Denali Therapeutics (DNLI) Morgan Stanley 24th Annual Global Healthcare Conference summary

Competitive landscape and innovation

• Increased competition from China is expected to drive innovation in blood-brain barrier technologies, ultimately benefiting patients.

• The field has evolved from few players to widespread pursuit by pharma, biotech, and academia as new therapies show promise.

• Staying ahead requires continuous invention and a strong scientific foundation, with competition seen as a positive force.

AI adoption and operational strategy

• AI is leveraged to improve efficiency and consistency, especially in repetitive or bias-prone tasks across preclinical and clinical settings.

• AI is widely used and encouraged internally, though its impact on fundamental discovery is limited by available biological data.

Policy and manufacturing decisions

• Onshoring manufacturing in the U.S. was chosen to reduce costs, increase flexibility, and address tariff impacts.

• In-house manufacturing supports unique biologics production and enables faster, more adaptable product launches.