February 5, 2026 Analyst Call This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and they may be accompanied by such words as "anticipate," "believe," "could," "estimate," "expected," "forecast," "intend," "may," "plan," "potential," "possible," "future," "will" and other words and terms of similar meaning. All statements other than statements ...

Core Insights - Denali Therapeutics Inc. presented data on its Enzyme TransportVehicle™ (ETV) platform at the 22nd Annual WORLDSymposium™, showcasing its potential for delivering enzyme replacement therapies (ERT) for Hunter syndrome, Sanfilippo syndrome type A, and Pompe disease [1][2] Denali Therapeutics Overview - Denali is focused on developing biotherapeutics that can cross the blood-brain barrier using its proprietary TransportVehicle™ platform, aiming to address neurodegenerative and lysosomal storage diseases [19] Hunter Syndrome (MPS II) - Tividenofusp alfa (DNL310) showed significant reductions in cerebrospinal fluid heparan sulfate and urine heparan sulfate, with improvements in clinical endpoints maintained through Week 201 [3][6] - The Biologics License Application (BLA) for tividenofusp alfa is under Priority Review by the FDA, with a decision expected by April 5, 2026 [3][6] - A case study of two siblings with non-neuronopathic MPS II supports the therapy's potential to address the full disease spectrum [4] Sanfilippo Syndrome Type A (MPS IIIA) - DNL126 (ETV:SGSH) is fully enrolled in a Phase 1/2 study, showing an 80% mean reduction in cerebrospinal fluid heparan sulfate and an 83% reduction in urine heparan sulfate at Week 49 [5][8] - The FDA has indicated that cerebrospinal fluid heparan sulfate may serve as a surrogate endpoint for accelerated approval, with a BLA submission expected in 2027 [8][15] Pompe Disease - DNL952 (ETV:GAA) is in a Phase 1 clinical study designed to evaluate its safety and efficacy in late-onset Pompe disease, with preclinical data showing improved glycogen reduction compared to second-generation ERTs [9][17] - The study will assess various dose regimens and includes treatment-naïve patients [9] Regulatory and Developmental Progress - Denali is collaborating with regulatory authorities to advance its ETV platform and is preparing for the commercial launch of tividenofusp alfa [2][6] - The company is also planning a global Phase 3 confirmatory study for DNL126 [8][15]

Core Insights - Denali Therapeutics Inc. is set to present clinical and preclinical data from its Enzyme Transport Vehicle™ (ETV) programs at the 22nd Annual WORLDSymposium™ from February 2-6, 2026, showcasing the potential of ETV for delivering enzyme replacement therapies throughout the body, including the brain [1] Group 1: Clinical Data Presentations - Two oral presentations will cover follow-up data from the Phase 1/2 clinical study of tividenofusp alfa (DNL310) for Hunter syndrome (MPS II) and preliminary data from the ongoing Phase 1/2 study of DNL126 (ETV:SGSH) for Sanfilippo syndrome type A (MPS IIIA) [2][5] - The U.S. FDA is conducting a Priority Review of the Biologics License Application (BLA) for tividenofusp alfa, with a decision anticipated by April 5, 2026 [2] Group 2: Presentation Details - The platform presentations include a study on intravenous tividenofusp alfa for MPS II and preliminary results from the DNL126 study in children with MPS IIIA, both scheduled for February 5, 2026 [3] - Poster presentations will cover various topics, including a retrospective cohort study on unmet needs in Hunter syndrome, enhanced correction of skeletal muscle and brain pathology in a Pompe mouse model, and a case study involving a male sibling pair with MPS II [4][6] Group 3: Satellite Symposium - Denali will sponsor a satellite symposium titled "Transforming Patient Care in MPS II" on February 5, 2026, featuring expert speakers [7] Group 4: TransportVehicle™ Platform - Denali's TransportVehicle™ platform is designed to cross the blood-brain barrier, enabling the delivery of large therapeutic molecules, including antibodies and enzymes, to the brain, demonstrating significantly improved brain exposure compared to traditional methods [8] - The platform has been clinically validated, with five TV-enabled programs currently in clinical development [8] Group 5: Company Overview - Denali Therapeutics is a biotechnology company focused on developing biotherapeutics that can cross the blood-brain barrier, aiming to transform the lives of individuals with neurodegenerative and lysosomal storage diseases [9]

Key Objectives & Platform - Denali aims to transform lives by delivering biotherapeutics to the whole body, including the brain[11] - The company's TransportVehicle (TV) platform enables systemic delivery of biologics to the brain and other hard-to-target tissues[12, 24] - Denali's TransportVehicle has demonstrated best-in-class properties for brain delivery, modularity, and safety[50] Near-Term Commercial Opportunities - Denali anticipates launching tividenofusp alfa (DNL310) in 2026 and DNL126 in 2027, establishing a commercial foundation for the Enzyme TransportVehicle (ETV) franchise[13] - Tividenofusp alfa has a PDUFA target action date of April 5, 2026, for accelerated approval[61, 81] - The ETV franchise targets lysosomal storage disorders (LSDs), with a combined market opportunity exceeding $1 billion for MPS II and MPS IIIA[13, 107] Pipeline & Milestones - Denali has a broad clinical-stage pipeline, including programs for Alzheimer's disease, with several near-term milestones expected[14] - The company anticipates an approval decision for tividenofusp alfa, ETV:SGSH Phase 1/2 data, and initiation of Phase 1 studies for OTV:MAPT, ATV:Abeta, and ETV:GAA in the first half of 2026[16] - Denali is developing the next generation of enzyme replacement therapies designed to treat brain and body manifestations of serious genetic diseases[61, 64] Financial Position - Denali has a strong financial foundation with approximately $873 million in cash and investments as of Q3 2025, plus $488 million from royalty financing and an equity capital raise in December 2025[146]