0000950170-23-039350 | 10-Q | XBRL Viewer | Crinetics Pharmaceuticals INC

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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Common stock and paid-in capital, shares outstanding	54,682,000		54,682,000		53,877,000
Due from Radionetics	$ 97,000		$ 97,000		$ 135,000
Radionetics [Member]
Summary Of Significant Accounting Policies [Line Items]
Aggregate equity interest	55.00%		55.00%
Radionetics Oncology, Inc.
Summary Of Significant Accounting Policies [Line Items]
Due from Radionetics	$ 100,000		$ 100,000		$ 100,000
Reimbursments earned	19,000		$ 32,000	$ 400,000
Dr. Struthers \| Radionetics Oncology, Inc.
Summary Of Significant Accounting Policies [Line Items]
Vest ratably months			36 months
Annual retainer receives	50,000		$ 50,000
Australian Research and Development Tax Incentive \| Australian Taxation Office
Summary Of Significant Accounting Policies [Line Items]
Tax incentive receivable, reductions to research and development expense	$ 16,000,000,000	$ 200,000	$ 37,000,000,000	$ 300,000
Restricted common stock \| Dr. Struthers \| Radionetics Oncology, Inc.
Summary Of Significant Accounting Policies [Line Items]
Common stock and paid-in capital, shares outstanding	1,000,000		1,000,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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.

Derivative Asset

On October 15, 2021, the Company received a warrant (the "Radionetics Warrant") to purchase the greater of 3,407,285 additional shares of common stock or the number of additional shares of common stock that would allow the Company to maintain an aggregate equity interest of 22% of the fully diluted capitalization of Radionetics. The estimated value of the Radionetics Warrant is based on valuations provided by a third-party valuation specialist using unobservable inputs due to little to no market data (Level 3 inputs). There were no material changes in the inputs or the total valuation of the Radionetics Warrant during the three and six months ended June 30, 2023.

Financial assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 were as follows (in thousands):


	As of June 30, 2023
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	91,448	$	46,687	$	—	$	138,135
Certificates of deposit		—		3,606		—		3,606
Corporate debt securities		—		75,704		—		75,704
Commercial paper		—		7,531		—		7,531
Total Investment securities		91,448		133,528		—		224,976
Derivative Assets:
Radionetics Warrant		—		—		668		668
Total assets measured at fair value	$	91,448	$	133,528	$	668	$	225,644


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	93,879	$	58,851	$	—	$	152,730
Certificates of deposit		—		4,535		—		4,535
Corporate debt securities		—		142,994		—		142,994
Asset-backed securities		—		1,494		—		1,494
Total Investment securities		93,879		207,874		—		301,753
Derivative Assets:
Radionetics Warrant		—		—		668		668
Total assets measured at fair value	$	93,879	$	207,874	$	668	$	302,421

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 six months ended June 30, 2023, or year ended December 31, 2022.

- 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 + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net Income (Loss)	$ (96,974)	$ (77,002)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	18,271	12,886
Depreciation and amortization	563	455
Noncash lease expense	233	195
Accretion of purchase discounts and amortization of premiums on investment securities, net	(1,441)	517
Loss on equity method investment	0	1,010
Loss on disposal of property and equipment	6	0
Change in valuation of derivative asset	0	(31)
Noncash license revenues	(2,000)	0
Increase (decrease) in cash resulting from changes in:
Prepaid expenses and other assets	(9,485)	3,234
Accounts payable and accrued expenses	6,073	8,241
Deferred revenue	(1,189)	9,431
Operating lease liability	(510)	(455)
Net cash used in operating activities	(86,453)	(41,519)
Investing activities:
Purchases of investment securities	(82,165)	(247,572)
Maturities of investment securities	162,609	30,617
Purchases of property and equipment	(253)	(700)
Net cash provided by (used in) investing activities	80,191	(217,655)
Financing activities:
Proceeds from issuance of common stock, net of $0.3 million (2023) and $7.8 million (2022) of transaction costs	11,310	117,255
Proceeds from exercise of stock options	1,832	3,517
Net cash provided by financing activities	13,142	120,772
Net change in cash, cash equivalents and restricted cash	6,880	(138,402)
Cash, cash equivalents and restricted cash at beginning of period	33,973	201,195
Cash, cash equivalents and restricted cash at end of period	40,853	62,793
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	39,553	62,293
Restricted cash	1,300	500
Cash, cash equivalents and restricted cash at end of period	40,853	62,793
Noncash investing and financing activities:
Stock received under licensing arrangement	2,000	0
Change in unvested stock liability	0	2
Stock issued under Stock Purchase Plan	1,123	813
Amounts accrued for follow-on offering costs	0	13
Amounts accrued for purchases of property and equipment	$ 0	$ 82

Operating Lease - Schedule of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (6 months)	$ 628
2024	1,280
2025	871
Total future minimum lease payments	2,779
Less imputed interest	(214)
Total operating lease liability	2,565
Less operating lease liability, current	(1,109)	$ (1,051)
Operating lease liability, non-current	$ 1,456	$ 2,024

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	13,534	8,960
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	268	159
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	843	282
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	12,423	8,519

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Oct. 15, 2021	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value assets transferred into level 3		$ 0
Fair value assets transferred into level 3			$ 0
Radionetics Warrant
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Additional common shares issued	3,407,285
Equity interest percentage	22.00%

Operating Lease

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Operating Lease

6. OPERATING LEASE

In February 2018, as amended in March 2018, the Company entered into a non-cancellable operating lease 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"). The Company expects to move its corporate headquarters to this new facility in the fourth quarter of 2023 upon the substantial completion of improvements.

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 lease will be measured and recognized upon lease commencement. As of June 30, 2023, the 2022 Lease did not commence because the construction of improvements to bring the facility to its intended use was ongoing and not substantially complete.

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 June 30, 2023, the Company's future minimum payments under non-cancellable operating lease, were as follows (in thousands):


Year ending December 31,	Minimum Payments
2023 (6 months)	$	628
2024		1,280
2025		871
Total future minimum lease payments		2,779
Less imputed interest		(214	)
Total operating lease liability		2,565
Less operating lease liability, current		(1,109	)
Operating lease liability, non-current	$	1,456

Operating lease cost was $0.3 million and $0.6 million for the three and six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company’s 2018 Lease weighted average remaining term was 2.1 and 2.6 years, respectively. As of June 30, 2023 and December 31, 2022, the Company’s weighted-average discount rate was 8%.

Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases was $0.3 million and $0.6 million for the three and six months ended June 30, 2023 and 2022, respectively.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

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.

Unaudited Interim Financial Information

The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, 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 June 30, 2023 and the results of its operations and cash flows for the six months ended June 30, 2023 and 2022 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any other interim period.

Principles of Consolidation and Foreign Currency Transactions

The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both 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 were not material for all periods presented.

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 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 $536.1 million as of June 30, 2023.

As of June 30, 2023, the Company had $264.5 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.

Use of Estimates

The Company’s condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrual of research and development expenses, valuation of stock-based awards, fair values of financial instruments, revenue recognition and investment in Radionetics. Estimates are based on historical experiences or on forecasts, including information received from third parties and various other factors that the Company believes are reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.

Investment in Radionetics

The Company first analyzes its investment in another entity to determine if the entity is a variable interest entity (“VIE”) and if so, whether the Company is the primary beneficiary requiring consolidation. An entity is considered a VIE if (1) the entity does not have enough equity to finance its own activities without additional support, (2) the entity’s at-risk equity holders lack the characteristics of a controlling financial interest, or (3) the entity is structured with non-substantive voting rights. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that potentially could be significant to the VIE. Variable interests in a VIE can be contractual, ownership, or other financial interests. The Company re-assesses its investment upon reconsideration events to determine whether the Company is the primary beneficiary of the VIE, in which case the Company would consolidate the VIE.

If it has been determined that the Company is not the primary beneficiary or does not have control but does have the ability to exercise significant influence over the VIE, the Company accounts for the unconsolidated investment under the equity method of accounting.

In October 2021, the Company, together with 5AM Ventures ("5AM") and Frazier Healthcare Partners ("Frazier"), announced the formation of Radionetics Oncology, Inc. ("Radionetics"). Radionetics is a VIE. The Company maintains an equity interest in Radionetics and accounts for its investment in Radionetics 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 because of the allocation of the Company’s share of losses of the investee. As of June 30, 2023, the Company had a 55% ownership stake in Radionetics.

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 received 1,000,000 shares of restricted common stock of Radionetics, which vest ratably over 36 months, subject to continued service, and receives a $50,000 annual retainer for his service as a board member of Radionetics.

As of June 30, 2023 and December 31, 2022, 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 earned reimbursements from Radionetics of $19,000 and $32,000 for the three and six months ended June 30, 2023, respectively, and $0.4 million for the six months ended June 30, 2022.

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions about risk and the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The carrying amounts of the Company’s current financial assets, restricted cash and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The Company recorded the derivative asset (see Note 8) and investment securities (see Note 3) at fair value.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash held in readily available checking and money market accounts, as well as short-term debt securities with maturities of three months or less when purchased. Restricted cash represents cash held as collateral for the Company’s facility leases and is reported as a long-term asset in the accompanying condensed consolidated balance sheets.

Investment Securities

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months.

Realized gains and losses on investment securities are derived using the specific identification method for determining the cost of securities sold and are included in other income (expenses), net in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company has not realized any significant gains or losses on sales of available-for-sale debt securities during any of the periods presented. Interest income is recognized when earned and is included in interest income in the accompanying condensed consolidated statements of operations and comprehensive loss, as are the amortization of purchase premiums and accretion of purchase discounts on investment securities.

Effective January 1, 2023, at each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in net loss. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net loss. For available-for-sale securities that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented in the accompanying condensed consolidated statements of operations and comprehensive loss.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.

Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. Leases with a term longer than 12 months that are determined to be operating leases are included in operating lease right-of-use assets, other current liabilities and noncurrent operating lease liabilities in the condensed consolidated balance sheets at the commencement date of the arrangement. The Company accounts for each separate lease and non-lease component as a single lease component. When the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at commencement dates in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise such options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease agreements may contain variable costs such as common area maintenance, insurance, taxes, or other costs. Such variable lease costs are expensed as incurred. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company assesses its leases to determine whether the arrangements contain lease incentives.

Revenue Recognition

The Company has generated revenue from licensing and supply agreement arrangements. The Company recognizes revenues when, or as, the promised goods or services are transferred to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those services. To determine revenue recognition for arrangements, the Company performs the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligation(s) in the contract; (3) determine the

transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) the performance obligation(s) are satisfied. At contract inception, the Company assesses the goods or services promised within each contract, assesses whether each promised good or service is distinct and identifies those that are performance obligations. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when, or as, the performance obligation is satisfied.

The Company has entered into licensing and collaboration agreements that mainly include the following: (i) upfront considerations; (ii) payments associated with achieving certain milestones; and (iii) royalties based on specified percentages of net product sales, if any.

The Company has also entered into a manufacturing and supply arrangement that includes reimbursements of costs plus a pre-determined margin.

At the initiation of an agreement, the Company analyzes each unit of account within the contract to determine if the counterparty is a customer in the context of the unit of account.

The Company considers a variety of factors in determining the appropriate estimates and assumptions under the arrangements, such as whether the elements are distinct performance obligations, whether there are observable standalone prices, whether the license is functional or symbolic, and whether the Company is acting as the agent or principal. The Company evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time.

At the inception of arrangements that include variable consideration, the Company uses judgment to estimate the amount of variable consideration to include in the transaction price using the most likely method. If it is probable that a significant revenue reversal will not occur, then the estimated amount is included in the transaction price. Milestone payments that are not within the Company's or the licensee’s control, such as regulatory approvals, are not included in the transaction price until those approvals are received. At the end of each reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint and, as necessary, adjusts the estimate of the overall transaction price. Any adjustments will be recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

The Company develops estimates of the standalone selling price for each distinct performance obligation. Variable consideration that relates specifically to efforts to satisfy specific performance obligations is allocated entirely to those performance obligations. Other components of the transaction price are allocated based on the relative standalone selling price, over which management has applied significant judgment. The Company determines the standalone selling price for license-related performance obligations using a market approach, which may include assumptions such as forecasted revenues, development timelines, discount rates and probabilities of success. The Company estimates the standalone selling price for the data exchange performance obligation (see Note 8) by forecasting the expected costs of satisfying a performance obligation plus a predetermined margin.

In the case of a license that is a distinct performance obligation, the Company recognizes revenue allocated to the license from non-refundable, up-front fees at the point in time when the license is transferred to the licensee and the licensee can use and benefit from the license. For licenses that are bundled with other distinct or combined obligations, the Company uses judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the performance obligation is satisfied over time, then the Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company has used the cost-to-cost measure of progress because it best depicts the transfer of control to the customer which occurs as the Company incurs costs. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation, which is considered an input method. The Company uses judgment to estimate the total cost of these performance obligations, which include subcontractors' costs, labor, materials, other direct costs, and an allocation of indirect costs. The Company evaluates these cost estimates and the progress each reporting period and, as necessary, the Company adjusts the measure of progress and related revenue recognition.

Sales-based milestones and royalties are recognized at the later of when the subsequent sale or usage occurs or the performance obligation for which some or all of the sales-based milestones and royalties have been allocated to has been satisfied or partially satisfied.

Research and Development Expenses

Research and development (“R&D”) expenses consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation for individuals involved in R&D efforts, as well as consulting expenses, third-party R&D expenses, laboratory supplies, clinical materials and overhead, including facilities and depreciation costs, offset by the Australian Tax Incentive discussed below. R&D expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in R&D are capitalized until the goods or services are received and are recorded as prepaid expenses and other current assets.

Costs incurred under contracts with contract research organizations that conduct and manage the Company’s clinical trials are also included in R&D expenses. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up and initiation activities, enrollment and treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts that the Company is obligated to pay under its clinical trial agreements are modified (for instance, because of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts its accruals accordingly on a prospective basis. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

Australian Tax Incentive

CAPL is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Australian Taxation Office has a recapture right for a period of four years.

The Company recognized reductions to R&D expense of $16,000 and $37,000 for the three and six months ended June 30, 2023, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively.

Stock-Based Compensation

Stock-based compensation expense represents the estimated grant date fair value of the Company’s equity awards, consisting of stock options, restricted stock units and shares issued under the Company’s Employee Stock Purchase Plan, recognized over the requisite service period of such awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of all stock option grants using the Black-Scholes option pricing model and recognizes forfeitures as they occur. Restricted stock units are valued using the grant date stock price. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved.

Comprehensive Loss

Comprehensive loss is comprised of the Company’s net loss and the unrealized gains or losses on the Company’s available for sale investment securities for all periods presented. The cumulative amount of unrealized gains and losses is reflected as a separate component of stockholders' equity in the accompanying condensed consolidated balance sheets as accumulated other comprehensive income (loss).

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.

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 June 30,
	2023		2022
Stock options		12,423		8,519
Restricted stock units		843		282
Employee stock purchase plan		268		159
Total		13,534		8,960

Recently Adopted Accounting Pronouncements

ASU 2016-13

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“Topic 326”). Topic 326 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity

to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner like current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This ASU update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This update is effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2023, which did not have a material impact on its condensed consolidated financial statements.

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2023
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. Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, 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 June 30, 2023 and the results of its operations and cash flows for the six months ended June 30, 2023 and 2022 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both 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 were not material for all periods presented. 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 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 $536.1 million as of June 30, 2023. As of June 30, 2023, the Company had $264.5 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.

Equity Incentive Plan - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,175	$ 7,131	$ 18,271	$ 12,886
Included in Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,602	3,681	10,280	6,872
Included in General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,573	$ 3,450	$ 7,991	$ 6,014

Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Feb. 28, 2015	Jul. 31, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised						$ 0.8	$ 5.1
Dividend yield						0.00%
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Cost 3				$ 15.2		$ 15.2
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				$ 92.4		$ 92.4
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period						2 years 2 months 12 days
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period 3						1 year 4 months 24 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				$ 12.56	$ 15.5	$ 12.38	$ 15.02
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 6 months
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	2,693,859
Shares reserved for issuance, authorized				1,664,012		1,664,012
Additional shares available for future issuance	538,771
Weighted-average fair value of stock options granted to employees per share				$ 9.15	$ 8.82	$ 9.15	$ 8.82
2021 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available for future issuance				240,434		240,434
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
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				2,510,587		2,510,587
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
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

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 was as follows:


				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance on December 31, 2022		9,757,329		$	17.79
Granted		3,232,590		$	19.62
Exercised		(125,866	)	$	14.55
Forfeited and expired		(441,039	)	$	21.54
Balance on June 30, 2023		12,423,014		$	18.16		8.1	$	22,275
Vested and expected to vest on June 30, 2023		12,423,014		$	18.16		8.1	$	22,275
Exercisable on June 30, 2023		5,091,163		$	16.63		6.8	$	18,069

Summary of Company's restricted stock unit activity

The Company’s restricted stock unit activity during the six months ended June 30, 2023, was as follows:


				Weighted-
	Restricted Stock			Average
	Units			Grant Date
	Outstanding			Fair Value
Balance on December 31, 2022		290,311		$	19.88
Granted		646,621		$	19.68
Vested		(81,294	)	$	19.54
Forfeited		(12,543	)	$	19.78
Balance on June 30, 2023		843,095		$	19.77

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 June 30,		Six months ended June 30,
	2023	2022	2023	2022
Expected option term	6.0 years	6.1 years	6.0 years	6.0 years
Expected volatility	65%	87%	66%	88%
Risk free interest rate	3.6%	2.9%	4.0%	2.2%
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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Included in research and development	$	5,602	$	3,681	$	10,280	$	6,872
Included in general and administrative		4,573		3,450		7,991		6,014
Total stock-based compensation expense	$	10,175	$	7,131	$	18,271	$	12,886

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	Three and six months ended June 30,
	2023	2022
Expected term	1.1 years	1.2 years
Expected volatility	57%	76%
Risk free interest rate	4.9%	2.2%
Expected dividend yield	—%	—%

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Proceeds from issuance of common stock, net	$ 300	$ 7,800

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Transaction cost on issuance	$ 0.3	$ 7.8	$ 0.3	$ 7.8

Stockholder's Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

Stock Offerings

On April 18, 2022, the Company completed an underwritten follow-on offering of 5,625,563 shares of its common stock at a price to the public of $22.22 per share. Net proceeds from the offering were approximately $117.2 million, after underwriting discounts and commissions and estimated offering costs of approximately $7.8 million. The shares were registered pursuant to the Company’s 2021 Shelf Registration Statement.

Shelf Registration Statements and ATM Offering

On August 13, 2019, the Company filed a registration statement on Form S-3 (the “2019 Shelf Registration Statement”), covering the offering of up to $300.0 million of common stock, preferred stock, debt securities, warrants and units. The 2019 Shelf Registration Statement became effective on August 29, 2019 and expired on August 29, 2022.

On August 13, 2019, the Company also entered into a Sales Agreement (the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), under which the Company may, from time to time, sell shares of its common stock through the Sales Agents (the “ATM Offering”). The 2019 Shelf Registration Statement included a prospectus covering the offering, issuance, and sale of up to $75.0 million of the Company’s common stock from time to time through the ATM Offering.

Pursuant to the 2019 Shelf Registration Statement, the Company issued 275,764 shares of common stock in the ATM Offering for net proceeds of $6.4 million, after deducting commissions. The Company did not issue any additional shares of common stock in the ATM Offering pursuant to the 2019 Shelf Registration Statement after the first quarter of 2020. The 2019 Shelf Registration Statement expired on August 29, 2022.

On August 10, 2021, the Company filed a registration statement on Form S-3 (the “2021 Shelf Registration Statement”), which became immediately effective upon filing, covering the offering of common stock, preferred stock, debt securities, warrants and units and the resale of up to 851,306 shares by the accredited investor who purchased shares in the Private Placement.

On August 12, 2022, the Company filed with the SEC a prospectus supplement, dated August 12, 2022, to the 2021 Shelf Registration Statement pursuant to Rule 424(b) under the Securities Act of 1933, as amended, relating to the offer and sale of up to $150 million of shares of its common stock from time to time to or through the Sales Agents, pursuant to the Sales Agreement, in the ATM Offering. Following the expiration of the 2019 Shelf Registration Statement, the shares to be sold under the Sales Agreement may be issued and sold pursuant to the 2021 Shelf Registration Statement.

During the three and six months ended June 30, 2023, the Company issued 522,807 shares of common stock in the ATM Offering pursuant to the 2021 Shelf Registration Statement for net proceeds of approximately $11.3 million, after deducting commissions.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 2: 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 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 4,845	$ 6,883
Accrued clinical costs	2,279	1,921
Accrued research and development costs	2,274	4,043
Accrued outside services and professional fees	2,234	1,810
Accrued landlord improvements	8,671	359
Other accrued expenses	522	335
Total	$ 20,825	$ 15,351

Summary of Significant Accounting Policies (Table)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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


	As of June 30,
	2023		2022
Stock options		12,423		8,519
Restricted stock units		843		282
Employee stock purchase plan		268		159
Total		13,534		8,960

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Investment in Radionetics

Fair Value Measurements

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Cash, Cash Equivalents and Restricted Cash

Investment Securities

Concentrations of Credit Risk

Leases

Revenue Recognition

The Company has also entered into a manufacturing and supply arrangement that includes reimbursements of costs plus a pre-determined margin.

At the initiation of an agreement, the Company analyzes each unit of account within the contract to determine if the counterparty is a customer in the context of the unit of account.

Research and Development Expenses

Australian Tax Incentive

Stock-Based Compensation

Comprehensive Loss

Net Loss Per Share


	As of June 30,
	2023		2022
Stock options		12,423		8,519
Restricted stock units		843		282
Employee stock purchase plan		268		159
Total		13,534		8,960

Recently Adopted Accounting Pronouncements

ASU 2016-13

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 988	$ 439	$ 3,667	$ 3,570
Operating expenses:
Research and development	40,640	32,995	79,108	61,247
General and administrative	13,343	10,489	25,532	19,195
Total operating expenses	53,983	43,484	104,640	80,442
Loss from operations	(52,995)	(43,045)	(100,973)	(76,872)
Other income (expense):
Interest income	2,107	720	4,145	913
Other income (expense), net	(91)	(81)	(146)	(64)
Change in valuation of derivative asset	0	31	0	31
Total other income, net	2,016	670	3,999	880
Loss before equity method investment	(50,979)	(42,375)	(96,974)	(75,992)
Loss on equity method investment	0	0	0	(1,010)
Net loss	$ (50,979)	$ (42,375)	$ (96,974)	$ (77,002)
Net loss per share:
Net loss per share - basic	$ (0.94)	$ (0.81)	$ (1.79)	$ (1.54)
Net loss per share - diluted	$ (0.94)	$ (0.81)	$ (1.79)	$ (1.54)
Weighted average shares - basic	54,275	52,522	54,092	50,130
Weighted average shares - diluted	54,275	52,522	54,092	50,130
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities	$ 809	$ (1,427)	$ 2,226	$ (3,237)
Comprehensive loss	$ (50,170)	$ (43,802)	$ (94,748)	$ (80,239)

Operating Lease - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Leased Assets [Line Items]
Operating Lease Cost	$ 0.3			$ 0.6
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	2 years 1 month 6 days			2 years 1 month 6 days		2 years 7 months 6 days
Weighted-average discount rate	8.00%			8.00%		8.00%
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.
Annual increase in lease payments				3.00%
Irrevocable letter of credit	$ 0.8			$ 0.8
Expected Future Monthly Minimum Lease Payment With Abatement	$ 0.5			0.5
Cash paid for operating lease liabilities		$ 0.3	$ 0.6	$ 0.3	$ 0.6

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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

The following is a summary of the available-for-sale investment securities held by the Company as of June 30, 2023 and December 31, 2022 (in thousands):


	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	138,811	$	19	$	(695	)	$	138,135
Certificates of deposit		3,664		—		(58	)		3,606
Corporate debt securities		76,675		—		(971	)		75,704
Commercial paper		7,531		—		—			7,531
Total	$	226,681	$	19	$	(1,724	)	$	224,976


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	154,228	$	12	$	(1,510	)	$	152,730
Certificates of deposit		4,629		—		(94	)		4,535
Corporate debt securities		145,330		—		(2,336	)		142,994
Asset-backed securities		1,497		—		(3	)		1,494
Total	$	305,684	$	12	$	(3,943	)	$	301,753

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

As of June 30, 2023 and December 31, 2022, available-for-sale investment securities by contractual maturity were as follows (in thousands):


	As of June 30, 2023				As of December 31, 2022
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	226,190	$	224,494	$	246,276	$	243,542
Due after one year through five years		491		482		59,408		58,211
Total	$	226,681	$	224,976	$	305,684	$	301,753

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 June 30, 2023 and December 31, 2022 (in thousands):


	As of June 30, 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 and agency obligations	$	65,505	$	(263	)	$	28,034	$	(432	)	$	93,539	$	(695	)
Certificates of deposit		1,206		(19	)		2,399		(39	)		3,605		(58	)
Corporate debt securities		13,019		(160	)		57,684		(811	)		70,703		(971	)
Total	$	79,730	$	(442	)	$	88,117	$	(1,282	)	$	167,847	$	(1,724	)


	As of December 31, 2022
	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 and agency obligations	$	95,933	$	(702	)	$	36,681	$	(808	)	$	132,614	$	(1,510	)
Certificates of deposit		2,399		(47	)		2,136		(47	)		4,535		(94	)
Corporate debt securities		96,663		(1,399	)		43,330		(937	)		139,993		(2,336	)
Asset-backed securities		1,494		(3	)		—		—			1,494		(3	)
Total	$	196,489	$	(2,151	)	$	82,147	$	(1,792	)	$	278,636	$	(3,943	)

- 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
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Equity Incentive Plan - Summary of Activity Under Stock Option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance	9,757,329
Options Outstanding, Granted	3,232,590
Options Outstanding, Exercised	(125,866)
Options Outstanding, Forfeited and expired	(441,039)
Options Outstanding, Ending balance	12,423,014
Options Outstanding,Vested and expected to vest	12,423,014
Options Exercisable, Ending balance	5,091,163
Weighted-Average Exercise Price, Beginning balance	$ 17.79
Weighted-Average Exercise Price, Granted	19.62
Weighted Average Exercise Price, Exercised	14.55
Weighted Average Exercise Price, Forfeited and expired	21.54
Weighted-Average Exercise Price, Ending balance	18.16
Vested and expected to vest at March 31, 2023	18.16
Weighted-Average Exercise Price, Exercisable	$ 16.63
Weighted-Average Remaining Term, Ending balance	8 years 1 month 6 days
Weighted-Average Remaining Term, Vested and expected to vest	8 years 1 month 6 days
Weighted-Average Remaining Term, Exercisable	6 years 9 months 18 days
Aggregate Intrinsic Value, Ending balance	$ 22,275
Aggregate Intrinsic Value, Vested and expected to vest	22,275
Aggregate Intrinsic Value, Exercisable	$ 18,069
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance	290,311
Options Outstanding, Granted	646,621
Options Outstanding, Exercised	(81,294)
Options Outstanding, Forfeited and expired	(12,543)
Options Outstanding, Ending balance	843,095
Weighted-Average Exercise Price, Beginning balance	$ 19.88
Weighted-Average Exercise Price, Granted	19.68
Weighted Average Exercise Price, Exercised	19.54
Weighted Average Exercise Price, Forfeited and expired	19.78
Weighted-Average Exercise Price, Ending balance	$ 19.77

Balance Sheet Details - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid clinical costs	$ 3,933	$ 2,567
Prepaid research and development costs	1,393	2,293
Australian tax incentive receivable	985	937
Prepaid insurance	372	939
Interest receivable	897	1,353
Due From Radionetics Current	97	135
Due from Sanwa	403
Landlord improvements receivable	9,440	605
Other	2,761	1,930
Total	$ 20,281	$ 10,759

Balance Sheet Details - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 7,824	$ 7,584
Less accumulated depreciation and amortization	(4,602)	(4,084)
Total	3,223	3,500
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment at cost	3,516	3,516
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	3,403	3,168
Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	859	859
Computers and Software
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 46	$ 41

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Organization And Basis Of Presentation [Line Items]
Number of operating segments \| Segment	1
Unrestricted cash, cash equivalents and investments securities	$ 264,500
Accumulated deficit	$ 536,147	$ 439,173
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

Operating Lease (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Future Minimum Payments Under Non-cancellable Operating Leases

As of June 30, 2023, the Company's future minimum payments under non-cancellable operating lease, were as follows (in thousands):


Year ending December 31,	Minimum Payments
2023 (6 months)	$	628
2024		1,280
2025		871
Total future minimum lease payments		2,779
Less imputed interest		(214	)
Total operating lease liability		2,565
Less operating lease liability, current		(1,109	)
Operating lease liability, non-current	$	1,456

Investment Securities - Summary of Available-For-Sale Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
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	$ 226,190	$ 246,276
Available-for-sale investment securities, Amortized Cost, Due after one year through five years	491	59,408
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total	226,681	305,684
Available-for-sale investment securities, Fair market Value, Due in one year or less	224,494	243,542
Available-for-sale investment securities, Fair market Value, Due after one year through five years	482	58,211
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total	$ 224,976	$ 301,753

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 39,553	$ 32,672
Investment securities	224,976	301,753
Prepaid expenses and other current assets	20,281	10,759
Total current assets	284,810	345,184
Property and equipment, net	3,223	3,500
Operating lease right-of-use asset	1,253	1,486
Derivative asset	668	668
Restricted cash	1,300	1,301
Other assets	2,000	37
Total assets	293,254	352,176
Current liabilities:
Accounts payable and accrued expenses	20,825	15,351
Accrued compensation and related expenses	8,596	9,081
Deferred revenue	2,080	2,240
Operating lease liability	1,109	1,051
Total current liabilities	32,610	27,723
Operating lease liability, non-current	1,456	2,024
Deferred revenue, non-current	5,072	6,101
Total liabilities	39,138	35,848
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par; 10,000 shares authorized; no shares issued or outstanding on June 30, 2023 or December 31, 2022	0	0
Common stock and paid-in capital, $0.001 par; 200,000 shares authorized; 54,682 shares issued and outstanding on June 30, 2023; 53,877 shares issued and outstanding on December 31, 2022	791,968	759,432
Accumulated other comprehensive loss	(1,705)	(3,931)
Accumulated deficit	(536,147)	(439,173)
Total stockholders’ equity	254,116	316,328
Total liabilities and stockholders’ equity	$ 293,254	$ 352,176

Investment Securities

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 (in thousands):


	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	138,811	$	19	$	(695	)	$	138,135
Certificates of deposit		3,664		—		(58	)		3,606
Corporate debt securities		76,675		—		(971	)		75,704
Commercial paper		7,531		—		—			7,531
Total	$	226,681	$	19	$	(1,724	)	$	224,976


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	154,228	$	12	$	(1,510	)	$	152,730
Certificates of deposit		4,629		—		(94	)		4,535
Corporate debt securities		145,330		—		(2,336	)		142,994
Asset-backed securities		1,497		—		(3	)		1,494
Total	$	305,684	$	12	$	(3,943	)	$	301,753

As of June 30, 2023 and December 31, 2022, available-for-sale investment securities by contractual maturity were as follows (in thousands):


	As of June 30, 2023				As of December 31, 2022
	Amortized Cost		Fair Market Value		Amortized Cost		Fair Market Value
Available-for-sale investment securities:
Due in one year or less	$	226,190	$	224,494	$	246,276	$	243,542
Due after one year through five years		491		482		59,408		58,211
Total	$	226,681	$	224,976	$	305,684	$	301,753

The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of June 30, 2023 and December 31, 2022 (in thousands):


	As of June 30, 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 and agency obligations	$	65,505	$	(263	)	$	28,034	$	(432	)	$	93,539	$	(695	)
Certificates of deposit		1,206		(19	)		2,399		(39	)		3,605		(58	)
Corporate debt securities		13,019		(160	)		57,684		(811	)		70,703		(971	)
Total	$	79,730	$	(442	)	$	88,117	$	(1,282	)	$	167,847	$	(1,724	)


	As of December 31, 2022
	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 and agency obligations	$	95,933	$	(702	)	$	36,681	$	(808	)	$	132,614	$	(1,510	)
Certificates of deposit		2,399		(47	)		2,136		(47	)		4,535		(94	)
Corporate debt securities		96,663		(1,399	)		43,330		(937	)		139,993		(2,336	)
Asset-backed securities		1,494		(3	)		—		—			1,494		(3	)
Total	$	196,489	$	(2,151	)	$	82,147	$	(1,792	)	$	278,636	$	(3,943	)

The Company reviewed its investment holdings as of June 30, 2023 and December 31, 2022 and determined that the decline 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 June 30, 2023 and December 31, 2022.

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 15, 2021	Aug. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Warrants to purchase shares of common stock, Exercise price, Per share			$ 18.16		$ 18.16		$ 17.79
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 15,000		$ 1,123	$ 813	$ 1,123	$ 813
Common Stock, Shares, Outstanding			54,682,000		54,682,000		53,877,000
Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans			75,000	66,000	75,000	66,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Value, Employee Stock Purchase Plan		$ 5,000
Common Stock, Shares, Outstanding		32,344,371
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum		60.00%
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans		3,407,285
Warrants to purchase shares of common stock, Exercise price, Per share		$ 0.00001
Subsequent Event [Member] \| Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans		14,404,656
Subsequent Event [Member] \| Nonconsolidated Investees, Other [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Ownership percentage		63.00%
Subsequent Event [Member] \| Nonconsolidated Investees, Other [Member] \| Preferred Stock [Member]
Subsequent Event [Line Items]
Ownership percentage		25.00%

Equity Incentive Plan

6 Months Ended

Jun. 30, 2023

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. As of June 30, 2023, 1,240,434 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 June 30, 2023, 2,510,587 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, 2023, an additional 2,693,859 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 June 30, 2023, 1,664,012 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, 2023, an additional 538,771 shares became available for future issuance under the ESPP.

Stock Awards

Stock Options

Activity under the Company’s stock option plans during the six months ended June 30, 2023 was as follows:


				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance on December 31, 2022		9,757,329		$	17.79
Granted		3,232,590		$	19.62
Exercised		(125,866	)	$	14.55
Forfeited and expired		(441,039	)	$	21.54
Balance on June 30, 2023		12,423,014		$	18.16		8.1	$	22,275
Vested and expected to vest on June 30, 2023		12,423,014		$	18.16		8.1	$	22,275
Exercisable on June 30, 2023		5,091,163		$	16.63		6.8	$	18,069

Aggregate intrinsic value is calculated as the difference at a specific point in time between the closing price of the Company’s common stock and the exercise price of stock options that had exercise prices below the closing price. The aggregate intrinsic value of options exercised during the six months ended June 30, 2023 and 2022 was $0.8 million and $5.1 million, respectively.

Restricted Stock Units

The Company’s restricted stock unit activity during the six months ended June 30, 2023, was as follows:


				Weighted-
	Restricted Stock			Average
	Units			Grant Date
	Outstanding			Fair Value
Balance on December 31, 2022		290,311		$	19.88
Granted		646,621		$	19.68
Vested		(81,294	)	$	19.54
Forfeited		(12,543	)	$	19.78
Balance on June 30, 2023		843,095		$	19.77

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 June 30,		Six months ended June 30,
	2023	2022	2023	2022
Expected option term	6.0 years	6.1 years	6.0 years	6.0 years
Expected volatility	65%	87%	66%	88%
Risk free interest rate	3.6%	2.9%	4.0%	2.2%
Expected dividend yield	—%	—%	—%	—%

The weighted-average fair value of stock options awarded was $12.56 and $12.38 per share during the three and six months ended June 30, 2023, respectively, and $15.50 and $15.02 per share during the three and six months ended June 30, 2022, respectively.

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


ESPP	Three and six months ended June 30,
	2023	2022
Expected term	1.1 years	1.2 years
Expected volatility	57%	76%
Risk free interest rate	4.9%	2.2%
Expected dividend yield	—%	—%

The weighted-average fair value of the ESPP was $9.15 per share during each of the three and six months ended June 30, 2023, respectively, and $8.82 per share during each of the three and six months ended June 30, 2022, respectively.

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, which 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 - during 2022, the expected volatility assumption was based on volatilities of a peer group of similar companies in the biotechnology industry whose share prices are publicly available. The Company computed the historical volatility data using the daily closing prices for the selected companies’ shares during the period equivalent to the expected term of the Company’s stock-based awards. Beginning in 2023, the Company determined that the volatility of its own market-traded shares best represents the expected volatility based on available historical data and, therefore, the expected volatility assumption for stock-based awards granted during the three and six months ended June 30, 2023 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 grant date stock price.

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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Included in research and development	$	5,602	$	3,681	$	10,280	$	6,872
Included in general and administrative		4,573		3,450		7,991		6,014
Total stock-based compensation expense	$	10,175	$	7,131	$	18,271	$	12,886

As of June 30, 2023, unrecognized stock-based compensation cost related to option awards, restricted stock units, and ESPP was $92.4 million, $15.2 million and 2.8 million, respectively, which is expected to be recognized over a remaining weighted-average period of 2.2 years, 3.5 years and 1.4 years, respectively.

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			6 Months Ended
	Aug. 12, 2022	Apr. 18, 2022	Aug. 13, 2019	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 10, 2021
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net	$ 150,000		$ 75,000				$ 11,310	$ 117,255
Maximum amount of common stock preferred stock debt securities warrants and units to be issued			$ 300,000
Maximum shares of common stock preferred stock debt securities warrants and units to be issued										851,306
Registration Statement effective date							Aug. 29, 2019
Common stock, shares issued				54,682,000			54,682,000		53,877,000
Common Stock
Subsidiary Sale Of Stock [Line Items]
Sale of common stock		5,625,563		523,000	5,626,000		523,000	5,626,000
Common stock price per share		$ 22.22
Proceeds from issuance of common stock, net		$ 117,200
Offering Discounts Commissions And Offering Costs Net		$ 7,800
ATM Offering
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net				$ 11,300		$ 6,400	$ 11,300
Common stock, shares issued				522,807		275,764	522,807

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Deferred Revenue Components

Deferred revenue consisted of the following (in thousands):


	2023			2022
Deferred revenues as of January 1,	$	8,341		$	—
Additions of deferred revenues		—			11,500
Revenue recognized that was included in deferred revenues		(1,189	)		(2,069	)
Balance as of June 30,		7,152			9,431
Less deferred revenue, current		(2,080	)		(2,543	)
Deferred revenue, non-current	$	5,072		$	6,888

Revenue Recognition - Schedule of Deferred Revenue Components (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Deferred revenues as of January 1	$ 2,240
Balance as of June 30	2,080
Deferred revenue, non-current	5,072		$ 6,101
Sanwa Kagaku Kenkyusho Co., Ltd
Defined Benefit Plan Disclosure [Line Items]
Deferred revenues as of January 1	8,341
Additions of deferred revenues	11,500
Revenue recognized that was included in deferred revenues	(1,189)	$ (2,069)
Balance as of June 30	7,152	9,431
Less deferred revenue, current	(2,080)	(2,543)
Deferred revenue, non-current	$ 5,072	$ 6,888

Balance Sheet Details

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

5. BALANCE SHEET DETAILS

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


	June 30, 2023		December 31, 2022
Prepaid clinical costs	$	3,933	$	2,567
Prepaid research and development costs		1,393		2,293
Australian tax incentive receivable		985		937
Prepaid insurance		372		939
Interest receivable		897		1,353
Due from Radionetics		97		135
Due from Sanwa		403		—
Landlord improvements receivable		9,440		605
Other		2,761		1,930
Total	$	20,281	$	10,759

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


	June 30, 2023			December 31, 2022
Leasehold improvements	$	3,516		$	3,516
Lab equipment		3,403			3,168
Office equipment		859			859
Computers and software		46			41
Property and equipment at cost		7,824			7,584
Less accumulated depreciation and amortization		(4,602	)		(4,084	)
Total	$	3,223		$	3,500

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


	June 30, 2023		December 31, 2022
Accounts payable	$	4,845	$	6,883
Accrued clinical costs		2,279		1,921
Accrued research and development costs		2,274		4,043
Accrued outside services and professional fees		2,234		1,810
Accrued landlord improvements		8,671		359
Other accrued expenses		522		335
Total	$	20,825	$	15,351

Revenue Recognition (Additional Information) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 24, 2023	Feb. 25, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Upfront Payment As License Revenue			$ 600	$ 400	$ 1,200	$ 3,600
Upfront Payment As Deferred Revenue					13,000	13,000
Other Assets, Noncurrent			2,000		2,000		$ 37
Sanwa Kagaku Kenkyusho Co., Ltd
Defined Benefit Plan Disclosure [Line Items]
Revenue			400		400
Sanwa Kagaku Kenkyusho Co., Ltd \| Radionetics
Defined Benefit Plan Disclosure [Line Items]
Sales and Royalties milestones		$ 13,000
Non refundable, upfront payment		13,000
Additional milestone payments		$ 25,500
Cellular Longevity Inc doing business as Loyal [Member]
Defined Benefit Plan Disclosure [Line Items]
Revenue					2,100	$ 1,500
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, Noncurrent			$ 2,000		$ 2,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (50,979)	$ (42,375)	$ (96,974)	$ (77,002)

- 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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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

10. SUBSEQUENT EVENTS

In August 2023, the Company exercised its warrant to purchase 3,407,285 shares of Radionetics common stock with an exercise price of $0.00001 and 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. Subsequent to the warrant exercise, the Company exchanged 60% of its total number of outstanding shares of Radionetics common stock into 32,344,371 shares of Radionetics preferred stock. Following these transactions, the Company owns approximately 63% of Radionetics common stock and 25% of Radionetics preferred stock. Additionally, the Collaboration and License Agreement between Crinetics and Radionetics, dated October 15, 2021, was amended to include additional sales milestones of up to $15 million.

Investment Securities - Summary of Available-For-Sale Securities Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	$ 79,730	$ 196,489
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	88,117	82,147
Available-for-sale investment securities, Fair Market Value	167,847	278,636
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(442)	(2,151)
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	(1,282)	(1,792)
Available-for-sale Investment Securities, Gross Unrealized Losses	(1,724)	(3,943)
U.S. Government and Agency Obligations [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	65,505	95,933
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	28,034	36,681
Available-for-sale investment securities, Fair Market Value	93,539	132,614
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(263)	(702)
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	(432)	(808)
Available-for-sale Investment Securities, Gross Unrealized Losses	(695)	(1,510)
Certificates of Deposit [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	1,206	2,399
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	2,399	2,136
Available-for-sale investment securities, Fair Market Value	3,605	4,535
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(19)	(47)
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	(39)	(47)
Available-for-sale Investment Securities, Gross Unrealized Losses	(58)	(94)
Corporate Debt Securities [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value	13,019	96,663
Available-for-sale Investment Securities, More Than 12 Months, Fair Value	57,684	43,330
Available-for-sale investment securities, Fair Market Value	70,703	139,993
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months	(160)	(1,399)
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months	(811)	(937)
Available-for-sale Investment Securities, Gross Unrealized Losses	$ (971)	(2,336)
Asset-backed securities [Member]
Available-for-sale investment securities:
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value		1,494
Available-for-sale Investment Securities, More Than 12 Months, Fair Value		0
Available-for-sale investment securities, Fair Market Value		1,494
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months		(3)
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months		0
Available-for-sale Investment Securities, Gross Unrealized Losses		$ (3)

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

License Revenues

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. The Company determined that the transaction price amounted to the upfront payment of $13.0 million. 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 developmental milestone payments were 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):


	2023			2022
Deferred revenues as of January 1,	$	8,341		$	—
Additions of deferred revenues		—			11,500
Revenue recognized that was included in deferred revenues		(1,189	)		(2,069	)
Balance as of June 30,		7,152			9,431
Less deferred revenue, current		(2,080	)		(2,543	)
Deferred revenue, non-current	$	5,072		$	6,888

During the three and six months ended June 30, 2023, $0.6 million and $1.2 million, respectively, of the $13.0 million upfront payment was recognized as revenues in the accompanying condensed consolidated statements of operations and comprehensive loss. During the three and six months ended June 30, 2022, $0.4 million and $3.6 million, respectively, of the $13.0 million upfront payment was recognized as revenues in the accompanying condensed consolidated statements of operations and comprehensive loss. Of the license revenues recognized during the six months ended June 30, 2022, $1.5 million is related to the transfer of the license at the inception of the Sanwa License at a point in time, with the remaining amounts related to the data exchange performance obligation recognized over time. 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 the completion of certain studies and trials under the Sanwa License. During each of the three and six months ended June 30, 2023, the Company recognized $0.4 million of revenues from the Sanwa Clinical Supply Agreement in the accompanying condensed consolidated statements of operations and comprehensive loss. No significant supply purchases made by Sanwa through the Sanwa Clinical Supply Agreement during the three and six months ended June 30, 2022.

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 six months ended June 30, 2023, the Company recognized $2.1 million of revenues from the Loyal License at the inception of the contract in the accompanying condensed consolidated statements of operations and comprehensive loss. As of June 30, 2023, 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2023

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):


	June 30, 2023		December 31, 2022
Prepaid clinical costs	$	3,933	$	2,567
Prepaid research and development costs		1,393		2,293
Australian tax incentive receivable		985		937
Prepaid insurance		372		939
Interest receivable		897		1,353
Due from Radionetics		97		135
Due from Sanwa		403		—
Landlord improvements receivable		9,440		605
Other		2,761		1,930
Total	$	20,281	$	10,759

Components of Property and Equipment, Net

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


	June 30, 2023			December 31, 2022
Leasehold improvements	$	3,516		$	3,516
Lab equipment		3,403			3,168
Office equipment		859			859
Computers and software		46			41
Property and equipment at cost		7,824			7,584
Less accumulated depreciation and amortization		(4,602	)		(4,084	)
Total	$	3,223		$	3,500

Schedule of Accounts Payable and Accrued Expenses

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


	June 30, 2023		December 31, 2022
Accounts payable	$	4,845	$	6,883
Accrued clinical costs		2,279		1,921
Accrued research and development costs		2,274		4,043
Accrued outside services and professional fees		2,234		1,810
Accrued landlord improvements		8,671		359
Other accrued expenses		522		335
Total	$	20,825	$	15,351

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, 2021	$ 331,944		$ 607,581	$ (382)	$ (275,255)
Beginning Balance, Shares at Dec. 31, 2021		47,597,000
Issuance of common stock, net of transaction costs, shares		5,626,000
Issuance of common stock, net of transaction costs, value	117,242		117,242
Stock issued under Employee Stock Purchase Plan, shares		66,000
Stock issued under Employee Stock Purchase Plan, value	813		813
Vesting of shares subject to repurchase	2		2
Vesting of shares subject to repurchase, shares		1,000
Exercise of stock options	3,517		3,517
Exercise of stock options, shares		430,000
Stock-based compensation	12,886		12,886
Comprehensive income	3,237			3,237
Net Income (Loss)	(77,002)				(77,002)
Ending Balance at Jun. 30, 2022	386,165		742,041	(3,619)	(352,257)
Ending Balance, Shares at Jun. 30, 2022		53,720,000
Beginning Balance at Mar. 31, 2022	303,044		615,118	(2,192)	(309,882)
Beginning Balance, Shares at Mar. 31, 2022		4,780,000
Issuance of common stock, net of transaction costs, shares		5,626,000
Issuance of common stock, net of transaction costs, value	117,242		117,242
Stock issued under Employee Stock Purchase Plan, shares		66,000
Stock issued under Employee Stock Purchase Plan, value	813		813
Exercise of stock options	1,737		1,737
Exercise of stock options, shares		227,000
Stock-based compensation	7,131		7,131
Comprehensive income	1,427			1,427
Net Income (Loss)	(42,375)				(42,375)
Ending Balance at Jun. 30, 2022	386,165		742,041	(3,619)	(352,257)
Ending Balance, Shares at Jun. 30, 2022		53,720,000
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		523,000
Issuance of common stock, net of transaction costs, value	11,310		11,310
Stock issued under Employee Stock Purchase Plan, shares		75,000
Stock issued under Employee Stock Purchase Plan, value	1,123		1,123
Exercise of stock options	$ 1,832		1,832
Exercise of stock options, shares	125,866	126,000
Restricted stock units vested shares		81,000
Stock-based compensation	$ 18,271		18,271
Comprehensive income	(2,226)			(2,226)
Net Income (Loss)	(96,974)				(96,974)
Ending Balance at Jun. 30, 2023	254,116		791,968	(1,705)	(536,147)
Ending Balance, Shares at Jun. 30, 2023		54,682,000
Beginning Balance at Mar. 31, 2023	280,330		768,012	(2,514)	(485,168)
Beginning Balance, Shares at Mar. 31, 2023		53,990,000
Issuance of common stock, net of transaction costs, shares		523,000
Issuance of common stock, net of transaction costs, value	11,310		11,310
Stock issued under Employee Stock Purchase Plan, shares		75,000
Stock issued under Employee Stock Purchase Plan, value	1,123		1,123
Exercise of stock options	1,348		1,348
Exercise of stock options, shares		94,000
Stock-based compensation	10,175		10,175
Comprehensive income	(809)			(809)
Net Income (Loss)	(50,979)				(50,979)
Ending Balance at Jun. 30, 2023	$ 254,116		$ 791,968	$ (1,705)	$ (536,147)
Ending Balance, Shares at Jun. 30, 2023		54,682,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 were as follows (in thousands):


	As of June 30, 2023
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	91,448	$	46,687	$	—	$	138,135
Certificates of deposit		—		3,606		—		3,606
Corporate debt securities		—		75,704		—		75,704
Commercial paper		—		7,531		—		7,531
Total Investment securities		91,448		133,528		—		224,976
Derivative Assets:
Radionetics Warrant		—		—		668		668
Total assets measured at fair value	$	91,448	$	133,528	$	668	$	225,644


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	93,879	$	58,851	$	—	$	152,730
Certificates of deposit		—		4,535		—		4,535
Corporate debt securities		—		142,994		—		142,994
Asset-backed securities		—		1,494		—		1,494
Total Investment securities		93,879		207,874		—		301,753
Derivative Assets:
Radionetics Warrant		—		—		668		668
Total assets measured at fair value	$	93,879	$	207,874	$	668	$	302,421

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	CRNX
Entity Registrant Name	Crinetics Pharmaceuticals, Inc.
Entity Central Index Key	0001658247
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38583
Entity Tax Identification Number	26-3744114
Entity Interactive Data Current	Yes
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Address, Address Line One	10222 Barnes Canyon Road
Entity Address, Address Line Two	Bldg. #2
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
Entity Common Stock, Shares Outstanding		54,686,550

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	54,682,000	53,877,000
Common stock and paid-in capital, shares outstanding	54,682,000	53,877,000

Investment Securities - Summary of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	$ 226,681	$ 305,684
Available-for-sale investment securities, Gross Unrealized Gains	19	12
Available-for-sale investment securities, Gross Unrealized Losses	(1,724)	(3,943)
Available-for-sale investment securities, Fair Market Value	224,976	301,753
U.S. Government and Agency Obligations [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	138,811	154,228
Available-for-sale investment securities, Gross Unrealized Gains	19	12
Available-for-sale investment securities, Gross Unrealized Losses	(695)	(1,510)
Available-for-sale investment securities, Fair Market Value	138,135	152,730
Certificates of Deposit [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	3,664	4,629
Available-for-sale investment securities, Gross Unrealized Gains	0	0
Available-for-sale investment securities, Gross Unrealized Losses	(58)	(94)
Available-for-sale investment securities, Fair Market Value	3,606	4,535
Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	76,675	145,330
Available-for-sale investment securities, Gross Unrealized Gains	0	0
Available-for-sale investment securities, Gross Unrealized Losses	(971)	(2,336)
Available-for-sale investment securities, Fair Market Value	75,704	142,994
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	7,531
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	$ 7,531
Asset-backed securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost		1,497
Available-for-sale investment securities, Gross Unrealized Gains		0
Available-for-sale investment securities, Gross Unrealized Losses		(3)
Available-for-sale investment securities, Fair Market Value		$ 1,494

Equity Incentive Plan - Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield			0.00%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option term	6 years	6 years 1 month 6 days	6 years	6 years
Expected volatility	65.00%	87.00%	66.00%	88.00%
Risk free interest rate	3.60%	2.90%	4.00%	2.20%
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 2 months 12 days	1 year 1 month 6 days	1 year 2 months 12 days
Expected volatility	57.00%	76.00%	57.00%	76.00%
Risk free interest rate	4.90%	2.20%	4.90%	2.20%
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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

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.

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	$ 224,976	$ 301,753
Total assets measured at fair value	225,644	302,421
Radionetics Warrant
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	668	668
Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	91,448	93,879
Total assets measured at fair value	91,448	93,879
Level 1 \| Radionetics Warrant
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	0	0
Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	133,528	207,874
Total assets measured at fair value	133,528	207,874
Level 2 \| Radionetics Warrant
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	0	0
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Total assets measured at fair value	668	668
Level 3 \| Radionetics Warrant
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	668	668
U.S. Government and Agency Obligations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	138,135	152,730
U.S. Government and Agency Obligations [Member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	91,448	93,879
U.S. Government and Agency Obligations [Member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	46,687	58,851
U.S. Government and 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	3,606	4,535
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	3,606	4,535
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	75,704	142,994
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	75,704	142,994
Corporate Debt Securities [Member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Asset-backed securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	7,531	1,494
Asset-backed securities [Member] \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	0	0
Asset-backed securities [Member] \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	7,531	1,494
Asset-backed securities [Member] \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total Investment securities	$ 0	$ 0