Denali Therapeutics Inc. (DNLI) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

SA Transcripts 162.21K Followers Follow Denali Therapeutics Inc. ( DNLI ) Morgan Stanley 24th Annual Global Healthcare Conference September 14, 2026 4:05 PM EDT Company Participants Ryan Watts - Co-Founder, President, CEO & Director Conference Call Participants Sean Laaman - Morgan Stanley, Research Division Presentation Sean Laaman Morgan Stanley, Research Division Good afternoon, everyone. I'm Sean Laaman, Head of U.S. SMID-Cap Biotech Equity Research here at Morgan Stanley, and welcome to our Global Healthcare Conference. Before we begin, make you aware of some important disclosures, and for those disclosures, visit our website at www.morganstanley.com/researchdisclosures. If you do have any questions, please reach out to your Morgan Stanley sales representative. For this session, we have the pleasure to host from Denali Therapeutics, their CEO, Ryan Watts. Thank you, and pleasure to host you. Ryan Watts Co-Founder, President, CEO & Director Great. Great to be here. Yes. Question-and-Answer Session Sean Laaman Morgan Stanley, Research Division A couple of macro questions to begin with, Ryan. We were just debating it then, like how's the rise of China-originated innovation changing, if at all, your competitive positioning and your R&D and BD playbook? Ryan Watts Co-Founder, President, CEO & Director Yes, I mean, I think that it's a great question, and it's a relevant question, and it's a question that we ask at really 2 levels. One is a biotech community, and specifically here in the U.S., how do we view China from a competitive perspective, and then, in our case, talking about it around invention and the blood-brain barrier specifically. And I think there's varying views, and I often refrain from talking too much about my general feelings about either politics or regional considerations, but I will say that my general impression is that competition is almost always considered, in my opinion, a good thing, because it will ultimately lead to the very best medicines for patients and the more competition there is, the more invention there is