Crinetics Pharmaceuticals Reports Second Quarter 2019 Financial Results and Provides Corporate Update
“This July marks the end of a full year as a public company for Crinetics and we are excited by the progress we made this past quarter, and our evolution during the past year,” said
Second Quarter and Subsequent Highlights
- Initiated Phase 1 study of CRN01941 for the treatment of neuroendocrine tumors. In
May 2019, Crinetics initiated a Phase 1, double blind, randomized, placebo-controlled, single- and multiple-dose study to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of CRN01941 in healthy volunteers with topline data expected in late 2019 or early 2020. CRN01941 is an oral nonpeptide somatostatin receptor subtype 2 (sst2) biased agonist designed for the treatment of neuroendocrine tumors (NETs) that originate from neuroendocrine cells commonly found in the gut, lung, or pancreas.
- Received final award of SBIR grant from NIH for congenital hyperinsulinism. In
July 2019, Crinetics announced that it would receive up to approximately $0.9 millionin continued funding under its Small Business Innovation Research(SBIR) grant from the National Institute of Diabetes and Digestiveand Kidney diseases (NIDDK) of the National Institutes of Health(NIH). The funds are being used to support the ongoing research and development of Crinetics’ nonpeptide somatostatin agonists for congenital hyperinsulinemias (CHI).
- Expanded board of directors. In
July 2019, Crinetics appointed Stephanie S. Okey, M.S. to its board of directors as an independent board member. Ms. Okey brings extensive leadership and management experience having spent her career in senior commercial roles including, most recently, Head of North Americaand U.S. General Manager of Rare Diseases at Genzyme.
Second Quarter 2019 Financial Results
- Research and development expenses were
$10.3 millionfor the three months ended June 30, 2019, compared to $5.2 millionfor the same period in 2018. The increases were primarily attributable to development and manufacturing activities for CRN00808 and CRN01941 as well as the company’s preclinical programs and higher personnel costs.
- General and administrative expenses were
$3.1 millionfor the three months ended June 30, 2019, compared to $1.1 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
June 30, 2019was $12.4 million, compared to a net loss of $5.6 millionfor the same period in 2018.
- Unrestricted cash, cash equivalents and investments totaled
$145.0 millionas of June 30, 2019, compared to $157.2 millionas of March 31, 2019and $163.9 millionas of December 31, 2018.
- As of
July 31, 2019, the company had 24,199,972 common shares outstanding.
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company’s lead product candidate, CRN00808, is an oral selective nonpeptide somatostatin receptor type 2 biased agonist undergoing two Phase 2 clinical trials for the treatment of acromegaly, an orphan disease affecting more than 25,000 people in the
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 of clinical trials for CRN00808 and CRN01941 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 nonclinical studies for CRN00808, CRN01941 and its other product candidates; regulatory developments in
Chief Financial Officer
|CRINETICS PHARMACEUTICALS, INC.|
|CONDENSED CONSOLIDATED FINANCIAL STATEMENT DATA|
|Three months ended June 30,||Six months ended June 30,|
|STATEMENTS OF OPERATIONS DATA:||2019||2018||2019||2018|
|Research and development||10,285||5,222||17,540||9,942|
|General and administrative||3,060||1,118||6,216||2,366|
|Total operating expenses||13,345||6,340||23,756||12,308|
|Loss from operations||(13,345||)||(5,683||)||(23,389||)||(11,209||)|
|Total other income (expense), net||918||115||1,946||177|
|Net loss per share - basic and diluted||$||(0.51||)||$||(2.41||)||$||(0.89||)||$||(5.28||)|
|Weighted-average shares - basic and diluted||24,161||2,307||24,128||2,089|
|BALANCE SHEET DATA:||June 30,
|Cash, cash equivalents and investments||$||144,974||$||163,875|
|Total stockholders’ equity||$||142,101||$||160,225|
Source: Crinetics Pharmaceuticals, Inc.