Crinetics Pharmaceuticals Inc

Latest Results (20.11.2025):

Crinetics Pharmaceuticals, Inc. reported results for the third quarter of 2025 (quarter ended September 30, 2025). The quarter was highlighted by FDA approval and U.S. launch of PALSONIFY (paltusotine), modest revenue recognition, rising operating expenses tied to commercialization and clinical advancement, a widened net loss, and a strong cash position that management says funds operations into 2029.

Product launch

PALSONIFY was approved by the FDA on September 25, 2025 and launched in the U.S.; the field force has contacted over 95% of top priority HCP targets and early uptake includes ~95% switch patients and ~5% treatment‑naïve patients.

Revenue

Reported revenues were $0.1 million for Q3 2025, all from a paltusotine licensing agreement with Sanwa; there were no revenues in the same period of 2024.

Expenses and net loss

R&D expenses rose to $90.5 million (Q3 2025 vs $61.9M a year ago) and SG&A increased to $52.3 million (vs $25.9M), driving a net loss of $130.1 million in Q3 2025 versus $76.8 million in Q3 2024.

Expense drivers

Increases were primarily due to higher personnel costs (R&D +$10.9M; SG&A +$10.2M) and increased clinical, manufacturing and outside services costs to support clinical programs and the PALSONIFY commercial launch.

Cash and runway

Cash, cash equivalents and investments totaled $1.1 billion as of September 30, 2025 (down from $1.4 billion at year‑end 2024); management reiterates expected 2025 cash burn of $340–$370 million and projects runway into 2029.

Reimbursement and access

Payer reimbursement has not been a major barrier to early access—about 50% of filled prescriptions are reimbursed so far, per the company.

Pipeline and upcoming milestones

Near‑term development milestones include expected randomization starts in Q4 2025 for the CAREFNDR Phase 3 (carcinoid syndrome) and CALM‑CAH/BALANCE‑CAH studies for atumelnant, first patient dosing for CRN09682 (NDC candidate) in Q4 2025, and planned Phase 2/3 initiation for ACTH‑dependent Cushing’s in H1 2026; TSHR and SST3 programs are being reprioritized or delayed for additional work.

Investor engagement

Management hosted a conference call and webcast on November 6, 2025 (4:30 p.m. ET) and will attend multiple investor conferences in November–December 2025.