0000950170-24-125420 | 10-Q | XBRL Viewer | Crinetics Pharmaceuticals INC

Balance Sheet Details

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

5. BALANCE SHEET DETAILS

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Prepaid clinical costs	$	2,361	$	2,574
Prepaid research and development costs		302		1,238
Australian tax incentive receivable		302		747
Prepaid insurance		1,461		857
Prepaid subscriptions		2,281		1,130
Interest receivable		3,373		3,051
Due from Radionetics (Note 11)		92		90
Landlord improvements receivable		1,600		5,210
Receivable for common stock issued		1,661		253
Other		1,486		448
Total	$	14,919	$	15,598

Property and equipment, net consisted of the following (in thousands):


	September 30, 2024			December 31, 2023
Leasehold improvements	$	11,046		$	9,837
Lab equipment		5,403			4,253
Office equipment		2,181			1,854
Computers and software		60			5
Property and equipment at cost		18,690			15,949
Less accumulated depreciation and amortization		(6,980	)		(5,068	)
Total	$	11,710		$	10,881

Accounts payable and accrued expenses consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Accounts payable	$	4,939	$	6,548
Accrued clinical trial costs		3,685		5,527
Accrued research and development costs		4,397		2,312
Accrued outside services and professional fees		4,504		1,726
Accrued landlord improvements		241		3,816
Other accrued expenses		507		3,267
Total	$	18,273	$	23,196

Summary of Significant Accounting Policies (Table)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share

Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in thousands):


	As of September 30,
	2024		2023
Stock options		13,887		12,464
Restricted stock units		1,406		830
Employee stock purchase plan		234		257
Total		15,527		13,551

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Transaction cost on issuance	$ 1,500	$ 21,500	$ 17,300	$ 21,800

Investment in Radionetics	9 Months Ended
Sep. 30, 2024
Schedule of Investments [Abstract]
Investment in Radionetics	11. INVESTMENT IN RADIONETICS Investment in Radionetics In October 2021, the Company entered into a Collaboration and License Agreement (the "Radionetics License") with Radionetics Oncology, Inc. ("Radionetics"), in which the Company granted Radionetics an exclusive worldwide license to its technology for the development of radiotherapeutics and related radio-imaging agents in exchange for 50,500,000 shares of common stock of Radionetics, which represented an initial majority stake in Radionetics of 64%, and a warrant (the "Radionetics Warrant") to purchase the greater of 3,407,285 additional shares of Radionetics common stock or the number of additional shares of Radionetics common stock that would allow the Company to maintain an aggregate equity interest of 22% of the fully diluted capitalization of Radionetics. Radionetics is a variable interest entity ("VIE") due to having insufficient equity to finance its activities without additional subordinated financial support. The Company evaluated whether it is the primary beneficiary of Radionetics by evaluating Radionetics’ key activities: (1) conducting research and development, (2) making financing decisions, and (3) determining the strategic direction of Radionetics. Decisions about research and development activities are made by unanimous vote of members of the research and development committee, in which no individual party has unilateral decision-making power. Decisions about financing and strategic direction rest with Radionetics’ board of directors, and no party was determined to be in control, given the Radionetics board of directors was comprised of three members for which each of Crinetics, 5AM Ventures ("5AM") and Frazier Healthcare Partners ("Frazier") were entitled to appoint and replace, as needed, their board designee, and a fourth member mutually agreed upon by the other three board members. Radionetics’ management was separate from the Company and was determined by Radionetics’ board of directors. As the Company did not control any of Radionetics' key activities, it was not the primary beneficiary of the VIE and did not consolidate the financial results of Radionetics. The Company accounts for its investment in Radionetics common stock under the equity method of accounting due to its ability to exercise significant influence. The Company records its share of Radionetics income (loss) outside of operations in the statements of operations and comprehensive loss on a quarterly lag. The Company's equity method investment in Radionetics was written down to zero during the first quarter of 2022 as a result of the allocation of the Company’s share of losses of the investee. In August 2023, Radionetics completed a refinancing that included a number of transactions that were negotiated by the Company as a package (the “August 2023 Radionetics Transaction”). In connection with the August 2023 Radionetics Transaction, (1) the Company exercised the Radionetics Warrant to purchase 3,407,285 shares of Radionetics common stock with an exercise price of $0.00001 per share, (2) the Company exchanged 32,344,371 shares of Radionetics common stock for Radionetics preferred stock on a one-for-one basis, (3) the Company invested $5.0 million to purchase 14,404,656 shares of preferred stock in Radionetics along with other new and existing investors who participated in the financing, and (4) the Company and Radionetics agreed to amend the Radionetics License to include additional sales milestones of up to $15 million. Radionetics’ convertible notes held by other investors were also converted to Radionetics preferred stock and certain Radionetics common shares held by other investors were cancelled in connection with the August 2023 Radionetics Transaction. The August 2023 Radionetics Transaction was a VIE reconsideration event. The Company determined that Radionetics continues to be a VIE due to Radionetics having insufficient equity to finance its activities without additional subordinated financial support. The Company also reevaluated whether it is the primary beneficiary of Radionetics and noted there were no changes to Radionetics’ key activities or the conclusion that the Company does not control any of these activities. The size of Radionetics’ board of directors was increased from four to six members. Crinetics, 5AM and Frazier are each entitled to appoint and replace, as needed, their board designee, the fourth member is Radionetics’ CEO, and the fifth and sixth members must be mutually agreed upon by the other four board members. All changes to board composition are subject to shareholder approval with common and preferred shareholders having equal votes. Radionetics’ management continues to be entirely separate from the Company and determined by the Radionetics’ board of directors. As the Company does not control any of Radionetics' key activities, it is not the primary beneficiary and does not consolidate the financial results of Radionetics. Accordingly, the Company continues to account for its investment in Radionetics under the equity method of accounting due to its ability to exercise significant influence. The Company determined that its preferred stock investment in Radionetics represents in-substance common stock. The preferred stock investment is substantially similar to common stock in that it does not have a substantive liquidation preference since the preferred stock will participate in substantially all of Radionetics losses, the conversion ratio for preferred stock into common stock is on a one-for-one basis without any significant restrictions or contingencies, and the preferred stock lacks redemption features, among other factors. The Company is not obligated to fund losses incurred by Radionetics. The Company’s $5.0 million purchase of preferred stock in the August 2023 Radionetics Transaction was alongside new and existing investors and did not fund previous losses. In connection with the August 2023 Radionetics Transaction, the Company exercised the Radionetics Warrant, which had a fair value of $0.7 million, and purchased $5.0 million of preferred stock. These transactions resulted in a $5.7 million increase in the Company’s investment in Radionetics. As a result of the August 2023 Radionetics Transaction, the Company experienced net dilution in its ownership of Radionetics from a 55% ownership stake in Radionetics common stock to a 31% combined ownership stake in Radionetics common and preferred stock. No gain was recorded upon dilution since cumulative losses that had been suspended exceeded the gain on dilution. Additionally, in December 2023, Radionetics completed a financing to sell additional shares of preferred stock to other investors. The amendment to the Radionetics License in connection with the August 2023 Radionetics Transaction did not result in additional revenue at the time of modification and the sales-based milestone and royalty payments will only be recognized when the milestones or sales occur. In June 2024, the Company amended the Radionetics License to reduce the number of development targets. Following the amendment to the Radionetics License, ownership of the non-licensed targets reverted back to the Company and the Company is eligible to receive total potential sales milestones in excess of $300.0 million and single-digit royalties on net sales. In July 2024, Radionetics announced the formation of a strategic partnership with Eli Lilly and Company, or Lilly. Under the terms of the agreement, Radionetics received a $140.0 million upfront cash payment and Lilly obtained the exclusive right to acquire Radionetics for $1.0 billion upon conclusion of an exercise period. During the exercise period, Radionetics will continue to build out a proprietary pipeline of therapeutic assets. As of September 30, 2024, the Company owned approximately 25% of Radionetics consisting of common and preferred stock. During the nine months ended September 30, 2024, the Company recorded equity method losses of $0.5 million, in the accompanying condensed consolidated statements of operations and comprehensive loss, as a result of the allocation of the Company’s share of Radionetics eligible losses, which is recorded on a quarterly lag. There were no equity method losses recorded during the three months ended September 30, 2024. During each of the three and nine months ended September 30, 2023, the Company recorded equity method losses of $1.0 million in the accompanying condensed consolidated statements of operations and comprehensive loss, as a result of the allocation of the Company’s share of Radionetics eligible losses, which is recorded on a quarterly lag. As of September 30, 2024 the Company's investment in Radionetics was written down to zero. As of December 31, 2023, the Company’s investment in Radionetics of $0.5 million is recorded as a long-term asset in the accompanying condensed consolidated balance sheets. Other Items R. Scott Struthers, Ph.D., the Company’s President and Chief Executive Officer, serves as chairman of the Radionetics board of directors. Pursuant to such arrangement, Dr. Struthers receives consideration in the form of both equity and a $50,000 annual retainer for his service as a board member of Radionetics. As of September 30, 2024, Dr. Struthers has an approximately 1.3% ownership stake in Radionetics consisting of common stock. As of September 30, 2024 and December 31, 2023, the Company had $0.1 million due from Radionetics for reimbursement of certain expenses paid on behalf of Radionetics. These amounts are recorded within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. The Company received reimbursements from Radionetics of $8,000 and $88,000 for the three and nine months ended September 30, 2024, respectively, and $21,000 and $53,000 for the three and nine months ended September 30, 2023, respectively.

Investment in Radionetics

9 Months Ended

Sep. 30, 2024

Schedule of Investments [Abstract]

Investment in Radionetics

11. INVESTMENT IN RADIONETICS

Investment in Radionetics

In October 2021, the Company entered into a Collaboration and License Agreement (the "Radionetics License") with Radionetics Oncology, Inc. ("Radionetics"), in which the Company granted Radionetics an exclusive worldwide license to its technology for the

development of radiotherapeutics and related radio-imaging agents in exchange for 50,500,000 shares of common stock of Radionetics, which represented an initial majority stake in Radionetics of 64%, and a warrant (the "Radionetics Warrant") to purchase the greater of 3,407,285 additional shares of Radionetics common stock or the number of additional shares of Radionetics common stock that would allow the Company to maintain an aggregate equity interest of 22% of the fully diluted capitalization of Radionetics.

Radionetics is a variable interest entity ("VIE") due to having insufficient equity to finance its activities without additional subordinated financial support. The Company evaluated whether it is the primary beneficiary of Radionetics by evaluating Radionetics’ key activities: (1) conducting research and development, (2) making financing decisions, and (3) determining the strategic direction of Radionetics. Decisions about research and development activities are made by unanimous vote of members of the research and development committee, in which no individual party has unilateral decision-making power. Decisions about financing and strategic direction rest with Radionetics’ board of directors, and no party was determined to be in control, given the Radionetics board of directors was comprised of three members for which each of Crinetics, 5AM Ventures ("5AM") and Frazier Healthcare Partners ("Frazier") were entitled to appoint and replace, as needed, their board designee, and a fourth member mutually agreed upon by the other three board members. Radionetics’ management was separate from the Company and was determined by Radionetics’ board of directors. As the Company did not control any of Radionetics' key activities, it was not the primary beneficiary of the VIE and did not consolidate the financial results of Radionetics.

The Company accounts for its investment in Radionetics common stock under the equity method of accounting due to its ability to exercise significant influence. The Company records its share of Radionetics income (loss) outside of operations in the statements of operations and comprehensive loss on a quarterly lag. The Company's equity method investment in Radionetics was written down to zero during the first quarter of 2022 as a result of the allocation of the Company’s share of losses of the investee.

In August 2023, Radionetics completed a refinancing that included a number of transactions that were negotiated by the Company as a package (the “August 2023 Radionetics Transaction”). In connection with the August 2023 Radionetics Transaction, (1) the Company exercised the Radionetics Warrant to purchase 3,407,285 shares of Radionetics common stock with an exercise price of $0.00001 per share, (2) the Company exchanged 32,344,371 shares of Radionetics common stock for Radionetics preferred stock on a one-for-one basis, (3) the Company invested $5.0 million to purchase 14,404,656 shares of preferred stock in Radionetics along with other new and existing investors who participated in the financing, and (4) the Company and Radionetics agreed to amend the Radionetics License to include additional sales milestones of up to $15 million. Radionetics’ convertible notes held by other investors were also converted to Radionetics preferred stock and certain Radionetics common shares held by other investors were cancelled in connection with the August 2023 Radionetics Transaction.

The August 2023 Radionetics Transaction was a VIE reconsideration event. The Company determined that Radionetics continues to be a VIE due to Radionetics having insufficient equity to finance its activities without additional subordinated financial support. The Company also reevaluated whether it is the primary beneficiary of Radionetics and noted there were no changes to Radionetics’ key activities or the conclusion that the Company does not control any of these activities. The size of Radionetics’ board of directors was increased from four to six members. Crinetics, 5AM and Frazier are each entitled to appoint and replace, as needed, their board designee, the fourth member is Radionetics’ CEO, and the fifth and sixth members must be mutually agreed upon by the other four board members. All changes to board composition are subject to shareholder approval with common and preferred shareholders having equal votes. Radionetics’ management continues to be entirely separate from the Company and determined by the Radionetics’ board of directors. As the Company does not control any of Radionetics' key activities, it is not the primary beneficiary and does not consolidate the financial results of Radionetics. Accordingly, the Company continues to account for its investment in Radionetics under the equity method of accounting due to its ability to exercise significant influence.

The Company determined that its preferred stock investment in Radionetics represents in-substance common stock. The preferred stock investment is substantially similar to common stock in that it does not have a substantive liquidation preference since the preferred stock will participate in substantially all of Radionetics losses, the conversion ratio for preferred stock into common stock is on a one-for-one basis without any significant restrictions or contingencies, and the preferred stock lacks redemption features, among other factors.

The Company is not obligated to fund losses incurred by Radionetics. The Company’s $5.0 million purchase of preferred stock in the August 2023 Radionetics Transaction was alongside new and existing investors and did not fund previous losses.

In connection with the August 2023 Radionetics Transaction, the Company exercised the Radionetics Warrant, which had a fair value of $0.7 million, and purchased $5.0 million of preferred stock. These transactions resulted in a $5.7 million increase in the Company’s investment in Radionetics. As a result of the August 2023 Radionetics Transaction, the Company experienced net dilution in its ownership of Radionetics from a 55% ownership stake in Radionetics common stock to a 31% combined ownership stake in Radionetics common and preferred stock. No gain was recorded upon dilution since cumulative losses that had been suspended exceeded the gain on dilution. Additionally, in December 2023, Radionetics completed a financing to sell additional shares of preferred stock to other investors.

The amendment to the Radionetics License in connection with the August 2023 Radionetics Transaction did not result in additional revenue at the time of modification and the sales-based milestone and royalty payments will only be recognized when the milestones or sales occur.

In June 2024, the Company amended the Radionetics License to reduce the number of development targets. Following the amendment to the Radionetics License, ownership of the non-licensed targets reverted back to the Company and the Company is eligible to receive total potential sales milestones in excess of $300.0 million and single-digit royalties on net sales. In July 2024, Radionetics announced the formation of a strategic partnership with Eli Lilly and Company, or Lilly. Under the terms of the agreement, Radionetics received a $140.0 million upfront cash payment and Lilly obtained the exclusive right to acquire Radionetics for $1.0 billion upon conclusion of an exercise period. During the exercise period, Radionetics will continue to build out a proprietary pipeline of therapeutic assets. As of September 30, 2024, the Company owned approximately 25% of Radionetics consisting of common and preferred stock.

During the nine months ended September 30, 2024, the Company recorded equity method losses of $0.5 million, in the accompanying condensed consolidated statements of operations and comprehensive loss, as a result of the allocation of the Company’s share of Radionetics eligible losses, which is recorded on a quarterly lag. There were no equity method losses recorded during the three months ended September 30, 2024. During each of the three and nine months ended September 30, 2023, the Company recorded equity method losses of $1.0 million in the accompanying condensed consolidated statements of operations and comprehensive loss, as a result of the allocation of the Company’s share of Radionetics eligible losses, which is recorded on a quarterly lag. As of September 30, 2024 the Company's investment in Radionetics was written down to zero. As of December 31, 2023, the Company’s investment in Radionetics of $0.5 million is recorded as a long-term asset in the accompanying condensed consolidated balance sheets.

Other Items

R. Scott Struthers, Ph.D., the Company’s President and Chief Executive Officer, serves as chairman of the Radionetics board of directors. Pursuant to such arrangement, Dr. Struthers receives consideration in the form of both equity and a $50,000 annual retainer for his service as a board member of Radionetics. As of September 30, 2024, Dr. Struthers has an approximately 1.3% ownership stake in Radionetics consisting of common stock.

As of September 30, 2024 and December 31, 2023, the Company had $0.1 million due from Radionetics for reimbursement of certain expenses paid on behalf of Radionetics. These amounts are recorded within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. The Company received reimbursements from Radionetics of $8,000 and $88,000 for the three and nine months ended September 30, 2024, respectively, and $21,000 and $53,000 for the three and nine months ended September 30, 2023, respectively.

Investment Securities - Summary of Available-For-Sale Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Available-for-sale investment securities, Amortized Cost, Due in one year or less	$ 425,384	$ 414,031
Available-for-sale investment securities, Amortized Cost, Due after one year through five years	117,977	88,650
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total	543,361	502,681
Available-for-sale investment securities, Fair market Value, Due in one year or less	426,280	414,406
Available-for-sale investment securities, Fair market Value, Due after one year through five years	119,119	89,252
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total	$ 545,399	$ 503,658

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

8. REVENUE RECOGNITION

Sanwa Kagaku Kenkyusho Co., Ltd

On February 25, 2022, the Company and Sanwa Kagaku Kenkyusho Co., Ltd. ("Sanwa"), entered into a license agreement (the “Sanwa License”) whereby the Company granted Sanwa an exclusive license to develop and commercialize paltusotine in Japan.

Under the Sanwa License, Sanwa has the right to receive data obtained by the Company through certain paltusotine studies. The Company assessed the Sanwa License and concluded that Sanwa is a customer within the agreement. Sanwa will assume all costs associated with clinical trials and regulatory applications associated with these processes in Japan. Further, the Company retains all rights to develop and commercialize the product outside Japan. The Company also granted Sanwa the right to purchase supply of paltusotine for clinical and commercial requirements at cost plus a pre-negotiated percentage which was a market rate and therefore not a material right.

The Company determined that its performance obligations under the Sanwa License comprised the license and data exchange. Certain professional services, such as the Company's participation on committees, were deemed to be immaterial to the context of the contract.

In exchange, the Company received a $13.0 million nonrefundable, upfront payment and will be eligible to receive up to an additional $25.5 million in milestone payments related to the achievement of certain development, regulatory and commercial goals. In addition, upon market approval of paltusotine in Japan, the Company will be eligible to receive certain sales-based royalties. Initially, the Company determined that the transaction price amounted to the upfront payment of $13.0 million.

During the nine months ended September 30, 2024, the Company achieved a $1.0 million milestone for the first indication of the development milestones. As of September 30, 2024, the Company updated its estimated transaction price to $14.0 million and recorded a cumulative catch-up adjustment of $0.4 million during the nine months ended September 30, 2024. As there have been no sales to date, no sales-based milestones or royalties were recognized to date. Further, using the most-likely-method, the other developmental milestone payments continued to be considered fully constrained.

The control of the license was transferred to Sanwa at the inception of the contract and the Company does not have an ongoing performance obligation to support or maintain the licensed intellectual property. Revenue allocated to the data exchange obligation is recognized over time using the cost-to-cost measure as this method represents a faithful depiction of progress toward the ongoing paltusotine studies in the U.S. and related data transfer. Revenue is recognized on a gross basis as the Company is the principal.

Deferred revenue consisted of the following (in thousands):


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Deferred revenues at beginning of period	$	6,880		$	7,152		$	6,806		$	8,341
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period		—			—			550			—
Revenue recognized that was included in deferred revenues as of the beginning of the period		—			(346	)		(476	)		(1,535	)
Deferred revenues at end of period	$	6,880		$	6,806		$	6,880		$	6,806
Less deferred revenue, current		(1,685	)		(1,662	)		(1,685	)		(1,662	)
Deferred revenue, non-current	$	5,195		$	5,144		$	5,195		$	5,144

During the nine months ended September 30, 2024, $0.9 million of the $14.0 million estimated transaction price was recognized as revenues in the accompanying condensed consolidated statements of operations and comprehensive loss. No revenue was recognized during the three months ended September 30, 2024. During the three and nine months ended September 30, 2023, $0.3 million and $1.5 million, respectively, of the $14.0 million estimated transaction price was recognized as revenues in the accompanying condensed consolidated statements of operations and comprehensive loss. Deferred revenues are expected to be recognized over the duration of certain paltusotine studies conducted by the Company.

On June 14, 2022, the Company and Sanwa, entered into a clinical supply agreement (the "Sanwa Clinical Supply Agreement") whereby the Company is responsible for manufacturing and supplying certain materials to Sanwa for specified activities under the Sanwa License. During the nine months ended September 30, 2024 and 2023, the Company recognized $0.1 million and $0.4 million, respectively, of revenues from the Sanwa Clinical Supply Agreement in the accompanying condensed consolidated statements of operations and comprehensive loss. No significant supply purchases were made by Sanwa through the Sanwa Clinical Supply Agreement during each of the three months ended September 30, 2024 and 2023.

Cellular Longevity, Inc., doing business as Loyal

On March 24, 2023, the Company and Cellular Longevity Inc., doing business as Loyal ("Loyal") entered into a license agreement (the “Loyal License”) whereby the Company granted Loyal an exclusive license to develop and commercialize CRN01941, a somatostatin receptor type 2 agonist, for veterinary use. In exchange the Company received a $0.1 million nonrefundable, upfront payment and preferred stock in Loyal valued at approximately $2.0 million. The Company will also be eligible to receive certain single-digit sales-based royalties if the licensed intellectual property is approved for veterinary use.

During the nine months ended September 30, 2023, the Company recognized $2.1 million of revenues from the Loyal License in the accompanying condensed consolidated statements of operations and comprehensive loss. No revenue was recognized during each of the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024. As of September 30, 2024, the shares of Loyal preferred stock issued and to be issued to the Company valued at $2.0 million is included in other assets in the accompanying condensed consolidated balance sheets. The Loyal preferred stock does not have a readily determinable fair value and is recorded at cost less impairment. The Company assesses equity securities without a readily determinable fair value for changes in observable prices each period, noting none.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 4,939	$ 6,548
Accrued clinical trial costs	3,685	5,527
Accrued research and development costs	4,397	2,312
Accrued outside services and professional fees	4,504	1,726
Accrued landlord improvements	241	3,816
Other accrued expenses	507	3,267
Total	$ 18,273	$ 23,196

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

Investment Securities

The Company holds investment securities that consist of highly liquid, investment grade debt securities. The Company determines the fair value of its investment securities based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures.

Financial assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 were as follows (in thousands):


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government obligations	$	249,914	$	—	$	—	$	249,914
Agency obligations		—		27,002		—		27,002
Certificates of deposit		—		245		—		245
Corporate debt securities		—		268,238		—		268,238
Total assets measured at fair value	$	249,914	$	295,485	$	—	$	545,399


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government obligations	$	280,209	$	—	$	—	$	280,209
Agency obligations		—		21,270		—		21,270
Certificates of deposit		—		2,440		—		2,440
Corporate debt securities		—		196,755		—		196,755
Commercial paper		—		2,984		—		2,984
Total assets measured at fair value	$	280,209	$	223,449	$	—	$	503,658

The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the nine months ended September 30, 2024 and 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2024

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Summary of Company's stock option activity

Activity under the Company’s stock option plans during the nine months ended September 30, 2024 was as follows:


				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance at December 31, 2023		12,627,124		$	18.96
Granted		3,464,153		$	44.36
Exercised		(1,816,152	)	$	16.99
Forfeited and expired		(388,160	)	$	23.50
Balance at September 30, 2024		13,886,965		$	25.42		7.9	$	356,635
Vested and expected to vest at September 30, 2024		13,886,965		$	25.42		7.9	$	356,635
Exercisable at September 30, 2024		6,148,695		$	19.56		6.7	$	193,954

Summary of Company's restricted stock unit activity

The Company’s restricted stock unit activity during the nine months ended September 30, 2024, was as follows:


				Weighted-
	Restricted Stock			Average
	Units			Grant Date
	Outstanding
Balance at December 31, 2023		813,634		$	19.71
Granted		899,686		$	43.56
Vested		(248,910	)	$	19.80
Forfeited		(58,253	)	$	31.91
Balance at September 30, 2024		1,406,157		$	34.45

Weighted Average Assumptions Used to Estimate Fair Value of Stock Awards Granted to Employees

The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted under the Company’s stock option plans for the periods presented below:


Stock Option Awards	Three months ended September 30,		Nine Months ended September 30,
	2024	2023	2024	2023
Expected option term	6.1 years	6.1 years	6.0 years	6.0 years
Expected volatility	66%	64%	66%	66%
Risk free interest rate	3.9%	4.3%	4.2%	4.1%
Expected dividend yield	—%	—%	—%	—%

Summary of Stock-based Compensation Expense for the Equity Awards Issued to Employees and Non-Employees

Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands):


	Three months ended September 30,				Nine Months ended September 30,
	2024		2023		2024		2023
Included in research and development	$	10,556	$	6,088	$	29,612	$	16,367
Included in general and administrative		7,591		4,961		20,929		12,953
Total stock-based compensation expense	$	18,147	$	11,049	$	50,541	$	29,320

Employee Stock Purchase Plan

Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]

Weighted Average Assumptions Used to Estimate Fair Value of Stock Awards Granted to Employees

The following table summarizes the weighted average assumptions used to estimate the fair value of the ESPP for the periods presented below:


ESPP	Nine months Ended September 30,
	2024	2023
Expected term	1.1 years	1.1 years
Expected volatility	74%	57%
Risk free interest rate	5.1%	4.9%
Expected dividend yield	—%	—%

Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Prepaid clinical costs	$	2,361	$	2,574
Prepaid research and development costs		302		1,238
Australian tax incentive receivable		302		747
Prepaid insurance		1,461		857
Prepaid subscriptions		2,281		1,130
Interest receivable		3,373		3,051
Due from Radionetics (Note 11)		92		90
Landlord improvements receivable		1,600		5,210
Receivable for common stock issued		1,661		253
Other		1,486		448
Total	$	14,919	$	15,598

Components of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	September 30, 2024			December 31, 2023
Leasehold improvements	$	11,046		$	9,837
Lab equipment		5,403			4,253
Office equipment		2,181			1,854
Computers and software		60			5
Property and equipment at cost		18,690			15,949
Less accumulated depreciation and amortization		(6,980	)		(5,068	)
Total	$	11,710		$	10,881

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Accounts payable	$	4,939	$	6,548
Accrued clinical trial costs		3,685		5,527
Accrued research and development costs		4,397		2,312
Accrued outside services and professional fees		4,504		1,726
Accrued landlord improvements		241		3,816
Other accrued expenses		507		3,267
Total	$	18,273	$	23,196

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (76,828)	$ (57,458)	$ (217,813)	$ (154,432)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 250
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+ Details

Revenue Recognition - Schedule of Deferred Revenue Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period			$ (74)	$ 1,535
Less deferred revenue, current	$ (1,685)		(1,685)		$ (2,056)
Deferred revenue, non-current	5,195		5,195		$ 4,750
Sanwa Kagaku Kenkyusho Co., Ltd
Defined Benefit Plan Disclosure [Line Items]
Deferred revenues at beginning of period	6,880	$ 7,152	6,806	8,341
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period	0	0	550	0
Revenue recognized that was included in deferred revenues as of the beginning of the period	0	(346)	(476)	(1,535)
Deferred revenues at end of period	6,880	6,806	6,880	6,806
Less deferred revenue, current	(1,685)	(1,662)	(1,685)	(1,662)
Deferred revenue, non-current	$ 5,195	$ 5,144	$ 5,195	$ 5,144

Investment Securities - Summary of Available-For-Sale Securities Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	$ 40,796	$ 22,409
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(25)	(15)
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	0	51,683
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	0	(283)
Available-for-sale investment securities, Fair Market Value	40,796	74,092
Available-for-sale Investment Securities, Gross Unrealized Losses	(25)	(298)
U.S. Government Obligations [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value		10,400
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months		(11)
Available-for-sale Investment Securities, More Than 12 Months, Fair Value		12,374
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months		(88)
Available-for-sale investment securities, Fair Market Value		22,774
Available-for-sale Investment Securities, Gross Unrealized Losses		(99)
Agency obligations [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	12,494	8,170
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(5)	(3)
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	0	5,484
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	0	(14)
Available-for-sale investment securities, Fair Market Value	12,494	13,654
Available-for-sale Investment Securities, Gross Unrealized Losses	(5)	(17)
Certificates of Deposit [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value		244
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months		(1)
Available-for-sale Investment Securities, More Than 12 Months, Fair Value		1,213
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months		(11)
Available-for-sale investment securities, Fair Market Value		1,457
Available-for-sale Investment Securities, Gross Unrealized Losses		(12)
Corporate Debt Securities [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	28,302	3,595
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(20)	0
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	0	32,612
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	0	(170)
Available-for-sale investment securities, Fair Market Value	28,302	36,207
Available-for-sale Investment Securities, Gross Unrealized Losses	$ (20)	$ (170)

Operating Lease - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating lease cost	$ 2.1	$ 0.4	$ 6.4	$ 0.9
2018 Operating Lease
Operating Leased Assets [Line Items]
Operating lease, initial term	7 years		7 years
Operating lease expiration period			2025-08
Operating lease, option to extend term			five years
Lessee, operating lease, discount rate	8.00%		8.00%
Irrevocable letter of credit	$ 0.5		$ 0.5
Operating lease weighted average remaining term	10 years 4 months 24 days		10 years 4 months 24 days		11 years 1 month 6 days
Weighted-average discount rate	8.60%		8.60%		8.60%
2022 Operating Lease
Operating Leased Assets [Line Items]
Lessee operating lease description			Under the terms of the 2022 Lease, the Company's expected future monthly minimum lease payments of $0.5 million, with six months of rent abatement in the first year, start on the earlier of (i) the date which is ten (10) months after substantial completion of demolition work, or (ii) the date of the substantial completion of improvements and first occupancy for business purposes, and the term expires on the date immediately preceding the one hundred thirty-seventh (137th) monthly anniversary of this lease payment start date. Lease payments are subject to annual 3% increases.
Operating lease, option to extend term			The Company has (i) two options to extend the term of the 2022 Lease for an additional period of five (5) years each, and (ii) a right of first offer on adjacent space to the new facility, subject to the terms and conditions of the 2022 Lease. The 2022 Lease commenced in 2023 when the building was ready and available for its intended use. As of the date of the recording of the 2022 Lease, the Company is not reasonably certain that these options will be exercised.
Right Of Use Assets And Lease Liabilities			$ 0.7
Annual increase in lease payments			3.00%
Lessee, operating lease, discount rate	8.60%		8.60%
Irrevocable letter of credit	$ 0.8		$ 0.8
Expected future monthly minimum lease payments with abatement	0.5		0.5
Cash paid for operating lease liabilities	$ 1.9	$ 0.3	$ 2.6	$ 0.9

Operating Lease (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Future Minimum Payments Under Non-cancellable Operating Leases

As of September 30, 2024, the Company's future minimum payments under non-cancellable operating lease, were as follows (in thousands):


Year ending December 31,	Minimum Payments
2024 (three months)	$	1,940
2025		7,468
2026		6,795
2027		6,999
2028		7,209
Thereafter		50,975
Total future minimum lease payments		81,386
Less imputed interest		(28,847	)
Total operating lease liabilities		52,539
Less operating lease liabilities, current		(7,413	)
Operating lease liabilities, non-current	$	45,126

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

During the nine months ended September 30, 2024, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of common stock subject to repurchase and stock options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities on loss per share would be antidilutive.


	As of September 30,
	2024		2023
Stock options		13,887		12,464
Restricted stock units		1,406		830
Employee stock purchase plan		234		257
Total		15,527		13,551

Recent Accounting Pronouncements

ASU 2023-07

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“Topic 280”), which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Lastly, the amendment requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its condensed consolidated financial statements and accompanying notes.

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its condensed consolidated financial statements and accompanying notes.

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Organization And Basis Of Presentation [Line Items]
Number of operating segments \| Segment	1
Accumulated deficit	$ 871,515	$ 653,702
Unrestricted cash, cash equivalents and investments securities	$ 862,700
Minimum
Organization And Basis Of Presentation [Line Items]
Period of sufficient cash to meet its funding requirements	12 months

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Equity Incentive Plan - Summary of Activity Under Stock Option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance	12,627,124
Options Outstanding, Granted	3,464,153
Options Outstanding, Exercised	(1,816,152)
Options Outstanding, Forfeited and expired	(388,160)
Options Outstanding, Ending balance	13,886,965
Options Outstanding,Vested and expected to vest	13,886,965
Options Exercisable, Ending balance	6,148,695
Weighted-Average Exercise Price, Beginning balance	$ 18.96
Weighted-Average Exercise Price, Granted	44.36
Weighted Average Exercise Price, Exercised	16.99
Weighted Average Exercise Price, Forfeited and expired	23.5
Weighted-Average Exercise Price, Ending balance	25.42
Weighted-Average Vested and expected to vest	25.42
Weighted-Average Exercise Price, Exercisable	$ 19.56
Weighted-Average Remaining Term, Ending balance	7 years 10 months 24 days
Weighted-Average Remaining Term, Vested and expected to vest	7 years 10 months 24 days
Weighted-Average Remaining Term, Exercisable	6 years 8 months 12 days
Aggregate Intrinsic Value, Ending balance	$ 356,635
Aggregate Intrinsic Value, Vested and expected to vest	356,635
Aggregate Intrinsic Value, Exercisable	$ 193,954
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance	813,634
Options Outstanding, Granted	899,686
Options Outstanding, Exercised	(248,910)
Options Outstanding, Forfeited and expired	(58,253)
Options Outstanding, Ending balance	1,406,157
Weighted-Average Exercise Price, Beginning balance	$ 19.71
Weighted-Average Exercise Price, Granted	43.56
Weighted Average Exercise Price, Exercised	19.8
Weighted Average Exercise Price, Forfeited and expired	31.91
Weighted-Average Exercise Price, Ending balance	$ 34.45

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

12. SUBSEQUENT EVENTS

On October 10, 2024, the Company completed an underwritten public offering of 11,500,000 shares of its common stock at a price to the public of $50.00 per share, which included 1,500,000 shares of common stock issued pursuant to the underwriters' option to purchase additional shares. Net proceeds from the offering were approximately $542.9 million, after underwriting discounts and commissions and other offering costs of approximately $32.1 million.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock and paid-in capital, par value	$ 0.001	$ 0.001
Common stock and paid-in capital, shares authorized	200,000,000	200,000,000
Common stock and paid-in capital, shares issued	80,841,000	68,175,000
Common stock and paid-in capital, shares outstanding	80,841,000	68,175,000

Investment in Radionetics (Additional Information) (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2024	Aug. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 10, 2024	Dec. 31, 2023	Aug. 01, 2023	Oct. 31, 2021
Schedule of Investments [Line Items]
Common stock, shares issued			80,841,000		80,841,000		1,500,000	68,175,000
Investment in Radionetics			$ 0		$ 0			$ 470,000
Warrants to purchase shares of common stock, Exercise price, Per share			$ 25.42		$ 25.42			$ 18.96
Stock issued under employee stock purchase plan, value					$ 2,027,000	$ 1,123,000
Common stock, shares outstanding		32,344,371	80,841,000		80,841,000			68,175,000
Due from Radionetics			$ 100,000		$ 100,000			$ 100,000
Reimbursement Earned			8,000	$ 21,000	88,000	$ 53,000
Additional Sales Milestones									$ 15,000,000
R. Scott Struthers
Schedule of Investments [Line Items]
Amount of Annual Retainer			$ 50,000		$ 50,000
Common Stock
Schedule of Investments [Line Items]
Stock issued under Employee Stock Purchase Plan, shares					115,000	75,000
Common stock, shares issued							1,500,000			50,500,000
Purchase of additional shares										3,407,285
Warrants to purchase shares of common stock, Exercise price, Per share		$ 0.00001
Stock issued under employee stock purchase plan, value		$ 3,407,285
Interest Rate										22.00%
Preferred Stock
Schedule of Investments [Line Items]
Stock issued under Employee Stock Purchase Plan, shares		14,404,656
Stock issued under employee stock purchase plan, value		$ 5,000,000
Subsequent Event
Schedule of Investments [Line Items]
Common stock, shares issued							11,500,000
Eli Lilly and Company [Member]
Schedule of Investments [Line Items]
Aqcuisition rights value	$ 1,000,000,000
Nonconsolidated Investees, Other [Member] \| Common Stock
Schedule of Investments [Line Items]
Ownership percentage										64.00%
Radionetics
Schedule of Investments [Line Items]
Investment in Radionetics								$ 500,000
Stock issued under employee stock purchase plan, value		$ 5,000,000
Ownership percentage			25.00%		25.00%
Gain (Loss) on Investments				$ 1,000,000	$ (500,000)	$ 1,000,000
Upfront cash payment	$ 140,000,000
Radionetics \| Minimum
Schedule of Investments [Line Items]
Potential sales milestones					$ 300,000,000
Radionetics \| Common Stock
Schedule of Investments [Line Items]
Ownership percentage		31.00%
Radionetics \| Common Stock \| R. Scott Struthers
Schedule of Investments [Line Items]
Ownership percentage			1.30%		1.30%
Radionetics \| Preferred Stock
Schedule of Investments [Line Items]
Addition in equity method investment		$ 5,700,000
Stock issued under employee stock purchase plan, value		$ 5,000,000
Ownership percentage		55.00%
Fair Value Adjustment of Warrants		$ 700,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 346	$ 1,039	$ 4,013
Operating expenses:
Research and development	61,905	43,839	173,590	122,947
General and administrative	25,892	15,484	71,558	41,016
Total operating expenses	87,797	59,323	245,148	163,963
Loss from operations	(87,797)	(58,977)	(244,109)	(159,950)
Other income (expense):
Interest income	11,006	2,569	27,067	6,714
Other expense, net	(37)	(53)	(301)	(199)
Total other income, net	10,969	2,516	26,766	6,515
Loss before equity method investment	(76,828)	(56,461)	(217,343)	(153,435)
Loss on equity method investment	0	(997)	(470)	(997)
Net loss	$ (76,828)	$ (57,458)	$ (217,813)	$ (154,432)
Net loss per share:
Net loss per share - basic	$ (0.96)	$ (1.01)	$ (2.82)	$ (2.81)
Net loss per share - diluted	$ (0.96)	$ (1.01)	$ (2.82)	$ (2.81)
Weighted average shares - basic	80,091	56,808	77,173	55,003
Weighted average shares - diluted	80,091	56,808	77,173	55,003
Other comprehensive income (loss):
Unrealized gain on investment securities	$ 2,228	$ 840	$ 1,061	$ 3,066
Comprehensive loss	$ (74,600)	$ (56,618)	$ (216,752)	$ (151,366)

Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 01, 2024	Feb. 28, 2015	Nov. 30, 2023	Jul. 31, 2018	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised							$ 54.2	$ 6.3
Dividend yield					0.00%	0.00%	0.00%	0.00%
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Cost 3					$ 40.7		$ 40.7
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in the number of shares available for issuance							1.00%
Maximum percentage of eligible compensation to purchase common stock through payroll deductions				20.00%
Unrecognized Stock-Based Compensation Cost 3					2.8		$ 2.8
ESPP \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost					$ 145.4		$ 145.4
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period							2 years
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period 3							1 year 3 months 18 days
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of stock options granted to employees per share					$ 31.45	$ 11.15	$ 28.16	$ 12.13
Common Stock \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-Average Period of Unrecognized Stock-Based Compensation Cost Expected to be Recognized Over Remaining Period 2							3 years
Common Stock \| ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration date							Jan. 01, 2028
Additional shares available for future issuance					3,408,761,000		3,408,761,000
Shares reserved for issuance, authorized					2,157,852		2,157,852
Additional shares available for future issuance	681,752
Weighted-average fair value of stock options granted to employees per share					$ 21.87	$ 9.15	$ 21.87	$ 9.15
2021 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available for future issuance					1,520,508		1,520,508
Additional shares available for future issuance									1,500,000
2021 Inducement Plan \| Amended [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available for future issuance					5,000,000		5,000,000
2021 Inducement Plan \| Common Stock \| Amended [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares available for future issuance			7,500,000
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration period							2028-07
Plan expiration term				10 years
Vesting period				4 years
Remaining shares available for future issuance					2,890,462		2,890,462
Annual increase in the number of shares available for issuance							5.00%
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration term		10 years
Vesting period		4 years

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	15,527	13,551
Employee stock purchase plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	234	257
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	1,406	830
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	13,887	12,464

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	$ 545,399	$ 503,658
Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	249,914	280,209
Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	295,485	223,449
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
U.S. Government Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	249,914	280,209
U.S. Government Obligations [Member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	249,914	280,209
U.S. Government Obligations [Member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
U.S. Government Obligations [Member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Agency obligations [member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	27,002	21,270
Agency obligations [member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Agency obligations [member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	27,002	21,270
Agency obligations [member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Certificates of Deposit [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	245	2,440
Certificates of Deposit [Member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Certificates of Deposit [Member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	245	2,440
Certificates of Deposit [Member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Corporate Debt Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	268,238	196,755
Corporate Debt Securities [Member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Corporate Debt Securities [Member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	268,238	196,755
Corporate Debt Securities [Member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	$ 0	0
Commercial Paper [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities		2,984
Commercial Paper [Member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities		0
Commercial Paper [Member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities		2,984
Commercial Paper [Member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities		$ 0

Equity Incentive Plan - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 18,147	$ 11,049	$ 50,541	$ 29,320
Included in Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	10,556	6,088	29,612	16,367
Included in General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,591	$ 4,961	$ 20,929	$ 12,953

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Crinetics Pharmaceuticals, Inc.
Entity Central Index Key	0001658247
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-38583
Entity Tax Identification Number	26-3744114
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6055 Lusk Boulevard
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	450-6464
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CRNX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		92,737,627

Equity Incentive Plan

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

10. EQUITY INCENTIVE PLANS

2021 Employment Inducement Incentive Award Plan

The Company adopted the 2021 Employment Inducement Incentive Award Plan (the "2021 Inducement Plan") in December 2021. The Company initially reserved 1,500,000 shares of the Company’s common stock for issuance pursuant to awards granted under the 2021 Inducement Plan. The terms of the 2021 Inducement Plan are substantially similar to the terms of the Company’s 2018 Incentive Award Plan with the exception that awards may only be made to an employee who has not previously been an employee or member of the board of directors of the Company if the award is in connection with commencement of employment. In 2022, the Company amended the 2021 Inducement Plan to increase the number of shares of the Company’s common stock available for future issuance under the 2021 Inducement Plan to 5,000,000 shares. In November 2023, the Company amended the 2021 Inducement Plan to increase the number of shares of the Company’s common stock available for future issuance under the 2021 Inducement Plan to 7,500,000 shares. As of September 30, 2024, 1,520,508 shares of common stock were available for future issuance under the 2021 Inducement Plan.

2018 Incentive Award Plan

The Company adopted the 2018 Incentive Award Plan (the “2018 Plan”) in July 2018. Under the 2018 Plan, which expires in July 2028, the Company may grant equity-based awards to individuals who are employees, officers, directors or consultants of the Company. Options issued under the 2018 Plan will generally expire ten years from the date of grant and vest over a four-year period. As of September 30, 2024, 2,890,462 shares of common stock were available for future issuance under the 2018 Plan.

The 2018 Plan contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028, in an amount equal to the lesser of: (i) 5% of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company. Under this evergreen provision, on January 1, 2024, an additional 3,408,761 shares became available for future issuance under the 2018 Plan.

2015 Stock Incentive Plan

The Company adopted the 2015 Stock Incentive Plan (the “2015 Plan”) in February 2015, which provided for the issuance of equity awards to the Company’s employees, members of its board of directors and consultants. In general, options issued under this plan vest over four years and expire after 10 years. Subsequent to the adoption of the 2018 Plan, no additional equity awards can be made under the 2015 Plan.

2018 Employee Stock Purchase Plan

The Company adopted the 2018 Employee Stock Purchase Plan (the “ESPP”) in July 2018. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. As of September 30, 2024, 2,157,852 shares of common stock were available for issuance under the ESPP.

The ESPP contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028, in an amount equal to the lesser of: (i) 1% of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company. Under this evergreen provision, on January 1, 2024, an additional 681,752 shares became available for future issuance under the ESPP.

Stock Awards

Stock Options

Activity under the Company’s stock option plans during the nine months ended September 30, 2024 was as follows:


				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance at December 31, 2023		12,627,124		$	18.96
Granted		3,464,153		$	44.36
Exercised		(1,816,152	)	$	16.99
Forfeited and expired		(388,160	)	$	23.50
Balance at September 30, 2024		13,886,965		$	25.42		7.9	$	356,635
Vested and expected to vest at September 30, 2024		13,886,965		$	25.42		7.9	$	356,635
Exercisable at September 30, 2024		6,148,695		$	19.56		6.7	$	193,954

Aggregate intrinsic value is calculated as the difference at a specific point in time between the closing price of the Company’s common stock on September 30, 2024, the last trading day of the quarter, and the exercise price of stock options that had exercise prices below the closing price. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2024 and 2023 was $54.2 million and $6.3 million, respectively.

Restricted Stock Units

The Company’s restricted stock unit activity during the nine months ended September 30, 2024, was as follows:


				Weighted-
	Restricted Stock			Average
	Units			Grant Date
	Outstanding
Balance at December 31, 2023		813,634		$	19.71
Granted		899,686		$	43.56
Vested		(248,910	)	$	19.80
Forfeited		(58,253	)	$	31.91
Balance at September 30, 2024		1,406,157		$	34.45

Fair Value of Stock Awards

The Company estimates the fair value of all stock option grants and the ESPP using the Black-Scholes option pricing model and recognizes forfeitures as they occur. The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted under the Company’s stock option plans for the periods presented below:


Stock Option Awards	Three months ended September 30,		Nine Months ended September 30,
	2024	2023	2024	2023
Expected option term	6.1 years	6.1 years	6.0 years	6.0 years
Expected volatility	66%	64%	66%	66%
Risk free interest rate	3.9%	4.3%	4.2%	4.1%
Expected dividend yield	—%	—%	—%	—%

The weighted-average fair value of stock options awarded was $31.45 and $28.16 per share during the three and nine months ended September 30, 2024, respectively, and $11.15 and $12.13 per share during the three and nine months ended September 30, 2023, respectively.

The following table summarizes the weighted average assumptions used to estimate the fair value of the ESPP for the periods presented below:


ESPP	Nine months Ended September 30,
	2024	2023
Expected term	1.1 years	1.1 years
Expected volatility	74%	57%
Risk free interest rate	5.1%	4.9%
Expected dividend yield	—%	—%

The weighted-average fair value of the ESPP was $21.87 per share during the nine months ended September 30, 2024 and $9.15 per share during the nine months ended September 30, 2023. There were no ESPP awards during the three months ended September 30, 2024 and 2023.

The key assumptions used in determining the fair value of equity awards, and the Company’s rationale, were as follows: (i) Expected term - the expected term for stock options represents the period that the stock options are expected to be outstanding and has been estimated using the simplified method, due to limited historical exercise behavior. The expected term using the simplified method is an average of the contractual option term and its vesting period; the expected term for awards granted under the ESPP represents the term the awards are expected to be outstanding; (ii) Expected volatility - the expected volatility assumption is based on the historical volatility of the Company's common stock; (iii) Risk-free interest rate - the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities that approximate the expected terms of awards; and (iv) Expected dividend yield - the expected dividend yield assumption is zero as the Company has never paid dividends and has no present intention to do so in the future.

Restricted stock units are valued using the closing price of our common stock on the date of grant.

Stock-Based Compensation Expense

Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands):


	Three months ended September 30,				Nine Months ended September 30,
	2024		2023		2024		2023
Included in research and development	$	10,556	$	6,088	$	29,612	$	16,367
Included in general and administrative		7,591		4,961		20,929		12,953
Total stock-based compensation expense	$	18,147	$	11,049	$	50,541	$	29,320

As of September 30, 2024, unrecognized stock-based compensation cost related to option awards, restricted stock units, and ESPP was $145.4 million, $40.7 million and $2.8 million, respectively, which is expected to be recognized over a remaining weighted-average period of 2.0 years, 3.0 years and 1.3 years, respectively.

Operating Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Operating Leases

6. OPERATING LEASES

In February 2018, the Company entered into a non-cancellable operating lease, as amended in March 2018, for a facility in San Diego, California (the "2018 Lease"). The 2018 Lease has an initial term of seven years which expires in August 2025, and the Company has an option to extend the term of the 2018 Lease for an additional five years, a termination option subject to early termination fees and an option to sublease the facility. The 2018 Lease is subject to base lease payments and additional charges for common area maintenance and other costs and includes certain lease incentives and tenant improvement allowances. The Company’s estimated incremental fully collateralized borrowing rate of 8.0% was used in its present value calculation as the 2018 Lease does not have a stated rate and the implicit rate was not readily determinable.

In 2022, the Company entered into a lease agreement for laboratory and office space in San Diego, California (the "2022 Lease").

Under the terms of the 2022 Lease, the Company's expected future monthly minimum lease payments of $0.5 million, with six months of rent abatement in the first year, start on the earlier of (i) the date which is ten (10) months after substantial completion of demolition work, or (ii) the date of the substantial completion of improvements and first occupancy for business purposes, and the term expires on the date immediately preceding the one hundred thirty-seventh (137th) monthly anniversary of this lease payment start date. Lease payments are subject to annual 3% increases. The Company is also responsible for certain operating expenses and taxes during the term of the 2022 Lease. The 2022 Lease provides the Company with specified tenant improvement and landlord work allowances. The Company has (i) two options to extend the term of the 2022 Lease for an additional period of five (5) years each, and (ii) a right of first offer on adjacent space to the new facility, subject to the terms and conditions of the 2022 Lease. The 2022 Lease commenced in 2023 when the building was ready and available for its intended use. As of the date of the recording of the 2022 Lease, the Company

is not reasonably certain that these options will be exercised. In September 2023, the Company recorded a right-of-use asset and corresponding lease liability in the accompanying condensed consolidated balance sheets in connection with the 2022 Lease.

In December 2023, the Company entered into a lease amendment to the 2022 Lease that moved the initial payment date and start of the hundred thirty-seventh month from September 2023 to November 2023. The amendment was a modification that did not result in a new contract as the modification did not provide the Company additional right-of-use assets. As a result, the Company recorded a $0.7 million reduction to right-of-use assets and lease liabilities in the accompanying condensed consolidated balance sheets.

The Company’s estimated incremental fully collateralized borrowing rate of 8.6% was used in its present value calculation as the 2022 Lease does not have a stated rate and the implicit rate was not readily determinable. The rate was determined using a synthetic credit rating analysis.

Under the terms of the 2018 Lease and 2022 Lease, the Company provided the lessors with irrevocable letters of credit in the amounts of $0.5 million and $0.8 million, respectively. The lessors are entitled to draw on the letters of credit in the event of any default by the Company under the terms of the leases.

As of September 30, 2024, the Company's future minimum payments under non-cancellable operating lease, were as follows (in thousands):


Year ending December 31,	Minimum Payments
2024 (three months)	$	1,940
2025		7,468
2026		6,795
2027		6,999
2028		7,209
Thereafter		50,975
Total future minimum lease payments		81,386
Less imputed interest		(28,847	)
Total operating lease liabilities		52,539
Less operating lease liabilities, current		(7,413	)
Operating lease liabilities, non-current	$	45,126

Operating lease cost was $2.1 million and $6.4 million for the three and nine months ended September 30, 2024, respectively. Operating lease cost was $0.4 million and $0.9 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company’s weighted average remaining term was 10.4 years and 11.1 years, respectively. As of September 30, 2024 and December 31, 2023, the Company’s weighted-average discount rate was 8.6%.

Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases was $1.9 million and $2.6 million for the three and nine months ended September 30, 2024, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases was $0.3 million and $0.9 million for the three and nine months ended September 30, 2023, respectively.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Description of Business

Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical-stage pharmaceutical company incorporated in Delaware on November 18, 2008, and based in San Diego, California. The Company is focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly-owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. In September 2024, the Company established Crinetics Pharmaceuticals Europe GmbH ("CPEG"), a wholly-owned subsidiary which was formed, among other things, to conduct various clinical and pre-commercialization activities for our product candidates in Europe.

Unaudited Interim Financial Information

The accompanying interim condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024 and the results of its operations and cash flows for the nine months ended September 30, 2024 and 2023 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or any other interim period.

These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited consolidated financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.

Principles of Consolidation and Foreign Currency Transactions

The condensed consolidated financial statements include the accounts of the Company, CAPL and CPEG. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and comprehensive loss and were not material for all periods presented. Activity from CPEG was not material for the three and nine months ended September 30, 2024.

Segment Reporting

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.

Liquidity

From inception, the Company has devoted substantially all of its efforts to drug discovery and development, and conducting preclinical studies and clinical trials. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $871.5 million as of September 30, 2024.

As of September 30, 2024, the Company had $862.7 million in unrestricted cash, cash equivalents and investment securities, which the Company believes is sufficient to meet its funding requirements for at least the next 12 months.

The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses, and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or

suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future.

Net Loss Per Share


	As of September 30,
	2024		2023
Stock options		13,887		12,464
Restricted stock units		1,406		830
Employee stock purchase plan		234		257
Total		15,527		13,551

Recent Accounting Pronouncements

ASU 2023-07

ASU 2023-09

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net Income (Loss)	$ (217,813,000)	$ (154,432,000)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	50,541,000	29,320,000
Depreciation and amortization	1,997,000	836,000
Noncash lease expense	2,283,000	425,000
Accretion of purchase discounts and amortization of premiums on investment securities, net	(10,768,000)	(2,687,000)
Loss on disposal of property and equipment	51,000	6,000
Loss on equity method investment	470,000	997,000
Noncash license revenues	0	(2,000,000)
Increase (decrease) in cash resulting from changes in:
Prepaid expenses and other assets	1,830,000	(8,368,000)
Accounts payable and accrued expenses, compensation and related expenses	9,228,000	10,457,000
Deferred revenue	74,000	(1,535,000)
Operating lease liabilities	811,000	(811,000)
Net cash used in operating activities	(161,296,000)	(127,792,000)
Investing activities:
Purchases of investment securities	(421,744,000)	(354,806,000)
Purchase of investment in Radionetics preferred stock	0	(5,000,000)
Maturities of investment securities	391,830,000	250,454,000
Purchases of property and equipment	(2,815,000)	(3,753,000)
Net cash used in investing activities	(32,729,000)	(113,105,000)
Financing activities:
Proceeds from issuance of common stock, net	425,549,000	340,267,000
Proceeds from exercise of stock options	30,848,000	10,752,000
Net cash provided by financing activities	456,397,000	351,019,000
Net change in cash, cash equivalents and restricted cash	262,372,000	110,122,000
Cash, cash equivalents and restricted cash at beginning of period	56,197,000	33,973,000
Cash, cash equivalents and restricted cash at end of period	318,569,000	144,095,000
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	317,269,000	142,795,000
Restricted cash	1,300,000	1,300,000
Cash, cash equivalents and restricted cash at end of period	318,569,000	144,095,000
Noncash investing and financing activities:
Stock issued under employee stock purchase plan, value	2,027,000	1,123,000
Stock options exercised receivable	10,000	1,779,000
Receivable for common stock issuances	1,651,000	0
Amounts accrued for purchases of property and equipment	62,000	427,000
Exercise of Radionetics warrant	0	668,000
Right-of-use asset obtained in exchange for lease obligation	0	46,981,000
Leasehold improvements paid by the lessor	0	2,925,000
Private company shares received under licensing arrangement	0	2,000,000
Accrued financing costs	$ 0	$ 455,000

Equity Incentive Plan - Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option term	6 years 1 month 6 days	6 years 1 month 6 days	6 years	6 years
Expected volatility	66.00%	64.00%	66.00%	66.00%
Risk free interest rate	3.90%	4.30%	4.20%	4.10%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option term	1 year 1 month 6 days	1 year 1 month 6 days	1 year 1 month 6 days	1 year 1 month 6 days
Expected volatility	74.00%	57.00%	74.00%	57.00%
Risk free interest rate	5.10%	4.90%	5.10%	4.90%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenue Recognition (Additional Information) (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 24, 2023	Feb. 25, 2022	Jul. 31, 2024	Feb. 25, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Revenues					$ 0	$ 346	$ 1,039	$ 4,013
Upfront payment as license revenue						300	900	1,500
Upfront payment as deferred revenue						14,000	14,000	14,000
Other assets, non-current					2,511		2,511		$ 2,000
Radionetics
Defined Benefit Plan Disclosure [Line Items]
Upfront payment			$ 140,000
Sanwa Kagaku Kenkyusho Co., Ltd
Defined Benefit Plan Disclosure [Line Items]
Revenue							100	400
Milestone revenue							1,000
Milestone transaction price					14,000		14,000
Milestone catch-up adjustment							400
Sanwa Kagaku Kenkyusho Co., Ltd \| Radionetics
Defined Benefit Plan Disclosure [Line Items]
Non refundable, upfront payment		$ 13,000
Additional milestone payments				$ 25,500
Sales and royalties milestones		$ 13,000
Cellular Longevity Inc doing business as Loyal [Member]
Defined Benefit Plan Disclosure [Line Items]
Revenue					0	$ 0	0	$ 2,100
Non refundable, upfront payment	$ 100
Cellular Longevity Inc doing business as Loyal [Member] \| Convertible Preferred Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Upfront payment	$ 2,000
Other assets, non-current					$ 2,000		$ 2,000

Investment Securities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Allowance For Credit Losses	$ 0	$ 0

Investment Securities - Summary of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	$ 543,361	$ 502,681
Available-for-sale investment securities, Gross Unrealized Gains	2,063	1,275
Available-for-sale investment securities, Gross Unrealized Losses	(25)	(298)
Available-for-sale investment securities, Fair Market Value	545,399	503,658
U.S. Government Obligations [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	249,469	279,577
Available-for-sale investment securities, Gross Unrealized Gains	445	731
Available-for-sale investment securities, Gross Unrealized Losses	0	(99)
Available-for-sale investment securities, Fair Market Value	249,914	280,209
Agency obligations [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	26,994	21,271
Available-for-sale investment securities, Gross Unrealized Gains	13	16
Available-for-sale investment securities, Gross Unrealized Losses	(5)	(17)
Available-for-sale investment securities, Fair Market Value	27,002	21,270
Certificates of Deposit [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	245	2,450
Available-for-sale investment securities, Gross Unrealized Gains	0	2
Available-for-sale investment securities, Gross Unrealized Losses	0	(12)
Available-for-sale investment securities, Fair Market Value	245	2,440
Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	266,653	196,399
Available-for-sale investment securities, Gross Unrealized Gains	1,605	526
Available-for-sale investment securities, Gross Unrealized Losses	(20)	(170)
Available-for-sale investment securities, Fair Market Value	$ 268,238	196,755
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost		2,984
Available-for-sale investment securities, Gross Unrealized Gains		0
Available-for-sale investment securities, Gross Unrealized Losses		0
Available-for-sale investment securities, Fair Market Value		$ 2,984

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 317,269	$ 54,897
Investment securities	545,399	503,658
Prepaid expenses and other current assets	14,919	15,598
Total current assets	877,587	574,153
Property and equipment, net	11,710	10,881
Operating lease right-of-use assets	44,266	46,549
Investment in Radionetics	0	470
Restricted cash	1,300	1,300
Other assets	2,511	2,000
Total assets	937,374	635,353
Current liabilities:
Accounts payable and accrued expenses	18,273	23,196
Accrued compensation and related expenses	26,191	14,517
Deferred revenue	1,685	2,056
Operating lease liabilities	7,413	4,173
Total current liabilities	53,562	43,942
Operating lease liabilities, non-current	45,126	47,555
Deferred revenue, non-current	5,195	4,750
Other non-current liabilities	511	0
Total liabilities	104,394	96,247
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par; 10,000 shares authorized; no shares issued or outstanding at September 30, 2024 or December 31, 2023	0	0
Common stock and paid-in capital, $0.001 par; 200,000 shares authorized; 80,841 shares issued and outstanding at September 30, 2024; 68,175 shares issued and outstanding at December 31, 2023	1,702,457	1,191,831
Accumulated other comprehensive income	2,038	977
Accumulated deficit	(871,515)	(653,702)
Total stockholders’ equity	832,980	539,106
Total liabilities and stockholders’ equity	$ 937,374	$ 635,353

Operating Lease - Schedule of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (three months)	$ 1,940
2025	7,468
2026	6,795
2027	6,999
2028	7,209
Thereafter	50,975
Total future minimum lease payments	81,386
Less imputed interest	(28,847)
Total operating lease liability	52,539
Less operating lease liability, current	(7,413)	$ (4,173)
Operating lease liabilities, non-current	$ 45,126	$ 47,555

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants to purchase shares of common stock, Exercise price, Per share	$ 25.42		$ 18.96
Fair value assets transferred into level 3	$ 0
Fair value assets transferred into level 3		$ 0

Stockholder's Equity - Additional Information (Details) - USD ($)						3 Months Ended		9 Months Ended
	Oct. 10, 2024	Jun. 21, 2024	Mar. 01, 2024	Sep. 15, 2023	Aug. 13, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net	$ 32,100	$ 350,000,000			$ 150,000,000			$ 425,549,000	$ 340,267,000
Common stock, shares issued	1,500,000					80,841,000		80,841,000		68,175,000
Subsequent Event [Member]
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net	$ 542,900,000
Common stock, shares issued	11,500,000
Common Stock
Subsidiary Sale Of Stock [Line Items]
Sale of common stock	11,500,000,000		8,333,334,000	11,441,648,000		929,000	11,442,000	10,486,000	11,965,000
Common stock price per share	$ 50		$ 42	$ 30.59
Proceeds from issuance of common stock, net	$ 542,900,000		$ 335,500,000	$ 328,500,000		$ 48,300,000		$ 43,400,000	$ 11,300,000
Offering discounts commissions and offering costs net	$ 32,100,000		$ 14,500,000	$ 21,500,000
Common stock, shares issued	1,500,000										50,500,000
ATM Offering
Subsidiary Sale Of Stock [Line Items]
Sale of common stock						0			522,807,000
Two Thousand Nineteen A T M Offering [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of common stock								1,223,775,000
Two Thousand Twenty Four A T M Offering [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of common stock						928,912,000		928,912,000

Investment Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

3. INVESTMENT SECURITIES

The Company reports its available-for-sale investment securities at their estimated fair values. The following is a summary of the available-for-sale investment securities held by the Company as of September 30, 2024 and December 31, 2023 (in thousands):


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	249,469	$	445	$	—		$	249,914
Agency obligations		26,994		13		(5	)		27,002
Certificates of deposit		245		—		—			245
Corporate debt securities		266,653		1,605		(20	)		268,238
Total	$	543,361	$	2,063	$	(25	)	$	545,399


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	279,577	$	731	$	(99	)	$	280,209
Agency obligations		21,271		16		(17	)		21,270
Certificates of deposit		2,450		2		(12	)		2,440
Corporate debt securities		196,399		526		(170	)		196,755
Commercial paper		2,984		—		—			2,984
Total	$	502,681	$	1,275	$	(298	)	$	503,658

As of September 30, 2024 and December 31, 2023, available-for-sale investment securities by contractual maturity were as follows (in thousands):


	As of September 30, 2024				As of December 31, 2023
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	425,384	$	426,280	$	414,031	$	414,406
Due after one year through five years		117,977		119,119		88,650		89,252
Total	$	543,361	$	545,399	$	502,681	$	503,658

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of September 30, 2024 and December 31, 2023 (in thousands):


	As of September 30, 2024
	Less Than 12 Months					More Than 12 Months				Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
Agency obligations	$	12,494	$	(5	)	$	—	$	—	$	12,494	$	(5	)
Corporate debt securities		28,302		(20	)		—		—		28,302		(20	)
Total	$	40,796	$	(25	)	$	—	$	—	$	40,796	$	(25	)


	As of December 31, 2023
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government obligations	$	10,400	$	(11	)	$	12,374	$	(88	)	$	22,774	$	(99	)
Agency obligations		8,170		(3	)		5,484		(14	)		13,654		(17	)
Certificates of deposit		244		(1	)		1,213		(11	)		1,457		(12	)
Corporate debt securities		3,595		—			32,612		(170	)		36,207		(170	)
Total	$	22,409	$	(15	)	$	51,683	$	(283	)	$	74,092	$	(298	)

The Company reviewed its investment holdings as of September 30, 2024 and December 31, 2023 and determined that the increase in fair value is attributable to changes in interest rates and not credit quality, and as the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Therefore, there were no allowances for credit losses as of September 30, 2024 and December 31, 2023.

Subsequent Events (Additional Information) (Details) - USD ($)				9 Months Ended
	Oct. 10, 2024	Jun. 21, 2024	Aug. 13, 2019	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, shares issued	1,500,000			80,841,000		68,175,000
Common stock and paid-in capital, par value				$ 0.001		$ 0.001
Proceeds from issuance of common stock, net	$ 32,100	$ 350,000,000	$ 150,000,000	$ 425,549,000	$ 340,267,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued	11,500,000
Common stock and paid-in capital, par value	$ 50
Proceeds from issuance of common stock, net	$ 542,900,000

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

Financial assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 were as follows (in thousands):


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government obligations	$	249,914	$	—	$	—	$	249,914
Agency obligations		—		27,002		—		27,002
Certificates of deposit		—		245		—		245
Corporate debt securities		—		268,238		—		268,238
Total assets measured at fair value	$	249,914	$	295,485	$	—	$	545,399


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government obligations	$	280,209	$	—	$	—	$	280,209
Agency obligations		—		21,270		—		21,270
Certificates of deposit		—		2,440		—		2,440
Corporate debt securities		—		196,755		—		196,755
Commercial paper		—		2,984		—		2,984
Total assets measured at fair value	$	280,209	$	223,449	$	—	$	503,658

Balance Sheet Details - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical costs	$ 2,361	$ 2,574
Prepaid research and development costs	302	1,238
Australian tax incentive receivable	302	747
Prepaid insurance	1,461	857
Prepaid subscriptions	2,281	1,130
Interest receivable	3,373	3,051
Due from Radionetics (Note 11)	92	90
Landlord improvements receivable	1,600	5,210
Receivable for common stock issued	1,661	253
Other	1,486	448
Total	$ 14,919	$ 15,598

Balance Sheet Details - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 18,690	$ 15,949
Less accumulated depreciation and amortization	(6,980)	(5,068)
Total	11,710	10,881
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment at cost	11,046	9,837
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	5,403	4,253
Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	2,181	1,854
Computers and Software
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 60	$ 5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Proceeds from issuance of common stock, net	$ 17,300	$ 21,800

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Available-For-Sale Investment Securities Held by the Company


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	249,469	$	445	$	—		$	249,914
Agency obligations		26,994		13		(5	)		27,002
Certificates of deposit		245		—		—			245
Corporate debt securities		266,653		1,605		(20	)		268,238
Total	$	543,361	$	2,063	$	(25	)	$	545,399


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government obligations	$	279,577	$	731	$	(99	)	$	280,209
Agency obligations		21,271		16		(17	)		21,270
Certificates of deposit		2,450		2		(12	)		2,440
Corporate debt securities		196,399		526		(170	)		196,755
Commercial paper		2,984		—		—			2,984
Total	$	502,681	$	1,275	$	(298	)	$	503,658

Summary of Available-For-Sale Investment Securities By Contractual Maturity

As of September 30, 2024 and December 31, 2023, available-for-sale investment securities by contractual maturity were as follows (in thousands):


	As of September 30, 2024				As of December 31, 2023
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	425,384	$	426,280	$	414,031	$	414,406
Due after one year through five years		117,977		119,119		88,650		89,252
Total	$	543,361	$	545,399	$	502,681	$	503,658

Summary of Available-For-Sale Securities Investment

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of September 30, 2024 and December 31, 2023 (in thousands):


	As of September 30, 2024
	Less Than 12 Months					More Than 12 Months				Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
Agency obligations	$	12,494	$	(5	)	$	—	$	—	$	12,494	$	(5	)
Corporate debt securities		28,302		(20	)		—		—		28,302		(20	)
Total	$	40,796	$	(25	)	$	—	$	—	$	40,796	$	(25	)


	As of December 31, 2023
	Less Than 12 Months					More Than 12 Months					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
Available-for-sale investment securities:
U.S. government obligations	$	10,400	$	(11	)	$	12,374	$	(88	)	$	22,774	$	(99	)
Agency obligations		8,170		(3	)		5,484		(14	)		13,654		(17	)
Certificates of deposit		244		(1	)		1,213		(11	)		1,457		(12	)
Corporate debt securities		3,595		—			32,612		(170	)		36,207		(170	)
Total	$	22,409	$	(15	)	$	51,683	$	(283	)	$	74,092	$	(298	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
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+ Details

Stockholder's Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

Stock Offerings

On September 15, 2023, the Company completed an underwritten public offering of 11,441,648 shares of its common stock at a price to the public of $30.59 per share. Net proceeds from the offering were approximately $328.5 million, after underwriting discounts and commissions and offering costs of approximately $21.5 million.

On March 1, 2024, the Company completed a private placement offering of 8,333,334 shares of its common stock at a price of $42.00 per share. Net proceeds from the offering were approximately $335.5 million, after offering costs of approximately $14.5 million. On March 19, 2024, the Company registered for resale the shares issued and sold in the Private Placement, pursuant to the Registration Rights Agreement entered into with the Purchasers, dated February 27, 2024.

ATM Offerings

On August 13, 2019, the Company entered into a Sales Agreement (as amended, the “2019 Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), under which the Company could, from time to time, sell up to $150.0 million of shares of its common stock through the Sales Agents (the “2019 ATM Offering”). The 2019 ATM Offering was terminated upon the filing by the Company of its Registration Statement on Form S-3ASR on June 21, 2024.

On June 21, 2024, the Company entered into a Sales Agreement (the “2024 Sales Agreement”) with the Sales Agents under which the Company may, from time to time, sell up to $350.0 million of shares of its common stock through the Sales Agents (the “2024 ATM Offering”).

During the nine months ended September 30, 2024, the Company issued 1,223,775 shares of common stock pursuant to the 2019 ATM Offering for net proceeds of approximately $43.4 million, after deducting commissions. No shares of common stock were issued pursuant to the 2019 ATM Offering during the three months ended September 30, 2024. During each of the three and nine months ended September 30, 2024, the Company issued 928,912 shares of common stock pursuant to the 2024 ATM Offering for net proceeds of approximately $48.3 million, after deducting commissions.

During the nine months ended September 30, 2023, the Company issued 522,807 shares of common stock pursuant to the 2019 ATM Offering for net proceeds of approximately $11.3 million. No shares of common stock were issued pursuant to the pursuant to the 2019 ATM Offering during the three months ended September 30, 2023.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of deferred revenue components

Deferred revenue consisted of the following (in thousands):


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Deferred revenues at beginning of period	$	6,880		$	7,152		$	6,806		$	8,341
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period		—			—			550			—
Revenue recognized that was included in deferred revenues as of the beginning of the period		—			(346	)		(476	)		(1,535	)
Deferred revenues at end of period	$	6,880		$	6,806		$	6,880		$	6,806
Less deferred revenue, current		(1,685	)		(1,662	)		(1,685	)		(1,662	)
Deferred revenue, non-current	$	5,195		$	5,144		$	5,195		$	5,144

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common stock and Paid-In Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ 316,328		$ 759,432	$ (3,931)	$ (439,173)
Beginning Balance, Shares at Dec. 31, 2022		53,877,000
Issuance of common stock, net of transaction costs, shares		11,965,000
Issuance of common stock, net of transaction costs, value	339,812		339,812
Stock issued under Employee Stock Purchase Plan, shares		75,000
Issuance of common stock upon vesting of restricted stock units shares		81,000
Stock issued under employee stock purchase plan, value	1,123		1,123
Exercise of stock options	12,531		12,531
Exercise of stock options, shares		710,000
Stock-based compensation	29,320		29,320
Comprehensive income	3,066			3,066
Net Income (Loss)	(154,432)				(154,432)
Ending Balance at Sep. 30, 2023	547,748		1,142,218	(865)	(593,605)
Ending Balance, Shares at Sep. 30, 2023		66,708,000
Beginning Balance at Jun. 30, 2023	254,116		791,968	(1,705)	(536,147)
Beginning Balance, Shares at Jun. 30, 2023		54,682,000
Issuance of common stock, net of transaction costs, shares		11,442,000
Issuance of common stock, net of transaction costs, value	328,501		328,501
Exercise of stock options	10,700		10,700
Exercise of stock options, shares		584,000
Stock-based compensation	11,049		11,049
Comprehensive income	840			840
Net Income (Loss)	(57,458)				(57,458)
Ending Balance at Sep. 30, 2023	547,748		1,142,218	(865)	(593,605)
Ending Balance, Shares at Sep. 30, 2023		66,708,000
Beginning Balance at Dec. 31, 2023	539,106		1,191,831	977	(653,702)
Beginning Balance, Shares at Dec. 31, 2023		68,175,000
Issuance of common stock, net of transaction costs, shares		10,486,000
Issuance of common stock, net of transaction costs, value	427,200		427,200
Stock issued under Employee Stock Purchase Plan, shares		115,000
Issuance of common stock upon vesting of restricted stock units shares		249,000
Stock issued under employee stock purchase plan, value	2,027		2,027
Exercise of stock options	$ 30,858		30,858
Exercise of stock options, shares	1,816,152	1,816,000
Stock-based compensation	$ 50,541		50,541
Comprehensive income	1,061			1,061
Net Income (Loss)	(217,813)				(217,813)
Ending Balance at Sep. 30, 2024	832,980		1,702,457	2,038	(871,515)
Ending Balance, Shares at Sep. 30, 2024		80,841,000
Beginning Balance at Jun. 30, 2024	830,763		1,625,640	(190)	(794,687)
Beginning Balance, Shares at Jun. 30, 2024		79,322,000
Issuance of common stock, net of transaction costs, shares		929,000
Issuance of common stock, net of transaction costs, value	48,296		48,296
Issuance of common stock upon vesting of restricted stock units shares		5,000
Exercise of stock options	10,374		10,374
Exercise of stock options, shares		585,000
Stock-based compensation	18,147		18,147
Comprehensive income	2,228			2,228
Net Income (Loss)	(76,828)				(76,828)
Ending Balance at Sep. 30, 2024	$ 832,980		$ 1,702,457	$ 2,038	$ (871,515)
Ending Balance, Shares at Sep. 30, 2024		80,841,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. COMMITMENTS AND CONTINGENCIES

Litigation

From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position or results of operations.

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. ORGANIZATION AND BASIS OF PRESENTATION Description of Business Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical-stage pharmaceutical company incorporated in Delaware on November 18, 2008, and based in San Diego, California. The Company is focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly-owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. In September 2024, the Company established Crinetics Pharmaceuticals Europe GmbH ("CPEG"), a wholly-owned subsidiary which was formed, among other things, to conduct various clinical and pre-commercialization activities for our product candidates in Europe. Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024 and the results of its operations and cash flows for the nine months ended September 30, 2024 and 2023 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited consolidated financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company, CAPL and CPEG. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and comprehensive loss and were not material for all periods presented. Activity from CPEG was not material for the three and nine months ended September 30, 2024. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Liquidity From inception, the Company has devoted substantially all of its efforts to drug discovery and development, and conducting preclinical studies and clinical trials. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $871.5 million as of September 30, 2024. As of September 30, 2024, the Company had $862.7 million in unrestricted cash, cash equivalents and investment securities, which the Company believes is sufficient to meet its funding requirements for at least the next 12 months. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses, and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future.