Denali Therapeutics Inc. reported that as of September 30, 2025, it held approximately $872.9 million in cash, cash equivalents, and marketable securities. In December 2025, the company raised around $200 million through an equity financing and announced a royalty funding agreement with Royalty Pharma, which could provide proceeds of up to $275 million based on future net sales of tividenofusp alfa. These developments indicate a significant strengthening of Denali’s financial position as it prepares for key milestones in 2026, including the potential US accelerated approval and launch of tividenofusp alfa.

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