million, compared with a net loss for the three
months ended March 31, 2017 of $21.3 million.
Collaboration Revenue was $0.6 million for the three
months ended March 31, 2018, with no revenue recognized for
the three months ended March 31, 2017. The increase was
due to revenue recognized under the Option and Collaboration
Agreement with Takeda Pharmaceutical Company Limited, which was
entered into in January 2018.
Total research and development expenses were $20.8 million for
the three months ended March 31, 2018 compared to $18.5 million for
the three months ended March 31, 2017, including non-cash
stock-based compensation of $1.7 million and $0.5 million in the
first quarter of 2018 and 2017, respectively. The increase in
total research and development expenses of $2.3 million was
primarily attributable to an increase in personnel related
expenses, including stock-based compensation, and an increase in
lab consumable costs and facilities related expenses. The main
drivers of these increases are an increase in research and
development headcount and the increased value of Denali's common
stock.
General and administrative expenses were $5.6 million for the
three months ended March 31, 2018 compared to $3.3 million for the
three months ended March 31, 2017, including non-cash stock-based
compensation of $1.2 million and $0.2 million in the first quarter
of 2018 and 2017, respectively. The increase in total general and
administrative expenses of $2.3 million was primarily attributable
to an increase in personnel related expenses, including stock-based
compensation, and an increase in legal and professional service
expenses. The main drivers of these increases are an increase in
general and administrative headcount and the increased value of
Denali's common stock, as well as the increased professional
services required as a public company.
Cash, cash equivalents, and marketable securities were $592.8
million as of March 31, 2018, compared to $467.0 million as of
December 31, 2017. The increase of $125.8 million was
primarily attributable to $155.0 million in cash received
related to the Option and Collaboration Agreement and Stock
Purchase Agreement with Takeda.
About Denali Therapeutics
Denali is a biopharmaceutical company developing a broad
portfolio of therapeutic candidates for neurodegenerative diseases.
Denali pursues new treatments by rigorously assessing genetically
validated targets, engineering delivery across the blood-brain
barrier and guiding development with biomarker monitoring to
demonstrate target engagement and select patients. Denali is based
in South San Francisco. For additional information, please
visit www.denalitherapeutics.com.
Denali Therapeutics Inc.Condensed
Consolidated Statements of
Operations(Unaudited)(In thousands,
except per share amounts)
|
|
|
Three Months EndedMarch 31, |
|
2018 |
|
2017 |
Collaboration revenue |
$ |
641 |
|
|
$ |
— |
|
Operating
expenses: |
|
|
|
Research
and development |
20,819 |
|
|
18,470 |
|
General
and administrative |
5,570 |
|
|
3,274 |
|
Total
operating expenses |
26,389 |
|
|
21,744 |
|
Loss from
operations |
(25,748 |
) |
|
(21,744 |
) |
Interest
income, net |
2,070 |
|
|
424 |
|
Net
loss |
$ |
(23,678 |
) |
|
$ |
(21,320 |
) |
Net loss
per share, basic and diluted |
$ |
(0.26 |
) |
|
$ |
(2.36 |
) |
Weighted
average number of shares outstanding, basic and diluted |
89,560,576 |
|
|
9,017,425 |
|
|
|
|
|
|
|
Denali Therapeutics Inc.Condensed
Consolidated Balance Sheet
Data(Unaudited)(In thousands)
|
|
|
|
|
March 31,2018 |
|
December 31,2017 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
44,001 |
|
|
$ |
218,375 |
|
Short-term marketable securities |
329,401 |
|
|
187,851 |
|
Prepaid
expenses and other current assets |
4,020 |
|
|
3,381 |
|
Total
current assets |
377,422 |
|
|
409,607 |
|
Long-term
marketable securities |
219,406 |
|
|
60,750 |
|
Property
and equipment, net |
14,860 |
|
|
14,923 |
|
Other non-current assets |
2,265 |
|
|
1,441 |
|
Total
assets |
$ |
613,953 |
|
|
$ |
486,721 |
|
Liabilities, convertible preferred stock and stockholders’
equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
1,377 |
|
|
$ |
2,716 |
|
Accrued
liabilities |
4,425 |
|
|
5,364 |
|
Accrued
compensation |
1,994 |
|
|
5,166 |
|
Contract
Liability |
8,434 |
|
|
— |
|
Deferred
rent |
874 |
|
|
855 |
|
Other
current liabilities |
63 |
|
|
63 |
|
Total
current liabilities |
17,167 |
|
|
14,164 |
|
Contract
liability, less current portion |
51,519 |
|
|
— |
|
Deferred
rent, less current portion |
6,051 |
|
|
6,294 |
|
Other non-current liabilities |
188 |
|
|
467 |
|
Total
liabilities |
74,925 |
|
|
20,925 |
|
Total
stockholders’ equity |
539,028 |
|
|
465,796 |
|
Total
liabilities and stockholders’ equity |
$ |
613,953 |
|
|
$ |
486,721 |
|
|
|
|
|
|
|
|
|
Contact:Morgan Warners(202) 337-0808mwarners@gpg.com
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