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Mar 31, 2023
Crinetics Q1 2023 Earnings Report
Reported financial results for the first quarter of 2023 and provided a corporate update.
Key Takeaways
Crinetics Pharmaceuticals reported a net loss of $46.0 million on revenues of $2.7 million for the first quarter ended March 31, 2023. The company's cash, cash equivalents, and investments totaled $296.1 million as of March 31, 2023, which is expected to fund its operating plan through 2024.
Phase 3 PATHFNDR-1 study topline data expected in 3Q 2023.
Phase 3 PATHFNDR-2 study topline data expected in 1Q 2024 and enrollment target increased to up to 98 per prespecified protocol criteria.
Paltusotine's Phase 2 study in carcinoid syndrome on track for preliminary data in 4Q 2023.
Crinetics plans to submit additional information and data to the FDA to support a release of the clinical hold on the planned Phase 2 study of CRN04777.
Forward Guidance
Crinetics expects that its cash, cash equivalents and short-term investments will fund its current operating plan through 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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