SAN DIEGO, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) ("Crinetics" or the "Company"), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, announced today that it has agreed to sell 8,333,334 shares of its common stock at a price of $42.00 per share to a select group of institutional and accredited healthcare specialist investors in an oversubscr ...

Phase 3 PATHFNDR-2 Study Topline Results Expected in March 2024; Pending Results, NDA Submission in Acromegaly Anticipated 2H 2024 Announced a $350 Million Private Placement Equity Financing "As we reflect on our achievements in 2023, this was a truly significant year for Crinetics, laying the foundation for our next phase of growth," said Scott Struthers, Ph.D., founder and chief executive officer of Crinetics. "Our lead investigational compound, paltusotine, continues to demonstrate highly promising resul ...

SAN DIEGO, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) today announced that on February 10, 2024, the Compensation Committee of Crinetics' Board of Directors granted non-qualified stock option awards to purchase an aggregate of 73,000 shares of its common stock to nine new non-executive employees under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the "2021 Inducement Plan"). The stock options were granted as inducements material to ...

10. EQUITY INCENTIVE PLANS The Company adopted the 2021 Employment Inducement Incentive Award Plan (the "2021 Inducement Plan") in December 2021. The Company initially reserved 1,500,000 shares of the Company's common stock for issuance pursuant to awards granted under the 2021 Inducement Plan. The terms of the 2021 Inducement Plan are substantially similar to the terms of the Company's 2018 Incentive Award Plan with the exception that awards may only be made to an employee who has not previously been an em ...

Stock-Based Compensation - Crinetics Pharmaceuticals reported stock-based compensation expense of $10.175 million for the three months ended June 30, 2023, compared to $7.131 million for the same period in 2022, representing an increase of approximately 42.9%[23] - The company recognized total stock-based compensation expense of $18.271 million for the six months ended June 30, 2023, up from $12.886 million in the same period of 2022, reflecting a year-over-year increase of about 42.1%[23] - As of June 30, 2023, unrecognized stock-based compensation costs related to option awards, restricted stock units, and ESPP were $92.4 million, $15.2 million, and $2.8 million, respectively, expected to be recognized over 2.2 years, 3.5 years, and 1.4 years[23] Collaboration and Investments - In August 2023, the company exercised a warrant to purchase 3,407,285 shares of Radionetics common stock and invested $5.0 million to acquire 14,404,656 shares of preferred stock in Radionetics, increasing its ownership to approximately 63% of Radionetics common stock[24] - The company amended its Collaboration and License Agreement with Radionetics to include additional sales milestones of up to $15 million[24] - The company owns approximately 63% of Radionetics common stock and 25% of Radionetics preferred stock following recent transactions[51] - The Collaboration and License Agreement with Radionetics was amended to include additional sales milestones of up to $15 million, bringing total potential sales milestones to over $1.0 billion[51] Product Development and Pipeline - Paltusotine, the lead product candidate, targets a market where branded somatostatin peptide drugs generated approximately $2.8 billion in global sales in 2022 for treating acromegaly and neuroendocrine tumors[29] - The company focuses on developing oral nonpeptide therapeutics that target peptide GPCRs, aiming to improve treatment options for endocrine diseases[28] - The company has a pipeline of product candidates, including CRN04894, which is in clinical development for diseases of excess adrenocorticotrophic hormone, including Cushing's disease[28] - Paltusotine maintained IGF-1 levels in acromegaly patients for up to 103 weeks, comparable to prior injected SRL therapy[31] - Enrollment in the PATHFNDR-2 study was completed in August 2023 with a total of 112 subjects, including 46 treatment-naïve patients[31] - Topline data from the PATHFNDR-1 study is expected in September 2023, while data from PATHFNDR-2 is anticipated in Q1 2024[31] - CRN04894 demonstrated pharmacologic proof-of-concept with reductions in both basal cortisol and elevated cortisol following an ACTH challenge[32] - The Phase 2 study of CRN04894 in CAH patients was initiated after the IND was allowed to proceed in February 2023, with data expected in 2024[34] - CRN04777 showed dose-dependent suppression of insulin secretion in healthy volunteers, supporting its potential for once-daily administration[35] - The company is developing antagonists of the parathyroid hormone for the treatment of primary hyperparathyroidism and humoral hypercalcemia of malignancy, with a development candidate expected to be selected in 2023[36] Financial Performance - Revenues for the three months ended June 30, 2023, were $988 million, a 125% increase from $439 million in the same period of 2022[40] - Total operating expenses for the six months ended June 30, 2023, were $104.64 million, up from $80.44 million in the same period of 2022, representing a 30% increase[40] - Net loss for the three months ended June 30, 2023, was $50.98 million, compared to a net loss of $42.38 million for the same period in 2022, reflecting an increase of 20%[40] - Net loss per share for the three months ended June 30, 2023, was $(0.94), compared to $(0.81) for the same period in 2022[40] - For the six months ended June 30, 2023, the net loss was $96,974,000 compared to a net loss of $77,002,000 for the same period in 2022, representing a 26% increase in losses[54] - The company experienced a net cash used in operating activities of $86,453,000 for the six months ended June 30, 2023, compared to $41,519,000 for the same period in 2022, reflecting a 108% increase in cash outflow[54] - Net cash provided by investing activities was $80,191,000 for the six months ended June 30, 2023, compared to a net cash used of $217,655,000 in the prior year[54] - The company anticipates continuing to incur net losses for the foreseeable future due to ongoing operational costs[158] Research and Development Expenses - Research and development expenses for the three months ended June 30, 2023, were $40.64 million, up from $32.99 million in the same period of 2022, indicating a 23% increase[40] - The company incurred total research and development expenses of $40.64 million for the three months ended June 30, 2023, an increase of $7.645 million compared to $32.995 million for the same period in 2022[127] - Research and development expenses increased to $79.1 million for the six months ended June 30, 2023, up $17.9 million (29.2%) from $61.2 million in 2022[155] - The company anticipates a continued increase in research and development expenses as it advances product candidates and discovers new ones[143] Cash and Investments - As of June 30, 2023, the company had an accumulated deficit of $536.1 million and $264.5 million in unrestricted cash, cash equivalents, and investment securities, sufficient to meet funding requirements for at least the next 12 months[61] - Cash, cash equivalents, and investment securities totaled $264.5 million as of June 30, 2023, with an accumulated deficit of $536.1 million[158] - The company expects its existing capital resources and investment income to meet funding requirements for at least the next twelve months[164] Lease Obligations - The Company entered into a non-cancellable operating lease for a facility in San Diego with an initial term of seven years, expiring in August 2025, and an option to extend for an additional five years[102] - The future minimum lease payments under the 2022 Lease are expected to be $0.5 million per month, starting after a six-month rent abatement in the first year, with annual increases of 3%[102] - As of June 30, 2023, the Company's total future minimum lease payments under non-cancellable operating leases amounted to $2.779 million, with a total operating lease liability of $2.565 million[106] Revenue Recognition - The Company has generated revenue from licensing and supply agreement arrangements, recognizing revenues when promised goods or services are transferred to customers[81] - The Company evaluates the measure of progress for revenue recognition based on the cost-to-cost method, measuring progress based on the ratio of costs incurred to total estimated costs[77] - License revenues for 2023 were primarily derived from the Sanwa License and the Loyal License, with $0.4 million recognized from the Sanwa Clinical Supply Agreement during the three and six months ended June 30, 2023[139] Other Financial Information - Interest income for the three months ended June 30, 2023, was $2.11 million, compared to $0.72 million in the same period of 2022, marking a 194% increase[40] - Other income increased to $2.0 million for the three months ended June 30, 2023, compared to $0.7 million in 2022, a rise of 185.7%[154] - Other income, net, increased to $4.0 million for the six months ended June 30, 2023, compared to $0.9 million in 2022, a rise of $3.1 million (344.4%)[157] Legal and Compliance - The company maintains effective disclosure controls and procedures as of June 30, 2023, at a reasonable assurance level[170] - There have been no material changes to the risk factors since the last report[174] - The company is not currently involved in any material legal proceedings[173]

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 2 Condensed Consolidated Balance Sheets See the accompanying notes to these unaudited condensed consolidated financial statements. See the accompanying notes to these unaudited condensed consolidated financial statements. (In thousands) (Unaudited) 1. ORGANIZATION AND BASIS OF PRESENTATION Unaudited Interim Financial Information ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

SAFE HARBOR STATEMENT CRINETICS PHARMACEUTICALS | 2 First Phase 3 readout expected in 2023 Clinical POC in highly prevalent indications Multiple programs in late clinical development De-risk and Accelerate Time to POC with Crinetics' Endocrine GPCR Discovery and Development Engine CRINETICS PHARMACEUTICALS | 4 • Understanding the biology and medicine is key • Every GPCR is different • Every assay cascade is different • No one technique will solve every challenge • No checklist can capture what makes a compo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38583 Crinetics Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Delaware 26-3744114 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share CRNX Nasdaq Global Select Market FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share CRNX Nasdaq Global Select Market FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commi ...