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Sep 30, 2021
Crinetics Q3 2021 Earnings Report
Reported positive Phase 1 readouts from CRN04894 and CRN04777 programs, unveiled a parathyroid hormone receptor antagonist program, and co-founded Radionetics Oncology.
Key Takeaways
Crinetics Pharmaceuticals reported financial results for the third quarter ended September 30, 2021. The company highlighted positive Phase 1 data from its CRN04894 and CRN04777 programs, the unveiling of a parathyroid hormone receptor antagonist program, and the co-founding of Radionetics Oncology. They also completed an underwritten public offering of common stock, raising gross proceeds of $172.5 million.
Reported positive data from single-ascending dose (SAD) cohorts of first-in-human study of CRN04777, a somatostatin receptor type 5 (SST5) agonist being developed as a treatment for congenital hyperinsulinism.
Reported positive data from SAD cohorts of first-in-human study of CRN04894, an adrenocorticotropic hormone (ACTH) antagonist being developed as a treatment for diseases of ACTH excess.
Unveiled its parathyroid hormone receptor antagonist program for the treatment of hypercalcemia associated with hyperparathyroidism (HPT).
Co-founded Radionetics Oncology with $30 million in initial financing to develop radiopharmaceuticals for cancer treatment.
Crinetics
Crinetics
Forward Guidance
Crinetics anticipates further development of its pipeline programs and the achievement of milestones.
Positive Outlook
- Potential benefits of paltusotine for patients with acromegaly or neuroendocrine tumors complicated by carcinoid syndrome.
- Potential benefits of CRN04984 for patients with conditions of ACTH excess, including Cushing’s disease and congenital adrenal hyperplasia.
- Potential benefits of CRN04777 for patients with congenital hyperinsulinism.
- Radionetics’ ability to develop and advance its oncology pipeline.
- Potential for Crinetics and its stockholders to obtain value from Crinetics’ equity interest in Radionetics.
Challenges Ahead
- Data reported may change following a more comprehensive review of the data related to the clinical trials and such data may not accurately reflect the complete results of a clinical trial
- Advancement of CRN04894 and CRN04777 into later stage trials is dependent on and subject to the receipt of further feedback from the FDA and other regulatory agencies
- We may not be able to obtain, maintain and enforce our patents and other intellectual property rights, and it may be prohibitively difficult or costly to protect such rights
- COVID-19 pandemic may disrupt Crinetics’ business and that of the third parties on which it depends, including delaying or otherwise disrupting its clinical trials and preclinical studies, manufacturing and supply chain, or impairing employee productivity
- Radionetics will need additional funds to advance its pipeline and Crinetics’ ownership interest may be diminished in connection with future capital raising