Crinetics Pharmaceuticals Inc

Latest Results (15.05.2026):

Crinetics Pharmaceuticals Inc's fourth-quarter 2025 financial results (and full-year 2025) show the company moving from development to commercialization: the U.S. launch of PALSONIFY generated $5.4 million of net product revenue in Q4 2025, contributing to total Q4 revenue of $6.2 million and full-year revenue of $7.7 million. Despite commercial progress, the company reported a Q4 net loss of $122.8 million and a full-year net loss of $465.3 million; year-end cash and investments were $1.0 billion (subsequently increased to ~ $1.4 billion after a January 2026 follow-on offering). Management provided 2026 operating expense guidance and reiterated advancement of multiple pivotal clinical programs.

Revenue and Commercial Launch

Q4 2025 total revenue was $6.2 million (full year $7.7M), which includes $5.4 million of net U.S. product revenue from the PALSONIFY (paltusotine) launch. More than 125 unique HCPs prescribed PALSONIFY in Q4 and the company reported over 200 enrollment forms for the product at the end of December 2025.

Product Cost and Gross

Cost of product revenue for Q4 and FY 2025 was $1.1 million, driven primarily by investments to expand commercial manufacturing capacity related to PALSONIFY.

R&D and SG&A Spend

R&D expense was $85.1 million in Q4 and $332.1 million for the full year, reflecting continued investment across paltusotine, atumelnant and other programs. SG&A was $53.7 million in Q4 and $191.3 million for the year, reflecting commercialization build-out and related infrastructure.

Profitability

Net loss was $122.8 million for Q4 2025 (net loss per share $1.29) and $465.3 million for the full year (net loss per share $4.95). Total other income partially offset operating losses, but the company remains unprofitable while scaling commercial and clinical programs.

Cash, Uses and Financing

Crinetics used $326.2 million of cash and investments in 2025 (below prior guidance). Cash, cash equivalents and investment securities totaled ~$1.0 billion at December 31, 2025; after a Jan 8, 2026 underwritten offering that raised net proceeds of ~ $380 million, the company reported approximately $1.4 billion in pro forma liquidity.

Non-GAAP and Guidance

Non-GAAP operating expenses for 2025 (excluding cost of product revenue, stock-based comp., depreciation/amortization) were $428.5 million. For 2026 the company expects GAAP operating expenses of $600–650 million and non-GAAP operating expenses of $480–520 million.

Clinical and Operational Milestones

Beyond the PALSONIFY launch, Crinetics finalized the seamless Phase 2/3 EQUILIBRIUM protocol for atumelnant in ACTH-dependent Cushing’s syndrome (first patient expected H1 2026), reported positive Phase 2 CAH data for atumelnant, and initiated multiple pivotal trials plus a Phase 1/2 trial for CRN09682—underscoring continued pipeline advancement alongside commercialization.