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Crinetics Pharmaceuticals reported a change in its independent auditor. The Audit Committee dismissed BDO USA, P.C. as the company’s independent registered public accounting firm and stated that BDO’s reports on the 2024 and 2025 financial statements contained no adverse or qualified opinions.
The company reported no disagreements with BDO and no reportable events during those periods. The Audit Committee appointed PricewaterhouseCoopers LLP (PwC) as the new independent registered public accounting firm for the fiscal year ending December 31, 2026. BDO’s confirming letter to the SEC is filed as an exhibit.
Crinetics Pharmaceuticals, Inc. is an endocrine‑focused pharmaceutical company that has transitioned to commercial stage with PALSONIFY (paltusotine), its first FDA‑approved product. PALSONIFY was approved on September 25, 2025 as the first once‑daily oral somatostatin receptor ligand for adults with acromegaly who had an inadequate response to surgery or cannot undergo surgery.
The company is pursuing broader use of paltusotine, including a Phase 3 CAREFNDR trial in carcinoid syndrome and a European marketing application, where CHMP issued a positive opinion in February 2026. Crinetics is also advancing atumelnant, an oral ACTH antagonist in Phase 3 CALM‑CAH and pediatric BALANCE‑CAH studies for congenital adrenal hyperplasia, and preparing a seamless Phase 2/3 trial in ACTH‑dependent Cushing’s syndrome.
CRN09682, the first candidate from its nonpeptide drug conjugate platform for SST2‑positive tumors, entered a Phase 1/2 BRAVESST2 study after IND clearance in 2025. Crinetics holds a broad patent estate extending into the 2040s, partners selectively in Japan and certain technologies, and emphasizes rare endocrine diseases with significant unmet need.
Crinetics Pharmaceuticals reported fourth quarter and full year 2025 results marked by the U.S. launch of PALSONIFY for acromegaly and its first product revenue. Fourth quarter revenue was $6.2 million, including $5.4 million in net product revenue from PALSONIFY, with more than 200 enrollment forms and over 125 prescribing healthcare providers in the quarter.
For 2025, total revenue was $7.7 million, while research and development expenses reached $332.1 million and selling, general and administrative expenses were $191.3 million, leading to a net loss of $465.3 million. The company used $326.2 million of cash, below prior guidance, and ended 2025 with $1.0 billion in cash, cash equivalents and investment securities, rising to about $1.4 billion after a January 2026 equity offering that raised approximately $380 million in net proceeds.
Crinetics highlighted significant pipeline progress, including FDA approval of PALSONIFY in September 2025, a positive CHMP opinion in Europe, multiple pivotal trials for paltusotine and atumelnant, and the first clinical candidate from its nonpeptide drug conjugate platform. For 2026, the company guides to GAAP operating expenses of $600–650 million and non-GAAP operating expenses of $480–520 million, reflecting continued investment in commercialization and late-stage development.
Crinetics Pharmaceuticals President & CEO Richard Scott Struthers reported equity awards and updated his holdings. He received a stock option for 228,000 shares of Common Stock at an exercise price of $0.00, vesting in forty-eight equal monthly installments starting on February 23, 2026. He also received 62,000 restricted stock units, which vest 25% annually beginning on March 1, 2027. The filing also reflects indirect ownership of Common Stock through four family trusts and a spouse, with separate reported balances for each entity.
Crinetics Pharmaceuticals Chief Financial Officer Tobin Schilke reported new equity awards. On February 23, 2026, Schilke was granted stock options for 50,000 shares of Crinetics common stock at an exercise price of $0.0000 per share, held as direct ownership.
He also received 32,000 shares of common stock as a grant described in the footnotes as restricted stock units. These units vest 25% annually beginning on March 1, 2027. Following the grant, Schilke directly owned 84,834 shares of common stock, which includes 834 shares acquired under the company’s Employee Stock Purchase Plan.
The stock options vest and become exercisable in 48 equal monthly installments starting from the vesting commencement date of February 23, 2026, spreading the vesting over four years.
Crinetics Pharmaceuticals, Inc. Chief Operating Officer Jeff E. Knight reported receiving new equity awards. He was granted stock options for 55,000 shares of common stock at an exercise price of $0.0000 per share and 34,000 restricted stock units representing common shares.
The RSUs vest with 25% of the award vesting annually beginning on March 1, 2027, providing staggered delivery of common shares over four years. The stock options vest in forty-eight equal monthly installments starting on February 23, 2026, creating a four-year monthly vesting schedule tied to continued service.
After these awards, Knight directly owned 121,929 shares of common stock, which includes 438 shares acquired under the company’s employee stock purchase plan, as well as 55,000 stock options from this grant.
Crinetics Pharmaceuticals, Inc. reported that Chief Scientific Officer Stephen F. Betz
He received a stock option covering 47,000 shares of common stock, vesting in forty-eight equal monthly installments starting from a vesting commencement date of February 23, 2026. He also received 30,000 restricted stock units, each representing a right to receive one share of common stock, with 25% vesting annually beginning on March 1, 2027. Both awards were reported at a price per share of $0.00, reflecting grants rather than open‑market purchases.
Crinetics Pharmaceuticals, Inc. reported that Chief Commercial Officer Isabel Kalofonos received new equity awards on February 23, 2026. She was granted stock options for 55,000 shares of common stock at an exercise price of $0.00 and 34,000 shares of common stock as restricted stock units.
The restricted stock units represent the right to receive common shares, with 25% vesting annually beginning on March 1, 2027. The stock option vests in forty-eight equal monthly installments starting from February 23, 2026, aligning the CCO’s compensation with long-term company performance through time-based vesting.