Crinetics Pharmaceuticals (CRNX) Q2 2026 earnings summary

Executive summary

• Entered into a definitive merger agreement with Vertex Pharmaceuticals for $10.0 billion ($8.8B net of estimated cash acquired), at $85.00 per share in cash, with the deal expected to close in Q3 2026 pending regulatory and shareholder approval.

• Continued strong commercial uptake of PALSONIFY, with 245 new patient enrollment forms, 385 unique prescribers, and net product revenue of $24.0 million in Q2 2026.

• Expanded regulatory approvals for PALSONIFY in the EU and ongoing submissions in Brazil and Japan.

• Advanced pipeline with atumelnant and other candidates; initiated new clinical studies and received FDA Rare Pediatric Disease Designation for atumelnant.

Financial highlights

• Q2 2026 total revenue was $25.1 million, up from $1.0 million in Q2 2025, driven by PALSONIFY product sales.

• Net loss for Q2 2026 was $120.9 million, compared to $115.6 million in Q2 2025.

• Operating expenses increased to $157.6 million in Q2 2026, with R&D at $99.9 million and SG&A at $57.6 million.

• Cash, cash equivalents, and investment securities totaled $1.2 billion as of June 30, 2026.

• Completed a $380 million public equity offering in January 2026.

Outlook and guidance

• With the pending Vertex acquisition, all previously issued guidance has been withdrawn and no updated guidance is provided.

• Sufficient liquidity to fund operations for at least the next 12 months.