Crinetics Q2 net loss $51M; suspends CRN04777; paltusotine Phase 3 data due Sept 2023

Crinetics Pharmaceuticals, Inc.

2023-Q2 EPS reported -$1.79 revenue$3,667,000

Net loss $51.0M on revenue $1.0M (vs. $42.4M loss on $0.4M revenue in Q2 2022).
Cash, equivalents, investments $264.5M as of June 30, 2023 (down from $334.4M at Dec 31, 2022).
Phase 3 PATHFNDR-1 paltusotine topline data expected September 2023; PATHFNDR-2 enrollment complete, data in Q1 2024.
CRN04777 development suspended after nonclinical findings eroded anticipated therapeutic margins; not related to other candidates.
Paltusotine NDA submission anticipated in 2024 pending successful PATHFNDR data.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Crinetics Pharmaceuticals, Inc. reported the second quarter ended June 30, 2023 results: revenue $1.0 million, net income Net loss of $51.0 million.

Period: the second quarter ended June 30, 2023
Revenue: $1.0 million
Net income: Net loss of $51.0 million
Result: reported results

Exact text from the filing

of $2.7 million. • Net loss for the three months ended June 30, 2023, was $51.0 million, compared to a net loss of $42.4 million for the same period in 2022. • Revenues were $1.0 million for the three months ended June 30, 2023, compared to $0.4 million for the same period in 2022. Revenues in both periods were primarily derived from the paltusotine licensing

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Source: SEC EDGAR

accession 0000950170-23-039338

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