Crinetics Pharmaceuticals, Inc. (CRNX) FY2025 10-K Annual Report
Crinetics Pharmaceuticals, Inc. (CRNX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Crinetics Pharmaceuticals, Inc. FY2025 10-K Analysis
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
Crinetics Pharmaceuticals, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$8M
▲ +640.7% YoY
Net Income
-$465M
▼ -55.9% YoY
Operating Margin
-6714.8%
▲ +2589870bp YoY
Net Margin
-6046.2%
▲ +2267447bp YoY
ROE
-46.9%
▼ -2438bp YoY
Total Assets
$1.1B
▼ -21.5% YoY
EPS (Diluted)
$-4.95
▼ -34.1% YoY
Operating Cash Flow
-$378M
▼ -67.2% YoY
Source: XBRL data from Crinetics Pharmaceuticals, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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