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Mar 31, 2022
Crinetics Q1 2022 Earnings Report
Reported financial results for the first quarter ended March 31, 2022 and provided a corporate update.
Key Takeaways
Crinetics Pharmaceuticals reported first quarter 2022 financial results, featuring revenue of $3.1 million from a licensing agreement with Sanwa, and a net loss of $34.6 million. The company highlighted progress with CRN04777 and CRN04894, and strengthened its balance sheet with a $125 million common stock offering.
Reported positive top-line results from multiple-ascending dose cohorts of the CRN04777 Phase 1 study.
Entered into strategic licensing agreement with Sanwa Kagaku Kenkyusho Co., Ltd. for the development and commercialization of paltusotine in Japan, receiving $13 million upfront.
Strengthened balance sheet with successful $125 million common stock offering.
Strengthened company leadership with appointments to management team and Board of Directors.
Forward Guidance
Crinetics anticipates continued progress in clinical trials for paltusotine, CRN04777, and CRN04894, with data expected in the near term. The company expects current cash, cash equivalents and short-term investments will fund its current operating plan into the second half of 2024.
Positive Outlook
- Phase 1 Multiple-Ascending Dose Data for CRN04894 Expected in 2Q22
- Paltusotine’s Phase 3 PATHFNDR Trials in Acromegaly Advancing Towards Anticipated Top-Line Data Readouts in 2023
- Clinical Trial of CRN04777 in Congenital Hyperinsulinism Patients Planned to Begin in 2H22
- Potential to receive future milestone and royalty payments from Sanwa
- Plans to advance other pipeline product candidates or discovery efforts
Challenges Ahead
- Preliminary data may change following a more comprehensive review of the data related to the clinical trials
- Advancement of CRN04894 and CRN04777 into later stage trials is dependent on and subject to the receipt of further feedback from the FDA and other regulatory agencies
Historical Earnings Impact
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