Crinetics Q3 2020 Earnings Report
Key Takeaways
Crinetics Pharmaceuticals reported positive topline results for the ACROBAT Edge and Evolve Phase 2 trials of oral paltusotine for acromegaly and received Rare Pediatric Disease Designation for CRN04777 for congenital hyperinsulinism. The company's research and development expenses increased, as did general and administrative expenses, leading to a higher net loss compared to the same period in the previous year. Cash, cash equivalents, and investments totaled $186.8 million.
Reported positive topline results for the ACROBAT Edge and Evolve Phase 2 trials of paltusotine in acromegaly patients.
The prespecified primary endpoint in Edge was achieved, showing that once-daily oral paltusotine maintained insulin-like growth factor-1 (IGF-1) levels at Week 13
Received Rare Pediatric Disease Designation for CRN04777 for the treatment of congenital hyperinsulinism.
Cash, cash equivalents and investments totaled $186.8 million as of September 30, 2020