Crinetics Pharmaceuticals (CRNX)
NASDAQ:CRNX
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Crinetics Pharmaceuticals
(NASDAQ:CRNX)
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Rating:55Neutral
Price Target:
$35.00
▲(3.95% Upside)
Action:ReiteratedDate:02/27/26
The score is held back primarily by very large losses and heavy cash burn, with near-term technical momentum also weak. These are partly offset by a constructive earnings-call outlook—early commercial traction, meaningful pipeline/regulatory progress, and a strengthened cash runway following the January 2026 financing—while valuation signals provide limited clarity due to negative earnings and no dividend.
Positive Factors
Regulatory Expansion (Brazil ANVISA filing)
Filing a marketing authorization application in Brazil materially expands the company’s addressable market and diversifies regulatory risk beyond the U.S./EU. This is a durable commercial step that supports multi‑region launch planning and long‑term revenue diversification if approved.
Negative Factors
High Cash Burn and Negative Free Cash Flow
Sustained, large negative operating and free cash flow reflects heavy ongoing investment and limited internal cash generation. Over the medium term this elevates execution and financing risk: if clinical or commercial progress stalls, the company may need additional financing or to curtail programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Expansion (Brazil ANVISA filing)
Filing a marketing authorization application in Brazil materially expands the company’s addressable market and diversifies regulatory risk beyond the U.S./EU. This is a durable commercial step that supports multi‑region launch planning and long‑term revenue diversification if approved.
Read all positive factors
Crinetics Pharmaceuticals (CRNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.53B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue GrowthN/A
EPS Growth-21.96%
CountryUS
Employees437
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.29
Shares Outstanding104,705,330
10 Day Avg. Volume1,329,601
30 Day Avg. Volume1,079,467
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 Cap0.98
Enterprise Value/Revenue640.67
Enterprise Value/Gross Profit590.65
Enterprise Value/Ebitda-6.92
Forecast
1Y Price Target
$88.00Price Target Upside161.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-4.77
Revenue Forecast (FY)$62.05M
Crinetics Pharmaceuticals Business Overview & Revenue Model
Company Description
Crinetics Pharmaceuticals, Inc., a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is Paltusot...
How the Company Makes Money
Crinetics is not a fully commercial-stage company and, to date, does not have publicly established, recurring product sales as a core revenue stream. Its historical funding has primarily come from (1) issuing equity (common stock and related finan...
Crinetics Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presented multiple important positives: a commercially launched product showing early physician uptake and payer wins, strong clinical readouts and regulatory progress for late-stage programs (atumelnant and CRN09682), and a robust cash position (post-offering ~ $1.4B) with runway into 2030. Offsetting these are modest 2025 revenues relative to substantial R&D and SG&A spend, elevated 2026 operating expense guidance, and continued early-stage reimbursement and launch execution risks (≈50% Quickstart usage, uncertain conversion timings). On balance, the strengths—successful launch momentum, compelling clinical data, regulatory milestone, and a very strong balance sheet—outweigh the operational and near-term revenue challenges.Positive Updates
Successful U.S. Commercial Launch of PALSONIFY
PALSONIFY (paltusotine) launched in 2025 with Q4 net product revenue of $5.4M and total Q4 net revenue of $6.2M (including $0.8M licensing revenue from SKK). The launch generated >200 enrollment forms in Q4 and adoption by >125 unique prescribers across community and pituitary centers. Early payer momentum includes wins with top plans adding PALSONIFY to formularies with label-consistent prior authorization and no step edits.
Negative Updates
Modest Revenues Relative to Cost Base
Full-year 2025 total revenue was $7.7M while Q4 operating spend remained high (R&D $85.1M and SG&A $53.7M in Q4). The commercial net product revenue ($5.4M in Q4) is small relative to ongoing development and commercialization expense.
Read all updates
Q4-2025 Updates
Positive
Negative
Successful U.S. Commercial Launch of PALSONIFY
PALSONIFY (paltusotine) launched in 2025 with Q4 net product revenue of $5.4M and total Q4 net revenue of $6.2M (including $0.8M licensing revenue from SKK). The launch generated >200 enrollment forms in Q4 and adoption by >125 unique prescribers across community and pituitary centers. Early payer momentum includes wins with top plans adding PALSONIFY to formularies with label-consistent prior authorization and no step edits.
Read all positive updates
Company Guidance
Crinetics guided 2026 operating expenses at $600–$650 million on a GAAP basis and $480–$520 million on a non‑GAAP basis (non‑GAAP excludes cost of revenue, stock‑based compensation, depreciation & amortization), citing higher spend to support newly initiated clinical trials and a full year of PALSONIFY commercialization; the company ended 2025 with >$1.0 billion in cash, used $326.2 million of net cash in 2025 (favorable to prior guidance of $340–$370 million), and raised ~$380 million in January 2026 for a post‑offering cash, cash equivalents and investments balance of ~ $1.4 billion — which management says is sufficient to fund operations into 2030. Quarter and year metrics disclosed alongside guidance include Q4 2025 total net revenue of $6.2 million ( $5.4M U.S. net product revenue, $0.8M licensing), full‑year 2025 revenue of $7.7M, Q4 cost of product revenue of $1.1M (≈$826K manufacturing readiness, ~$250K packaging/distribution, < $100K related to 0‑cost inventory), Q4 R&D expense of $85.1M (vs. $90.5M in Q3), Q4 SG&A of $53.7M (vs. $52.3M in Q3), ~104.7M common shares outstanding (≈121M fully diluted), and an expectation to continue distributing 0‑cost inventory for the next several quarters.Crinetics Pharmaceuticals Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
64
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.70M | 1.04M | 4.01M | 4.74M | 1.08M |
| Gross Profit | 2.73M | 1.04M | 4.01M | 4.74M | 1.08M |
| EBITDA | -461.25M | -336.07M | -221.51M | -166.90M | -106.78M |
| Net Income | -465.32M | -298.41M | -214.53M | -163.92M | -107.64M |
Balance Sheet | |||||
| Total Assets | 1.14B | 1.43B | 635.35M | 352.18M | 351.01M |
| Cash, Cash Equivalents and Short-Term Investments | 1.03B | 1.35B | 558.55M | 334.43M | 333.71M |
| Total Debt | 48.54M | 51.72M | 51.73M | 3.08M | 3.07M |
| Total Liabilities | 143.41M | 109.79M | 96.25M | 35.85M | 19.07M |
| Stockholders Equity | 992.08M | 1.32B | 539.11M | 316.33M | 331.94M |
Cash Flow | |||||
| Free Cash Flow | -383.68M | -229.81M | -171.00M | -116.86M | -89.02M |
| Operating Cash Flow | -377.92M | -225.97M | -166.31M | -115.20M | -88.59M |
| Investing Cash Flow | 173.91M | -574.82M | -200.41M | -173.98M | -56.48M |
| Financing Cash Flow | 40.61M | 1.01B | 388.94M | 121.96M | 252.68M |
Crinetics Pharmaceuticals Technical Analysis
Negative
33.67
Price Trends
43.76
Negative
45.21
Negative
39.74
Negative
Market Momentum
-2.36
Negative
28.80
Positive
40.79
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 33.67 is below the 20-day moving average (MA) of 37.10, below the 50-day MA of 43.76, and below the 200-day MA of 39.74, indicating a bearish trend. The MACD of -2.36 indicates Negative momentum. The RSI at 28.80 is Positive, neither overbought nor oversold. The STOCH value of 40.79 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $3.90B | 29.38 | 13.86% | ― | 64.83% | -9.12% | |
59 Neutral | $6.38B | -21.09 | -29.08% | ― | -50.05% | -54.47% | |
56 Neutral | $2.17B | 141.40 | 8.20% | ― | 42.11% | ― | |
55 Neutral | $3.53B | -8.91 | -41.46% | ― | ― | -21.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.87B | -3.94 | -1024.42% | ― | 20.63% | 8.09% |
* Healthcare Sector Average
CRNX
Crinetics Pharmaceuticals
33.67
0.13
0.39%
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Crinetics Pharmaceuticals Corporate Events
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Crinetics Highlights Breakout Year and Strong Endocrinology Pipeline
Positive
Jan 13, 2026
On January 13, 2026, Crinetics Pharmaceuticals’ founder and CEO Scott Struthers presented a company update at the 44th annual J.P. Morgan Healthcare Conference in San Francisco, highlighting 2025 as a breakout year in which the company launc...
Business Operations and StrategyPrivate Placements and Financing
Crinetics Announces Major Public Offering to Fund Growth
Positive
Jan 7, 2026
On January 6, 2026, Crinetics Pharmaceuticals entered into an underwriting agreement with a syndicate led by Leerink Partners and J.P. Morgan Securities for an underwritten public offering of 7,620,000 shares of common stock at a public price of $...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Crinetics Highlights Strong PALSONIFY Launch and Trial Progress
Positive
Jan 5, 2026
On January 5, 2026, Crinetics Pharmaceuticals reported strong early U.S. launch metrics for PALSONIFY, its recently FDA-approved first-line acromegaly treatment, including unaudited preliminary net product revenue of more than $5 million in the fo...
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.