Crinetics Pharma (CRNX)
NASDAQ:CRNX
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Crinetics Pharmaceuticals
(NASDAQ:CRNX)
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Rating:55Neutral
Price Target:
$34.00
▼(-17.07% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by large ongoing losses and heavy cash burn, despite a strong balance sheet. The earnings call was a meaningful positive, pointing to early commercial traction, improving payer coverage, and long cash runway, but technicals remain weak and valuation signals are constrained by negative earnings and no dividend.
Positive Factors
Strong balance sheet & runway
A $1.3B liquidity position funding operations into 2030 gives durable financial flexibility to support commercialization, multiple pivotal readouts, and payer expansion without immediate refinancing. This reduces near‑term funding risk and enables strategic pacing of market investments.
Negative Factors
High cash burn and large operating losses
Sizable negative cash flow and net losses mean the company remains dependent on external financing over the medium term. Persistent high burn narrows the margin for error on the commercial ramp and increases dilution risk if revenue trajectories or trial timelines slip versus plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet & runway
A $1.3B liquidity position funding operations into 2030 gives durable financial flexibility to support commercialization, multiple pivotal readouts, and payer expansion without immediate refinancing. This reduces near‑term funding risk and enables strategic pacing of market investments.
Read all positive factors
Crinetics Pharmaceuticals (CRNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.53B
Dividend YieldN/A
Average Volume (3M)1.27M
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue Growth4905.26%
EPS Growth-34.49%
CountryUS
Employees437
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-5.14
Shares Outstanding105,440,210
10 Day Avg. Volume979,435
30 Day Avg. Volume1,270,033
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)4.41
Price to Sales (P/S)568.91
P/FCF Ratio-11.41
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue203.77
Enterprise Value/Gross Profit206.05
Enterprise Value/Ebitda-6.80
Forecast
1Y Price Target
$88.14Price Target Upside114.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-4.8
Revenue Forecast (FY)$68.57M
Crinetics Pharmaceuticals Business Overview & Revenue Model
Company Description
Crinetics Pharmaceuticals, Inc. operates as a clinical-stage pharmaceutical enterprise, dedicated to the identification, advancement, and market introduction of therapeutic solutions for infrequent endocrine conditions and related tumors. Their fl...
How the Company Makes Money
Crinetics Pharmaceuticals does not have a broadly established commercial product portfolio and is primarily in the development stage; as a result, its recurring revenue from product sales is null. The company’s funding and reported revenue, when p...
Crinetics Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call communicated a strong early commercial launch for Palsonify with meaningful patient additions, encouraging reimbursement progress (≈70% reimbursed, >60% coverage), expanding prescriber footprint and robust pipeline advancement, all supported by a strong balance sheet. Offsetting these positives are elevated and rising R&D and operating expenses, limited disclosure of certain commercial conversion metrics, a remaining reimbursement gap (~30% of patients), appointment‑driven adoption constraints, and no firm timelines provided for several key pivotal readouts or international revenue. On balance, the positives around launch momentum, payer traction, prescriber growth and cash runway outweigh the operational and disclosure limitations.Positive Updates
Strong Early Commercial Launch
Palsonify generated $10.3M in net product revenue (total revenue $10.7M including $0.4M license) in Q1 and added 232 new patient enrollment forms during the quarter, demonstrating early commercial traction.
Negative Updates
Rising R&D Spend and High Operating Investment
Research & development expense increased to $100.1M in Q1 from $85.1M in Q4 (increase of ~$15M, ~17.6% quarter‑over‑quarter), contributing to a high cash burn profile consistent with the ~$600M–$650M GAAP expense guidance for 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Early Commercial Launch
Palsonify generated $10.3M in net product revenue (total revenue $10.7M including $0.4M license) in Q1 and added 232 new patient enrollment forms during the quarter, demonstrating early commercial traction.
Read all positive updates
Company Guidance
The company maintained 2026 guidance, forecasting GAAP operating expenses of $600–$650 million and non‑GAAP operating expenses (excluding cost of product revenue, stock‑based compensation, depreciation and amortization) of $480–$520 million, and said its $1.3 billion in cash, cash equivalents and investments provide runway into 2030. In Q1 Crinetics reported $10.7 million total revenue (including $10.3 million net product revenue and $0.4 million licensing), cost of product revenue of $0.2 million (would have risen by <$0.1M if prior 0‑cost inventory were included), R&D of $100.1 million (vs. $85.1M in Q4) and SG&A of $50.8 million (vs. $53.7M in Q4); shares outstanding were ~105.4M basic and ~123.5M fully diluted as of April 23, 2026. On the commercial front the launch added 232 new patient enrollment forms in Q1, about 70% of patients on therapy were reimbursed at quarter‑end, the company has achieved >60% coverage and remains on track to exceed its 75% coverage goal by end‑Q3 2026, and management expects low discontinuation with patient counts compounding over time.Crinetics Pharmaceuticals Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.07M | 7.70M | 1.04M | 4.01M | 4.74M | 1.08M |
| Gross Profit | 17.87M | 6.62M | 1.04M | 4.01M | 4.74M | 1.08M |
| EBITDA | -541.62M | -512.88M | -336.07M | -221.51M | -166.90M | -106.78M |
| Net Income | -496.39M | -465.32M | -298.41M | -214.53M | -163.92M | -107.64M |
Balance Sheet | ||||||
| Total Assets | 1.40B | 1.14B | 1.43B | 635.35M | 352.18M | 351.01M |
| Cash, Cash Equivalents and Short-Term Investments | 1.29B | 1.03B | 1.35B | 558.55M | 334.43M | 333.71M |
| Total Debt | 47.85M | 48.54M | 51.72M | 51.73M | 3.08M | 3.07M |
| Total Liabilities | 120.68M | 143.41M | 109.79M | 96.25M | 35.85M | 19.07M |
| Stockholders Equity | 1.28B | 992.08M | 1.32B | 539.11M | 316.33M | 331.94M |
Cash Flow | ||||||
| Free Cash Flow | -419.52M | -383.68M | -229.81M | -171.00M | -116.86M | -89.02M |
| Operating Cash Flow | -414.17M | -377.92M | -225.97M | -166.31M | -115.20M | -88.59M |
| Investing Cash Flow | 7.51M | 173.91M | -574.82M | -200.41M | -173.98M | -56.48M |
| Financing Cash Flow | 426.05M | 40.61M | 1.01B | 388.94M | 121.96M | 252.68M |
Crinetics Pharmaceuticals Technical Analysis
Negative
41.00
Price Trends
37.53
Negative
40.86
Negative
41.57
Negative
Market Momentum
-1.32
Positive
39.84
Neutral
26.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRNX, the sentiment is Negative. The current price of 41 is above the 20-day moving average (MA) of 35.61, above the 50-day MA of 37.53, and below the 200-day MA of 41.57, indicating a bearish trend. The MACD of -1.32 indicates Positive momentum. The RSI at 39.84 is Neutral, neither overbought nor oversold. The STOCH value of 26.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CRNX.
Crinetics Pharmaceuticals Risk Analysis
Crinetics Pharmaceuticals disclosed 72 risk factors in its most recent earnings report. Crinetics Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Crinetics Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.76B | 30.78 | 16.19% | ― | 51.24% | ― | |
55 Neutral | $3.53B | -7.02 | -43.96% | ― | 4905.26% | -34.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $2.13B | -3.56 | 1566.94% | ― | 13.33% | -3.82% | |
49 Neutral | $6.08B | -22.89 | -25.02% | ― | -12.58% | -15.21% |
* Healthcare Sector Average
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3.72%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.