Crinetics Pharmaceuticals (CRNX)
NASDAQ:CRNX
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Crinetics Pharmaceuticals
(NASDAQ:CRNX)
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Rating:55Neutral
Price Target:
$38.00
▼(-7.32% 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
Early commercial traction
Reporting $10.3M net product revenue and 232 new enrollment forms signals initial product‑market fit and a nascent recurring revenue stream. Durable early sales provide commercial learnings, justify continued investment in sales infrastructure, and reduce the pure binary risk of a pre‑commercial biotech.
Negative Factors
High cash burn / negative FCF
Sustained negative operating cash flow and FCF at ~-$400M TTM means the business must rely on external capital if revenue acceleration slows. High burn constrains the firm's ability to sustain long lead commercial investments indefinitely and elevates dilution or financing risk absent material margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Early commercial traction
Reporting $10.3M net product revenue and 232 new enrollment forms signals initial product‑market fit and a nascent recurring revenue stream. Durable early sales provide commercial learnings, justify continued investment in sales infrastructure, and reduce the pure binary risk of a pre‑commercial biotech.
Read all positive factors
Crinetics Pharmaceuticals (CRNX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.04B
Dividend YieldN/A
Average Volume (3M)1.12M
Price to Earnings (P/E)―
Beta (1Y)1.48
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. Volume968,541
30 Day Avg. Volume1,115,397
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 Cap0.96
Enterprise Value/Revenue215.03
Enterprise Value/Gross Profit217.44
Enterprise Value/Ebitda-7.17
Forecast
1Y Price Target
$85.75Price Target Upside109.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-4.8
Revenue Forecast (FY)$68.57M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 07, 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
Positive
41.00
Price Trends
39.78
Positive
44.64
Negative
40.29
Positive
Market Momentum
0.23
Negative
60.01
Neutral
80.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRNX, the sentiment is Positive. The current price of 41 is above the 20-day moving average (MA) of 37.43, above the 50-day MA of 39.78, and above the 200-day MA of 40.29, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 60.01 is Neutral, neither overbought nor oversold. The STOCH value of 80.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $4.39B | -74.37 | 16.19% | ― | 51.24% | ― | |
69 Neutral | $5.25B | 67.94 | 39.71% | ― | 42.46% | ― | |
55 Neutral | $4.04B | -7.39 | -43.96% | ― | 4905.26% | -34.49% | |
54 Neutral | $2.54B | -2.85 | 1566.94% | ― | 13.33% | -3.82% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $6.95B | -29.33 | -25.02% | ― | -12.58% | -15.21% |
* Healthcare Sector Average
CRNX
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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.