Crinetics Pharmaceuticals(CRNX) - 2025 Q3 - Quarterly Results

Financial Performance - Revenues for Q3 2025 were $0.1 million, all derived from the paltusotine licensing agreement, compared to no revenues in Q3 2024[11] - The net loss for Q3 2025 was $130.1 million, compared to a net loss of $76.8 million in Q3 2024[11] - Crinetics' accumulated deficit reached $1.29 billion as of September 30, 2025[16] Expenses - Research and development expenses increased to $90.5 million in Q3 2025 from $61.9 million in Q3 2024, primarily due to a $10.9 million rise in personnel costs and a $10.2 million increase in clinical and manufacturing activities[11] - Selling, general and administrative expenses rose to $52.3 million in Q3 2025 from $25.9 million in Q3 2024, driven by a $10.2 million increase in personnel costs and a $12.0 million rise in outside services costs[11] - Cash, cash equivalents, and investments totaled $1.1 billion as of September 30, 2025, down from $1.4 billion as of December 31, 2024, with a projected cash burn of $340-370 million for 2025[11] Product Developments - Palsonify was approved by the FDA on September 25, 2025, for the treatment of adults with acromegaly, with over 95% of top priority healthcare providers contacted[5][11] - Approximately 95% of filled prescriptions for Palsonify are from switch patients, with 50% of prescriptions reimbursed[5] - Crinetics expects to randomize the first patients in the CAREFNDR Phase 3 trial of paltusotine in carcinoid syndrome in Q4 2025[6] - The company anticipates sharing glucocorticoid reduction data from the Phase 2 study of atumelnant in early 2026[6]