Here are 1-2 brief analogies for Crinetics Pharmaceuticals (CRNX):

• A specialized Vertex Pharmaceuticals for rare endocrine disorders: Like Vertex, known for its success in treating rare diseases, Crinetics focuses its efforts on developing innovative therapies for specific, often neglected, rare endocrine conditions.
• A highly focused Neurocrine Biosciences for endocrine diseases and tumors: Similar to Neurocrine's approach to neurological and endocrine disorders, Crinetics hones in specifically on discovering and commercializing medicines for rare endocrine diseases and related tumors.

• Paltusotine (CRN00808): An investigational oral somatostatin receptor type 2 (SST2) agonist being developed for the treatment of acromegaly.
• CRN04777: An investigational oral adrenocorticotropic hormone (ACTH) antagonist being developed for the treatment of Cushing's disease.
• CRN04894: An investigational oral somatostatin receptor type 5 (SST5) agonist being developed for the treatment of congenital hyperinsulinism.

Crinetics Pharmaceuticals (CRNX) sells primarily to other companies, specifically pharmaceutical wholesale distributors. They do not sell directly to individuals.

Based on their latest financial disclosures (Form 10-K for the fiscal year ended December 31, 2023), the major customers of Crinetics Pharmaceuticals are:

• McKesson Corporation (MCK)
• Cardinal Health, Inc. (CAH)

For the year ended December 31, 2023, McKesson Corporation accounted for 54% and Cardinal Health, Inc. accounted for 36% of Crinetics Pharmaceuticals' gross product sales.

R. Scott Struthers, Ph.D. Co-founder and Chief Executive Officer

Dr. Struthers co-founded Crinetics Pharmaceuticals in 2008. Prior to Crinetics, he served as Senior Director and Head of Endocrinology and Metabolism at Neurocrine Biosciences, Inc. At Neurocrine, he initiated and led the development of orally active, nonpeptide gonadotropin-releasing hormone antagonists, including elagolix (Orilissa), which was approved for the treatment of endometriosis. He also co-founded ScienceMedia Inc. (1995-1998) to develop e-learning solutions for the life sciences and higher education markets. In 2009, he co-founded the nonprofit San Diego Entrepreneurs Exchange. Since October 2021, he has chaired the board of directors at Radionetics Oncology, a pharmaceutical company with a minority equity stake held by Crinetics.

Tobin "Toby" Schilke Chief Financial Officer

Mr. Schilke joined Crinetics as Chief Financial Officer in February 2025, bringing over 25 years of global pharmaceutical experience. Before joining Crinetics, he was Chief Financial Officer at Revance Therapeutics (2018-2025), where he managed finance, investor relations, IT, and technical operations, helping the company transition to a commercial entity with two product launches and over $700 million in cumulative revenue. Previously, Mr. Schilke served as Chief Financial Officer at Achaogen (2016-2018), where he established various operational functions and executed over $1.5 billion in financing deals. He also spent more than a decade at Roche/Genentech in corporate development, commercial finance, marketing, and global operations.

Alan S. Krasner, M.D. Chief Medical Officer

Dr. Krasner became Crinetics' Chief Medical Officer in June 2018. Prior to this, he was a senior medical director at Shire Pharmaceuticals, where he served as the global development lead for Natpara®. His career also includes clinical research roles at Biodel and Pfizer, focusing on diabetes and obesity.

Stephen F. Betz, Ph.D. Co-founder and Chief Scientific Officer

Dr. Betz is a co-founder of Crinetics Pharmaceuticals, established in 2008. He previously held the position of director of endocrinology and metabolism at Neurocrine Biosciences, Inc., where his work included the discovery and development of GnRH receptor antagonists. His earlier experience includes leading laboratory efforts at GeneFormatics, Inc. and working in pharmaceutical discovery at Abbott Laboratories.

Isabel Kalofonos Chief Commercial Officer

Ms. Kalofonos joined Crinetics in 2024 as Chief Commercial Officer, overseeing global commercial strategy, operations, and pre-commercialization activities for the company's pipeline. She brings over 22 years of experience in leading commercial launches, with expertise in marketing, product planning, market access, and pricing.

The key risks for Crinetics Pharmaceuticals (CRNX) primarily revolve around regulatory and clinical development, market competition, and financial viability as a clinical-stage company.

1. Regulatory Hurdles and Pipeline Execution

   As a clinical-stage pharmaceutical company, Crinetics Pharmaceuticals faces significant risks associated with the successful development and regulatory approval of its drug candidates. The primary risk centers on the PDUFA (Prescription Drug User Fee Act) decision for its lead asset, paltusotine, for acromegaly, which has a target action date in September 2025. A delayed or denied decision would significantly impact the company's valuation. Beyond paltusotine, the company's future hinges on the successful advancement and eventual approval of other pipeline candidates, such as atumelnant for congenital adrenal hyperplasia and ACTH-dependent Cushing's syndrome, and CRN09682 for neuroendocrine tumors, through various clinical trial phases (Phase 3, Phase 1/2). Negative outcomes or delays in these trials pose substantial risks to the business.

2. Market Competition

   Even with regulatory approval, Crinetics Pharmaceuticals faces intense market competition. The acromegaly treatment market already includes established therapies from major pharmaceutical companies like Novartis and Pfizer. For paltusotine to capture significant market share, it must demonstrate superior efficacy or convenience (e.g., as an oral, once-daily option versus injectables). Similarly, the expansion of paltusotine into new indications, such as carcinoid syndrome, will require competing within existing therapeutic landscapes.

3. Financial Risks (Unprofitability and Limited Revenue)

   Crinetics Pharmaceuticals is currently a clinical-stage company with limited revenue and has not yet achieved profitability. While the company has reported a cash runway extending into 2029, its continued significant losses and reliance on successful commercialization to generate meaningful revenue present a financial risk. The broader volatility of the biotech sector, including funding constraints and pricing pressures, could also amplify fluctuations in CRNX's stock value.

The primary emerging threat for Crinetics Pharmaceuticals, particularly concerning its lead product candidate, paltusotine, for acromegaly, is the strong and potentially expanding market presence of Mycapssa (oral octreotide capsules). Mycapssa, developed by Amryt Pharma and subsequently acquired by Chiesi Global Rare Diseases, was the first oral somatostatin receptor ligand (SRL) approved for acromegaly in the U.S. (in 2020) and the EU (in 2022). With Chiesi's significant global commercial capabilities and resources, Mycapssa could further solidify its position and gain substantial market share as the preferred oral option for acromegaly patients. This dynamic could limit the market penetration and peak sales potential of paltusotine once it receives regulatory approval, challenging Crinetics to differentiate its product against an already established and well-resourced competitor.

Crinetics Pharmaceuticals (CRNX) focuses on developing therapies for rare endocrine diseases and endocrine-related tumors. The addressable markets for their main products or services are as follows:

• Palsonify (paltusotine) for Acromegaly:
  • The global market for acromegaly treatment was estimated at $1.64 billion in 2024 and is projected to reach $2.38 billion by 2030.
  • Another estimate for the global acromegaly market valued it at $1.44 billion in 2024 and projects it to reach $2.11 billion by 2030.
  • The U.S. acromegaly market was $571.3 million in 2024 and is projected to grow to $977.2 million by 2033.
  • Analysts project peak sales for Palsonify to be between $1.2 billion and $1.8 billion.
• Atumelnant for Cushing's Syndrome:
  • The global Cushing's Syndrome Diagnostics And Therapeutics Market is expected to reach $383.04 million in 2025 and is forecast to reach $601.35 million by 2030.
• Atumelnant for Congenital Adrenal Hyperplasia (CAH):
  • null
• Paltusotine for Carcinoid Syndrome associated with Neuroendocrine Tumors:
  • null
• CRN09682 for Neuroendocrine Tumors (NETs) and SST2-Expressing Tumors:
  • null
• TSH antagonist for Thyroid Eye Disease (TED):
  • The global thyroid eye disease treatment market size is $4.94 billion in 2025 and is projected to reach $7.55 billion by 2030.
  • The North American thyroid eye disease treatment market is projected to reach $3.49 billion by 2030.
• SST3 agonist for Autosomal Dominant Polycystic Kidney Disease (ADPKD):
  • null

Crinetics Pharmaceuticals (CRNX) is poised for significant future revenue growth over the next 2-3 years, driven by the successful commercialization of its lead product, expansion into new markets, and the advancement of its clinical pipeline. Key drivers include:

1. U.S. Commercialization of PALSONIFY (paltusotine) for Acromegaly: The U.S. Food and Drug Administration (FDA) approved PALSONIFY (paltusotine) on September 25, 2025, marking Crinetics' transition into a commercial-stage company. Commercial availability began in October 2025, and the successful market penetration and uptake of this once-daily, oral treatment for acromegaly are expected to be the primary revenue driver in the near term.
2. International Expansion of PALSONIFY for Acromegaly: Beyond the U.S., Crinetics is pursuing regulatory approvals and commercialization for paltusotine in other key markets. A Marketing Authorization Application (MAA) for paltusotine in acromegaly is currently under review in the European Union, with an opinion anticipated in the first half of 2026. Additionally, Crinetics has a licensing agreement with Sanwa Kagaku Kenkyuso (SKK) for the development and commercialization of paltusotine in Japan, which is expected to generate royalty revenues.
3. Pipeline Advancement of Paltusotine for Carcinoid Syndrome: Paltusotine is also being investigated for the treatment of carcinoid syndrome in the pivotal Phase 3 CAREFNDR trial, with global enrollment expected throughout 2025 and trial initiation in the second half of 2025. Successful completion of these trials and subsequent regulatory approval would expand paltusotine's addressable market and contribute to additional revenue streams.
4. Progression of Atumelnant in Congenital Adrenal Hyperplasia (CAH) and Cushing's Syndrome: Crinetics is significantly investing in atumelnant, identifying it as a crucial future growth driver. The company expects to initiate the Phase 3 CALM-CAH study for adults with CAH and the Phase 2/3 BALANCE-CAH study for pediatric patients in the second half of 2025. Furthermore, the initiation of a Phase 2/3 study for atumelnant in ACTH-dependent Cushing's syndrome is projected for the first half of 2026.
5. Development of the Non-peptide Drug Conjugate (NDC) Platform: Crinetics is advancing its novel in-house developed non-peptide drug conjugate platform, with the first candidate from this platform, targeting SST2-expressing tumors, expected to begin a Phase 1/2 study by the end of 2025. This platform has the potential to open new product lines and market segments in various cancer indications, offering a long-term growth opportunity.

Share Issuance

• Crinetics Pharmaceuticals issued common stock resulting in net total equity of approximately $1,010 million in 2024, $389 million in 2023, $122 million in 2022, $253 million in 2021, and $115 million in 2020.
• In October 2024, Crinetics priced an underwritten public offering of 10,000,000 shares of its common stock at $50.00 per share, with expected gross proceeds of $500.0 million.
• In April 2021, the company closed a follow-on offering of 4,562,044 shares of common stock at $16.44 per share, generating approximately $75.0 million in gross proceeds.

Inbound Investments

• Crinetics Pharmaceuticals raised $350 million in Post IPO funding in March 2024.
• Investors including Deep Track Capital, Bain Capital Life Sciences, and Driehaus Capital Management participated in the April 2021 follow-on offering that raised approximately $75.0 million.

Outbound Investments

• Crinetics has made one investment in Radionetics.

Capital Expenditures

• Research and development expenses were $90.5 million for the third quarter of 2025, an increase from $61.9 million for the same period in 2024, driven by personnel costs and increased clinical and manufacturing activities.
• For 2025, the company anticipates cash used in operations to be between $340 million and $370 million.
• The primary focus of capital allocation in recent years has been to fund research and development of clinical-stage product candidates (including Paltusotine and Atumelnant), other research programs, and pre-commercialization activities for PALSONIFY.