Crinetics Pharmaceuticals Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on January 5, 2026 its intent to sell $350.0 million of common stock in an underwritten public offering, with a 30-day underwriter option to purchase up to an additional $52.5 million of shares. All shares will be sold by the company and the offering is subject to market and other conditions with no assurance of completion.

Crinetics intends to use net proceeds, together with existing cash and investments, to fund the PALSONIFY™ commercial launch, R&D, other research programs, general corporate purposes, and potentially in-license or acquire complementary assets; it has no current commitments to do so. Joint bookrunners include Leerink, J.P. Morgan, Evercore ISI, Piper Sandler, and Cantor. The offering is being made from an effective shelf registration; a prospectus supplement will be filed with the SEC.

Positive

• $350.0M proposed common stock offering
• Underwriters include Leerink and J.P. Morgan
• Proceeds earmarked to fund PALSONIFY™ commercial launch

Negative

• Potential shareholder dilution up to $402.5M of shares (including option)
• No assurance the offering will be completed or on stated terms

Key Figures

Base offering size $350.0 million Proposed underwritten public offering of common stock

Underwriters’ option $52.5 million 30-day option to purchase additional shares

Option period 30 days Duration of underwriters’ option to buy additional shares

Current price $46.73 Price before announcement on 2026-01-05

52-week high $53.55 Pre-offering 52-week high level

52-week low $24.10 Pre-offering 52-week low level

Market cap $4,417,215,152 Equity value before proposed offering

Shares outstanding 94,891,840 As of October 28, 2025 from latest 10-Q

Market Reality Check

$45.95 Last Close

Volume Volume 678,795 is below the 20-day average of 935,358, suggesting no pre-news volume spike. normal

Technical Shares trade at $46.73, above the 200-day MA of $35.85 and about 12.7% below the 52-week high of $53.55.

Peers on Argus

Peers show mixed moves: APLS +3.07%, IMVT +1.29%, PTGX +0.74% versus KYMR -5.93% and VKTX slightly negative, pointing to a stock-specific event.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 18	Conference participation	Positive	+6.4%	Planned presentation at major healthcare conference with webcast access for investors.
Dec 11	Phase 3 trial start	Positive	+2.4%	First patient dosed in pivotal CALM-CAH Phase 3 trial of atumelnant.
Dec 10	Equity inducement grants	Neutral	+2.6%	Stock options and RSUs granted to new employees under inducement plan.
Dec 03	Phase 1/2 trial start	Positive	+4.4%	First patient dosed in BRAVESST2 Phase 1/2 trial of CRN09682.
Nov 20	Phase 3 trial start	Positive	+2.1%	First patient randomized in Phase 3 CAREFNDR trial for carcinoid syndrome.

Pattern Detected

Recent company-specific news (clinical and corporate) has been followed by positive single-day price reactions in all recorded cases.

Recent Company History

Over the past months, Crinetics reported multiple clinical and corporate milestones, including Phase 3 trial initiations, a Phase 1/2 start for CRN09682, inducement equity grants, and participation in the 44th Annual J.P. Morgan Healthcare Conference. Each event in the last five entries saw a positive 24-hour price reaction, from +2.12% to +6.36%. Today’s proposed equity offering follows this period of pipeline and organizational progress but represents a different type of financing-focused catalyst.

Market Pulse Summary

This announcement details a proposed underwritten public offering of $350.0 million in common stock, with a $52.5 million underwriters’ option. Proceeds are earmarked for the PALSONIFY launch, pipeline R&D, and general corporate purposes, including potential business or asset acquisitions. Against a backdrop of recent clinical progress and growing expenses, investors may focus on how efficiently new capital is deployed and how the financing structure affects existing shareholders over time.

Key Terms

underwritten public offering financial

"it intends to offer and sell, subject to market and other conditions, $350.0 million of shares of its common stock in a proposed underwritten public offering."

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

prospectus supplement regulatory

"The proposed offering may be made only by means of a prospectus supplement and accompanying prospectus."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

registration statement regulatory

"The securities described above are being offered by Crinetics pursuant to a shelf registration statement that became automatically effective"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

AI-generated analysis. Not financial advice.

SAN DIEGO, Jan. 05, 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 that it intends to offer and sell, subject to market and other conditions, $350.0 million of shares of its common stock in a proposed underwritten public offering. In addition, Crinetics intends to grant the underwriters a 30-day option to purchase up to an additional $52.5 million of shares of common stock. All of the shares to be sold in the proposed offering are to be sold by Crinetics. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Crinetics intends to use the net proceeds from the proposed 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 proposed 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”). The proposed offering may be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to this offering will be filed with the SEC. When available, copies of the preliminary 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 preliminary 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 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 relating to the offering, including the structure, timing, size and completion of the offering and the anticipated use of proceeds therefrom, and the grant of the option to purchase additional shares. 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 proposed 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 proposed offering to be 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

What size offering did Crinetics (CRNX) announce on January 5, 2026?

Crinetics announced a proposed underwritten offering of $350.0 million of common stock with a 30-day option for up to an additional $52.5 million.

How will Crinetics (CRNX) use the proceeds from the January 5, 2026 offering?

Net proceeds, together with cash and investments, are intended to fund the PALSONIFY™ launch, R&D, other research programs, and general corporate purposes.

Who are the joint bookrunning managers for Crinetics (CRNX) public offering?

The joint bookrunning managers are Leerink, J.P. Morgan, Evercore ISI, Piper Sandler, and Cantor.

Is the Crinetics (CRNX) offering on January 5, 2026 guaranteed to close?

No; the company stated the offering is subject to market and other conditions and there is no assurance it will be completed.

How can investors obtain the Crinetics (CRNX) preliminary prospectus supplement for the offering?

When available, the preliminary prospectus supplement and prospectus can be obtained from the listed syndicate contacts or via the SEC website (www.sec.gov).