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Jun 30, 2024
Crinetics Q2 2024 Earnings Report
Reported financial results for the second quarter ended June 30, 2024, and provided a business update.
Key Takeaways
Crinetics Pharmaceuticals reported a net loss of $74.1 million for Q2 2024, compared to a net loss of $51.0 million for the same period in 2023. Revenues were $0.4 million, down from $1.0 million in the prior year. The company's cash, cash equivalents, and investments totaled $863.0 million as of June 30, 2024.
Paltusotine NDA submission in Acromegaly is on track for 2024.
Topline results from Phase 2 studies of Atumelnant in Congenital Adrenal Hyperplasia and additional data for Phase 2 for ACTH-Dependent Cushing’s Syndrome are expected by the end of 2024.
Presented positive initial results from atumelnant studies at the Endocrine Society’s Annual Meeting (ENDO 2024).
Crinetics expects that its cash, cash equivalents and short-term investments will be sufficient to fund its current operating plan into 2028.
Forward Guidance
Crinetics anticipates several key milestones, including topline data from atumelnant studies, NDA submission for paltusotine, and initiation of a Phase 3 program for paltusotine in carcinoid syndrome.
Positive Outlook
- Topline data and additional data from the ongoing Phase 2 studies of atumelnant in CAH and ACTH dependent Cushing’s syndrome, respectively, are anticipated by the end of 2024.
- Submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) seeking regulatory approval of paltusotine for the treatment of acromegaly is on track for the second half of 2024.
- Initiation of a Phase 3 program of paltusotine for carcinoid syndrome is expected by the end of 2024, following consultation with the FDA.
- Additional research pipeline updates are expected by the end of 2024.
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