Exhibit 99.1

 

LOGO

Crinetics Pharmaceuticals Reports Second Quarter 2018

Financial Results and Provides Corporate Update

SAN DIEGO – August 30, 2018

– Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today reported financial results for the quarter ended June 30, 2018 and provided an update on its corporate activities and product pipeline.

“Crinetics has made major progress in 2018 with the company’s initial public offering, which raised net proceeds of $106.4 million,” said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. “With our balance sheet substantially strengthened, we will focus on growing our operations and preparing for the initiation of our planned Phase 2 clinical trials for CRN00808 in acromegaly in early 2019, as well as developing our other pipeline programs.”

Second Quarter 2018 and Subsequent Highlights

 

 

Completed initial public offering. In July 2018, Crinetics closed its initial public offering of 6,900,000 shares of common stock at a public offering price of $17.00 per share. Crinetics received approximately $106.4 million in net proceeds, after deducting underwriting discounts, commissions, and estimated offering expenses.

 

 

Awarded up to $3.2 million in SBIR grants for congenital hyperinsulinism and acromegaly. In June 2018, Crinetics was awarded up to approximately $3.2 million in Small Business Innovation Research (SBIR) grants from the National Institute of Diabetes and Digestive and Kidney Diseases of the National Institutes of Health (NIH) to fund the continued research and development of its nonpeptide, oral somatostatin agonists for congenital hyperinsulinemias (CHI) and acromegaly. Crinetics will be eligible to receive funding for up to approximately $1.9 million for CHI and $1.3 million for acromegaly.

 

 

Appointed Alan S. Krasner, M.D. as Chief Medical Officer. In June 2018, Crinetics appointed Alan S. Krasner, M.D. as Chief Medical Officer. Dr. Krasner joined Crinetics from Shire Pharmaceuticals where he was a Senior Medical Director and served as Global Development Lead for Natpara®, the first recombinant human intact parathyroid hormone treatment for hypoparathyroidism. Prior to Shire, he worked at Biodel and Pfizer conducting clinical research at various stages of product development in diabetes and obesity.

Second Quarter 2018 Financial Results

 

 

Research and development expenses were $5.2 million and $9.9 million for the three and six months ended June 30, 2018, respectively, compared to $2.1 million and $4.1 million for the same periods in 2017. The increases were primarily attributable to increased manufacturing and development activities associated with clinical and preclinical programs and increased personnel-related costs due to the hiring of additional development personnel.

 

 

General and administrative expenses were $1.1 million and $2.4 million for the three and six months ended June 30, 2018, compared to $0.4 million and $1.0 million for the same periods in 2017. The increases were primarily due to increased spending on pre-commercialization activities and legal costs, as well as higher personnel-related costs to support the growth of operating activities.

 

 

Net loss for the three months ended June 30, 2018 was $5.6 million, compared to a net loss of $1.6 million for the three months ended June 30, 2017. For the six months ended June 30, 2018, the company’s net loss was $11.0 million compared to a net loss of $4.3 million for the six months ended June 30, 2017.

 

 

Cash, cash equivalents and short-term investments totaled $68.4 million as of June 30, 2018, which does not include the $106.4 million in net proceeds from the initial public offering in July 2018, compared with $14.2 million as of December 31, 2017.

 

 

As of August 24, 2018, the company had 24,024,231 common shares outstanding.


The following information was filed by Crinetics Pharmaceuticals, Inc. (CRNX) on Thursday, August 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Crinetics Pharmaceuticals, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Crinetics Pharmaceuticals, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account