Crinetics Pharmaceuticals, Inc. (CRNX) reported its financial results for the fiscal year ended December 31, 2025, marking a significant transition to a commercial-stage company following the FDA approval of PALSONIFY™ (paltusotine) in September 2025. The company generated net product revenue of $5.4 million from PALSONIFY sales during the three months ended December 31, 2025. Collaboration and license revenue, primarily from the partnership with Sanwa Kagaku Kenkyusho Co., Ltd. (SKK), increased to $2.3 million, up from $1.0 million in 2024. Total revenue for 2025 reached $7.7 million, a substantial increase from $1.0 million in the previous year.
Operating expenses for the year totaled $524.5 million, compared to $339.9 million in 2024. Research and development expenses increased to $332.1 million from $240.2 million, driven by the advancement of clinical programs for paltusotine and atumelnant, as well as investments in preclinical programs. Selling, general, and administrative expenses also rose significantly to $191.3 million from $99.7 million, reflecting the expansion of commercial infrastructure to support the PALSONIFY launch. Cost of product revenue was $1.1 million, reflecting commercial manufacturing readiness and supplier qualification costs, as well as packaging and distribution expenses. The company reported a loss from operations of $516.8 million, compared to a loss of $338.9 million in the prior year.
Other income, primarily from investment securities, increased to $51.6 million from $40.9 million in 2024. The company recorded an income tax expense of $0.2 million, compared to no income tax expense in the previous year. The net loss for the year was $465.3 million, or $4.95 per share, compared to a net loss of $298.4 million, or $3.69 per share, in 2024. As of December 31, 2025, cash, cash equivalents, and investment securities totaled $1.0 billion, a decrease from $1.4 billion at the end of 2024.
Key operational developments included the first patient enrollment in the Phase 3 study of paltusotine for carcinoid syndrome in November 2025, and the CHMP of the EMA adopted a positive opinion, recommending the marketing authorization of PALSONIFY for the medical treatment of adult patients with acromegaly in February 2026. In January 2026, the first patient was dosed in the BALANCE-CAH study. In November 2025, the first patient received CRN09682 in the dose escalation phase of a Phase 1/2 study. The company anticipates initiating a Phase 2/3 study of atumelnant in ACTH-Dependent Cushing's Syndrome in the first half of 2026. As of February 13, 2026, the company had 594 full-time employees.
About Crinetics Pharmaceuticals, Inc.
Crinetics Pharmaceuticals is a clinical-stage biotech focused on developing oral, nonpeptide therapeutics targeting peptide GPCRs for endocrine diseases and tumors. Its pipeline includes treatments for acromegaly, carcinoid syndrome, and other hormonal disorders, emphasizing improved efficacy, safety, and patient convenience. The company leverages expertise in endocrine pathways, with proprietary molecules designed to address unmet medical needs in endocrinology and oncology markets.
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