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Jun 30, 2022
Crinetics Q2 2022 Earnings Report
Crinetics reported financial results for Q2 2022 and provided a corporate update.
Key Takeaways
Crinetics Pharmaceuticals reported its Q2 2022 financial results, highlighting the progress of its Phase 3 PATHFNDR program for paltusotine in acromegaly and its Phase 2 program in carcinoid syndrome, both on track for top-line data in 2023. The company also reported positive top-line results from the CRN04894 Phase 1 study and strengthened its balance sheet with a $125 million common stock offering.
Paltusotine's Phase 3 PATHFNDR program in acromegaly and Phase 2 program in carcinoid syndrome remain on track for top-line data in 2023.
CRN04894 Phase 1 data demonstrated pharmacologic proof-of-concept for further development in both Cushing’s Disease and Congenital Adrenal Hyperplasia.
CRN04777 and CRN04894 Phase 2 studies are expected to commence following finalization of study protocols with global regulators.
A successful $125 million common stock offering strengthened the balance sheet.
Forward Guidance
Crinetics anticipates that its current cash, cash equivalents, and short-term investments will fund its operating plan into the second half of 2024.
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