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Crinetics Pharmaceuticals(CRNX) - 2024 Q3 - Quarterly Results
CRNXCrinetics Pharmaceuticals(CRNX)2024-11-12 21:08

Drug Development - Submitted New Drug Application (NDA) for paltusotine for the treatment of acromegaly, with FDA notification expected in December 2024[3] - The company has four new drug candidates currently in IND-enabling studies, with plans for clinical development in 2025[4] - Anticipates additional data from the Phase 2 study of atumelnant in congenital adrenal hyperplasia (CAH) by early 2025[4] - Plans to finalize a Phase 3 protocol and initiate site startup activities for paltusotine in carcinoid syndrome by the end of 2024[4] - The first-in-human enabling studies for a TSH antagonist candidate have commenced, with an IND filing expected in 2025[3] Financial Performance - Completed an upsized public offering of common stock for gross proceeds of 575million,strengtheningthecompany′sbalancesheet[3]−Researchanddevelopmentexpensesincreasedto575 million, strengthening the company's balance sheet[3] - Research and development expenses increased to 61.9 million for Q3 2024, up from 43.8millioninQ32023,primarilyduetohigherpersonnelandmanufacturingcosts[5]−Generalandadministrativeexpensesroseto43.8 million in Q3 2023, primarily due to higher personnel and manufacturing costs[5] - General and administrative expenses rose to 25.9 million for Q3 2024, compared to 15.5millionforthesameperiodin2023,drivenbyincreasedpersonnelandoutsideservicescosts[5]−NetlossforQ32024was15.5 million for the same period in 2023, driven by increased personnel and outside services costs[5] - Net loss for Q3 2024 was 76.8 million, compared to a net loss of 57.5millioninQ32023[5]−Cash,cashequivalents,andinvestmentsecuritiestotaled57.5 million in Q3 2023[5] - Cash, cash equivalents, and investment securities totaled 862.7 million as of September 30, 2024, compared to $558.6 million as of December 31, 2023[5]