7Baggers

Denali Therapeutics Inc
(NASDAQ:DNLI) 

DNLI stock logo

Denali Therapeutics Inc., a biopharmaceutical company, discovers and develops therapeutic candidates for neurodegenerative diseases in the United States. The company offers leucine-rich repeat kinase 2 (LRRK2) inhibitor product candidates, including DNL201 that has completed Phase 1b clinical trials...

Founded: 2013
Full Time Employees: 281
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                                      
      operating expenses:
    		                                  
      research and development
    		103,846,000 97,905,000 101,950,000 102,696,000 116,227,000 99,787,000 98,238,000 91,399,000 107,016,000 107,803,000 89,737,000 97,520,000 128,816,000 92,111,000 87,786,000 92,737,000 86,098,000 67,876,000 71,559,000 65,711,000 60,207,000 54,743,000 53,704,000 53,152,000 51,016,000 51,551,000 52,544,000 51,884,000 37,403,000 39,909,000 30,321,000 52,134,000 20,819,000  
      general and administration
    		33,511,000                                  
      total operating expenses
    		137,357,000 137,365,000 137,434,000 134,963,000 145,580,000 129,846,000 123,187,000 116,593,000 132,252,000 132,572,000 115,062,000 123,640,000 155,956,000 115,627,000 111,045,000 113,896,000 108,639,000 89,635,000 90,878,000 84,756,000 79,143,000 72,737,000 69,509,000 67,124,000 63,571,000 62,430,000 63,759,000 66,960,000 46,713,000 50,954,000 39,159,000 59,030,000 26,389,000  
      income from operations
    		-137,357,000 -137,365,000 -137,434,000 -134,963,000 -145,580,000 -129,846,000 -123,187,000 -116,593,000 -117,715,000 -132,572,000 -113,795,000 170,483,000 -120,815,000 -105,344,000 -107,486,000 -61,416,000 -66,498,000 -77,121,000 -85,593,000 -61,817,000 -71,220,000 244,078,000 -60,116,000 -61,277,000 -59,967,000 -57,758,000 -50,155,000 -62,763,000 -42,508,000 74,722,000 -37,964,000 -57,382,000 -25,748,000  
      yoy
    		-5.65% 5.79% 11.57% 15.76% 23.67% -2.06% 8.25% -168.39% -2.57% 25.85% 5.87% -377.59% 81.68% 36.60% 25.58% -0.65% -6.63% -131.60% 42.38% 0.88% 18.77% -522.59% 19.86% -2.37% 41.07% -177.30% 32.11% 9.38% 65.09%      
      qoq
    		-0.01% -0.05% 1.83% -7.29% 12.12% 5.41% 5.66% -0.95% -11.21% 16.50% -166.75% -241.11% 14.69% -1.99% 75.01% -7.64% -13.77% -9.90% 38.46% -13.20% -129.18% -506.01% -1.89% 2.18% 3.82% 15.16% -20.09% 47.65% -156.89% -296.82% -33.84% 122.86%   
      operating margin %
    		-Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% NaN% -Infinity% -8981.45% 57.96% -343.80% -1024.45% -3020.12% -117.03% -157.80% -616.28% -1619.55% -269.48% -898.90% 77.04% -640.01% -1048.01% -1663.90% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity%  
      interest and other income
    		8,910,000 8,918,000 10,532,000 10,844,000 12,610,000 15,161,000 15,995,000 17,567,000 15,913,000 13,129,000 14,442,000 12,900,000 11,034,000 6,660,000 4,187,000 2,649,000 1,278,000 1,285,000 1,005,000 1,126,000 1,179,000 1,630,000 1,944,000 2,598,000 3,069,000 3,808,000 3,782,000 4,113,000 3,516,000 2,811,000 2,593,000 2,658,000   
      net income
    		-128,447,000 -128,549,000 -126,902,000 -124,119,000 -132,970,000 -114,753,000 -107,192,000 -99,026,000 -101,802,000 -119,473,000 -99,353,000 183,383,000 -109,781,000 -98,678,000 -103,299,000 -58,794,000 -65,220,000 -75,261,000 -84,588,000 -60,691,000 -70,041,000 244,885,000 -58,228,000 -58,758,000 -56,763,000 -54,025,000 -46,260,000 -58,337,000 -38,992,000 77,533,000 -35,371,000 -54,724,000 -23,678,000  
      yoy
    		-3.40% 12.02% 18.39% 25.34% 30.62% -3.95% 7.89% -154.00% -7.27% 21.07% -3.82% -411.91% 68.32% 31.11% 22.12% -3.13% -6.88% -130.73% 45.27% 3.29% 23.39% -553.28% 25.87% 0.72% 45.58% -169.68% 30.79% 6.60% 64.68%      
      qoq
    		-0.08% 1.30% 2.24% -6.66% 15.87% 7.05% 8.25% -2.73% -14.79% 20.25% -154.18% -267.04% 11.25% -4.47% 75.70% -9.85% -13.34% -11.03% 39.37% -13.35% -128.60% -520.56% -0.90% 3.51% 5.07% 16.79% -20.70% 49.61% -150.29% -319.20% -35.36% 131.12%   
      net income margin %
    		-Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% NaN% -Infinity% -7841.59% 62.35% -312.40% -959.62% -2902.47% -112.03% -154.77% -601.41% -1600.53% -264.58% -884.02% 77.30% -619.91% -1004.93% -1575.00% -Infinity% -Infinity% -Infinity% -Infinity% Infinity% -Infinity% -Infinity% -Infinity%  
      other comprehensive income:
    		                                  
      net unrealized gain on marketable securities, net of tax
    		-1,364,000 -1,337,081 162  17,000 -3,509,000 8,188,000 -1,363,000 -1,939,000 1,294,000 790,000 1,076,000 4,369,000 -2,338,500 421,000  -6,752,000   -136,000 13,000 -256,000 -540,000 -284,000 485,000 -212,000 -317,000   767,000 77,000 -206,000   
      comprehensive loss
    		-129,811,000 -513,493,090 -126,740 -125,217 -132,953,000 -118,262,000 -99,004,000  -103,741,000 -118,179,000 -98,563,000  -105,412,000 -59,166,750 -102,878,000 -61,817,000 -71,972,000 -53,899,000 -84,741,000 -60,827,000 -70,028,000 -43,522,000 -58,768,000 -59,042,000 -56,278,000 -54,237,000 -46,577,000 -57,790,000 -38,011,000 78,300,000 -35,294,000 -54,930,000 -24,597,000  
      net income per share
    		-0.69 -0.73 -0.74 -0.72 -0.78 -0.68 -0.63 -0.59 -0.68 -0.87 -0.72 1.34 -0.8 -0.463 -0.84 -0.48 -0.53 -0.443 -0.69 -0.5 -0.58 -0.413 -0.54 -0.56 -0.55 -0.57 -0.48 -0.61 -0.41 0.85 -0.38 -0.59 -0.26  
      weighted-average number of shares outstanding, basic and diluted
    		186,636,978 172,649,097 172,421,492 171,449,847 171,222,030 164,473,772 169,456,988  149,404,188 137,370,897 137,644,534  136,524,528  123,473,390 123,008,558 122,673,935  121,742,067 121,291,435 120,884,665  107,490,702 105,717,912 102,419,718 95,608,208 95,859,048 95,495,497 94,984,503 92,621,991 93,665,231 92,899,524 89,560,576  
      general and administrative
    		 24,276,000 35,484,000 32,267,000 29,353,000 30,059,000 24,949,000 25,194,000 25,236,000 24,769,000 25,325,000 26,120,000 27,140,000 23,516,000 23,259,000 21,159,000 22,541,000 21,759,000 19,319,000 19,045,000 18,936,000 17,994,000 15,805,000 13,972,000 12,555,000 10,879,000 11,215,000 15,076,000 9,310,000 11,045,000 8,838,000 6,896,000 5,570,000  
      gain from divestiture of small molecule programs
    		        14,537,000                          
      other comprehensive loss:
    		                                  
      net unrealized loss on marketable securities, net of tax
    		   -1,098            -3,023,000  -69,000 -153,000              -919,000  
      collaboration revenue:
    		                                  
      collaboration revenue from customers
    		          1,267,000 294,123,000 35,141,000 10,260,000 184,000 52,480,000 42,141,000 12,514,000 5,285,000 22,936,000 7,922,000 316,810,000 9,388,000 5,811,000 3,552,000          
      total collaboration revenue
    		          1,267,000 294,123,000 35,141,000 10,283,000 3,559,000 52,480,000 42,141,000 12,514,000 5,285,000 22,939,000 7,923,000 316,815,000 9,393,000 5,847,000 3,604,000          
      yoy
    		      NaN% NaN% NaN%  -64.40% 460.45% -16.61% -17.83% -32.66% 128.78% 431.88% -96.05% -43.73% 292.32% 119.84%              
      qoq
    		      NaN% NaN%   -99.57% 736.98% 241.74% 188.93% -93.22% 24.53% 236.75% 136.78% -76.96% 189.52% -97.50% 3272.88% 60.65% 62.24%           
      comprehensive income
    		       -100,389,000    184,459,000                       
      weighted-average shares used for eps calculation
    		                                  
      weighted-average number of shares outstanding, basic
    		       168,831,329    137,047,227                       
      weighted-average number of shares outstanding, diluted
    		       168,831,329    140,930,625                       
      other collaboration revenue
    		             23,000 3,375,000     3,000 1,000 5,000 5,000 36,000 52,000          
      income before income taxes
    		         -119,443,000 -99,353,000 183,383,000  -98,684,000 -103,299,000 -58,767,000  -75,836,000 -84,588,000 -60,691,000 -70,041,000 245,708,000 -58,172,000 -58,679,000 -56,898,000 -53,950,000 -46,373,000 -58,650,000       
      income tax expense
    		             -6,750  -27,000                   
      income tax benefit
    		                      -56,000 -79,000 135,000 -75,000 113,000 313,000       
      collaboration revenue
    		                         4,672,000 13,604,000 4,197,000 4,205,000 125,676,000 1,195,000 1,648,000 641,000  
      net unrealized income on marketable securities, net of tax
    		                           547,000 981,000      
      interest income
    		                                2,070,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                                        
        assets
      		                                  
        current assets:
      		                                  
        cash and cash equivalents
      		387,626,000 205,326,000 90,963,000 141,207,000 56,947,000 174,960,000 90,636,000 74,679,000 60,574,000 127,106,000 148,011,000 131,973,000 68,131,000 218,044,000 118,615,000 155,088,000 104,953,000 293,477,000 394,553,000 485,680,000 435,321,000 507,144,000 351,047,000 137,184,000 207,537,000 79,449,000 82,673,000 62,936,000 39,661,000 77,123,000 43,651,000 33,088,000 44,001,000  
        short-term marketable securities
      		600,058,000 662,553,000 757,241,000 757,745,000 760,979,000 657,371,000 745,923,000 821,365,000 876,295,000 907,405,000 961,245,000 1,059,014,000 1,220,322,000 1,118,171,000 987,440,000 913,580,000 852,569,000 571,930,000 644,622,000 823,251,000 977,827,000 962,553,000 610,154,000 412,397,000 379,713,000 335,907,000 396,717,000 415,667,000 445,820,000 387,174,000 331,307,000 339,503,000 329,401,000  
        prepaid expenses and other current assets
      		35,068,000 32,779,000 34,394,000 35,754,000 60,712,000 32,105,000 32,280,000 32,339,000 36,706,000 29,626,000 33,628,000 33,075,000 36,709,000 36,104,000 32,471,000 45,575,000 30,914,000 30,601,000 15,140,000 16,029,000 15,963,000 20,284,000 9,665,000 9,828,000 17,535,000 14,675,000 14,987,000 17,378,000 14,052,000 16,539,000 8,445,000 4,827,000 4,020,000  
        total current assets
      		1,022,752,000 900,658,000 882,598,000 934,706,000 878,638,000 864,436,000 868,839,000 928,383,000 973,575,000 1,064,137,000 1,142,884,000 1,224,062,000 1,325,162,000 1,372,319,000 1,138,526,000 1,114,600,000 988,436,000 897,234,000 1,055,509,000 1,341,745,000 1,431,622,000 1,495,655,000 970,866,000 559,409,000 604,785,000 430,031,000 494,377,000 495,981,000 499,533,000 480,836,000 383,403,000 377,418,000 377,422,000  
        long-term marketable securities
      		63,785,000 98,322,000 24,703,000 78,463,000 235,844,000 359,373,000 445,463,000 450,994,000 490,723,000  7,905,000     94,220,000 250,268,000 425,449,000 319,472,000 92,522,000 38,885,000 32,699,000 20,341,000 7,229,000 9,684,000 39,886,000 23,534,000 55,832,000 97,554,000 147,881,000 142,173,000 178,703,000 219,406,000  
        property and equipment
      		51,728,000 52,402,000 53,732,000 58,717,000 57,765,000 55,236,000 50,822,000 48,077,000 46,863,000 45,589,000 48,101,000 39,821,000 42,117,000 44,087,000 41,692,000 38,703,000 37,679,000 38,865,000 40,012,000 40,350,000 41,376,000 40,846,000 42,265,000 43,622,000 45,452,000 46,732,000 47,481,000 47,195,000 36,955,000 25,162,000 16,245,000 13,323,000 14,860,000  
        finance lease right-of-use asset
      		47,616,000 48,531,000 49,447,000 50,363,000 50,199,000 47,533,000 38,685,000                            
        operating lease right-of-use asset
      		17,922,000 19,002,000 20,035,000 21,022,000 21,963,000 22,861,000 23,717,000 24,533,000 25,309,000 26,048,000      29,755,000 30,263,000 30,743,000 31,196,000 31,622,000 32,236,000 32,618,000 32,976,000 33,312,000 33,626,000 33,923,000 34,344,000 34,647,000 34,407,000      
        intangible asset
      		36,000,000                                  
        other non-current assets
      		26,220,000 25,939,000 25,106,000 22,970,000 26,934,000 24,741,000 26,487,000 50,578,000 44,621,000 18,143,000 11,137,000 14,434,000 14,016,000 13,399,000 16,117,000 15,184,000 14,212,000 11,871,000 3,777,000 3,576,000 3,739,000 2,462,000 3,858,000 3,765,000 2,318,000 2,659,000 3,242,000 3,949,000 8,147,000 8,105,000 2,654,000 2,611,000 2,265,000  
        total assets
      		1,266,023,000 1,144,854,000 1,055,621,000 1,166,241,000 1,271,343,000 1,374,180,000 1,454,013,000 1,502,565,000 1,581,091,000 1,153,917,000 1,236,777,000 1,305,734,000 1,409,344,000 1,460,242,000 1,227,606,000 1,292,462,000 1,320,858,000 1,404,162,000 1,449,966,000 1,509,815,000 1,547,858,000 1,604,280,000 1,070,306,000 647,337,000 695,865,000 553,231,000 602,978,000 637,604,000 676,596,000 661,984,000 544,475,000 572,055,000 613,953,000 486,721,000 
        liabilities and stockholders' equity
      		                                  
        current liabilities:
      		                                  
        accounts payable
      		40,380,000 3,330,000 6,745,000 10,844,000 8,458,000 11,137,000 9,594,000 13,936,000 11,855,000 9,483,000 1,182,000 8,520,000 2,215,000 2,790,000 7,539,000 7,116,000 3,358,000 4,779,000 4,817,000 4,235,000 1,626,000 1,071,000 2,806,000 1,866,000 2,316,000 2,590,000 2,022,000 3,931,000 3,662,000 1,891,000 3,354,000 9,176,000 1,377,000  
        other accrued costs and current liabilities
      		69,776,000  4,942,000 7,006,000 7,354,000  4,829,000 6,013,000 5,986,000  9,331,000 3,603,000 9,136,000  2,395,000 2,076,000 2,390,000  2,364,000 2,148,000               
        total current liabilities
      		110,156,000 98,351,000 90,146,000 91,057,000 91,877,000 102,208,000 87,093,000 74,533,000 82,582,000 77,982,000 71,180,000 69,357,000 391,080,000 363,922,000 360,670,000 348,160,000 341,240,000 378,245,000 54,251,000 51,412,000 54,610,000 71,699,000 105,413,000 58,464,000 47,635,000 45,344,000 46,685,000 46,549,000 43,244,000 32,786,000 31,617,000 31,008,000 17,167,000  
        operating lease liability, less current portion
      		24,680,000 27,210,000 29,686,000 32,110,000 34,449,000 36,673,000 38,850,000 40,981,000 43,034,000 44,981,000      55,525,000 57,086,000 58,554,000 59,990,000 61,396,000 62,916,000 64,175,000 65,407,000 66,612,000 67,793,000 68,865,000 69,915,000 70,911,000 71,412,000      
        finance lease liability, less current portion
      		5,508,000 5,532,000 5,554,000 5,577,000 5,598,000 5,615,000 5,631,000                            
        liability related to the revenue participation right agreement
      		199,581,000                                  
        total liabilities
      		339,925,000 131,093,000 129,424,000 139,188,000 148,657,000 144,496,000 135,518,000 115,514,000 125,616,000 122,963,000 118,446,000 118,909,000 442,638,000 417,812,000 416,303,000 408,014,000 402,931,000 441,871,000 437,689,000 437,110,000 442,505,000 453,749,000 187,756,000 145,170,000 150,554,000 158,341,000 164,781,000 162,431,000 159,948,000 115,139,000 83,296,000 81,783,000 74,925,000 20,925,000 
        commitments and contingencies
      		                                  
        stockholders' equity:
      		                                  
        convertible preferred stock, 0.01 par value...
      		                                  
        common stock, 0.01 par value...
      		1,913,000 1,888,000 1,793,000 1,783,000 1,778,000 1,768,000 1,764,000 1,757,000 1,751,000 1,711,000 1,707,000 1,700,000 1,694,000 1,686,000 1,564,000 1,558,000 1,554,000 1,548,000 1,545,000 1,541,000 1,537,000 1,531,000 1,524,000 1,385,000 1,382,000 1,288,000 1,286,000 1,283,000 1,279,000 1,273,000 1,266,000 1,259,000 1,252,000  
        additional paid-in capital
      		3,104,838,000 3,062,715,000 2,846,278,000 2,820,404,000 2,790,825,000 2,764,880,000 2,735,433,000 2,704,992,000 2,673,033,000 2,144,811,000 2,114,013,000 2,083,951,000 2,048,297,000 2,018,617,000 1,693,901,000 1,664,174,000 1,635,840,000 1,608,238,000 1,580,988,000 1,556,679,000 1,528,504,000 1,503,660,000 1,480,315,000 1,041,303,000 1,025,408,000 818,803,000 807,875,000 798,277,000 781,966,000 774,158,000 766,799,000 760,605,000 754,438,000  
        accumulated other comprehensive income
      		-682,000 682,000 1,101,000 939,000 2,037,000 2,020,000 5,529,000 -2,659,000 -1,296,000 643,000            -245,000 11,000 551,000 835,000 350,000 562,000 879,000 332,000      
        accumulated deficit
      		-2,179,971,000 -2,051,524,000 -1,922,975,000 -1,796,073,000 -1,671,954,000 -1,538,984,000 -1,424,231,000 -1,317,039,000 -1,218,013,000 -1,116,211,000 -996,738,000 -897,385,000 -1,080,768,000 -970,987,000 -872,309,000 -769,010,000 -710,216,000 -644,996,000 -569,735,000 -485,147,000 -424,456,000 -354,415,000 -599,300,000 -541,072,000 -482,314,000 -425,551,000 -371,526,000 -325,266,000 -266,929,000 -227,937,000 -305,470,000 -270,099,000 -215,375,000 -191,697,000 
        total stockholders' equity
      		926,098,000  926,197,000 1,027,053,000 1,122,686,000  1,318,495,000 1,387,051,000 1,455,475,000  1,118,331,000 1,186,825,000 966,706,000  811,303,000 884,448,000 917,927,000  1,012,277,000 1,072,705,000 1,105,353,000  882,550,000 502,167,000 545,311,000  438,197,000 475,173,000 516,648,000  461,179,000 490,272,000   
        total liabilities and stockholders’ equity
      		1,266,023,000 1,144,854,000 1,055,621,000 1,166,241,000 1,271,343,000 1,374,180,000 1,454,013,000 1,502,565,000 1,581,091,000 1,153,917,000 1,236,777,000 1,305,734,000 1,409,344,000 1,460,242,000 1,227,606,000 1,292,462,000 1,320,858,000 1,404,162,000 1,449,966,000 1,509,815,000 1,547,858,000 1,604,280,000 1,070,306,000 647,337,000 695,865,000 553,231,000 602,978,000 637,604,000 676,596,000 661,984,000 544,475,000 572,055,000 613,953,000  
        liabilities and stockholders’ equity
      		                                  
        accrued expenses and other current liabilities
      		 95,021,000    91,071,000    68,499,000    66,691,000    53,165,000    47,145,000    24,015,000         
        stockholders’ equity:
      		                                  
        total stockholders’ equity
      		 1,013,761,000    1,229,684,000    1,030,954,000    1,042,430,000    962,291,000    1,150,531,000    394,890,000    546,845,000   539,028,000 465,796,000 
        accrued compensation
      		  18,358,000 12,068,000 7,655,000  14,874,000 9,555,000 8,053,000  16,344,000 10,256,000 7,365,000  13,253,000 8,315,000 5,844,000  10,534,000 6,295,000 4,963,000  9,010,000 5,531,000 3,910,000  7,528,000 4,092,000 3,213,000 9,952,000 4,847,000 2,751,000 1,994,000  
        accrued clinical and other research and development costs
      		  23,355,000 23,379,000 27,908,000  23,923,000                            
        accrued manufacturing costs
      		  5,002,000 9,028,000 14,579,000  9,568,000 7,111,000 16,720,000  12,421,000 17,263,000 19,959,000  16,732,000 17,929,000 11,366,000  13,142,000 13,052,000 13,342,000              
        operating lease liability, current
      		  9,164,000 8,871,000 8,585,000  8,036,000 7,771,000 7,512,000       5,871,000 5,659,000  5,252,000 5,055,000 4,876,000  4,508,000 4,330,000 4,121,000          
        deferred research and development funding liability, current
      		  22,580,000 19,861,000 17,338,000  16,269,000                            
        deferred research funding and development liability, less current portion
      		  4,038,000 10,444,000 16,733,000  3,944,000                            
        accrued clinical and other research & development costs
      		       19,915,000 19,956,000  14,534,000 15,120,000 47,571,000  21,701,000 16,429,000 19,283,000  13,380,000 11,434,000               
        deferred research funding liability
      		       10,232,000                           
        deferred research funding liability, current
      		        12,500,000                          
        cost sharing payments due to related party
      		          10,354,000 6,976,000 8,538,000 4,388,000 1,443,000  2,713,000                  
        related party contract liability, current
      		             290,053,000   290,627,000 292,386,000 3,438,000 3,438,000 3,569,000 3,569,000             
        related party contract liability, less current portion
      		             479,000   828,000 1,295,000 291,434,000 292,293,000 292,956,000 293,849,000             
        other non-current liabilities
      		          379,000 379,000 379,000 379,000 379,000 379,000 379,000 379,000 701,000 701,000 701,000 701,000 379,000 379,000 379,000 379,000 386,000 408,000 440,000 471,000 124,000 156,000 188,000  
        operating lease right-of-use assets
      		          26,750,000 27,417,000 28,049,000 30,437,000 31,271,000                    
        operating lease liabilities, current
      		          7,014,000 6,774,000 6,539,000  7,068,000                    
        related-party contract liability, current
      		           845,000 289,757,000  290,516,000 290,424,000                   
        related-party contract liability, less current portion
      		           422,000 633,000  276,000 552,000                   
        operating lease liabilities, less current portion
      		          46,887,000 48,751,000 50,546,000 53,032,000 54,978,000                    
        accumulated other comprehensive loss
      		          -651,000 -1,441,000 -2,517,000 -6,886,000 -11,853,000 -12,274,000 -9,251,000 -2,499,000 -521,000 -368,000 -232,000         -649,000 -1,416,000 -1,493,000 -1,287,000  
        cost sharing reimbursements due from related party
      		               357,000  1,226,000 1,194,000 1,567,000 2,511,000 5,674,000             
        contract liabilities, current
      		              23,000   27,915,000 1,324,000 5,755,000 12,886,000 19,914,000             
        contract liabilities, less current portion
      		               3,398,000 3,398,000 3,398,000 31,313,000 31,308,000 31,322,000 23,325,000 16,557,000 19,715,000 34,747,000 43,753,000 47,795,000 44,563,000 44,852,000      
        accounts receivable
      		                   15,218,000               
        accrued clinical costs
      		                    5,049,000  4,689,000 4,179,000 5,349,000          
        other accruals and other current liabilities
      		                    8,299,000  11,531,000 8,424,000 7,265,000          
        related party contract liability
      		                      44,854,000            
        other contract liabilities
      		                      28,015,000            
        contract liabilities
      		                       34,134,000 24,674,000 18,739,000 18,185,000 22,598,000 23,148,000      
        deferred rent, less current portion
      		                             24,532,000 7,103,000 1,029,000 6,051,000  
        accrued liabilities
      		                          15,467,000 13,793,000 12,114,000 8,520,000 7,393,000 5,537,000 4,425,000  
        other current liabilities
      		                          3,483,000 2,135,000 1,107,000 380,000 138,000 47,000 63,000  
        contract liability
      		                             11,427,000 12,658,000 8,715,000 8,434,000  
        deferred rent
      		                             616,000 3,227,000 4,782,000 874,000  
        contract liability, less current portion
      		                             57,350,000 44,452,000 49,590,000 51,519,000  
        consolidated balance sheets data:
      		                                  
        cash, cash equivalents and marketable securities
      		                                 466,976,000 
        working capital
      		                                 395,443,000 
        convertible preferred stock
      		                                  
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 
                                         
          operating activities
        		                                 
          net loss
        		-128,447,000 -128,549,000 -126,902,000 -124,119,000 -132,970,000 -114,753,000   -101,802,000    -109,781,000  -103,299,000 -58,794,000 -65,220,000  -84,588,000 -60,691,000 -70,041,000  -58,228,000 -58,758,000 -56,763,000  -46,260,000 -58,337,000 -38,992,000  -35,371,000 -54,724,000 -23,678,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                                 
          depreciation and amortization
        		2,845,000 2,866,000 2,947,000 3,045,000 2,325,000 1,853,000 1,838,000 1,942,000 2,162,000 2,177,000 2,217,000 2,285,000 10,047,000 4,091,000 2,141,000 2,072,000 2,079,000 2,094,000 2,187,000 2,204,000 2,108,000 2,121,000 2,156,000 2,145,000 2,109,000 2,055,000 1,890,000 1,643,000 2,403,000 2,379,000    
          stock–based compensation expense
        		23,087,000  25,135,000 25,387,000 25,160,000  24,860,000 25,100,000 27,840,000  27,460,000 26,570,000 28,084,000  24,579,000 23,936,000 26,145,000  20,998,000 21,136,000 21,028,000  13,252,000 12,484,000 10,785,000  8,901,000 13,714,000 6,874,000  5,510,000   
          net accretion of discounts on marketable securities
        		-1,259,000 -1,642,000 -2,026,000 -2,697,000 -3,888,000 -6,165,000 -8,378,000                           
          non-cash adjustment to operating lease expense
        		-1,144,000 -1,145,000 -1,144,000 -1,112,000 -1,049,000 -1,049,000 -1,049,000 -1,019,000 -957,000 -957,000 -957,000 -928,000 -877,000 -863,000 -865,000 -840,000 -783,000 -783,000 -782,000 -728,000 -691,000 -691,000 -691,000           
          right-of-use asset amortization for finance lease
        		916,000 916,000 915,000 911,000 887,000 766,000                            
          other non-cash items
        		294,000             12,000 46,000      -2,000 20,000 57,000 14,000 -53,000 76,000 -114,000       
          changes in operating assets and liabilities:
        		                                 
          prepaid expenses and other current assets
        		-2,291,000 1,747,000 1,363,000 24,957,000 -28,607,000                             
          other non-current assets
        		-700,000 -533,000 -1,717,000 3,965,000 -943,000 1,781,000                            
          accounts payable
        		3,875,000 -3,408,000 -4,069,000 2,596,000 -2,639,000 1,286,000 -4,372,000 3,888,000 635,000 -2,081,000 -3,960,000 4,774,000 3,698,000 -1,715,000 1,902,000 839,000 1,248,000 -78,000 782,000 2,378,000 623,000 -1,770,000 891,000 -452,000 -292,000 567,000 -837,000 -662,000 1,965,000 -1,761,000 -5,859,000 8,045,000 -951,000 
          accruals and other current liabilities
        		-22,395,000 12,727,000 1,889,000 -7,674,000 -6,477,000 11,287,000 14,246,000 -10,477,000 2,321,000 14,313,000 734,000 -32,209,000 19,810,000 4,027,000 9,332,000 5,865,000 -8,306,000 7,768,000 6,491,000 1,277,000 -10,804,000 17,226,000 7,095,000 1,612,000 -3,827,000         
          deferred research and development funding liability
        		-5,985,000 -5,517,000 -3,687,000                               
          net cash from operating activities
        		-131,204,000 -98,538,000 -107,296,000 -75,298,000 -131,468,000 -83,715,000 -59,139,000 -91,220,000 -113,620,000 -98,657,000 -87,363,000 -113,169,000 -58,802,000 -72,663,000 -57,046,000 -42,898,000 -72,109,000 -65,494,000 -41,434,000 -54,221,000 -50,240,000 513,915,000 86,000 -43,357,000 -54,492,000 -47,643,000 -30,435,000 -43,175,000 -30,323,000 93,185,000 -34,822,000 -41,824,000 33,577,000 
          capital expenditures
        		-2,466,000 -1,524,000 1,378,000 -4,278,000 -5,078,000 -5,092,000 -3,884,000 -4,786,000 -2,150,000 -2,235,000 -2,068,000 -5,850,000 -2,786,000 -4,849,000 -6,050,000 -2,893,000 -4,041,000 -3,053,000 -1,875,000 -772,000 -2,800,000 -1,195,000 -706,000 -315,000 -879,000 0 -2,847,000 -10,271,000 -2,028,000 -1,437,000 -847,000 -572,000 -537,000 
          free cash flows
        		-133,670,000 -100,062,000 -105,918,000 -79,576,000 -136,546,000 -88,807,000 -63,023,000 -96,006,000 -115,770,000 -100,892,000 -89,431,000 -119,019,000 -61,588,000 -77,512,000 -63,096,000 -45,791,000 -76,150,000 -68,547,000 -43,309,000 -54,993,000 -53,040,000 512,720,000 -620,000 -43,672,000 -55,371,000 -47,643,000 -33,282,000 -53,446,000 -32,351,000 91,748,000 -35,669,000 -42,396,000 33,040,000 
          investing activities
        		                                 
          purchases of marketable securities
        		-123,074,000 -252,708,000 -50,629,000 0 -137,926,000 -173,701,000 -100,461,000 -121,645,000 -834,157,000 -413,718,000 -498,141,000 -378,127,000 -523,714,000 -486,710,000 -122,870,000 -141,123,000 -364,337,000 -231,447,000 -344,195,000 -384,191,000 -463,105,000 -597,945,000 -363,916,000 -170,452,000 -153,155,000  -75,110,000 -34,219,000 -109,810,000     
          maturities and sales of marketable securities
        		220,000,000  107,081,000 162,213,000 161,752,000  198,000,000 225,000,000 383,120,000 489,000,000 601,118,000 552,044,000 433,785,000 364,000,000 144,339,000 232,647,000 250,500,000 193,750,000 293,062,000 482,500,000 440,500,000 231,800,000 152,500,000 140,356,000 140,701,000    103,791,000 97,327,000 84,525,000 64,750,000 27,299,000 
          purchases of property and equipment
        		-2,466,000 -1,524,000 1,378,000 -4,278,000 -5,078,000 -5,092,000 -3,884,000 -4,786,000 -2,150,000 -2,235,000 -2,068,000 -5,850,000 -2,786,000 -4,849,000 -6,050,000 -2,893,000 -4,041,000 -3,053,000 -1,875,000 -772,000 -2,800,000 -1,195,000 -706,000 -315,000 -879,000  -2,847,000 -10,271,000 -2,028,000     
          net cash from investing activities
        		94,460,000 20,768,000 57,830,000 157,935,000 18,748,000 172,207,000 93,655,000 98,569,000 -453,187,000 73,047,000 100,909,000 168,067,000 -92,715,000 -127,559,000 15,419,000 88,631,000 -117,878,000 -40,750,000 -53,008,000 97,537,000 -25,405,000 -367,340,000 -212,122,000 -30,411,000 -13,333,000 42,385,000 49,493,000 63,881,000 -8,047,000 -61,403,000 44,727,000 30,528,000 -301,274,000 
          financing activities
        		                                 
          proceeds from underwriter exercising option to purchase common stock, net of issuance costs
        		12,366,000                                 
          proceeds from sale of revenue participation right
        		200,000,000                                 
          proceeds from exercise of awards under equity incentive plans
        		6,695,000 3,224,000 583,000 4,057,000 595,000 4,155,000 5,456,000 6,756,000 1,022,000 4,705,000 2,492,000 9,019,000 1,604,000 3,436,000 5,154,000 4,402,000 1,463,000 5,168,000 3,315,000 7,043,000 3,822,000 9,522,000 5,753,000 3,415,000 1,965,000 2,034,000 679,000 2,569,000 908,000  658,000   
          payments for finance lease right-of-use asset
        		-17,000 -16,000 -1,361,000 -2,434,000 -4,357,000 -8,323,000                            
          net cash from financing activities
        		219,044,000 192,133,000 -778,000 1,623,000 -3,762,000 -4,168,000 -18,559,000 6,756,000 500,275,000 4,705,000 2,492,000 9,019,000 1,604,000 299,651,000 5,154,000 4,402,000 1,463,000 5,168,000 3,315,000 7,043,000 3,822,000 9,522,000 425,899,000 3,415,000 195,913,000 2,034,000 679,000 2,569,000 908,000 1,690,000 658,000 1,432,000 93,239,000 
          net increase in cash, cash equivalents and restricted cash
        		182,300,000                 -101,076,000 -91,127,000 50,359,000 -71,823,000 156,097,000 213,863,000 -70,353,000 128,088,000 -3,224,000        
          cash, cash equivalents and restricted cash at beginning of period
        		208,432,000  0 0 176,535,000  0 0 128,681,000  0 0 219,544,000  0 0 294,977,000  0 0 508,644,000  0 0 80,949,000  0 0 78,623,000  0 0 218,910,000 
          cash, cash equivalents and restricted cash at end of period
        		390,732,000  -50,244,000 84,260,000 60,053,000  15,957,000 14,105,000 62,149,000  16,038,000 63,917,000 69,631,000  -36,473,000 50,135,000 106,453,000  -91,127,000 50,359,000 436,821,000  213,863,000 -70,353,000 209,037,000  19,737,000 23,275,000 41,161,000  10,563,000 -9,864,000 44,452,000 
          supplemental disclosures of cash flow information
        		                                 
          payment due on intangible asset acquired
        		36,000,000                                 
          stock-based compensation expense
        		                                2,925,000 
          non-cash gain from divestiture of small molecule programs
        		     0 0 0 -14,537,000                         
          related party contract liability
        		                -2,226,000 -1,191,000 -860,000 -794,000 -892,000 252,564,000            
          other non-current liabilities
        		                                 
          maturities of marketable securities
        		                          127,450,000       
          proceeds from issuance of common stock and pre-funded warrants, net of issuance costs of 480
        		                                 
          proceeds from public offering of common stock and pre-funded warrants, net of issuance costs of 728
        		                                 
          issuance costs related to the royalty financing
        		                                 
          cash, cash equivalents and restricted cash at beginning of year
        		                                 
          cash, cash equivalents and restricted cash at end of year
        		                                 
          equity consideration received in the divestiture of small molecule programs
        		     0 0 0 15,000,000                         
          increase in right-of-use asset due to lessor assets
        		     0                            
          right-of-use asset obtained in exchange for new finance lease liabilities
        		    2,876,000                             
          property and equipment purchases accrued but not yet paid
        		    488,000 929,000 35,000 -1,719,000 1,947,000 -5,677,000 5,655,000 -5,500,000 6,075,000 1,180,000 -37,000 207,000 114,000 564,000 -200,000   35,000 30,000    -662,000 593,000 1,569,000 298,000   246,000 
          cash paid for finance lease interest
        		    181,000 181,000                            
          issuance costs incurred but not yet paid
        		        394,000                         
          cash paid during the year for income taxes
        		                                 
          net decrease in cash, cash equivalents and restricted cash
        		  -50,244,000 84,260,000 -116,482,000  15,957,000 14,105,000 -66,532,000 -20,905,000 16,038,000 63,917,000 -149,913,000  -36,473,000 50,135,000 -188,524,000           23,275,000 -37,462,000    -174,458,000 
          deferred research and development funding liability, less current portion
        		    16,733,000                             
          prepaid expenses and other assets
        		       -1,570,000 -18,766,000 -6,004,000 87,000 3,612,000 -1,789,000 -1,374,000 13,365,000 -15,993,000 1,242,000 -20,914,000 16,104,000 -14,356,000 6,301,000 -14,388,000 25,000 6,248,000 -2,454,000 863,000 3,108,000 -145,000 2,849,000 -12,911,000 -3,661,000 -105,000 -1,613,000 
          contract liabilities
        		             -23,000 -3,375,000 0 -27,915,000 -1,324,000 -4,426,000 -7,144,000 969,000 -1,333,000 -9,276,000 -5,575,000 -3,069,000  -1,181,000 -839,000 -777,000     
          proceeds from public offering of common stock, net of issuance costs
        		                     0 0 0 193,948,000         
          related-party contract liability
        		          -1,268,000 -289,123,000 -141,000  -184,000                   
          proceeds from issuance of common stock and pre-funded warrants, net of issuance costs of 480k
        		      0 0 499,253,000                         
          non-cash recognition of new finance lease
        		                                 
          cash paid during the period for income taxes
        		          0 0 4,000                     
          net income
        		                                 
          net amortization of premiums and (discounts) on marketable securities
        		        -10,516,000 -12,243,000 -12,323,000 -11,533,000 -7,853,000                -1,317,000     
          adjustments to reconcile net income to net cash from operating activities:
        		                                 
          proceeds from issuance of common stock in connection with collaboration agreements
        		                                 
          net amortization of premiums on marketable securities
        		              -688,000 491,000 1,627,000                 
          tenant improvements provided by the landlord
        		                         0 2,000 0 11,341,000 10,197,000    
          net amortization of discounts on marketable securities
        		                   2,495,000 1,161,000  -49,000 -418,000 -607,000  -1,298,000       
          deferred rent
        		                             4,620,000 157,000 -1,114,000 -225,000 
          payments of issuance costs related to issuance for common stock
        		                             0 0   
          payments of issuance costs related to issuance for preferred stock
        		                             0 0   
          proceeds from issuance of common stock in connection with the biogen stock purchase agreement
        		                                 
          non-cash operating lease expense
        		                        321,000         
          operating lease liability
        		                        -642,000         
          net amortization of (discounts) and premiums on marketable securities
        		                                 
          accrued and other current liabilities
        		                         -1,376,000 4,763,000 2,706,000 -4,593,000 6,474,000 4,042,000 1,854,000 -3,257,000 
          contract liability
        		                             11,667,000 -1,195,000 -1,648,000 59,953,000 
          purchase of marketable securities
        		                             -157,293,000 -38,951,000 -33,650,000 -328,036,000 
          purchase of property and equipment
        		                             -1,437,000 -847,000 -572,000 -537,000 
          issuance of common stock in connection with the takeda collaboration agreement
        		                                 
          proceeds from issuance of common stock, net of issuance costs
        		                                 
          proceeds from issuance of convertible preferred stock, net of issuance costs
        		                                 
          deferred ipo costs incurred but not yet paid
        		                                 
          convertible preferred stock issuance costs incurred but not yet paid
        		                                 
          non-cash rent expense
        		                          593,000 475,000 1,265,000     
          gain on disposal of property and equipment
        		                              0 8,000 -44,000 
          payments of issuance costs related to issuance of common stock
        		                                -1,342,000 
          payments of issuance costs related to issuance of preferred stock
        		                                -44,000 
          (gain) loss on disposal of property and equipment
        		                                 
          fair value of common stock issued in connection with asset acquisition
        		                                 
          purchase of other investments
        		                                 
          proceeds from exercise of common stock options
        		                                219,000 
          net increase in cash and cash equivalents
        		                                 
          net amortization of premiums and discounts on marketable securities
        		                              -772,000 -705,000 -387,000 
          issuance of common stock in connection with collaboration agreement
        		                              0 0 94,406,000 
          deferred ipo costs accrued but not yet paid
        		                                 
          depreciation
        		                               1,855,000 854,000 
          non-cash interest expense
        		                                 
          net amortization of premiums and discount on marketable securities
        		                                 
          loss on disposal of property and equipment
        		                                 
          restricted cash
        		                                 
          non-current liabilities
        		                                 
          proceeds from convertible promissory note received from a related party
        		                                 
          cash and cash equivalents at beginning of year
        		                                 
          cash and cash equivalents at end of year
        		                                 
          conversion of convertible promissory note and interest into convertible preferred stock