Net Loss Per Share

6 Months Ended

Jun. 30, 2025

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. 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net loss	$	(124,119)	$	(99,026)	$	(257,089)	$	(200,828)

Denominator:
Weighted average number of:
Common stock shares outstanding	145,403,782		142,785,264		145,290,503		141,515,199
Private placement pre-funded warrants	26,046,065		26,046,065		26,046,065		17,602,560
Total	171,449,847		168,831,329		171,336,568		159,117,759
Net loss per share	$	(0.72)	$	(0.59)	$	(1.50)	$	(1.26)

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 28.5 million and 23.3 million shares as of June 30, 2025 and 2024, respectively.

Denali Therapeutics Inc. 10-Q