Pleasingly, Denali Therapeutics' total shareholder return last year was 45%. So this year's TSR was actually better than the three-year TSR (annualized) of 33%. The improving returns to shareholders suggests the stock is becoming more popular with time. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with Denali Therapeutics, and understanding them should be part of your investment process.