Crinetics Pharmaceuticals(CRNX) - 2024 Q4 - Annual Results

Financial Performance - Crinetics Pharmaceuticals reported a net loss of $80.6 million for Q4 2024, compared to a net loss of$60.1 million in Q4 2023, and a full-year net loss of $298.4 million versus$214.5 million in 2023[6][14]. - The company had no revenues for Q4 2024, while total revenues for the full year were $1.0 million, down from$4.0 million in 2023, primarily from the paltusotine licensing agreement[6][8][14]. - Research and development expenses increased to $66.6 million for Q4 2024 and$240.2 million for the full year, compared to $45.6 million and$168.5 million in 2023, driven by higher personnel costs and increased clinical activities[6][14]. - Crinetics has strengthened its balance sheet and expects cash used in operations to be between $340 million and$380 million for 2025[8][14]. Cash Position - Crinetics has a strong cash position of $1.4 billion as of December 31, 2024, up from$558.6 million a year earlier, providing a runway into 2029[6][8][14]. Development Pipeline - The company expects to initiate four late-stage trials and additional early-stage trials from its development pipeline in 2025[1][3]. - The company plans to file four novel IND applications in 2025 for development candidates nominated in 2024[5][6]. Regulatory Milestones - The FDA has set a PDUFA target action date of September 25, 2025, for the NDA of paltusotine for the treatment of acromegaly[1][5]. Clinical Results - Positive topline results were reported for the Phase 2 study of atumelnant in congenital adrenal hyperplasia, showing significant reductions in A4 levels[7][14]. Leadership Changes - Crinetics appointed new leadership, including Toby Schilke as Chief Financial Officer and Isabel Kalofonos as Chief Commercial Officer, to strengthen its organization ahead of product launches[4][6].