Q2 2024 Crinetics Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Crinetics Pharmaceuticals Inc (CRNX) reported highly encouraging initial results from Phase 2 studies of Atumelnant in Congenital Adrenal Hyperplasia and Cushing's disease, which were well-received by the endocrinology community.
- The company is on track to submit the NDA for paltusitine in acromegaly this year, with successful Phase 3 PATHFINDER studies supporting the submission.
- Crinetics has a strong financial position with approximately $863 million in cash and investments, projected to fund operations into 2028.
- The company has identified a Parathyroid Hormone receptor antagonist development candidate for hyperparathyroidism, with promising preclinical data.
- Crinetics has a strategic relationship with Radionetics Oncology, potentially generating non-dilutive funding through a collaboration with Eli Lilly and Company.
- Crinetics Pharmaceuticals Inc (CRNX) reported a net loss of $74.1 million for the second quarter of 2024, an increase from the $51 million loss in the same period in 2023.
- Revenues for the quarter were only $0.4 million, a decrease from $1 million in the same period in 2023.
- Research and development expenses increased significantly to $58.3 million, driven by higher personnel costs and manufacturing and development activities.
- General and Administrative expenses rose to $24.8 million, reflecting increased personnel costs and outside services.
- The company's Chief Financial Officer, Marc Wilson, announced his departure for personal reasons, which may impact financial leadership continuity.
Good day everyone, and welcome to the Crinetics Pharmaceuticals second quarter 2024 Earnings Conference Call. Please note this call may be recorded. (Operator Instructions).
It is now my pleasure to turn the program over to Gayathri Diwakar.
Thank you, operator. Hello everyone and welcome to Crinetics earning call. Joining me today are Dr. Scott Struthers, Founder and Chief Executive Officer; Dr. Dana Pizzuti, Chief Medical and Development Officer; Jim Hassard, Chief Commercial Officer; and Marc Wilson, Chief Financial Officer; also joining us for the Q&A portion of the call is Dr. Alan Krasner, Chief Endocrinologist.
A press release announcing the first quarter 2024 financial results was issued today and is also available on our corporate website. We'll be using slides for today's presentation, which can be viewed on the Investor Relations section of the Crineticsâ website.
As a reminder, we'll be making forward looking statements and I invite you to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
