Delaware | 001-38311 | 46-3872213 | ||
(State or other jurisdiction of | (Commission | (I.R.S. Employer | ||
incorporation) | File Number) | Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | ||
99.1 |
DENALI THERAPEUTICS INC. | |||
Date: | November 8, 2018 | By: | /s/ Steve E. Krognes |
Steve E. Krognes | |||
Chief Financial Officer |
• | Presented Phase 1 data and commenced recruitment for Phase 1b clinical trial for DNL201 – On October 25, 2018 detailed preclinical and clinical data from the DNL201 Phase 1 clinical trial in healthy volunteers were presented at the Michael J. Fox Foundation Parkinson's Disease Therapeutic Conference. The results met all endpoints and support testing DNL201 in patients. Patient recruitment has commenced for the DNL201 Phase 1b clinical trial in Parkinson’s disease patients with and without the LRRK2 mutation, with the first patient expected to be dosed in late 2018. |
• | Completed dosing in DNL747 Phase 1 clinical trial – In October 2018, dosing was completed in the DNL747 Phase 1 clinical trial in healthy volunteers. The data from this trial will be presented at the Denali 2018 R&D Day on December 10, 2018. |
• | Entered into a broad RIPK1 Collaboration Agreement with Sanofi – On October 29, 2018, Denali entered into a Collaboration and License Agreement with Genzyme Corporation, a wholly owned subsidiary of Sanofi S.A., to develop and commercialize therapeutic products to treat neurological and systemic inflammatory diseases by targeting RIPK1. Denali will receive an upfront fee of $125 million and contingent milestone payments that could exceed $1 billion. For products intended to treat neurological diseases, Denali and Sanofi will share development costs and commercial profits and losses in the United States and China, while Denali will receive a royalty from Sanofi for other territories. For products intended to treat systemic inflammatory diseases, Sanofi will pay all development costs and Denali will receive a royalty worldwide. The transaction is expected to close in the coming months in accordance with customary regulatory approvals. |
• | Appointed Jennifer Cook to the Board of Directors – On November 6, 2018 Jennifer Cook joined the Board of Directors as an independent director. Ms. Cook is the Chief Executive Officer of GRAIL. Previously, she was at Roche Pharmaceuticals and Genentech, where she held a number of senior management positions during a 25-year tenure, covering the full lifecycle of product development and commercialization. Ms. Cook holds a BA in Human Biology and an MS in Biology from Stanford University, as well as an MBA from the Haas School of Business at University of California, Berkeley. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Collaboration revenue | $ | 1,195 | $ | — | $ | 3,484 | $ | — | |||||||
Operating expenses: | |||||||||||||||
Research and development | 30,321 | 18,515 | 103,274 | 55,989 | |||||||||||
General and administrative | 8,838 | 3,773 | 21,304 | 10,611 | |||||||||||
Total operating expenses | 39,159 | 22,288 | 124,578 | 66,600 | |||||||||||
Loss from operations | (37,964 | ) | (22,288 | ) | (121,094 | ) | (66,600 | ) | |||||||
Interest and other income, net | 2,593 | 444 | 7,321 | 1,302 | |||||||||||
Net loss | $ | (35,371 | ) | $ | (21,844 | ) | $ | (113,773 | ) | $ | (65,298 | ) | |||
Net loss per share, basic and diluted | $ | (0.38 | ) | $ | (2.14 | ) | $ | (1.24 | ) | $ | (6.77 | ) | |||
Weighted average number of shares outstanding, basic and diluted | 93,665,231 | 10,231,036 | 92,056,812 | 9,643,686 |
September 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 43,651 | $ | 218,375 | |||
Short-term marketable securities | 331,307 | 187,851 | |||||
Prepaid expenses and other current assets | 8,445 | 3,381 | |||||
Total current assets | 383,403 | 409,607 | |||||
Long-term marketable securities | 142,173 | 60,750 | |||||
Property and equipment, net | 16,245 | 14,923 | |||||
Other non-current assets | 2,654 | 1,441 | |||||
Total assets | $ | 544,475 | $ | 486,721 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,354 | $ | 2,716 | |||
Accrued liabilities | 7,393 | 5,364 | |||||
Accrued compensation | 4,847 | 5,166 | |||||
Contract liability | 12,658 | — | |||||
Deferred rent | 3,227 | 855 | |||||
Other current liabilities | 138 | 63 | |||||
Total current liabilities | 31,617 | 14,164 | |||||
Contract liability, less current portion | 44,452 | — | |||||
Deferred rent, less current portion | 7,103 | 6,294 | |||||
Other non-current liabilities | 124 | 467 | |||||
Total liabilities | 83,296 | 20,925 | |||||
Total stockholders' equity | 461,179 | 465,796 | |||||
Total liabilities and stockholders’ equity | $ | 544,475 | $ | 486,721 |
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