Crinetics Pharmaceuticals Reports First Quarter 2019 Financial Results and Provides Corporate Update
“Crinetics continues to make strong clinical progress in 2019, as we dosed the first acromegaly patients in our Phase 2 EVOLVE and EDGE trials for our lead product candidate, CRN00808,” said
First Quarter Highlights
- Dosed first patients in Phase 2 clinical trials of CRN00808 for acromegaly. In
March 2019, Crinetics dosed the first patients in the ACROBAT EVOLVE and EDGE trials for CRN00808 in patients with acromegaly. EVOLVE is a double-blind, placebo-controlled, randomized withdrawal study designed to evaluate the safety, efficacy, and pharmacokinetics of CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, in patients with acromegaly that are responders to octreotide LAR or lanreotide depot monotherapy. EDGE is an open label exploratory study designed to evaluate the safety, efficacy, and pharmacokinetics of CRN00808 in patients with acromegaly whose disease is inadequately controlled by octreotide LAR or lanreotide depot alone.
- Expanded management team. In
March 2019, Crinetics appointed Gina Ford, RPh, MBA, as Vice President, Corporate Strategy and Commercial Planning.
- Presented at ENDO2019. In
March 2019, Crinetics made four poster presentations relating to the company’s pipeline at ENDO2019, the Annual Meeting of the Endocrine Society, in New Orleans.
First Quarter 2019 Financial Results
- Research and development expenses were
$7.3 millionfor the three months ended March 31, 2019, compared to $4.7 millionfor the same period in 2018. The increases were primarily attributable to development and manufacturing activities for CRN00808 as well as the advancement of the company’s preclinical programs and higher personnel costs.
- General and administrative expenses were
$3.2 millionfor the three months ended March 31, 2019, compared to $1.2 millionfor the same period in 2018. The increases were primarily due to costs to operate as a public company, as well as personnel costs to support the company’s growth.
- Net loss for the three months ended
March 31, 2019was $9.0 million, compared to a net loss of $5.5 millionfor the three months ended March 31, 2018.
- Cash, cash equivalents and investments totaled
$157.2 millionas of March 31, 2019, compared with $163.9 millionas of December 31, 2018.
- As of
April 30, 2019, the company had 24,138,177 common shares outstanding.
Crinetics cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the anticipated timing to commence clinical trials for CRN00808 and plans to advance other pipeline programs. The inclusion of forward-looking statements should not be regarded as a representation by Crinetics that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Crinetics’ business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials; the company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the success of Crinetics’ clinical trials and preclinical studies for CRN00808 and its other product candidates; regulatory developments in
Chief Financial Officer
|CRINETICS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENT DATA
|Three months ended March 31,|
|STATEMENTS OF OPERATIONS DATA:||2019||2018|
|Research and development||7,255||4,720|
|General and administrative||3,156||1,248|
|Total operating expenses||10,411||5,968|
|Loss from operations||(10,044||)||(5,526||)|
|Total other income (expense), net||1,028||62|
|Net loss per share - basic and diluted||$||(0.37||)||$||(2.92||)|
|Weighted-average shares - basic and diluted||24,095||1,870|
|BALANCE SHEET DATA:||March 31,
|Cash, cash equivalents and investments||$||157,212||$||163,875|
|Total stockholders’ equity||$||152,394||$||160,225|
Source: Crinetics Pharmaceuticals, Inc.