Crinetics Pharmaceuticals (CRNX) Q2 2024 earnings summary

Executive summary

• Presented positive initial Phase II results for atumelnant in congenital adrenal hyperplasia and Cushing's disease, with additional data expected by year-end 2024.

• Shared new analyses from the PATHFNDR phase III acromegaly program, showing paltusotine provides stable biochemical control and low breakthrough symptoms, with NDA submission on track for 2024 and anticipated launch in 2025.

• Progressed early-stage pipeline, including selection of development candidates for hyperparathyroidism and ADPKD, and advanced programs in Graves’ disease, TED, and obesity.

• Announced a strategic partnership between Radionetics Oncology and Eli Lilly, with Crinetics eligible for a share of a potential $1 billion acquisition and royalties.

• CFO Marc Wilson announced his departure, with a search for a successor underway.

Financial highlights

• Ended Q2 2024 with $863 million in cash, cash equivalents, and investments, projected to fund operations into 2028.

• Q2 2024 research and development expenses were $58.3 million, up from $40.6 million year-over-year.

• General and administrative expenses rose to $24.8 million from $13.3 million year-over-year.

• Net loss for Q2 2024 was $74.1 million, compared to $51.0 million in Q2 2023.

• Revenues were $0.4 million, down from $1.0 million year-over-year, primarily from licensing arrangements.

Outlook and guidance

• NDA filing for paltusotine in acromegaly on track for H2 2024, with anticipated launch in 2025.

• Phase III trial for paltusotine in carcinoid syndrome expected to initiate by end of 2024.

• Additional phase II data for atumelnant in CAH and Cushing’s disease expected later in 2024.

• IND filing for PTH receptor antagonist program anticipated in 2025.

• Cash, cash equivalents, and investments expected to fund operations into 2028.