Crinetics Pharmaceuticals (CRNX) Q4 2025 earnings summary

Executive summary

• Achieved FDA approval and U.S. launch of PALSONIFY (paltusotine) for acromegaly, generating $5.4M in Q4 2025 net product revenue and over 200 enrollment forms by year-end, with strong early market adoption and leadership in acromegaly treatment.

• Advanced late-stage pipeline with phase III studies for Atumelnant in CAH and Cushing's disease, and initiated phase I/II for CRN09682 in SST2-expressing/neuroendocrine tumors.

• EMA's CHMP issued a positive opinion for PALSONIFY in Europe, pending EC approval, supporting global regulatory expansion.

• Built a fully integrated pharmaceutical company with robust infrastructure and R&D capabilities.

• Well-funded with cash runway extending into 2030, supporting ongoing and future strategic initiatives.

Financial highlights

• Q4 2025 net revenue was $6.2M, including $5.4M from PALSONIFY and $0.8M from a Japanese licensing agreement; full-year 2025 revenue totaled $7.7M, up from $1.0M in 2024.

• R&D expenses for Q4 were $85.1M and $332.1M for the year, up from $66.6M and $240.2M in 2024.

• SG&A expenses were $53.7M in Q4 and $191.3M for the year, compared to $28.2M and $99.7M in 2024.

• Net loss widened to $122.8M for Q4 2025 and $465.3M for the year, versus $80.6M and $298.4M in 2024.

• Cash, cash equivalents, and investments totaled $1.0B at year-end 2025, rising to $1.4B post-January 2026 offering.

Outlook and guidance

• 2026 GAAP operating expenses expected between $600M–$650M; non-GAAP between $480M–$520M.

• Cash runway projected to fund operations and strategic initiatives into 2030, supporting commercialization and pivotal clinical readouts.

• Multiple value-creating milestones anticipated, including pivotal clinical trial readouts and further commercialization.