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Jun 30, 2020
Crinetics Q2 2020 Earnings Report
Crinetics reported financial results for the second quarter of 2020 and provided a corporate update.
Key Takeaways
Crinetics Pharmaceuticals reported a net loss of $16.5 million for the second quarter of 2020. The company's cash, cash equivalents, and investments totaled $205.2 million as of June 30, 2020, which includes $107.9 million from a public offering.
Received Orphan Drug Designation for paltusotine for the treatment of acromegaly.
Confirmed completion for half of the enrolled patients in the ongoing Phase 2 ACROBAT Edge clinical trial for paltusotine.
Reported positive interim results for the ACROBAT Edge Phase 2 trial of paltusotine in acromegaly patients.
Completed a public offering raising net proceeds of $107.9 million.
Forward Guidance
Crinetics anticipates additional clinical milestones with topline data from ongoing Phase 2 trials expected in the fourth quarter of 2020 and is well-positioned to execute planned trials.
Positive Outlook
- Paltusotine has the potential to be an effective treatment option for acromegaly patients.
- Crinetics may obtain benefits as a result of the Orphan Drug Designation for paltusotine.
- Potential to initiate a pivotal Phase 3 trial of paltusotine in acromegaly based on interim results obtained to date.
- Planned expansion of the paltusotine development program to include the treatment of carcinoid syndrome in patients with neuroendocrine tumors.
- Anticipated timing of topline data for Edge and Evolve and the initiation of Phase 1 trials for its other development programs.
Challenges Ahead
- Interim results of a clinical trial do not necessarily predict final results and that one or more of the clinical outcomes may materially change.
- Potential delays in the commencement, enrollment and completion of clinical trials and the reporting of data therefrom.
Historical Earnings Impact
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