0001714899-26-000064 | 10-Q | XBRL Viewer

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Lease Obligations

In May 2018, the Company entered into an operating lease for its corporate headquarters in South San Francisco (the "Headquarters Lease"), and in April 2023, the Company entered into a finance lease for its clinical manufacturing site in Salt Lake City (the "SLC Lease"). Both leases are further described in Note 7, "Commitments and Contingencies," to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K.

There were no changes to the terms of the leases recognized under ASC 842 during the three months ended March 31, 2026 or 2025.

The following table summarizes lease costs recognized for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	1,853	$	1,893
Finance lease cost:
Amortization of ROU assets	916		887
Interest	179		181
Variable lease cost	1,040		1,353
Total lease costs	$	3,988	$	4,314

Operating cash flows for operating leases were $3.0 million and $2.9 million for the three months ended March 31, 2026 and 2025, respectively.

Indemnification

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company, negligence or willful misconduct of the Company, violations of law by the Company, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Loss, or Condensed Consolidated Statements of Cash Flows.

Commitments

In the normal course of business, the Company enters into firm purchase commitments primarily related to supply of commercial product, certain research and development services, and clinical manufacturing activities. The Company had contractual obligations of $109.1 million as of March 31, 2026, of which $91.8 million relates to supply of commercial product, and $44.3 million as of December 31, 2025.

Contingencies

From time to time, the Company may be involved in lawsuits, arbitration, claims, investigations and proceedings consisting of intellectual property, employment and other matters which arise in the ordinary course of business. The Company records accruals for loss contingencies to the extent that the Company concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated.

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):


	As of
	March 31, 2026		December 31, 2025
Accrued compensation	$	9,218	$	32,179
Accrued clinical and other research & development costs	21,475		22,283
Accrued manufacturing costs	9,031		5,336
Operating lease liability, current	9,769		9,463
Finance lease liability, current	90		83
Deferred research and development funding liability, current	15,116		21,101
Other accrued costs and current liabilities	5,077		7,401
Total accrued expenses and other current liabilities	$	69,776	$	97,846

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		144,220,986
Beginning balance at Dec. 31, 2024	$ 1,229,684	$ 1,768	$ 2,764,880	$ 2,020	$ (1,538,984)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under equity incentive plans (in shares)		113,792
Issuances under equity incentive plans	595	$ 1	594
Vesting of restricted stock units (in shares)		916,480
Vesting of restricted stock units	0	$ 9	(9)
Stock-based compensation	25,360		25,360
Net loss	(132,970)				(132,970)
Other comprehensive income (loss)	17			17
Ending balance (in shares) at Mar. 31, 2025		145,251,258
Ending balance at Mar. 31, 2025	$ 1,122,686	$ 1,778	2,790,825	2,037	(1,671,954)
Beginning balance (in shares) at Dec. 31, 2025	156,182,177	156,182,177
Beginning balance at Dec. 31, 2025	$ 1,013,761	$ 1,888	3,062,715	682	(2,051,524)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance cost (in shares)		746,468
Issuance of common stock, net of issuance cost	12,366	$ 8	12,358
Issuances under equity incentive plans (in shares)		536,720
Issuances under equity incentive plans	6,695	$ 5	6,690
Vesting of restricted stock units (in shares)		1,190,953
Vesting of restricted stock units	0	$ 12	(12)
Stock-based compensation	23,087		23,087
Net loss	(128,447)				(128,447)
Other comprehensive income (loss)	$ (1,364)			(1,364)
Ending balance (in shares) at Mar. 31, 2026	158,656,318	158,656,318
Ending balance at Mar. 31, 2026	$ 926,098	$ 1,913	$ 3,104,838	$ (682)	$ (2,179,971)

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

All marketable securities were considered available-for-sale at March 31, 2026 and December 31, 2025. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs as discussed in Note 2, "Fair Value Measurements". The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date are summarized in the tables below (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	522,445	$	200	$	(254)	$	522,391

Corporate debt securities	77,725		36		(94)		77,667

Total short-term marketable securities	600,170		236		(348)		600,058
Long-term marketable securities:
U.S. government treasuries	40,396		—		(88)		40,308

Corporate debt securities	23,607		—		(130)		23,477
Total long-term marketable securities	64,003		—		(218)		63,785
Total	$	664,173	$	236	$	(566)	$	663,843


	December 31, 2025
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	599,200	$	893	$	(9)	$	600,084

Corporate debt securities	62,407		71		(9)		62,469

Total short-term marketable securities	661,607		964		(18)		662,553
Long-term marketable securities:
U.S. government treasuries	58,524		21		—		58,545

Corporate debt securities	39,710		69		(2)		39,777
Total long-term marketable securities	98,234		90		(2)		98,322
Total	$	759,841	$	1,054	$	(20)	$	760,875

As of March 31, 2026 and December 31, 2025, some of the Company's marketable securities were in an unrealized loss position. The Company has not recognized an allowance for credit losses as of March 31, 2026 or December 31, 2025. The Company determined that it had the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. Further, a majority of these marketable securities are held in U.S. government securities, and the remainder were initially, and continue to be, held with investment grade, high credit quality institutions. All marketable securities with unrealized losses as of each balance sheet date have been in a loss position for less than twelve months or the loss is not material.

As of March 31, 2026, all of the Company’s marketable securities have an effective maturity of less than two years.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Convertible preferred stock, shares issued (in shares)	0	0
Convertible preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	158,656,318	156,182,177
Common stock, shares outstanding (in shares)	158,656,318	156,182,177

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company has one operating segment with the goal to discover, develop and commercialize therapeutics (“Therapeutics”). There have been no material changes to the Company's segment structure, the basis of segmentation, or the measurement basis for segment profit or loss or segment assets, compared to those disclosed in Note 14, "Segment Information", to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K.

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026 and 2025 (in thousands):


	Therapeutics Segment
	Three Months Ended March 31,
	2026		2025

Expenses
External research and development expenses - TV programs, including cost sharing	$	38,464	$	41,987
Other research and development expenses, including small molecule programs	$	23,554	$	33,971
Personnel related research and development expenses	41,828		40,269
Total research and development expenses	103,846		116,227
Personnel related general and administrative expenses	22,564		18,738
Other general and administrative expenses	10,947		10,615
Total general and administrative expenses	33,511		29,353
Segment operating expenses	137,357		145,580

Segment loss from operations	(137,357)		(145,580)
Segment interest and other income, net	8,910		12,610
Segment net loss	$	(128,447)	$	(132,970)

There is no difference between the segment net loss and total consolidated net loss for the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Marketable Securities - Schedule of Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 664,173	$ 759,841
Unrealized Holding Gains	236	1,054
Unrealized Holding Losses	(566)	(20)
Aggregate Fair Value	663,843	760,875
Short-term marketable securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	600,170	661,607
Unrealized Holding Gains	236	964
Unrealized Holding Losses	(348)	(18)
Aggregate Fair Value	600,058	662,553
Long-term marketable securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	64,003	98,234
Unrealized Holding Gains	0	90
Unrealized Holding Losses	(218)	(2)
Aggregate Fair Value	63,785	98,322
U.S. government treasuries \| Short-term marketable securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	522,445	599,200
Unrealized Holding Gains	200	893
Unrealized Holding Losses	(254)	(9)
Aggregate Fair Value	522,391	600,084
U.S. government treasuries \| Long-term marketable securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,396	58,524
Unrealized Holding Gains	0	21
Unrealized Holding Losses	(88)	0
Aggregate Fair Value	40,308	58,545
Corporate debt securities \| Short-term marketable securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	77,725	62,407
Unrealized Holding Gains	36	71
Unrealized Holding Losses	(94)	(9)
Aggregate Fair Value	77,667	62,469
Corporate debt securities \| Long-term marketable securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23,607	39,710
Unrealized Holding Gains	0	69
Unrealized Holding Losses	(130)	(2)
Aggregate Fair Value	$ 23,477	$ 39,777

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2026
Equity [Abstract]
Common Stock	Common Stock In December 2025, the Company entered into a public offering of 9,142,857 shares of the Company’s common stock and Pre-Funded Warrants to purchase 2,285,714 shares of Common Stock. This public offering and the Pre-Funded Warrants are both further described in Note 8, "Common Stock," to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K. In January 2026, the underwriters of the Company’s December 2025 public offering exercised their option to purchase an additional 746,468 shares of common stock, resulting in aggregate net proceeds to the Company of approximately $12.4 million. As of March 31, 2026, 28,331,779 shares of pre-funded warrants remained outstanding, and no pre-funded warrants were exercised during the three months ended March 31, 2026. These warrants are classified as permanent equity because they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its shares and permit the holders to receive a fixed number of shares of common stock upon exercise.

- Definition

The entire disclosure for equity.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Collaboration Agreements - Schedule of Cost Sharing Payments and Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net cost sharing payments (reimbursements)	$ 2,246	$ 2,988
Other accrued costs and current liabilities	69,776		$ 97,846
Takeda Pharmaceutical Company Limited
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net cost sharing payments (reimbursements)	(1,617)	(1,663)
Takeda Pharmaceutical Company Limited \| Collaborative Arrangement, PTV:PGRN
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net cost sharing payments (reimbursements)	(1,617)	(1,511)
Takeda Pharmaceutical Company Limited \| Collaborative Arrangement, ATV:TREM2
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net cost sharing payments (reimbursements)	0	(152)
Takeda Pharmaceutical Company Limited \| Collaborative Arrangement, PTV:PGRN and ATV:TREM2
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Receivable	1,600		1,600
Biogen \| LRRK2 Product
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Net cost sharing payments (reimbursements)	3,863	$ 4,651
Biogen \| Biogen Collaborative Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Other accrued costs and current liabilities	$ 3,900		$ 2,800

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	81,146	$	—	$	—	$	81,146


Short-term marketable securities:
U.S. government treasuries	522,391		—		—		522,391

Corporate debt securities	—		77,667		—		77,667

Long-term marketable securities:
U.S. government treasuries	40,308		—		—		40,308

Corporate debt securities	—		23,477		—		23,477
Total	$	643,845	$	101,144	$	—	$	744,989


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	149,874	$	—	$	—	$	149,874

Commercial paper	—		24,899		—		24,899
Short-term marketable securities:
U.S. government treasuries	600,084		—		—		600,084

Corporate debt securities	—		62,469		—		62,469

Long-term marketable securities:
U.S. government treasuries	58,545		—		—		58,545
Corporate debt securities	—		39,777		—		39,777

Total	$	808,503	$	127,145	$	—	$	935,648

Research and Development Funding Collaboration Agreement

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Research and Development Funding Collaboration Agreement

In January 2024, the Company entered into a Collaboration and Development Funding Agreement with an unrelated third party, which obligates third party to provide up to $75.0 million of funding and collaborate with the Company to conduct a global Phase 2a study of BIIB122/DNL151 in patients with Parkinson’s disease and confirmed pathogenic variants of LRRK2. This arrangement is further described in Note 4, " Acquisition, License Agreement and Research and Development Funding Collaboration Agreement", to the consolidated financial statements in the 2025 Annual Report on Form 10-K.

Under this arrangement, the Company recognized an offset to research and development expenses of $6.0 million and $5.1 million in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025, respectively. The Company recorded current deferred research and development funding liabilities of $15.1 million and $21.1 million on the Condensed Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025, respectively.

Collaboration Agreements

Biogen

In October 2020, the Company entered into a Definitive Collaboration and License Agreement (“LRRK2 Agreement”), pursuant to which it granted Biogen a license to co-develop and co-commercialize its small molecule LRRK2 inhibitor program (the “LRRK2 Program”), and a Right of First Negotiation, Option and License Agreement (the “ROFN and Option Agreement”), pursuant to which it granted an option and right of first negotiation to certain of the Company's programs utilizing our TransportVehicleTM ("TV") platform, including its amyloid beta program (collectively the "Biogen Collaboration Agreement"), with Biogen Inc.’s subsidiaries, Biogen MA Inc. (“BIMA”) and Biogen International GmbH (“BIG”) (BIMA and BIG, collectively, “Biogen”). The details of the Biogen Collaboration Agreement, the August 2023 amendment and July 2024 side letter to the ROFN and Option Agreement, and the payments the Company has received, and is entitled to receive, are further described in Note 5, "Collaboration Agreements", to the consolidated financial statements in the 2025 Annual Report on Form 10-K.

The Company has no remaining performance obligations under the Biogen Collaboration Agreement, and therefore no contract liability remained on the Condensed Consolidated Balance Sheets as of March 31, 2026 or December 31, 2025. As of March 31, 2026, the Company had not recorded milestone revenue or product sales under the Biogen Collaboration Agreement.

Sanofi

In October 2018, the Company entered into a Collaboration and License Agreement ("Sanofi Collaboration Agreement") with Genzyme Corporation, a wholly-owned subsidiary of Sanofi S.A. ("Sanofi"). The details of the Sanofi Collaboration Agreement, the February 2025 side letter, and the payments the Company has received, and is entitled to receive, are further described in Note 5, "Collaboration Agreements", to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K. The Company has no remaining performance obligations under the Sanofi Collaboration Agreement, and therefore no contract liability remains on the Condensed Consolidated Balance Sheets as of March 31, 2026 or December 31, 2025.

Under the Sanofi Collaboration Agreement, the Company is eligible to receive milestone payments totaling up to approximately $495.0 million upon achievement of certain clinical, regulatory and sales milestone events for Peripheral Products, and variable royalties on worldwide net sales. As of March 31, 2026, the Company had earned milestone payments of $100.0 million and had not recorded any product sales under the Sanofi Collaboration Agreement.

Takeda

In January 2018, the Company entered into a Collaboration and Option Agreement ("Takeda Collaboration Agreement") with Takeda Pharmaceutical Company Limited ("Takeda"). The details of the Takeda Collaboration Agreement are further described in Note 5, "Collaboration Agreements", to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K. There are no remaining performance obligations or potential payments remaining under the initial Takeda Option and Collaboration Agreement.

The opt-in by Takeda on the PTV:PGRN and ATV:TREM2 programs represented two new contracts with a customer for accounting purposes (the "PTV:PGRN Collaboration Agreement" and the "ATV:TREM2 Collaboration Agreement"), both of which became effective in December 2021. The February 2025 ATV:TREM2 discontinuation and the PTV:PGRN Collaboration Agreement are further described in Note 5, "Collaboration Agreements", to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K.

In April 2026, Takeda notified the Company of its decision to terminate the collaboration agreement related to PTV:PGRN. As a result, the Company will regain full rights to DNL593 and the related intellectual property portfolio. Subsequent to the effective date of the termination of the PTV:PGRN Collaboration Agreement, there are no future milestones, cost, or profit sharing related to this agreement.

As of March 31, 2026, the Company had earned an aggregate of $10.0 million in option fee payments and $10.0 million in milestone payments from Takeda under the PTV:PGRN and ATV:TREM2 Collaboration Agreements, and had not recorded any product sales under either agreement.

Cost Sharing Payments and Reimbursements

Cost sharing payments to collaboration partners recorded as expenses in research and development expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss, and cost sharing reimbursements from collaboration partners recorded as an offset to expense in research and development expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Takeda Collaboration Agreement:
PTV:PGRN cost sharing (reimbursements)	$	(1,617)	$	(1,511)
ATV:TREM2 cost sharing (reimbursements)	—		(152)
Total Takeda cost sharing (reimbursements)(1)	(1,617)		(1,663)
Biogen Collaboration Agreement: LRRK2 cost sharing payments(2)	3,863		4,651
Net cost sharing payments (reimbursements)	$	2,246	$	2,988

_________________________________

(1)Cost sharing reimbursements of $1.6 million and $1.6 million were recorded as a receivable within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

(2)Cost sharing payments due to Biogen of $3.9 million and $2.8 million were recorded within other accrued costs and current liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

Collaboration Agreements

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

Research and Development Funding Collaboration Agreement

Collaboration Agreements

Biogen

Sanofi

Takeda

Cost Sharing Payments and Reimbursements


	Three Months Ended March 31,
	2026		2025
Takeda Collaboration Agreement:
PTV:PGRN cost sharing (reimbursements)	$	(1,617)	$	(1,511)
ATV:TREM2 cost sharing (reimbursements)	—		(152)
Total Takeda cost sharing (reimbursements)(1)	(1,617)		(1,663)
Biogen Collaboration Agreement: LRRK2 cost sharing payments(2)	3,863		4,651
Net cost sharing payments (reimbursements)	$	2,246	$	2,988

_________________________________

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Other Commitments [Line Items]
Operating leases	$ 3.0	$ 2.9
Purchase commitments	109.1		$ 44.3
Supply of Commercial Product
Other Commitments [Line Items]
Purchase commitments	$ 91.8

Net Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Potentially dilutive securities not include in the diluted per share calculations (in shares)	30.0	27.4

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Costs and Supplemental Information for Lease Amounts Recognized

The following table summarizes lease costs recognized for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	1,853	$	1,893
Finance lease cost:
Amortization of ROU assets	916		887
Interest	179		181
Variable lease cost	1,040		1,353
Total lease costs	$	3,988	$	4,314

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following (in thousands):


	As of
	March 31, 2026		December 31, 2025
Accrued compensation	$	9,218	$	32,179
Accrued clinical and other research & development costs	21,475		22,283
Accrued manufacturing costs	9,031		5,336
Operating lease liability, current	9,769		9,463
Finance lease liability, current	90		83
Deferred research and development funding liability, current	15,116		21,101
Other accrued costs and current liabilities	5,077		7,401
Total accrued expenses and other current liabilities	$	69,776	$	97,846

Research and Development Funding Collaboration Agreement (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reduction to research and development expense		$ 6.0	$ 5.1
Deferred research and development funding liability, current		$ 15.1		$ 21.1
Collaboration And Development Funding Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative agreement, aggregate consideration amount	$ 75.0

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Intangible asset, net	$ 36,000	$ 0
Collaborative Arrangement With F-Star And Acquisition Of F-Star Gamma
Finite-Lived Intangible Assets [Line Items]
Intangible asset, net	36,000
Contingent payments upon achievement of milestones	174,000
Collaborative Arrangement With F-Star And Acquisition Of F-Star Gamma \| Regulatory
Finite-Lived Intangible Assets [Line Items]
Contingent payments upon achievement of milestones	24,000
Collaborative Arrangement With F-Star And Acquisition Of F-Star Gamma \| Commercial
Finite-Lived Intangible Assets [Line Items]
Contingent payments upon achievement of milestones	$ 150,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(128,447)	$	(132,970)

Denominator:
Weighted average number of:
Common stock shares outstanding	158,305,199		145,175,965
Pre-funded warrants	28,331,779		26,046,065
Total	186,636,978		171,222,030
Net loss per share	$	(0.69)	$	(0.78)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.

Potentially dilutive securities, including options issued and outstanding, Employee Stock Purchase Plan (“ESPP”) shares issuable, and restricted shares subject to future vesting that were not included in the diluted per share calculations for the periods presented because they would be anti-dilutive totaled approximately 30.0 million and 27.4 million shares as of March 31, 2026 and 2025, respectively.

Non-Marketable Equity Investment	3 Months Ended
Non-Marketable Equity Investment	Mar. 31, 2026
Text Block [Abstract]
Non-Marketable Equity Investment	Non-Marketable Equity Investment In March 2024, the Company divested certain assets, including specified intellectual property, tangible assets, and equipment used to conduct early stage small molecule drug discovery ("Divested Assets") through an Asset Purchase and License Agreement (the "Asset Purchase Agreement") executed with Tenvie Therapeutics, Inc. ("Tenvie"). This arrangement is further described in Note 13, "Divestiture of Preclinical Small Molecule Programs", to the consolidated financial statements in the 2025 Annual Report on Form 10-K. The Company recorded the investment in the shares of Series A Preferred Stock at $15.0 million which represents the fair value of the shares on the date of issuance. There have been no subsequent observable price changes in orderly transactions for the identical or similar equity securities of Tenvie, and as such, the measurement of this investment remains unchanged, with the $15.0 million included within other non-current assets in the Condensed Consolidated Balance Sheets as of both March 31, 2026 and December 31, 2025.

Liability Related to the Revenue Participation Right	3 Months Ended
Liability Related to the Revenue Participation Right	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Liability Related to the Revenue Participation Right	Liability Related to the Revenue Participation Right In December 2025, the Company entered into a synthetic royalty funding agreement (the “Royalty Agreement”) with Royalty Pharma. Pursuant to the Royalty Agreement, Royalty Pharma agreed to provide up to $275.0 million in funding to the Company in exchange for a 9.25% royalty on worldwide net sales of AVLAYAH ("Revenue Participation Right"). The Company received $200.0 million in gross proceeds in March 2026 triggered by the U.S. Food and Drug and Administration’s accelerated approval of AVLAYAH. The Company is entitled to receive an additional $75.0 million upon approval of AVLAYAH by the European Medicines Agency ("EMA") on or before December 31, 2029. The Company retains all worldwide development and commercialization rights to AVLAYAH. The royalty obligation to Royalty Pharma will cease upon cumulative royalty payments reaching a cap of 3.0 times the total funding received, or 2.5 times the funding received if such cap is reached in respect of sales that occur on or before the end of the first quarter of 2039. The $200.0 million, net of transaction costs of approximately $0.4 million, is recorded as a non-current liability on the Company's Condensed Consolidated Balance Sheet as of March 31, 2026 based on the estimated timing of future royalty payments. The royalty payments to Royalty Pharma will be recorded as a reduction of the liability. The additional $75.0 million contingent upon EMA approval of AVLAYAH has not been recognized as a liability as of March 31, 2026, as the receipt is contingent upon a future regulatory event. Upon receipt, the additional proceeds will be recorded as an increase to the liability, net of any incremental transaction costs, and the effective interest rate will be adjusted prospectively. As of March 31, 2026, the Company's estimate of total future royalty payments resulted in an effective annual interest rate of approximately 11%. No royalty payments and non-cash interest expense were recognized during the three months ended March 31, 2026. As of March 31, 2026, the carrying value of the liability approximates its estimated fair value. The Company’s projections of future royalty payments are subject to estimation uncertainty and are based on various assumptions underlying projected net product sales over the term of the agreement. These inputs are considered to be Level 3 inputs in the fair value hierarchy, as they involve unobservable inputs and judgment. Changes in these assumptions could have a material impact on the effective interest rate.

Liability Related to the Revenue Participation Right (Details) - Royalty Pharma - Royalty Agreement - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Other Commitments [Line Items]
Authorized funding		$ 275.0
Royalty rate		9.25%
Proceeds recieved	$ 200.0
Additional payment		$ 75.0
Initial investment proceeds multiple, maximum		3.0
Initial investment proceeds multiple, minimum		2.5
Transaction costs	$ 0.4
Annual interest rate	11.00%

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38311
Entity Registrant Name	Denali Therapeutics Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3872213
Entity Address, Address Line One	161 Oyster Point Blvd
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	866-8547
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	DNLI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		158,709,737
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001714899
Current Fiscal Year End Date	--12-31

Stock-Based Awards

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Awards

The Company has issued stock-based awards from various equity incentive and stock purchase plans, as more fully described in Note 9, "Stock-Based Awards" to the consolidated financial statements in the Company's 2025 Annual Report on Form 10-K.

Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2026:


	Number of Options	Weighted-Average Exercise Price
Balance at December 31, 2025	21,326,333	$	26.39
Granted	2,336,591	16.55
Exercised	(536,720)	12.47
Forfeited	(476,118)	21.30
Expired	(102,577)	33.05
Balance at March 31, 2026	22,547,509	$	25.77
Vested and expected to vest at March 31, 2026	22,547,509	$	25.77
Exercisable at March 31, 2026	14,509,636	$	29.32

The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected term (in years)	6.08	6.08
Volatility	65.3% - 66.7%	64.8% - 65.3%
Risk-free interest rate	3.7% - 4.1%	4.0% - 4.5%
Dividend yield	—	—

Restricted Stock Activity

The following table summarizes restricted stock unit ("RSU") activity for the three months ended March 31, 2026:


	Number of RSU shares	Weighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 2025	5,124,629	$	21.74
Granted	3,270,382	16.42
Vested and released	(1,190,953)	24.84
Forfeited	(328,049)	20.26
Unvested and expected to vest at March 31, 2026	6,876,009	$	18.74

Stock-Based Compensation Expense

The Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	13,594	$	15,137
General and administrative	9,493		10,023
Total	$	23,087	$	25,160

Fair Value Measurements - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Total	$ 744,989	$ 935,648
U.S. government treasuries
Assets:
Short-term marketable securities:	522,391	600,084
Long-term marketable securities:	40,308	58,545
Corporate debt securities
Assets:
Short-term marketable securities:	77,667	62,469
Long-term marketable securities:	23,477	39,777
Level 1
Assets:
Total	643,845	808,503
Level 1 \| U.S. government treasuries
Assets:
Short-term marketable securities:	522,391	600,084
Long-term marketable securities:	40,308	58,545
Level 1 \| Corporate debt securities
Assets:
Short-term marketable securities:	0	0
Long-term marketable securities:	0	0
Level 2
Assets:
Total	101,144	127,145
Level 2 \| U.S. government treasuries
Assets:
Short-term marketable securities:	0	0
Long-term marketable securities:	0	0
Level 2 \| Corporate debt securities
Assets:
Short-term marketable securities:	77,667	62,469
Long-term marketable securities:	23,477	39,777
Level 3
Assets:
Total	0	0
Level 3 \| U.S. government treasuries
Assets:
Short-term marketable securities:	0	0
Long-term marketable securities:	0	0
Level 3 \| Corporate debt securities
Assets:
Short-term marketable securities:	0	0
Long-term marketable securities:	0	0
Money market funds
Assets:
Cash equivalents:	81,146	149,874
Money market funds \| Level 1
Assets:
Cash equivalents:	81,146	149,874
Money market funds \| Level 2
Assets:
Cash equivalents:	0	0
Money market funds \| Level 3
Assets:
Cash equivalents:	$ 0	0
Commercial paper
Assets:
Cash equivalents:		24,899
Commercial paper \| Level 1
Assets:
Cash equivalents:		0
Commercial paper \| Level 2
Assets:
Cash equivalents:		24,899
Commercial paper \| Level 3
Assets:
Cash equivalents:		$ 0

Non-Marketable Equity Investment (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2024
Tenvie Therapeutics, Inc \| Series A Preferred Stock
Schedule of Equity Method Investments [Line Items]
Fair value of investment	$ 15.0	$ 15.0	$ 15.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale Securities

The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date are summarized in the tables below (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	522,445	$	200	$	(254)	$	522,391

Corporate debt securities	77,725		36		(94)		77,667

Total short-term marketable securities	600,170		236		(348)		600,058
Long-term marketable securities:
U.S. government treasuries	40,396		—		(88)		40,308

Corporate debt securities	23,607		—		(130)		23,477
Total long-term marketable securities	64,003		—		(218)		63,785
Total	$	664,173	$	236	$	(566)	$	663,843


	December 31, 2025
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	599,200	$	893	$	(9)	$	600,084

Corporate debt securities	62,407		71		(9)		62,469

Total short-term marketable securities	661,607		964		(18)		662,553
Long-term marketable securities:
U.S. government treasuries	58,524		21		—		58,545

Corporate debt securities	39,710		69		(2)		39,777
Total long-term marketable securities	98,234		90		(2)		98,322
Total	$	759,841	$	1,054	$	(20)	$	760,875

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Organization and Description of Business Denali Therapeutics Inc. ("Denali" or the “Company”) is a biopharmaceutical company, incorporated in Delaware, that discovers and develops therapeutics to defeat neurodegenerative diseases and lysosomal storage diseases. The Company is headquartered in South San Francisco, California. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission ("SEC") Regulation S-X for interim financial information. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026 (the "2025 Annual Report on Form 10-K"). The Condensed Consolidated Balance Sheet as of December 31, 2025 was derived from the audited annual consolidated financial statements as of and for the period then ended. Certain information and footnote disclosures typically included in the Company's annual consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All such adjustments are of a normal recurring nature except for the impacts of adopting new accounting standards, if any, discussed below. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. During the three months ended March 31, 2026 the Company added significant accounting policies related to intangible assets and the liability related to the revenue participation right. Aside from these new accounting policies, there were no material changes to the Company's significant accounting and financial reporting policies from those reflected in the 2025 Annual Report on Form 10-K. For further information with regard to the Company’s Significant Accounting Policies, please refer to Note 1, "Significant Accounting Policies," to the Company’s Consolidated Financial Statements included in the 2025 Annual Report on Form 10-K. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For the Company and its subsidiaries, the functional currency has been determined to be U.S. dollars. Monetary assets and liabilities denominated in foreign currency are remeasured at period-end exchange rates, non-monetary assets and liabilities denominated in foreign currencies are remeasured at historical rates, and transactions in foreign currencies are remeasured at average exchange rates. Foreign currency gains and losses resulting from remeasurement are recognized in interest and other income, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Loss. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and marketable securities. Substantially all of the Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits have and will continue to exceed federally insured limits. The Company maintains its cash with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government and its agencies, as well as institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities and issuers of marketable securities to the extent recorded on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, the Company had no off-balance sheet concentrations of credit risk. The Company is subject to a number of risks similar to other early commercial-stage biopharmaceutical companies, including, but not limited to, the risk that its approved product, AVLAYAHTM (tividenofusp alfa-eknm), may not achieve expected levels of market acceptance or commercial success; the need to obtain adequate additional funding to continue as a going concern; its history of significant losses and expectation of continued losses; possible failure or delay of current or future preclinical testing or clinical trials; its reliance on third parties to conduct its clinical trials, manufacture product, and support commercialization; the need to successfully develop, commercialize, and gain market acceptance of its product candidates; competitors developing new technological innovations; its rights to develop and commercialize its product candidates pursuant to the terms and conditions of licenses granted to the Company; protection of proprietary technology; the ability to make milestone, royalty or other payments due under license or collaboration agreements; the need to enforce its intellectual property rights; and the need to scale internal manufacturing and/or secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize AVLAYAH or its other product candidates, it may be unable to generate sufficient product revenue or achieve profitability. Further, the Company is also subject to broad market risks and uncertainties, such as bank failures or instability in the financial services sector, geopolitical instability, war and armed conflicts, inflation, rising interest rates, and recession risks, as well as supply chain and labor shortages. Investments The Company holds an equity investment in a venture-backed privately held company. The privately held company is a Variable Interest Entity ("VIE"), but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of the investee. The Company’s maximum exposure to loss from this VIE is limited to the value of the equity investment. The equity investment held by the Company lacks a readily determinable fair value and therefore the securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar equity securities of the same issuer. The Company reviews the carrying value of its equity investment for impairment whenever events or changes in business circumstances indicate the carrying amount of such asset may not be fully recoverable. Impairments, if any, are based on the excess of the carrying amount over the recoverable amount of the asset. There were no impairments during the three months ended March 31, 2026 and 2025. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash and cash equivalents. Cash equivalents are reported at fair value. Cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Statements of Cash Flows is composed of cash and cash equivalents reported in the Condensed Consolidated Balance Sheets and restricted cash of $3.1 million as of March 31, 2026 and December 31, 2025, which is included within other non-current assets in the Condensed Consolidated Balance Sheets. Restricted cash relates to letters of credit supporting the Company’s headquarters building lease and a letter of credit supporting the Company’s credit card program. Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the Condensed Consolidated Balance Sheets, are considered available-for-sale, and are reported at fair value with net unrealized gains and losses included as a component of stockholders’ equity. The Company classifies investments in securities with remaining maturities of less than one year, or where its intent is to use the investments to fund current operations or to make them available for current operations, as short-term investments. The Company classifies investments in securities with remaining maturities of over one year as long-term investments, unless intended to fund current operations. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest and other income, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Realized gains and losses and declines in value determined to be due to credit losses on marketable securities, if any, are included in interest and other income, net. The Company periodically evaluates the need for an allowance for credit losses. This evaluation includes consideration of several qualitative and quantitative factors, including whether it has plans to sell the security, whether it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis, and if the entity has the ability and intent to hold the security to maturity, and the portion of any unrealized loss that is the result of a credit loss. Factors considered in making these evaluations include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, expected cash flows from securities, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company's strategy and intentions for holding the marketable security. Accounts Receivable Accounts receivable are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The accounts receivable balance represents amounts receivable from the Company's collaboration partners net of an allowance for credit losses, if required. Intangible Assets Milestone payments made to acquire or maintain rights to intellectual property associated with an approved product are capitalized when the related contingency is resolved and the payment becomes probable and payable. Amounts capitalized are recorded as intangible assets and generally amortized on a straight-line basis over the estimated useful life of the underlying intellectual property. The Company evaluates such intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Leases The Company leases real estate and certain equipment for use in its operations. A determination is made as to whether an arrangement is a lease at inception. The Company recognizes finance and operating lease right-of-use ("ROU") assets, and finance and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. The Company adjusts ROU assets as needed for any lease incentives it receives and for assets it purchases that are regarded as landlord-owned. When determining the present value of lease payments, the Company uses its incremental borrowing rate on the date of lease commencement, or the rate implicit in the lease, if known. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed by management to be reasonably certain at lease inception. The Company recognizes amortization of the ROU assets and interest on the lease liabilities for its finance lease. Finance lease ROU assets are amortized on a straight-line basis from the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. Operating lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the balance sheet, unless they include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company has leases with lease and non-lease components, which the Company has elected to account for as a single lease component. Liability Related to the Revenue Participation Right The Company accounts for the synthetic royalty funding agreement with Royalty Pharma Investments 2023 ICAV ("Royalty Pharma") pursuant to which Royalty Pharma agreed to provide up to $275.0 million in funding to the Company in exchange for a 9.25% royalty on worldwide net sales of AVLAYAH as a debt financing under ASC Topic 470, Debt (ASC 470). The $200.0 million of proceeds received in March 2026 are recorded as a liability on the Company's Condensed Consolidated Balance Sheets, net of transaction costs. The liability will be amortized under the effective interest method based on the Company's estimates of future royalty payments to Royalty Pharma over the life of the agreement. The resulting non-cash interest expense is recognized in Interest and other income, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The liability related to the revenue participation right and related interest expense are based on current estimates of the amount and timing of projected royalty payments, which are based on estimates of future AVLAYAH net sales. The Company periodically assesses the forecasted net sales and to the extent the amount or timing of estimated royalty payments are materially different than previous estimates, the Company will account for any such change by adjusting the liability related to the sale of future revenues and prospectively recognizing the related non-cash interest expense. The Company classifies the portion of the liability related to the revenue participation right that is expected to be amortized or settled within twelve months of the reporting date as current, with the remainder classified as non-current. Classification is based on forecasted royalty payments and the related recognition of interest and principal under the effective interest method. Comprehensive Loss Comprehensive loss is composed of net loss and certain changes in stockholders’ equity that are excluded from net loss, primarily unrealized gains or losses on the Company’s marketable securities. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. The weighted-average common shares outstanding as of March 31, 2026 include the pre-funded warrants to purchase shares of common stock that were issued in connection with the February 2024 private placement and December 2025 public offering, as discussed further in Note 10. Recently Issued Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied either prospectively or retrospectively. The Company has not early adopted this update, and is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 9,218	$ 32,179
Accrued clinical and other research & development costs	21,475	22,283
Accrued manufacturing costs	9,031	5,336
Operating lease liability, current	9,769	9,463
Finance lease liability, current	90	83
Deferred research and development funding liability, current	15,116	21,101
Other accrued costs and current liabilities	5,077	7,401
Total accrued expenses and other current liabilities	$ 69,776	$ 97,846

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 387,626	$ 205,326
Short-term marketable securities	600,058	662,553
Prepaid expenses and other current assets	35,068	32,779
Total current assets	1,022,752	900,658
Long-term marketable securities	63,785	98,322
Property and equipment, net	51,728	52,402
Finance lease right-of-use asset	47,616	48,531
Operating lease right-of-use asset	17,922	19,002
Intangible asset, net	36,000	0
Other non-current assets	26,220	25,939
Total assets	1,266,023	1,144,854
Current liabilities:
Accounts payable	40,380	505
Other accrued costs and current liabilities	69,776	97,846
Total current liabilities	110,156	98,351
Operating lease liability, less current portion	24,680	27,210
Finance lease liability, less current portion	5,508	5,532
Liability related to the revenue participation right agreement	199,581	0
Total liabilities	339,925	131,093
Commitments and contingencies (Note 9)
Stockholders' equity:
Convertible preferred stock, $0.01 par value; 40,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value; 400,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 158,656,318 shares and 156,182,177 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1,913	1,888
Additional paid-in capital	3,104,838	3,062,715
Accumulated other comprehensive income (loss)	(682)	682
Accumulated deficit	(2,179,971)	(2,051,524)
Total stockholders' equity	926,098	1,013,761
Total liabilities and stockholders’ equity	$ 1,266,023	$ 1,144,854

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator:
Net loss	$	(128,447)	$	(132,970)

Denominator:
Weighted average number of:
Common stock shares outstanding	158,305,199		145,175,965
Pre-funded warrants	28,331,779		26,046,065
Total	186,636,978		171,222,030
Net loss per share	$	(0.69)	$	(0.78)

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	81,146	$	—	$	—	$	81,146


Short-term marketable securities:
U.S. government treasuries	522,391		—		—		522,391

Corporate debt securities	—		77,667		—		77,667

Long-term marketable securities:
U.S. government treasuries	40,308		—		—		40,308

Corporate debt securities	—		23,477		—		23,477
Total	$	643,845	$	101,144	$	—	$	744,989


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	149,874	$	—	$	—	$	149,874

Commercial paper	—		24,899		—		24,899
Short-term marketable securities:
U.S. government treasuries	600,084		—		—		600,084

Corporate debt securities	—		62,469		—		62,469

Long-term marketable securities:
U.S. government treasuries	58,545		—		—		58,545
Corporate debt securities	—		39,777		—		39,777

Total	$	808,503	$	127,145	$	—	$	935,648

The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.

The Company has not transferred any assets or liabilities between the fair value measurement levels for the three months ended March 31, 2026 or for the year ended December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Asset In connection with the May 2018 acquisition of F-star Gamma Limited ("F-star Gamma") and related license arrangements, the Company is obligated to make contingent payments upon the achievement of specified preclinical, clinical, regulatory and commercial milestones. Additional information regarding these arrangements is included in Note 4, “Acquisition, License Agreement and Research and Development Funding Collaboration Agreement,” to the consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K. In March 2026, following the U.S. Food and Drug Administration’s accelerated approval of AVLAYAH, a $36.0 million milestone payment became due under this arrangement. The amount was capitalized as an intangible asset and will be amortized on a straight-line basis over its estimated useful life. The amount is included in accounts payable in the Condensed Consolidated Balance Sheet as of March 31, 2026, and is expected to be fully paid by Q3 2026. In addition to the U.S. regulatory milestone described above, the Company may be required to make additional contingent consideration payments of up to $174.0 million, composed of $24.0 million due upon regulatory approval of AVLAYAH in the European Union, and up to $150.0 million in commercial contingent payments.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Organization and Description of Business	Organization and Description of Business Denali Therapeutics Inc. ("Denali" or the “Company”) is a biopharmaceutical company, incorporated in Delaware, that discovers and develops therapeutics to defeat neurodegenerative diseases and lysosomal storage diseases. The Company is headquartered in South San Francisco, California.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission ("SEC") Regulation S-X for interim financial information. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026 (the "2025 Annual Report on Form 10-K"). The Condensed Consolidated Balance Sheet as of December 31, 2025 was derived from the audited annual consolidated financial statements as of and for the period then ended. Certain information and footnote disclosures typically included in the Company's annual consolidated financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All such adjustments are of a normal recurring nature except for the impacts of adopting new accounting standards, if any, discussed below. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For the Company and its subsidiaries, the functional currency has been determined to be U.S. dollars. Monetary assets and liabilities denominated in foreign currency are remeasured at period-end exchange rates, non-monetary assets and liabilities denominated in foreign currencies are remeasured at historical rates, and transactions in foreign currencies are remeasured at average exchange rates. Foreign currency gains and losses resulting from remeasurement are recognized in interest and other income, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Loss.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and marketable securities. Substantially all of the Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits have and will continue to exceed federally insured limits. The Company maintains its cash with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government and its agencies, as well as institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities and issuers of marketable securities to the extent recorded on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, the Company had no off-balance sheet concentrations of credit risk. The Company is subject to a number of risks similar to other early commercial-stage biopharmaceutical companies, including, but not limited to, the risk that its approved product, AVLAYAHTM (tividenofusp alfa-eknm), may not achieve expected levels of market acceptance or commercial success; the need to obtain adequate additional funding to continue as a going concern; its history of significant losses and expectation of continued losses; possible failure or delay of current or future preclinical testing or clinical trials; its reliance on third parties to conduct its clinical trials, manufacture product, and support commercialization; the need to successfully develop, commercialize, and gain market acceptance of its product candidates; competitors developing new technological innovations; its rights to develop and commercialize its product candidates pursuant to the terms and conditions of licenses granted to the Company; protection of proprietary technology; the ability to make milestone, royalty or other payments due under license or collaboration agreements; the need to enforce its intellectual property rights; and the need to scale internal manufacturing and/or secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize AVLAYAH or its other product candidates, it may be unable to generate sufficient product revenue or achieve profitability. Further, the Company is also subject to broad market risks and uncertainties, such as bank failures or instability in the financial services sector, geopolitical instability, war and armed conflicts, inflation, rising interest rates, and recession risks, as well as supply chain and labor shortages.
Investments	Investments The Company holds an equity investment in a venture-backed privately held company. The privately held company is a Variable Interest Entity ("VIE"), but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of the investee. The Company’s maximum exposure to loss from this VIE is limited to the value of the equity investment. The equity investment held by the Company lacks a readily determinable fair value and therefore the securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar equity securities of the same issuer. The Company reviews the carrying value of its equity investment for impairment whenever events or changes in business circumstances indicate the carrying amount of such asset may not be fully recoverable. Impairments, if any, are based on the excess of the carrying amount over the recoverable amount of the asset. There were no impairments during the three months ended March 31, 2026 and 2025.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash and cash equivalents. Cash equivalents are reported at fair value. Cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Statements of Cash Flows is composed of cash and cash equivalents reported in the Condensed Consolidated Balance Sheets and restricted cash of $3.1 million as of March 31, 2026 and December 31, 2025, which is included within other non-current assets in the Condensed Consolidated Balance Sheets. Restricted cash relates to letters of credit supporting the Company’s headquarters building lease and a letter of credit supporting the Company’s credit card program.
Marketable Securities	Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the Condensed Consolidated Balance Sheets, are considered available-for-sale, and are reported at fair value with net unrealized gains and losses included as a component of stockholders’ equity. The Company classifies investments in securities with remaining maturities of less than one year, or where its intent is to use the investments to fund current operations or to make them available for current operations, as short-term investments. The Company classifies investments in securities with remaining maturities of over one year as long-term investments, unless intended to fund current operations. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest and other income, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Realized gains and losses and declines in value determined to be due to credit losses on marketable securities, if any, are included in interest and other income, net. The Company periodically evaluates the need for an allowance for credit losses. This evaluation includes consideration of several qualitative and quantitative factors, including whether it has plans to sell the security, whether it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis, and if the entity has the ability and intent to hold the security to maturity, and the portion of any unrealized loss that is the result of a credit loss. Factors considered in making these evaluations include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, expected cash flows from securities, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company's strategy and intentions for holding the marketable security.
Accounts Receivable	Accounts Receivable Accounts receivable are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The accounts receivable balance represents amounts receivable from the Company's collaboration partners net of an allowance for credit losses, if required.
Intangible Assets	Intangible Assets Milestone payments made to acquire or maintain rights to intellectual property associated with an approved product are capitalized when the related contingency is resolved and the payment becomes probable and payable. Amounts capitalized are recorded as intangible assets and generally amortized on a straight-line basis over the estimated useful life of the underlying intellectual property. The Company evaluates such intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Leases	Leases The Company leases real estate and certain equipment for use in its operations. A determination is made as to whether an arrangement is a lease at inception. The Company recognizes finance and operating lease right-of-use ("ROU") assets, and finance and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. The Company adjusts ROU assets as needed for any lease incentives it receives and for assets it purchases that are regarded as landlord-owned. When determining the present value of lease payments, the Company uses its incremental borrowing rate on the date of lease commencement, or the rate implicit in the lease, if known. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed by management to be reasonably certain at lease inception. The Company recognizes amortization of the ROU assets and interest on the lease liabilities for its finance lease. Finance lease ROU assets are amortized on a straight-line basis from the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. Operating lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the balance sheet, unless they include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company has leases with lease and non-lease components, which the Company has elected to account for as a single lease component.
Liability Related to the Revenue Participation Right	Liability Related to the Revenue Participation Right The Company accounts for the synthetic royalty funding agreement with Royalty Pharma Investments 2023 ICAV ("Royalty Pharma") pursuant to which Royalty Pharma agreed to provide up to $275.0 million in funding to the Company in exchange for a 9.25% royalty on worldwide net sales of AVLAYAH as a debt financing under ASC Topic 470, Debt (ASC 470). The $200.0 million of proceeds received in March 2026 are recorded as a liability on the Company's Condensed Consolidated Balance Sheets, net of transaction costs. The liability will be amortized under the effective interest method based on the Company's estimates of future royalty payments to Royalty Pharma over the life of the agreement. The resulting non-cash interest expense is recognized in Interest and other income, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The liability related to the revenue participation right and related interest expense are based on current estimates of the amount and timing of projected royalty payments, which are based on estimates of future AVLAYAH net sales. The Company periodically assesses the forecasted net sales and to the extent the amount or timing of estimated royalty payments are materially different than previous estimates, the Company will account for any such change by adjusting the liability related to the sale of future revenues and prospectively recognizing the related non-cash interest expense. The Company classifies the portion of the liability related to the revenue participation right that is expected to be amortized or settled within twelve months of the reporting date as current, with the remainder classified as non-current. Classification is based on forecasted royalty payments and the related recognition of interest and principal under the effective interest method.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is composed of net loss and certain changes in stockholders’ equity that are excluded from net loss, primarily unrealized gains or losses on the Company’s marketable securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. The weighted-average common shares outstanding as of March 31, 2026 include the pre-funded warrants to purchase shares of common stock that were issued in connection with the February 2024 private placement and December 2025 public offering, as discussed further in Note 10.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied either prospectively or retrospectively. The Company has not early adopted this update, and is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net loss	$ (128,447)	$ (132,970)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,845	2,325
Stock–based compensation expense	23,087	25,160
Net accretion of discounts on marketable securities	(1,259)	(3,888)
Non-cash adjustment to operating lease expense	(1,144)	(1,049)
Right-of-use asset amortization for finance lease	916	887
Other non-cash items	294	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,291)	(28,607)
Other non-current assets	(700)	(943)
Accounts payable	3,875	(2,639)
Accruals and other current liabilities	(22,395)	(9,686)
Deferred research and development funding liability	(5,985)	19,942
Net cash used in operating activities	(131,204)	(131,468)
Investing activities
Purchases of marketable securities	(123,074)	(137,926)
Maturities and sales of marketable securities	220,000	161,752
Purchases of property and equipment	(2,466)	(5,078)
Net cash provided by investing activities	94,460	18,748
Financing activities
Proceeds from underwriter exercising option to purchase common stock, net of issuance costs	12,366	0
Proceeds from sale of revenue participation right	200,000	0
Proceeds from exercise of awards under equity incentive plans	6,695	595
Payments for finance lease right-of-use asset	(17)	(4,357)
Net cash provided by (used in) financing activities	219,044	(3,762)
Net increase (decrease) in cash, cash equivalents and restricted cash	182,300	(116,482)
Cash, cash equivalents and restricted cash at beginning of period	208,432	176,535
Cash, cash equivalents and restricted cash at end of period	390,732	60,053
Supplemental disclosures of cash flow information
Payment due on intangible asset acquired	$ 36,000	$ 0

Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2026:


	Number of Options	Weighted-Average Exercise Price
Balance at December 31, 2025	21,326,333	$	26.39
Granted	2,336,591	16.55
Exercised	(536,720)	12.47
Forfeited	(476,118)	21.30
Expired	(102,577)	33.05
Balance at March 31, 2026	22,547,509	$	25.77
Vested and expected to vest at March 31, 2026	22,547,509	$	25.77
Exercisable at March 31, 2026	14,509,636	$	29.32

Schedule of Assumptions Used for Estimating the Fair Value of Stock Granted

The estimated fair value of stock options granted to employees were calculated using the Black-Scholes option-pricing model using the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected term (in years)	6.08	6.08
Volatility	65.3% - 66.7%	64.8% - 65.3%
Risk-free interest rate	3.7% - 4.1%	4.0% - 4.5%
Dividend yield	—	—

Schedule of Restricted Stock Activity

The following table summarizes restricted stock unit ("RSU") activity for the three months ended March 31, 2026:


	Number of RSU shares	Weighted-Average Fair Value at Date of Grant per Share
Unvested at December 31, 2025	5,124,629	$	21.74
Granted	3,270,382	16.42
Vested and released	(1,190,953)	24.84
Forfeited	(328,049)	20.26
Unvested and expected to vest at March 31, 2026	6,876,009	$	18.74

Schedule of Stock-Based Compensation Expense

The Company’s results of operations include expenses relating to stock-based compensation as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	13,594	$	15,137
General and administrative	9,493		10,023
Total	$	23,087	$	25,160

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Segment Loss Before Income Taxes and Total Consolidated Loss Before Income Taxes

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026 and 2025 (in thousands):


	Therapeutics Segment
	Three Months Ended March 31,
	2026		2025

Expenses
External research and development expenses - TV programs, including cost sharing	$	38,464	$	41,987
Other research and development expenses, including small molecule programs	$	23,554	$	33,971
Personnel related research and development expenses	41,828		40,269
Total research and development expenses	103,846		116,227
Personnel related general and administrative expenses	22,564		18,738
Other general and administrative expenses	10,947		10,615
Total general and administrative expenses	33,511		29,353
Segment operating expenses	137,357		145,580

Segment loss from operations	(137,357)		(145,580)
Segment interest and other income, net	8,910		12,610
Segment net loss	$	(128,447)	$	(132,970)

Collaboration Agreements - Biogen (Details) - Biogen - USD ($)	66 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Collaborative Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Remaining performance obligation	$ 0	$ 0
Contract liability	0	$ 0
Biogen Collaborative Arrangement \| Product
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	0
Biogen Collaborative Arrangement \| Milestone Triggered
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
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-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 103,846	$ 116,227
General and administration	33,511	29,353
Total operating expenses	137,357	145,580
Loss from operations	(137,357)	(145,580)
Interest and other income, net	8,910	12,610
Net loss	(128,447)	(132,970)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable securities, net of tax	(1,364)	17
Comprehensive loss	$ (129,811)	$ (132,953)
Net loss per share, basic (usd per share)	$ (0.69)	$ (0.78)
Net loss per share, diluted (usd per share)	$ (0.69)	$ (0.78)
Weighted average number of shares outstanding, basic (in shares)	186,636,978	171,222,030
Weighted average number of shares outstanding, diluted (in shares)	186,636,978	171,222,030

Common Stock (Details) - USD ($) $ in Millions	1 Months Ended
Common Stock (Details) - USD ($) $ in Millions	Jan. 31, 2026	Dec. 31, 2025	Mar. 31, 2026
Pre-Funded Warrant
Class of Warrant or Right [Line Items]
Shares of pre-funded warrants (in shares)			28,331,779
Public Offering
Class of Warrant or Right [Line Items]
Number of common stock sold (in shares)		9,142,857
Public Offering \| Pre-Funded Warrant
Class of Warrant or Right [Line Items]
Number of securities called by warrants (in shares)		2,285,714
Over-Allotment Option
Class of Warrant or Right [Line Items]
Number of common stock sold (in shares)	746,468
Net proceeds	$ 12.4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Common stock issuance costs	$ 45

Collaboration Agreements - Sanofi (Details) - Sanofi - Collaborative Arrangement - USD ($)	90 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Remaining performance obligation	$ 0
Contract liability	0	$ 0
Peripheral Program License
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments upon achievement of certain clinical, regulatory and sales milestone events	495,000,000.0
Milestone Triggered
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	100,000,000.0
Product
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	$ 0

Marketable Securities - Narrative (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses	$ 0	$ 0
Effective maturity (less than)	2 years

Collaboration Agreements - Takeda (Details) - Takeda Pharmaceutical Company Limited	1 Months Ended	99 Months Ended
	Dec. 31, 2021 contract	Mar. 31, 2026 USD ($)
Takeda Collaboration Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Remaining performance obligation		$ 0
Collaborative Arrangement, PTV:PGRN and ATV:TREM2
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of new contracts \| contract	2
Collaborative Arrangement, PTV:PGRN and ATV:TREM2 \| Option Fee Payment
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue		10,000,000.0
Collaborative Arrangement, PTV:PGRN and ATV:TREM2 \| Milestone Payment
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue		10,000,000.0
Collaborative Arrangement, PTV:PGRN and ATV:TREM2 \| Product
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue		$ 0

Stock-Based Awards - Schedule of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	21,326,333
Granted (in shares) \| shares	2,336,591
Exercised (in shares) \| shares	(536,720)
Forfeited (in shares) \| shares	(476,118)
Expired (in shares) \| shares	(102,577)
Ending balance (in shares) \| shares	22,547,509
Options, vested and expected to vest (in shares) \| shares	22,547,509
Options, exercisable (usd per share) \| shares	14,509,636
Weighted-Average Exercise Price
Beginning balance (usd per share) \| $ / shares	$ 26.39
Granted (usd per share) \| $ / shares	16.55
Exercised (usd per share) \| $ / shares	12.47
Forfeited (usd per share) \| $ / shares	21.30
Expired (usd per share) \| $ / shares	33.05
Ending balance (usd per share) \| $ / shares	25.77
Options, vested and expected to vest (usd per share) \| $ / shares	25.77
Options, exercisable (usd per share) \| $ / shares	$ 29.32

Significant Accounting Policies (Details) - USD ($)	1 Months Ended	3 Months Ended
Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Franchisor Disclosure [Line Items]
Off-balance sheet concentrations of credit risk	$ 0	$ 0		$ 0
Equity securities without readily determinable fair value, impairment loss		0	$ 0
Restricted cash	3,100,000	$ 3,100,000		3,100,000
Royalty Pharma \| Royalty Agreement
Franchisor Disclosure [Line Items]
Authorized funding				$ 275,000,000.0
Royalty rate				9.25%
Proceeds recieved	$ 200,000,000.0

Collaboration Agreements (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Cost Sharing Payments And Reimbursements


	Three Months Ended March 31,
	2026		2025
Takeda Collaboration Agreement:
PTV:PGRN cost sharing (reimbursements)	$	(1,617)	$	(1,511)
ATV:TREM2 cost sharing (reimbursements)	—		(152)
Total Takeda cost sharing (reimbursements)(1)	(1,617)		(1,663)
Biogen Collaboration Agreement: LRRK2 cost sharing payments(2)	3,863		4,651
Net cost sharing payments (reimbursements)	$	2,246	$	2,988

_________________________________

Stock-Based Awards - Schedule of Assumptions Used for Estimating the Fair Value of Stock Options Granted (Details) - Stock Options	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days
Volatility, minimum	65.30%	64.80%
Volatility, maximum	66.70%	65.30%
Risk-free interest rate, minimum	3.70%	4.00%
Risk-free interest rate, maximum	4.10%	4.50%
Dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Awards - Schedule of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of RSU shares
Beginning balance (in shares) \| shares	5,124,629
Granted (in shares) \| shares	3,270,382
Vested and released (in shares) \| shares	(1,190,953)
Forfeited (in shares) \| shares	(328,049)
Ending balance (in shares) \| shares	6,876,009
Expected to vest (in shares) \| shares	6,876,009
Weighted-Average Fair Value at Date of Grant per Share
Beginning balance (usd per share) \| $ / shares	$ 21.74
Granted (usd per share) \| $ / shares	16.42
Vested and released (usd per share) \| $ / shares	24.84
Forfeited (usd per share) \| $ / shares	20.26
Ending balance (usd per share) \| $ / shares	18.74
Expected to vest (usd per share) \| $ / shares	$ 18.74

Commitments and Contingencies - Schedule of Summarizes Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,853	$ 1,893
Finance lease cost:
Amortization of ROU assets	916	887
Interest	179	181
Variable lease cost	1,040	1,353
Total lease costs	$ 3,988	$ 4,314

Stock-Based Awards -Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 23,087	$ 25,160
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	13,594	15,137
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 9,493	$ 10,023

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Expenses
Total research and development expenses	$ 103,846	$ 116,227
Total general and administrative expenses	33,511	29,353
Total operating expenses	137,357	145,580
Loss from operations	(137,357)	(145,580)
Segment interest and other income, net	8,910	12,610
Therapeutics Segment
Expenses
External research and development expense	38,464	41,987
Other research and development expenses, including small molecule programs	23,554	33,971
Personnel related research and development expenses	41,828	40,269
Total research and development expenses	103,846	116,227
Personnel related general and administrative expenses	22,564	18,738
Other general and administrative expenses	10,947	10,615
Total general and administrative expenses	33,511	29,353
Total operating expenses	137,357	145,580
Loss from operations	(137,357)	(145,580)
Segment interest and other income, net	8,910	12,610
Loss before income taxes	$ (128,447)	$ (132,970)

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (128,447)	$ (132,970)
Denominator:
Common stock shares outstanding (in shares)	158,305,199	145,175,965
Pre-funded warrants (in shares)	28,331,779	26,046,065
Weighted average number of shares outstanding, basic (in shares)	186,636,978	171,222,030
Weighted average number of shares outstanding, diluted (in shares)	186,636,978	171,222,030
Net loss per share, diluted (usd per share)	$ (0.69)	$ (0.78)
Net loss per share, basic (usd per share)	$ (0.69)	$ (0.78)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Alexander Schuth, M.D. [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name

Position

Date of Plan Adoption

Scheduled End Date of Trading Arrangement(1)

Maximum Total Shares of Common Stock to be Sold Under the Plan(2)

Alexander Schuth, M.D.

Chief Operating and Financial Officer

3/27/2026

9/30/2027

144,051

__________________________________________________

(1)In each case, the trading arrangement may expire on an earlier date if and when all transactions under the arrangement are completed.

(2)This amount represents the maximum total shares that could be sold under the plan, but the amounts may change for executive officers due to the sale of shares to satisfy tax withholding requirements.

Name

Alexander Schuth, M.D.

Title

Chief Operating and Financial Officer

Rule 10b5-1 Arrangement Adopted

true

3/27/2026

9/30/2027

552 days

144,051