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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.
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
Historical Earnings Impact
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