Short answer
Crinetics Pharmaceuticals, Inc. (CRNX) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $8M (+640.7% year over year) and net income of −$465M.
- Top risk flagged: FDA approval risk: PALSONIFY regulatory compliance including U.S. FDA and EMA submissions with risk of delays or denial
FY2025 key financial metrics · XBRL
- Revenue
- $8M
- +640.7% YoY
- Net income
- −$465M
- −55.9% YoY
- Operating margin
- -6714.8%
- +25898.7 pp YoY
- EPS (diluted)
- −$4.95
- −34.1% YoY
- ROE
- -46.9%
- −24.4 pp YoY
- Operating cash flow
- −$378M
- −67.2% YoY
Source: XBRL data from the Crinetics Pharmaceuticals, Inc. (CRNX) FY2025 10-K on SEC EDGAR. USD.
Crinetics Pharmaceuticals, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Discovery, development, commercialization of novel small molecule GPCR-targeted therapies for endocrine diseases and endocrine-related tumors
- New product: FDA approved PALSONIFY (paltusotine) in September 2025, first once-daily oral treatment for acromegaly adults inadequately managed by surgery
- Strategic shift: Launching focused U.S. commercial organization for PALSONIFY; expanding globally with EMA marketing authorisation expected H1 2026 and Japan licensing deal
- Key metric: Pipeline includes 10+ disclosed programs; active enrollment in Phase 3 trials for paltusotine in Cushing’s syndrome; positive Phase 2 data on atumelnant with Phase 3 initiated
- Noteworthy fact: PALSONIFY’s approval marks first oral, nonpeptide SST2R agonist for acromegaly, representing a novel therapeutic class and offering improved patient convenience
Management Discussion & Analysis
- Revenue $7.7M in 2025 vs $1.0M in 2024, driven by $5.4M product sales from PALSONIFY launch
- Operating margin -681.9% in 2025 vs -326.4% in 2024 (loss from ops $516.8M vs $338.9M on $7.7M vs $1.0M revenue)
- Best segment: Collaboration revenue $2.3M up 119%, worst: operating expenses growth with SG&A up 92% to $191.3M
- Cash, cash equivalents & investments $1.0B at end 2025 down 24%, raised $380M net in Jan 2026 equity offering, no dividends or buybacks
- Outlook: Expects increasing product revenue but continued net losses; risks from R&D, commercialization costs, market acceptance, and global macro factors
Risk Factors
- FDA approval risk: PALSONIFY regulatory compliance including U.S. FDA and EMA submissions with risk of delays or denial
- Geopolitical risk: exposure to market disruptions from international conflicts including Russia-Ukraine and Middle East tensions
- Supply chain risk: dependency on third-party manufacturers for clinical and commercial-scale production of PALSONIFY and other candidates
- Competitive risk: potential market disruption if competitor therapies gain faster regulatory approval or wider physician acceptance
- Financial risk: accumulated deficit $1.4B with reliance on $350M equity sales agreement for funding next 12 months
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