Business
Denali Therapeutics Reports First Quarter 2020 Financial Results and Provides COVID-19 Response Update
SOUTH SAN FRANCISCO, May 07, 2020 (GLOBE NEWSWIRE) -- Denali Therapeutics Inc. (NASDAQ: DNLI), a biopharmaceutical company developing a broad portfolio of
About this update from Denali Therapeutics Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, May 07, 2020 (GLOBE NEWSWIRE) -- Denali Therapeutics Inc. (NASDAQ: DNLI), a biopharmaceutical company developing a broad portfolio of product candidates engineered to cross the blood-brain barrier (\"BBB\") for neurodegenerative diseases, today reported financial results for the first quarter ended March 31, 2020 and provided an update on the Company's response to COVID-19.\n “Our commitment to defeat degeneration for our patients remains undeterred and we are working tirelessly toward our goals, with key data and decisions on track for mid-year 2020, despite the challenging external environment imposed by the pandemic,” said Ryan Watts, Ph.D., CEO. “We are also looking forward to DNL310 clinical biomarker data in Hunter syndrome in late 2020, with the goal of validating our Transport Vehicle platform technology for brain uptake of biotherapeutics.” Denali provided a business update in response to the COVID-19 pandemic on April 2, 2020. There has been no significant change to the status of the Company's clinical trials since. Denali is continuously assessing and adapting its working practices and business operations to ensure compliance with official guidance and orders related to the pandemic. Furthermore, the Company is working proactively with its partners and other stakeholders in an effort to mitigate and minimize any negative impact to its research, clinical trials or other business operations. First Quarter 2020 Financial Results For the three months ended March 31, 2020, Denali reported a net loss of $56.8 million compared with a net loss of $39.0 million for the three months ended March 31, 2019. Collaboration revenue was $3.6 million for the three months ended March 31, 2020, compared to $4.2 million for the three months ended March 31, 2019. The decrease of $0.6 million in collaboration revenue was primarily due to a $2.9 million decrease in revenue from the collaboration with Sanofi, driven by lower revenue for retained activities as activities are transferred to Sanofi, partially offset by a $2.3 million increase in revenue from the collaboration with Takeda, driven by increased costs incurred in the programs partnered with Takeda. Total research and development expenses were $51.0 million for the three months ended March 31, 2020, compared to $37.4 million for the three months ended March 31, 2...