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Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) - A Promising Endocrine-Focused Pharmaceutical Company
Published on September 24, 2024 | Ticker: CRNX

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) is a clinical-stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. The company has built an impressive pipeline of oral nonpeptide (small molecule) new chemical entities that target peptide G protein-coupled receptors (GPCRs) to treat a variety of endocrine diseases.

Business Overview

Crinetics was founded in 2008 and is headquartered in San Diego, California. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 (SST2) agonist designed for the treatment of acromegaly and carcinoid syndrome associated with neuroendocrine tumors (NETs). Acromegaly is a rare condition caused by excess growth hormone production, while carcinoid syndrome is a set of symptoms caused by hormones secreted from NETs.

In addition to paltusotine, Crinetics has a deep pipeline of product candidates, including CRN04894, an oral nonpeptide adrenocorticotropic hormone (ACTH) receptor antagonist in development for congenital adrenal hyperplasia (CAH) and Cushing's disease. The company is also advancing programs targeting the parathyroid hormone (PTH) receptor, the thyroid-stimulating hormone receptor (TSHR), and other endocrine pathways.

Crinetics has a strong focus on endocrinology, leveraging its expertise in peptide GPCRs to develop novel therapeutics that address significant unmet medical needs. The company's strategy is to progress its pipeline of product candidates through clinical development and regulatory approval, with the goal of building a premier, fully integrated endocrine-focused pharmaceutical company.

Financials

Crinetics has not yet generated any revenue from product sales, as its product candidates are still in clinical development. The company's revenue has been primarily derived from research grants and licensing agreements, including a $13 million upfront payment from its 2022 licensing agreement with Sanwa Kagaku Kenkyusho Co., Ltd. for the development and commercialization of paltusotine in Japan.

For the full year 2023, Crinetics reported revenue of $4.0 million, compared to $2.7 million in the prior year. The increase in revenue was primarily due to the recognition of a portion of the upfront payment from the Sanwa Kagaku Kenkyusho Co., Ltd. licensing agreement.

The company's net loss for the full year 2023 was $214.5 million, compared to a net loss of $174.2 million in the prior year. The increase in net loss was primarily due to higher research and development expenses as the company advanced its clinical programs, as well as increased general and administrative costs to support the growth of the organization.

Crinetics' annual operating cash flow for 2023 was -$166.3 million, and its annual free cash flow was -$171.0 million. The company's cash burn is expected to be approximately $50 million to $60 million per quarter for the remainder of 2024.

Liquidity

As of March 31, 2023, Crinetics had approximately $901.0 million in cash, cash equivalents, and investment securities, which the company believes is sufficient to fund its current operating plan into 2028. This includes plans to commercialize paltusotine for acromegaly, initiate multiple later-stage clinical trials in additional indications with paltusotine and CRN04894, and continue investing in the company's pipeline.

Clinical Pipeline and Milestones

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