Crinetics Pharmaceuticals Reports Third Quarter 2018 Financial Results and Provides Corporate Update
“Following the success of our
Third Quarter Highlights
- Filed IND with the
FDA. In August 2018, the company filed its Investigational New Product Application (IND) for CRN00808 in acromegaly. The IND is in effect, thereby allowing the company to proceed with its planned Phase 2 clinical studies, the ACROBAT EVOLVE and ACROBAT EDGE trials.
- Completed initial public offering. In
July 2018, the company closed its initial public offering of 6,900,000 shares of common stock at a public offering price of $17.00per share. Net proceeds were approximately $106.5 million, after deducting underwriting discounts, commissions, and offering expenses.
Third Quarter 2018 Financial Results
- Research and development expenses were
$6.9 millionand $16.8 millionfor the three and nine months ended September 30, 2018, respectively, compared to $2.5 millionand $6.7 millionfor the same periods in 2017. The increases were primarily attributable to manufacturing and development activities associated with the company’s clinical and preclinical programs and personnel costs.
- General and administrative expenses were
$1.7 millionand $4.1 millionfor the three and nine months ended September 30, 2018, compared to $0.5 millionand $1.5 millionfor the same periods in 2017. 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
September 30, 2018was $7.6 million, compared to a net loss of $2.4 millionfor the three months ended September 30, 2017. For the nine months ended September 30, 2018, the company’s net loss was $18.6 millioncompared to a net loss of $6.6 millionfor the nine months ended September 30, 2017.
- Cash and cash equivalents totaled
$169.7 millionas of September 30, 2018, which includes the net proceeds from the company’s July 2018initial public offering, compared with $14.2 millionas of December 31, 2017.
- As of
October 31, 2018, the company had 24,036,983 common shares outstanding.
Crinetics cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the anticipated timing to commence clinical trials for CRN00808 and plans to advance other pipeline programs. The inclusion of forward-looking statements should not be regarded as a representation by Crinetics that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Crinetics’ business, including, without limitation: potential delays in the commencement, enrollment and completion of clinical trials; the company’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; the success of Crinetics’ clinical trials and preclinical studies for CRN00808 and its other product candidates; regulatory developments in
Chief Financial Officer
|CRINETICS PHARMACEUTICALS, INC.|
|CONDENSED CONSOLIDATED FINANCIAL STATEMENT DATA|
|Three months ended September 30,
||Nine months ended September 30,
|(in 000s, except per share data)||2018
|Consolidated Statements of Operations Data:|
|Research and development||6,886||2,523||16,828||6,671|
|General and administrative||1,732||491||4,098||1,472|
|Total operating expenses||8,618||3,014||20,926||8,143|
|Loss from operations||(8,070||)||(2,374||)||(19,279||)||(6,626||)|
|Total other income (expense)||482||(8||)||659||(10||)|
|Net loss per share, basic and diluted||$||(0.38||)||$||(1.67||)||$||(2.29||)||$||(5.00||)|
|Weighted shares, basic and diluted||20,016||1,430||8,131||1,326|
|Consolidated Balance Sheet Data:|
|Cash and cash equivalents||$||169,654||$||14,192|
|Convertible preferred stock||$||---||$||29,700|
|Total stockholders’ equity (deficit)||$||167,523||$||(15,022||)|
Source: Crinetics Pharmaceuticals, Inc.