Crinetics (CRNX) Q1 2026: PALSONIFY drives $10.7M revenue amid $127.8M loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Crinetics Pharmaceuticals reported first-quarter 2026 revenue of $10.7 million, driven by $10.3 million in net product revenue from the U.S. launch of PALSONIFY for acromegaly. Management highlighted strong prescriber uptake, with 232 enrollment forms and 263 unique healthcare providers within the first two quarters of launch, and about 70% of patients on reimbursed therapy.
R&D expenses rose to $100.1 million and selling, general and administrative costs to $50.8 million, reflecting expansion as a commercial-stage company. Net loss widened to $127.8 million. Cash, cash equivalents and investment securities were $1.3 billion, supported by $380 million of net proceeds from a January 2026 equity offering. The company reaffirmed 2026 GAAP operating expense guidance of $600–650 million and non-GAAP operating expense guidance of $480–520 million, and outlined progress on its global PALSONIFY strategy and late-stage pipeline including atumelnant.
Positive
- Rapid PALSONIFY launch and global expansion: Net product revenue reached $10.3 million in Q1 2026, with 232 enrollment forms, 263 unique prescribers, ~70% of patients on reimbursed therapy, and European Commission approval plus regulatory filings in Brazil and Japan.
- Strong capital position: Cash, cash equivalents and investment securities totaled $1.3 billion as of March 31, 2026, including $380 million of net proceeds from a January 2026 public equity offering, supporting continued R&D and commercialization investments.
Negative
- High losses and spending intensity: Net loss was $127.8 million in Q1 2026, with GAAP operating expenses of $151.1 million and full-year GAAP operating expenses guided to $600–650 million, indicating continued substantial cash burn.
Insights
First PALSONIFY sales ramp and strong cash balance offset sizable losses.
Crinetics is transitioning into a commercial-stage endocrine company, with Q1 2026 revenue of $10.7 million, including $10.3 million from PALSONIFY. This is a sharp increase from $0.4 million total revenue a year earlier, showing early monetization of its lead asset.
Operating expenses remain heavy at $151.1 million, split between $100.1 million R&D and $50.8 million SG&A, leading to a quarterly net loss of $127.8 million. However, the balance sheet shows $1.3 billion in cash, cash equivalents and investment securities as of March 31, 2026, bolstered by $380 million of equity proceeds, providing runway to fund development and commercialization plans.
On the strategic side, PALSONIFY gained European Commission approval for acromegaly and advanced regulatory filings in Brazil and Japan, while the pipeline progressed with the BALANCE-CAH phase 2/3 pediatric trial initiation and plans for a pivotal atumelnant trial in ACTH-dependent Cushing’s syndrome in Q2 2026. The company reaffirmed 2026 GAAP operating expense guidance of $600–650 million and non-GAAP operating expenses of $480–520 million, framing expected cash usage against its current resources.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue: $10.7 million
PALSONIFY net product revenue: $10.3 million
Net loss: $127.8 million
+5 more
8 metrics
Total revenue
$10.7 million
Quarter ended March 31, 2026
PALSONIFY net product revenue
$10.3 million
Quarter ended March 31, 2026
Net loss
$127.8 million
Quarter ended March 31, 2026
GAAP operating expenses
$151.1 million
Quarter ended March 31, 2026
Cash, cash equivalents and investment securities
$1.3 billion
As of March 31, 2026
Equity offering proceeds
$380 million
Net proceeds from January 2026 public equity offering
Non-GAAP operating expenses
$120.1 million
Quarter ended March 31, 2026
2026 GAAP OpEx guidance
$600–650 million
Full-year 2026 expected GAAP operating expenses
Key Terms
acromegaly, congenital adrenal hyperplasia, ACTH-dependent Cushing’s syndrome, non-GAAP operating expenses, +2 more
6 terms
acromegaly medical
"reflecting the rapid adoption of PALSONIFY as the preferred choice for the acromegaly community"
Acromegaly is a rare hormonal disorder in adults caused when the body makes too much growth hormone, usually because of a noncancerous pituitary tumor, leading to gradual enlargement of the hands, feet and facial features and other health problems. For investors, it matters because it creates a defined market for diagnostics, long‑term therapies and surgical or drug innovations; understanding its prevalence and treatment options helps assess potential revenue and regulatory risk for healthcare companies.
congenital adrenal hyperplasia medical
"BALANCE-CAH Phase 2/3 trial addressing the critical unmet need in pediatric CAH patients"
Congenital adrenal hyperplasia is a group of inherited disorders in which the adrenal glands lack an enzyme needed to make certain hormones, causing a chronic imbalance of cortisol, aldosterone and/or sex hormones. Think of it as a factory assembly line missing a key part, so the body overproduces some products and underproduces others, requiring lifelong monitoring or hormone treatment. For investors, it matters because diagnosis, ongoing therapy, newborn screening and potential new drugs or gene therapies can drive medical spending, regulatory approvals and market opportunity in endocrinology and rare disease care.
ACTH-dependent Cushing’s syndrome medical
"pivotal, seamless Phase 2/3 trial evaluating atumelnant for the treatment of ACTH-dependent Cushing’s syndrome"
A condition where the body makes too much cortisol because a hormone called ACTH is being produced in excess — usually from a small pituitary growth or, less often, from another tumor. Think of a thermostat stuck on high: the signal that tells the body to release the stress hormone keeps running, causing weight gain, high blood pressure, diabetes and other health problems. Investors watch this diagnosis because it drives demand for diagnostics, surgeries, drugs and long‑term care, all of which affect healthcare companies’ revenues and drug development opportunities.
non-GAAP operating expenses financial
"non-GAAP operating expenses – which exclude cost of product revenue, stock-based compensation, depreciation and amortization"
Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.
Marketing Authorization Application (MAA) regulatory
"Crinetics submitted a Marketing Authorization Application (MAA) to Brazil’s National Health Surveillance Agency"
A marketing authorization application (MAA) is a formal request submitted to a health regulator asking permission to sell a medicine or medical product in a market. Think of it like applying for a driver's license for a new drug: the regulator checks safety, quality and effectiveness before granting permission. For investors, the MAA stage matters because approval typically unlocks commercial sales and revenue, while rejection or delay creates major value and timing risk.
European Commission approval regulatory
"the European Commission approved PALSONIFY, the first once-daily oral, selectively targeted somatostatin receptor type 2 nonpeptide agonist"
Earnings Snapshot
Revenue: $10.7 million · Guidance included
Q1 2026
Revenue
$10.7 million
Net loss
$127.8 million
PALSONIFY net product revenue
$10.3 million
Guidance
Crinetics expects 2026 GAAP operating expenses between $600 million and $650 million and non-GAAP operating expenses between $480 million and $520 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 8-K
_________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
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Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026 , Crinetics Pharmaceuticals, Inc. (the “Company” or “Crinetics”) issued a press release reporting its financial results for the period ended March 31, 2026. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information contained or incorporated herein, including the press release filed as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated May 7, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Crinetics Pharmaceuticals, Inc. | |||||||||||
| Date: | May 7, 2026 | By: | /s/ R. Scott Struthers, Ph.D. | ||||||||
| R. Scott Struthers, Ph.D. President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
Exhibit 99.1
Crinetics Pharmaceuticals Reports First Quarter 2026 Financial Results
and Provides Business Update
PALSONIFY™ (Paltusotine) Net Product Revenue of $10.3 Million for First-Quarter 2026, with 232 Enrollment Forms in the First Quarter
Management Hosting Conference Call at 4:30 p.m. ET Today
SAN DIEGO – May 7, 2026 – Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a global pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors, today reported financial results for the first quarter ended March 31, 2026.
“We are extremely pleased with the significant impact that Palsonify is making across the community. This is illustrated by the strong adoption of Palsonify by healthcare providers and the positive patient response to treatment,” said Scott Struthers, Ph.D., founder and chief executive officer of Crinetics. “The significant growth in our unique prescriber base reflects a growing confidence among endocrinologists in the compelling clinical data and proven efficacy of Palsonify. Expanding clinical adoption is fueling sustained demand, evidenced by the steady growth trend in new patient start forms. We are seeing an increasingly efficient path to treatment for patients as the reimbursement environment matures. These results reinforce our confidence in the long-term commercial trajectory of Palsonify and our ability to deliver transformative therapies at scale.”
First Quarter 2026 and Recent Highlights:
•Reported $10.3 million in net product revenue, reflecting the rapid adoption of PALSONIFY as the preferred choice for the acromegaly community.
•Received 232 enrollment forms1 during the first quarter of 2026. Breadth and depth of PALSONIFY prescribers continued to grow, with 263 unique healthcare providers (HCPs) having prescribed PALSONIFY within the first two quarters of launch. Approximately 70% of patients treated with PALSONIFY at the end of the first quarter of 2026 were on reimbursed therapy, as payers have increasingly provided coverage.
•In January 2026, we initiated the BALANCE-CAH Phase 2/3 trial addressing the critical unmet need in pediatric CAH patients.
•In February 2026, the CHMP of the EMA adopted a positive opinion, recommending the marketing authorization of PALSONIFY for the medical treatment of adult patients with acromegaly. In April 2026, the European Commission approved PALSONIFY, the first once-daily oral, selectively targeted somatostatin receptor type 2 nonpeptide agonist, for the medical treatment of adults with acromegaly.
•In March 2026, Crinetics submitted a Marketing Authorization Application (MAA) to Brazil’s National Health Surveillance Agency (ANVISA) for PALSONIFY for the treatment of acromegaly in adults. In
1 An enrollment form is an official document containing both HCP and patient consent, submitted to CrinetiCARE or specialty pharmacies (Orsini or Biologics) to initiate a patient on Palsonify. Enrollment forms metric also includes direct dispenses from pituitary treatment centers (PTCs) or community practices to patients.
April 2026, SKK submitted a New Drug Application (NDA) in Japan for paltusotine for the treatment of acromegaly.
•In May 2026, Crinetics entered into an exclusive license agreement with Ohio University to develop an early preclinical growth hormone receptor antagonist for the treatment of acromegaly.
•We remain on schedule to initiate, in the second quarter of 2026, the pivotal, seamless Phase 2/3 trial evaluating atumelnant for the treatment of ACTH-dependent Cushing’s syndrome. The study will assess the efficacy and safety of our once-daily, oral ACTH antagonist, atumelnant, in a broad population including patients with both Cushing’s disease and ectopic ACTH syndrome.
First Quarter 2026 Financial Results:
•Revenue was $10.7 million for the quarter ended March 31, 2026, compared to $0.4 million for the same period in 2025. Revenue for the quarter ended March 31, 2026 includes $10.3 million in net product revenue from the U.S. commercial launch of PALSONIFY, up from $5.4 million in net product revenue reported in the fourth quarter of 2025.
•Cost of product revenue was $0.2 million for the quarter ended March 31, 2026, primarily related to distribution, packaging, and fulfillment of PALSONIFY.
•Research and development expenses were $100.1 million for the quarter ended March 31, 2026, compared to $76.2 million for the same period in 2025, and compared to $85.1 million in the quarter ended December 31, 2025. The increase compared to the prior year period reflects the advancement of our clinical and preclinical programs. The sequential increase compared to the prior quarter was primarily due to the ramp-up of ongoing Phase 3 trials, as well as the initiation of the Phase 2/3 pediatric study of atumelnant in CAH.
•Selling, general and administrative expenses were $50.8 million for the quarter ended March 31, 2026, compared to $35.5 million for the same period in 2025, and compared to $53.7 million in the quarter ended December 31, 2025. The increase compared to the prior year period is related to investments in our corporate infrastructure as we transition into a commercial-stage company. The fluctuation compared to the prior quarter reflects timing of commercial investment.
•Net loss was $127.8 million for the quarter ended March 31, 2026, compared to net loss of $96.8 million for the same period in 2025.
•Cash, cash equivalents, and investment securities totaled $1.3 billion as of March 31, 2026, compared to $1.0 billion as of December 31, 2025. The March 31, 2026 total includes net proceeds of $380 million from our January 2026 public equity offering.
Guidance and Outlook:
•Crinetics continues to expect 2026 operating expenses presented in accordance with U.S. generally accepted accounting principles (“GAAP”) to be between $600 million to $650 million and non-GAAP operating expenses – which exclude cost of product revenue, stock-based compensation, depreciation and amortization – to be between $480 million to $520 million.
•Crinetics is unable to reconcile forward-looking non-GAAP operating expenses to the most directly comparable GAAP measure without unreasonable effort because the items that are being excluded are difficult to predict or a range of results could lead to disclosure that would be imprecise or potentially misleading. Material changes to any one of the exclusions could have a significant effect on our forward-looking estimates and GAAP results. Such items include cost of product revenue, stock-based compensation, depreciation and amortization. See "Use of Non-GAAP Financial Measures".
Conference Call and Webcast Details
Management will hold a live conference call and webcast today, Thursday, May 7, 2026 at 4:30 p.m. ET. To participate, please dial 1-833-461-5787 (domestic) or 1-585-542-9983 (international) and refer to Meeting ID 173777518. To access the webcast, the direct link (here) or visit the Events page of the Crinetics website. Following the live event, the webcast will be archived on the Investor Relations section of www.crinetics.com.
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’ first commercial product, PALSONIFY™ (paltusotine), is the first once-daily, oral treatment approved by the U.S. FDA and EMA 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 somatostatin receptor 2 (SST2) expressing neuroendocrine tumors and other SST2 expressing solid tumors. Additional discovery programs are focused on a variety of endocrine targets such as thyroid stimulating hormone (TSH), parathyroid hormone (PTH), somatostatin receptor 3 (SST3), growth hormone (GH), glucagon-like peptide-1 (GLP-1), and glucose-dependent insulinotropic polypeptide (GIP), as well as 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 related to the expected growth and commercial trajectory of PALSONIFY sales, the expected insurance coverage and reimbursement environment for PALSONIFY, the ability of PALSONIFY to become the preferred choice or the standard of care for acromegaly, and statements regarding the plans and timelines for the clinical development of atumelnant and paltusotine for the treatment of carcinoid syndrome. 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, without limitation, we may not be able to obtain, maintain and enforce our patents and other intellectual property rights, and it may be prohibitively difficult or costly to protect such rights; geopolitical events may disrupt Crinetics’ business and that of the third parties on which it depends, including delaying or otherwise disrupting clinical studies and preclinical studies, interruptions or additional costs or tariffs imposed on the manufacturing and supply chain, or impairing employee productivity; unexpected adverse side effects, complications and/or drug interactions or inadequate efficacy of the Company’s product candidates that may limit their development, regulatory approval and/or commercialization; the Company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; regulatory developments or political changes,
including policies related to pricing and pharmaceutical drug reimbursement, in the United States and foreign countries; the timing and outcome of research, development and regulatory review is uncertain, and Crinetics’ drug candidates may not advance in development or be approved for marketing; Crinetics may use its capital resources sooner than expected or our cash burn rate may accelerate; any future impacts to our business resulting from geopolitical developments outside our control; and the other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission (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, 2025. 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.
Use of Non-GAAP Financial Measures
Crinetics has presented certain unaudited non-GAAP operating expenses and forward-looking non-GAAP operating expenses. Non-GAAP operating expenses exclude cost of product revenue, stock-based compensation, depreciation and amortization. Crinetics excludes cost of product revenue, stock-based compensation, depreciation and amortization because management believes the exclusion of these items is helpful to investors to evaluate Crinetics’ recurring operational performance. Crinetics management uses this non-GAAP financial measure to monitor and evaluate its operating results and trends on an ongoing basis, and internally for operating, budgeting and financial planning purposes. The non-GAAP financial measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
CRINETICS PHARMACEUTICALS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue: | |||||||||||
| Product revenue, net | $ | 10,306 | $ | — | |||||||
| Collaboration and license revenue | 428 | 361 | |||||||||
| Total revenue | 10,734 | 361 | |||||||||
| Operating expenses: | |||||||||||
| Cost of product revenue | 200 | — | |||||||||
| Research and development | 100,081 | 76,240 | |||||||||
| Selling, general and administrative | 50,831 | 35,526 | |||||||||
| Total operating expenses | 151,112 | 111,766 | |||||||||
| Loss from operations | (140,378) | (111,405) | |||||||||
| Total other income, net | 12,533 | 14,631 | |||||||||
| Net loss | $ | (127,845) | $ | (96,774) | |||||||
| Net loss per share — basic and diluted | $ | (1.23) | $ | (1.04) | |||||||
| Weighted average shares — basic and diluted | 104,099 | 93,102 | |||||||||
CRINETICS PHARMACEUTICALS, INC.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | 114,341 | $ | 101,536 | |||||||
| Restricted cash | — | — | |||||||||
| Investment securities, amortized cost of $1,178,076 at March 31, 2026 and $924,317 at December 31, 2025 | 1,176,965 | 926,353 | |||||||||
| Trade accounts receivable, net | 5,683 | 592 | |||||||||
| Inventory | 3,064 | 2,022 | |||||||||
| Prepaid expenses and other current assets | 22,361 | 17,839 | |||||||||
| Total current assets | 1,322,414 | 1,048,342 | |||||||||
| Property and equipment, net | 13,497 | 14,296 | |||||||||
| Operating lease right-of-use assets | 39,790 | 40,492 | |||||||||
| Restricted cash, net of current portion | 800 | 800 | |||||||||
| Prepaid expenses and other assets, net of current portion | 24,822 | 22,327 | |||||||||
| TOTAL ASSETS | $ | 1,401,323 | $ | 1,126,257 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable and accrued expenses | $ | 37,487 | $ | 41,770 | |||||||
| Accrued compensation and related expenses | 25,792 | 35,578 | |||||||||
| Deferred revenue | 1,271 | 1,235 | |||||||||
| Operating lease liabilities | 6,536 | 6,489 | |||||||||
| Total current liabilities | 71,086 | 85,072 | |||||||||
| Operating lease liabilities, non-current | 41,319 | 42,052 | |||||||||
| Deferred revenue, non-current | 3,346 | 3,810 | |||||||||
| Other non-current liabilities | 4,926 | 3,240 | |||||||||
| TOTAL LIABILITIES | 120,677 | 134,174 | |||||||||
| Commitments and contingencies | |||||||||||
| STOCKHOLDERS’ EQUITY | |||||||||||
| Preferred stock, $0.001 par; 10,000 shares authorized, no shares issued or outstanding at March 31, 2026 or December 31, 2025 | — | — | |||||||||
| Common stock and paid-in capital, $0.001 par; 200,000 shares authorized, 105,314 shares issued and outstanding at March 31, 2026; 95,575 shares issued and outstanding at December 31, 2025 | 2,828,204 | 2,407,757 | |||||||||
| Accumulated other comprehensive (loss) income | (1,254) | 1,865 | |||||||||
| Accumulated deficit | (1,545,272) | (1,417,427) | |||||||||
| Stock held in trust | (1,032) | (112) | |||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 1,280,646 | 992,083 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,401,323 | $ | 1,126,257 | |||||||
CRINETICS PHARMACEUTICALS, INC.
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(Unaudited)
| Three months ended | |||||||||||
| (In thousands) | March 31, 2026 | December 31, 2025 | |||||||||
| GAAP operating expenses | $ | 151,112 | $ | 139,827 | |||||||
| Adjustments: | |||||||||||
| Cost of product revenue | (200) | (1,076) | |||||||||
| Stock-based compensation | (29,680) | (21,720) | |||||||||
| Depreciation and amortization | (1,160) | (994) | |||||||||
| Non-GAAP operating expenses | $ | 120,072 | $ | 116,037 | |||||||
Investors:
Gayathri Diwakar
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 much revenue did Crinetics (CRNX) generate in the first quarter of 2026?
Crinetics reported total revenue of $10.7 million for the quarter ended March 31, 2026. This included $10.3 million in net product revenue from the U.S. commercial launch of PALSONIFY and $0.4 million in collaboration and license revenue.
How is PALSONIFY performing commercially for Crinetics (CRNX)?
PALSONIFY generated $10.3 million in net product revenue in Q1 2026, reflecting early adoption. Crinetics received 232 enrollment forms, had 263 unique prescribers within the first two quarters of launch, and about 70% of treated patients were on reimbursed therapy.
What is Crinetics (CRNX) cash position after the first quarter of 2026?
As of March 31, 2026, Crinetics held $1.3 billion in cash, cash equivalents and investment securities. This includes $380 million of net proceeds from a January 2026 public equity offering, strengthening the company’s ability to fund operations and pipeline development.
What 2026 operating expense guidance did Crinetics (CRNX) provide?
Crinetics expects 2026 GAAP operating expenses between $600 million and $650 million. It also projects non-GAAP operating expenses, excluding certain items like stock-based compensation and depreciation, between $480 million and $520 million, outlining its anticipated spending profile.
What are the key pipeline and regulatory updates for Crinetics (CRNX)?
Crinetics initiated the BALANCE-CAH Phase 2/3 trial in pediatric CAH and plans a pivotal Phase 2/3 atumelnant trial in ACTH-dependent Cushing’s syndrome in Q2 2026. PALSONIFY received European Commission approval for acromegaly and was submitted to regulators in Brazil and Japan.