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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 companys 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 companys 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.
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