Crinetics Pharmaceuticals, Inc.
CRNX · Pharmaceutical Preparations · 105.4M shares · +24%/yr ↑ shares · EDGAR filings ↗
Reference price $35.62 · est. market cap ~$3.8B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Newly commercial endocrine specialist with FDA-approved PALSONIFY, two clean positive Phase 3 readouts and a deep late-stage pipeline.
Strengths
- Two positive, statistically significant Phase 3 acromegaly readouts (OR 42.8 and 126.5, p<0.0001) plus FDA approval — major de-risking
- $1B cash (93rd pct), current ratio 12.3, revenue growth 96th pct; gross margin 73rd pct
- Multiple late-stage shots on goal (atumelnant Phase 3 in CAH, CRN09682) beyond the approved drug
Risks
- Still deeply unprofitable: net margin -60% (12th pct), operating margin 13th pct, FCF -$384M (3rd pct)
- Value now hinges on PALSONIFY launch execution and atumelnant confirmatory data
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -6046.2%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-383.7M)
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Strong balance sheetStrong balance sheet — $1.0B cash & investments, ~10 quarters of runway
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 14 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$6M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-10 — PHASE1/PHASE2 · Cushing Syndrome
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
86.0%
Operating margin
-6714.8%
Net margin
-6046.2%
Return on equity
-46.9%
Return on assets
-41.3%
Revenue growth (QoQ)
74.2%
Current ratio
12.3×
Free cash flow
-$384M
EBITDA
-$513M
Tangible book value
$992M
Cash & investments
$1.0B
Cash runway
10q
Stock comp / revenue
1182.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Fust Matthew K | Grant | 5.9K | — |
| 2026-06-18 | Deardorf Caren | Grant | 5.9K | — |
| 2026-06-18 | Nichols Weston | Grant | 5.9K | — |
| 2026-06-18 | Vivaldi Coelho Rogerio | Grant | 5.9K | — |
| 2026-06-18 | Bedrosian Camille L | Grant | 5.9K | — |
| 2026-06-18 | WIERENGA WENDELL | Grant | 5.9K | — |
| 2026-06-18 | Okey Stephanie | Grant | 5.9K | — |
| 2026-06-17 | Okey Stephanie | Sell | 6.3K | $35.62 |
| 2026-06-17 | Okey Stephanie | Sell | 608 | $36.22 |
| 2026-05-29 | Struthers Richard Scott | Gift | 222K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 222K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 80K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 222K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 222K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 80K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-05-29 | Struthers Richard Scott | Gift | 111K | — |
| 2026-04-08 | Knight Jeff E. | Option exercise | 49K | $23.98 |
| 2026-04-08 | Knight Jeff E. | Option exercise | 9.6K | $20.02 |
| 2026-04-08 | Knight Jeff E. | Option exercise | 19K | $19.64 |
| 2026-04-08 | Knight Jeff E. | Sell | 85K | $40.10 |
| 2026-03-16 | Knight Jeff E. | Sell | 6.0K | $37.11 |
| 2026-03-16 | Knight Jeff E. | Sell | 4.0K | $37.77 |
| 2026-03-16 | Betz Stephen F. | Sell | 6.4K | $37.11 |
| 2026-03-16 | Betz Stephen F. | Sell | 4.2K | $37.77 |
| 2026-03-16 | Struthers Richard Scott | Sell | 13K | $37.11 |
| 2026-03-16 | Struthers Richard Scott | Sell | 8.8K | $37.77 |
| 2026-03-12 | Vivaldi Coelho Rogerio | Sell | 4.5K | $36.08 |
| 2026-03-12 | Vivaldi Coelho Rogerio | Sell | 523 | $36.77 |
| 2026-03-03 | Okey Stephanie | Sell | 3.0K | $39.67 |
| 2026-03-03 | Schilke Tobin | Sell | 6.7K | $39.67 |
| 2026-02-23 | Struthers Richard Scott | Grant | 62K | — |
| 2026-02-23 | Schilke Tobin | Grant | 32K | — |
| 2026-02-23 | Knight Jeff E. | Grant | 34K | — |
| 2026-02-23 | Betz Stephen F. | Grant | 30K | — |
| 2026-02-23 | Kalofonos Isabel | Grant | 34K | — |
| 2026-01-05 | Kalofonos Isabel | Option exercise | 2.5K | $40.59 |
| 2026-01-05 | Kalofonos Isabel | Sell | 2.5K | $55.00 |
| 2025-12-26 | Betz Stephen F. | Option exercise | 18K | $1.91 |
| 2025-12-18 | Struthers Richard Scott | Option exercise | 28K | $15.29 |
| 2025-12-18 | Struthers Richard Scott | Option exercise | 16K | $9.28 |
| 2025-12-01 | Pizzuti Dana | Option exercise | 5.0K | $16.89 |
| 2025-12-01 | Pizzuti Dana | Sell | 5.0K | $45.02 |
| 2025-11-03 | Pizzuti Dana | Option exercise | 5.0K | $16.89 |
| 2025-11-03 | Pizzuti Dana | Sell | 4.9K | $42.65 |
| 2025-11-03 | Pizzuti Dana | Sell | 100 | $43.27 |
| 2025-10-01 | Pizzuti Dana | Option exercise | 5.0K | $16.89 |
| 2025-10-01 | Pizzuti Dana | Sell | 5.0K | $41.81 |
| 2025-09-26 | Struthers Richard Scott | Sell | 4.0K | $45.00 |
| 2025-09-26 | Fust Matthew K | Option exercise | 10K | $1.91 |
| 2025-09-26 | Fust Matthew K | Sell | 16K | $44.75 |
| 2025-09-02 | Pizzuti Dana | Option exercise | 5.0K | $16.89 |
| 2025-09-02 | Pizzuti Dana | Sell | 5.0K | $32.10 |
| 2025-08-22 | Pizzuti Dana | Option exercise | 30K | $16.89 |
| 2025-08-22 | Pizzuti Dana | Sell | 30K | $30.43 |
| 2025-08-20 | Pizzuti Dana | Sell | 6.5K | $29.18 |
| 2025-06-12 | Betz Stephen F. | Option exercise | 72K | $1.91 |
| 2025-06-12 | Betz Stephen F. | Option exercise | 17K | $9.28 |
| 2025-06-12 | Betz Stephen F. | Sell | 97K | $32.23 |
| 2025-06-11 | Deardorf Caren | Grant | 6.9K | — |
| 2025-06-11 | Vivaldi Coelho Rogerio | Grant | 6.9K | — |
| 2025-06-11 | Okey Stephanie | Grant | 6.9K | — |
| 2025-06-11 | Fust Matthew K | Grant | 6.9K | — |
| 2025-06-11 | Bedrosian Camille L | Grant | 6.9K | — |
| 2025-06-11 | Nichols Weston | Grant | 6.9K | — |
| 2025-06-11 | WIERENGA WENDALL | Grant | 6.9K | — |
| 2025-05-14 | Struthers Richard Scott | Gift | 90K | — |
| 2025-05-14 | Struthers Richard Scott | Gift | 90K | — |
| 2025-04-02 | Struthers Richard Scott | Option exercise | 81K | $1.91 |
| 2025-03-19 | Knight Jeff E. | Sell | 6.8K | $34.17 |
| 2025-03-19 | Knight Jeff E. | Sell | 361 | $34.83 |
| 2025-03-19 | Betz Stephen F. | Sell | 5.5K | $34.17 |
| 2025-03-19 | Betz Stephen F. | Sell | 291 | $34.83 |
| 2025-03-19 | Struthers Richard Scott | Sell | 16K | $34.17 |
| 2025-03-19 | Struthers Richard Scott | Sell | 875 | $34.83 |
| 2025-03-19 | Pizzuti Dana | Sell | 2.4K | $34.17 |
| 2025-03-19 | Pizzuti Dana | Sell | 127 | $34.83 |
| 2025-03-10 | Schilke Tobin | Grant | 52K | — |
| 2025-02-20 | Struthers Richard Scott | Grant | 89K | — |
| 2025-02-20 | Knight Jeff E. | Grant | 43K | — |
| 2025-02-20 | Pizzuti Dana | Grant | 43K | — |
| 2025-02-20 | Betz Stephen F. | Grant | 43K | — |
| 2025-02-03 | Pizzuti Dana | Option exercise | 5.0K | $16.89 |
| 2025-02-03 | Pizzuti Dana | Sell | 5.0K | $39.07 |
| 2025-01-07 | Pizzuti Dana | Option exercise | 2.5K | $19.64 |
| 2025-01-03 | Pizzuti Dana | Option exercise | 15K | $16.89 |
| 2025-01-03 | Pizzuti Dana | Sell | 15K | $52.09 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07159841 ↗ | A Study in Pediatric Participants With Congenital Adrenal Hyperplasia (Balance-CAH) Congenital Adrenal Hyperplasia, Classic Congenital Adrenal Hyperplasia | PHASE2/PHASE3 | Recruiting | 2030-03-01 |
| NCT04261712 ↗ | A Study to Evaluate the Long-Term Safety and Efficacy of Paltusotine for the Treatment of Acromegaly (ACROBAT Advance) Acromegaly | PHASE2 | Active Not Recruiting | 2028-03-01 |
| NCT06712823 ↗ | An Extension Study to Evaluate Safety and Efficacy in Participants Treated With CRN04894 Congenital Adrenal Hyperplasia, Classic Congenital Adrenal Hyperplasia | PHASE2 | Recruiting | 2027-11-01 |
| NCT07129252 ↗ | A Study to Investigate Safety and Effectiveness of CRN09682 in Participants With SST2-Expressing NENs and Other Solid Tumors SST2-positive Neuroendocrine Neoplasms, Neuroendocrine Tumors | PHASE1/PHASE2 | Recruiting | 2027-08-01 |
| NCT07087054 ↗ | Carcinoid Syndrome Efficacy Study Featuring an Oral Daily Paltusotine Regimen Carcinoid Syndrome, Carcinoid | PHASE3 | Recruiting | 2027-08-01 |
| NCT07144163 ↗ | A Study to Evaluate Atumelnant in Adults With Congenital Adrenal Hyperplasia Congenital Adrenal Hyperplasia, Classic Congenital Adrenal Hyperplasia | PHASE3 | Recruiting | 2027-05-01 |
| NCT07570082 ↗ | Drug-Drug Interaction Study of Atumelnant in Healthy Participants Healthy Volunteers | PHASE1 | Recruiting | 2026-12-31 |
| NCT05804669 ↗ | A Study to Evaluate the Safety and PK of CRN04894 for the Treatment of Cushing's Syndrome Cushing Syndrome, Cushing Disease | PHASE1/PHASE2 | Recruiting | 2026-10-01 |
| NCT05192382 ↗ | A Study to Evaluate the Safety and Efficacy of Paltusotine for the Treatment of Acromegaly (PATHFNDR-2) Acromegaly | PHASE3 | Active Not Recruiting | 2024-01-20 |
| NCT04837040 ↗ | A Study to Evaluate the Safety and Efficacy of Paltusotine for the Treatment of Acromegaly Acromegaly | PHASE3 | Active Not Recruiting | 2023-07-10 |
| NCT07221084 ↗ | A Study to Assess Pharmacokinetics, Safety, and Tolerability of Atumelnant in Healthy Japanese and Caucasian Participants Healthy Volunteers | PHASE1 | Completed | 2026-02-07 |
| NCT05907291 ↗ | Evaluate the Safety, Efficacy, and Pharmacokinetics of CRN04894 in Participants With Congenital Adrenal Hyperplasia (TouCAHn) Congenital Adrenal Hyperplasia, Classic Congenital Adrenal Hyperplasia | PHASE2 | Completed | 2025-08-22 |
| NCT05361668 ↗ | Study to Evaluate the Safety, PK, and Dose Response of Paltusotine in Subjects With Carcinoid Syndrome Carcinoid Syndrome, Carcinoid | PHASE2 | Completed | 2024-03-07 |
| NCT06048887 ↗ | Single and Multiple-Ascending Dose Study of CRN04894 in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2022-04-11 |
| NCT03789656 ↗ | An Study to Evaluate the Safety and Efficacy of Paltusotine for the Treatment of Acromegaly (ACROBAT Edge) Acromegaly | PHASE2 | Completed | 2020-08-03 |
| NCT03792555 ↗ | A Study to Evaluate the Safety and Efficacy of Paltusotine for the Treatment of Acromegaly (ACROBAT Evolve) Acromegaly | PHASE2 | Completed | 2020-07-15 |
| NCT03936166 ↗ | A Single and Multiple-Ascending Dose Study of CRN01941 in Healthy Adult Volunteers Healthy Volunteers | PHASE1 | Completed | 2019-12-16 |
| NCT04246749 ↗ | Mass Balance and Pharmacokinetics of [14C]-CRN00808 in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2019-10-25 |
| NCT03276858 ↗ | Single and Multiple-Ascending Dose Study of CRN00808 in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2018-04-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-10 | Exec/director changeExhibits | filing ↗ |
| 2026-03-23 | Exec/director change | filing ↗ |
| 2026-03-03 | Auditor changeExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-26 | Exec/director changeExhibits | filing ↗ |
| 2026-01-13 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001658247-26-000044 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001658247-26-000039 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001658247-26-000040 ↗ |
| 8-K | 2026-04-10 | 2026-04-10 | 0001658247-26-000022 ↗ |
| 8-K | 2026-03-23 | 2026-03-17 | 0001658247-26-000020 ↗ |
| 8-K | 2026-03-03 | 2026-02-27 | 0001658247-26-000017 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001658247-26-000012 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001658247-26-000011 ↗ |
| 8-K | 2026-01-26 | 2026-01-20 | 0001658247-26-000003 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001193125-26-011872 ↗ |
| 8-K | 2026-01-07 | 2026-01-05 | 0001193125-26-006421 ↗ |
| 8-K | 2026-01-05 | 2026-01-05 | 0001193125-26-002368 ↗ |