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Dec 31, 2024
Crinetics Q4 2024 Earnings Report
Crinetics reported increased operating expenses and a widened net loss in Q4 2024.
Key Takeaways
Crinetics Pharmaceuticals reported a net loss of $80.6 million for Q4 2024, compared to a net loss of $60.1 million in Q4 2023. The company had no reported revenues for the quarter. Research and development expenses increased significantly, primarily due to higher personnel costs and expanded clinical activities. Crinetics remains well-funded, with $1.4 billion in cash, expected to support operations into 2029.
Net loss widened to $80.6 million from $60.1 million in the previous year.
Research and development expenses increased to $66.6 million from $45.6 million in Q4 2023.
General and administrative expenses rose to $28.2 million from $17.1 million in Q4 2023.
Strong financial position with $1.4 billion in cash and investments, providing runway into 2029.
Forward Guidance
Crinetics expects to advance multiple clinical programs in 2025, including the NDA review for paltusotine and new late-stage trials.
Positive Outlook
- PDUFA target action date for paltusotine is set for September 25, 2025.
- Enrollment in a pivotal Phase 3 trial for paltusotine in carcinoid syndrome expected in Q2 2025.
- Initiation of two pivotal studies for atumelnant in CAH (Phase 3 in adults, Phase 2b/3 in pediatrics).
- Four novel IND filings expected in 2025 for pipeline expansion.
- Cash reserves projected to support operations into 2029.
Challenges Ahead
- Continued high research and development expenses due to clinical trial expansion.
- No revenue generation expected in the near term.
- Potential delays in regulatory approvals and clinical trial enrollments.
- Operating losses expected to continue in 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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