Crinetics Pharmaceuticals Stock Price, News & Analysis

Crinetics Pharmaceuticals (CRNX) reported Q2 2024 financial results and provided a business update. Key highlights include:

- Paltusotine NDA submission for acromegaly on track for 2024
- Positive initial results from atumelnant studies in CAH and Cushing's syndrome
- R&D expenses increased to $58.3M from $40.6M in Q2 2023
- G&A expenses rose to $24.8M from $13.3M in Q2 2023
- Net loss widened to $74.1M from $51.0M in Q2 2023
- Cash position strengthened to $863.0M, expected to fund operations into 2028

The company anticipates topline data from atumelnant Phase 2 studies and paltusotine NDA submission in H2 2024.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has launched ACRO/TRUTH, an educational initiative aimed at raising awareness about the challenges faced by acromegaly patients using current standard-of-care treatments. The initiative includes a website featuring patient testimonials and peer-reviewed data on treatment-related symptoms, side effects, and quality-of-life impacts.

The ACRO/TRUTH website provides authentic patient perspectives and clinical insights, addressing topics such as breakthrough symptoms, injection site reactions, and emotional impacts of treatment. It aims to improve communication between healthcare providers and patients, recognizing that patients may hesitate to discuss treatment challenges.

Developed with input from patient organizations like Acromegaly Community, ACRO/TRUTH seeks to empower patients and optimize treatment plans. The initiative will expand to include additional educational offerings, including a speaker's panel.

Crinetics Pharmaceuticals (Nasdaq: CRNX) has announced that it will release its second quarter 2024 financial results on Thursday, August 8, 2024, after the market closes. The company will host a conference call and webcast at 4:30 p.m. ET on the same day to discuss the results and provide a business update.

Investors and interested parties can join the call using the provided domestic (1-800-267-6316) or international (1-203-518-9783) dial-in numbers, with the conference ID: CRNXQ2. Alternatively, participants can access the call via a live webcast on the Events section of the Crinetics website. It is recommended to join at least 15 minutes before the scheduled start time. The webcast will be archived on the company's Investor Relations section for future reference.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on July 10, 2024, that it has granted non-qualified stock options to purchase a total of 137,900 shares of common stock to 18 new non-executive employees. These grants are part of the 2021 Employment Inducement Incentive Award Plan and align with Nasdaq Listing Rule 5635(c)(4). The exercise price for these options is set at $50.80 per share, matching the closing price on July 10, 2024. The stock options will vest over four years, with 25% vesting after one year and the remaining 75% vesting in 36 monthly installments, contingent upon continued employment.

Scott Struthers, Ph.D., CEO and founder of Crinetics Pharmaceuticals, has been named the Entrepreneur Of The Year® 2024 Pacific Southwest Award winner by Ernst & Young LLP (EY US). This award honors leaders who disrupt markets and create significant value. This recognition highlights Struthers' entrepreneurial spirit and the impactful work of Crinetics in developing novel therapeutics for endocrine diseases. Crinetics' lead drug candidate, paltusotine, is on track for a New Drug Application submission with the FDA by the end of 2024. Struthers will now be considered for the national awards, with winners to be announced in November. The award program celebrates diverse entrepreneurial leaders, including original founders and transformational CEOs, and provides access to a global community and vast EY resources.

Crinetics Pharmaceuticals announced on June 10, 2024, that its Compensation Committee granted non-qualified stock options to purchase a total of 158,000 shares to nine new non-executive employees. This is part of the company's 2021 Employment Inducement Incentive Award Plan, designed to attract new talent. The stock options, priced at $45.01 per share, will vest over four years. The plan follows Nasdaq Listing Rule 5635(c)(4), offering equity awards to new employees as a material inducement for joining Crinetics.

Crinetics has announced positive initial findings from two ongoing open-label studies of its drug candidate atumelnant (CRN04894) for treating congenital adrenal hyperplasia (CAH) and ACTH-dependent Cushing's syndrome (ADCS). In the CAH study, all participants (n=6) maintained androstenedione (A4) below normal levels, with more than 90% reduction in A4 and 97% reduction in 17-OHP sustained through 12 weeks. In the ADCS trial, atumelnant normalized 24-hour urinary free cortisol levels for all participants (n=5) within the treatment period. The studies reported no severe or serious adverse events. A conference call for investors is scheduled for June 3, 2024, highlighting these initial results and further developments.

Crinetics presented new data at ENDO 2024, showcasing once-daily oral paltusotine as a potential first-choice treatment for acromegaly.

Results from Phase 3 PATHFNDR-2 trial indicated significant efficacy, with 56% of participants achieving normal IGF-1 levels versus 5% on placebo. Paltusotine showed rapid and sustained IGF-1 reduction, with 92.6% of patients responding by end of treatment. The drug was well tolerated with no serious adverse events.

PATHFNDR-1 trial data revealed paltusotine reduced daily breakthrough symptom exacerbations compared to standard injections. Long-term data from the ACROBAT Advance study showed durable safety and efficacy over 42 months.

Crinetics plans to submit a New Drug Application in the second half of 2024.

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced the appointment of Dr. Robert M. Cuddihy as Senior Vice President of Medical Affairs. Dr. Cuddihy brings over 30 years of experience in endocrinology, diabetes, and metabolism, with expertise in both clinical practice and the pharmaceutical industry. He previously served in key roles at Dartmouth Hitchcock Medical Center and Clinics, Amgen, Janssen, Sanofi, and Capsida Biotherapeutics. CEO Scott Struthers emphasized Dr. Cuddihy's ability to enhance the company's development and commercialization efforts for its investigational products, paltusotine and atumelnant, and its discovery pipeline. Dr. Cuddihy expressed enthusiasm for advancing therapies targeting endocrine diseases.