Crinetics Pharmaceuticals Reports Q2 2025 Financial Results with Revenue Growth and Increased Losses

Crinetics Pharmaceuticals, Inc. reported its financial results for the second quarter of 2025, revealing a significant increase in both revenue and operating expenses compared to the same period in 2024. The company generated revenues of $1.0 million for the three months ended June 30, 2025, a substantial increase from $399,000 in the prior year. For the first half of 2025, revenues totaled $1.4 million, up from $1.0 million in the same period last year. This growth is attributed primarily to the Sanwa License and the Sanwa Clinical Supply Agreement, although the company has yet to achieve any product sales.

Operating expenses surged to $130.1 million for the second quarter, a 56% increase from $83.2 million in the same quarter of 2024. This rise was driven by a 38% increase in research and development expenses, which reached $80.3 million, and a 101% increase in selling, general, and administrative expenses, totaling $49.8 million. The increase in expenses reflects the company's ongoing investment in clinical programs and the expansion of its workforce to support its growth initiatives. The net loss for the quarter was $115.6 million, compared to a loss of $74.1 million in the same quarter last year.

Crinetics has made notable strides in its product pipeline, particularly with its lead candidate, paltusotine, which is under review by the U.S. Food and Drug Administration (FDA) for the treatment of acromegaly. The company has identified approximately 11,000 addressable patients in the U.S. for this treatment, with an expected decision from the FDA by September 25, 2025. Additionally, the European Medicines Agency has validated the marketing authorization application for paltusotine, with a decision anticipated in the first half of 2026. The company is also advancing its second candidate, atumelnant, which has shown promising results in clinical trials for congenital adrenal hyperplasia.

As of June 30, 2025, Crinetics reported total assets of $1.29 billion, down from $1.43 billion at the end of 2024, primarily due to a decrease in cash and cash equivalents, which fell to $53.7 million from $264.5 million. The company's accumulated deficit increased to $1.16 billion, reflecting ongoing operational losses. Despite these challenges, Crinetics maintains a strong liquidity position with $1.2 billion in cash, cash equivalents, and investment securities, which it believes will be sufficient to meet its funding requirements for at least the next 12 months.

Looking ahead, Crinetics anticipates continued net losses as it invests in the development of its product candidates and prepares for potential commercialization. The company plans to finance its operations through a combination of equity offerings, debt financing, and collaborations. However, it acknowledges the risks associated with securing additional funding and the potential need to adjust its operational plans if sufficient capital cannot be raised.