Crinetics Pharmaceuticals Announces Pricing of Public Offering of Common Stock
Rhea-AI Summary
Crinetics Pharmaceuticals (Nasdaq: CRNX) priced an underwritten public offering of 7,620,000 common shares at $45.95 per share, generating gross proceeds of approximately $350 million. The underwriters have a 30-day option to purchase an additional 1,143,000 shares. The offering is expected to close on or about January 8, 2026, subject to customary closing conditions.
Crinetics intends to use net proceeds, together with existing cash and investments, to fund the commercial launch of PALSONIFY, research and development of product candidates, other research programs, general corporate purposes, and potentially in-license or acquire complementary assets, although no commitments currently exist. Joint bookrunning managers include Leerink Partners, J.P. Morgan, Evercore ISI, Piper Sandler, and Cantor; Baird is lead manager.
Positive
- Gross proceeds of approximately $350 million
- Funds allocated to PALSONIFY commercial launch and R&D
- Underwriters include major firms: Leerink, J.P. Morgan, Evercore ISI, Piper Sandler, Cantor
Negative
- Issuance of 7,620,000 new shares (plus 1,143,000 option) will dilute existing shareholders
- Net proceeds reduced by underwriting discounts, commissions, and offering expenses
News Market Reaction – CRNX
On the day this news was published, CRNX declined 4.63%, reflecting a moderate negative market reaction. Argus tracked a peak move of +16.9% during that session. Argus tracked a trough of -5.9% from its starting point during tracking. Our momentum scanner triggered 41 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $248M from the company's valuation, bringing the market cap to $5.12B at that time. Trading volume was very high at 3.3x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CRNX fell 4.63% while peers showed mixed moves (e.g., KYMR up 3.96%, APLS down 3.62%). This points to stock-specific pressure from the equity offering rather than a broad biotech move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 05 | Equity offering plan | Positive | +3.1% | Announced intent to raise <b>$350M</b> via underwritten common stock offering. |
| Jan 05 | Clinical data update | Positive | +3.1% | Reported strong PALSONIFY revenue traction and positive Phase 2 atumelnant results. |
| Jan 04 | Event announcement | Positive | +3.1% | Announced webcast to provide PALSONIFY update and Phase 2 topline data. |
| Dec 18 | Conference participation | Positive | +6.4% | Disclosed upcoming presentation at J.P. Morgan Healthcare Conference. |
| Dec 11 | Phase 3 trial start | Positive | +2.4% | First patient dosed in pivotal CALM-CAH <b>Phase 3</b> trial of atumelnant. |
Recent CRNX news events, including offerings and clinical updates, have generally coincided with positive next-day price reactions.
Over the past month, Crinetics has reported several milestones, including a proposed $350M equity offering, positive Phase 2 atumelnant data in CAH, and advancement into a Phase 3 CALM-CAH trial. It also announced participation in the 44th Annual J.P. Morgan Healthcare Conference. Each of these announcements saw positive one-day price moves ranging from 2.39% to 6.36%. Today’s pricing of the same offering follows that financing trajectory by finalizing terms previously outlined on Jan 5, 2026.
Market Pulse Summary
This announcement priced an underwritten offering of 7,620,000 shares at $45.95, targeting roughly $350 million in gross proceeds, with an additional 1,143,000-share option for underwriters. It followed a prior proposal of the same size and continues a period of active news flow around PALSONIFY launch and atumelnant development. Investors may monitor closing of the deal, execution of commercialization plans, and subsequent pipeline updates to gauge how effectively new capital is deployed.
Key Terms
underwritten public offering financial
prospectus supplement regulatory
accompanying prospectus regulatory
AI-generated analysis. Not financial advice.
SAN DIEGO, Jan. 06, 2026 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) (“Crinetics”), a pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors, announced today the pricing of an underwritten public offering of 7,620,000 shares of its common stock at a price to the public of
Crinetics intends to use the net proceeds from the offering, together with its cash, cash equivalents and investment securities, to fund its commercial activities in connection with the launch of PALSONIFY™, research and development of its product candidates, other research programs and other general corporate purposes, which may include, among other things, capital expenditures or working capital. Crinetics may also use a portion of the remaining net proceeds, together with its existing cash, cash equivalents and investment securities, to in-license, acquire, or invest in complementary businesses, technologies, products or assets; however, it has no current commitments or obligations to do so.
Leerink Partners, J.P. Morgan, Evercore ISI, Piper Sandler and Cantor are acting as joint bookrunning managers for the offering. Baird is acting as lead manager for the offering.
The securities described above are being offered by Crinetics pursuant to a shelf registration statement that became automatically effective upon its filing with the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement relating to this offering has been filed with the SEC, and a final prospectus supplement relating to this offering will be filed with the SEC. The offering may be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; or J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a global pharmaceutical company committed to transforming the treatment of endocrine diseases and endocrine-related tumors through science rooted in patient needs. Crinetics is focused on discovering, developing, and commercializing novel therapies, with a core expertise in targeting G-protein coupled receptors (GPCRs) with small molecules that have specifically tailored pharmacology and properties.
Crinetics’ lead product, PALSONIFY™ (paltusotine), is the first once-daily, oral treatment approved by the U.S. Food and Drug Administration (“FDA”) for the treatment of adults with acromegaly who had an inadequate response to surgery and/or for whom surgery is not an option. Paltusotine is also in clinical development for carcinoid syndrome associated with neuroendocrine tumors. Crinetics’ deep pipeline of 10+ disclosed programs includes late-stage investigational candidate atumelnant, which is currently in late-stage development for congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome, and CRN09682, a nonpeptide drug conjugate candidate that is being developed to treat SST2 expressing neuroendocrine tumors and other SST2 expressing solid tumors. Additional discovery programs address a variety of endocrine conditions such as neuroendocrine tumors, Graves’ disease (including Graves’ hyperthyroidism and Graves’ orbitopathy, or thyroid eye disease), polycystic kidney disease, hyperparathyroidism, diabetes, obesity, and GPCR-targeted oncology indications.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Crinetics’ expectations of market conditions and the satisfaction of customary closing conditions related to the public offering, and the expected closing of the offering and the anticipated use of proceeds therefrom. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “upcoming” or “continue” or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the public offering, the risks and uncertainties inherent in Crinetics’ business, including the risks and uncertainties described in the company’s periodic filings with the SEC. The events and circumstances reflected in the company’s forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Additional information on risks facing Crinetics can be found under the heading “Risk Factors” in Crinetics’ periodic filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2024 and quarterly report on Form 10-Q for the quarter ended September 30, 2025, and in the preliminary prospectus supplement related to the offering filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by applicable law, Crinetics does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Contacts:
Investors:
Gayathri Diwakar
Head of Investor Relations
gdiwakar@crinetics.com
(858) 345-6340
Media:
Natalie Badillo
Head of Corporate Communications
nbadillo@crinetics.com
(858) 345-6075
FAQ
How many shares did Crinetics (CRNX) offer and at what price in January 2026?
How much gross capital will Crinetics (CRNX) raise from the January 2026 offering?
When is the Crinetics (CRNX) public offering expected to close?
What will Crinetics (CRNX) use the offering proceeds for?
Does the Crinetics (CRNX) offering include an overallotment option?
Which firms are managing the Crinetics (CRNX) January 2026 offering?
