Denali Therapeutics sold a priority review voucher for $195 million to support its neurodegenerative and lysosomal pipeline. The voucher was issued after FDA approval of Avlayah for Hunter syndrome in March 2026, and Denali plans to deploy the proceeds in connection with its TransportVehicle platform programs. Priority review vouchers (PRVs) can be used for an expedited FDA review of a subsequent drug or sold for non-dilutive capital. Denali described the sale as the latest step following a renewed PRV environment that has boosted the value of fast-pass instruments for rare-disease developers. The company intends to continue advancing multiple assets, including DNL126, DNL593, DNL952 and DNL628, among others, while scaling opportunities linked to blood-brain barrier delivery. For biotech finance, the deal highlights ongoing investor willingness to underwrite accelerated regulatory pathways—particularly where post-approval commercialization plans remain plausible.