Crinetics Pharmaceuticals, Inc. (CRNX)

Price$84.95Cached quoteAs of 2026-09-01 17:52 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because almost all remaining value depends on the cash takeover closing.

Vertex agreed to buy Crinetics for cash, and the latest market quotation sits less than two-tenths of one percent below the agreed takeover consideration. That leaves almost no upside if the deal closes, while a failed deal could reopen much larger standalone downside. J.P. Morgan's deal materials placed standalone valuation ranges materially below or only roughly equal to the takeover value. Using the pre-deal closing level as a simple failure case, the current quotation implies roughly a 99.6% completion probability. That is an illustration, not a forecast.

Big pictureCrinetics is still losing heavily, but its cash reserve can fund several years at recent spending.

In 2025, Crinetics lost $465 million and used $378 million of operating cash; in the first half of 2026, its net loss was about $249 million and operating cash use about $219 million. Free cash flow, meaning cash left after operating and capital spending, was roughly negative $220 million for that half. Against about $1.21 billion of cash and investment securities, constant first-half burn would imply roughly 2.7 years of runway. The business is not very cyclical because results depend more on drug adoption and clinical outcomes than the economy.

Business strengthPALSONIFY is launching quickly, while a strong balance sheet cushions the cost of building the pipeline.

PALSONIFY net product revenue rose from $5.4 million in late 2025 to $10.3 million in the first quarter and $24.0 million in the second quarter of 2026. Crinetics reported 245 enrollment forms in the second quarter, 385 prescribers since launch, and more than 70% of treated patients on reimbursed therapy. At June 30, assets expected to become cash within a year were $1.24 billion versus only $80 million of bills due within a year, while total liabilities were about $130 million. The strength is liquidity, not profits, because second-quarter operating expenses were about $157 million versus $25 million of total revenue.

What could change the storyDeal completion is the main catalyst, while past share issuance shows why standalone ownership carries financing risk.

Most regulatory hurdles moved out of the way before the shareholder vote: the U.S. competition-law waiting period expired on August 12, and approvals in Austria, Germany, and Australia had been received, with the Australian waiting period scheduled to expire August 27. The shareholder vote was scheduled for August 28, with closing expected in early September if conditions were met. Before the deal, Crinetics funded growth partly by issuing 8.76 million shares in January for about $380 million; shares outstanding rose about 11% in six months. A failed deal would return attention to cash burn and dilution.

AI: News

Vertex cash acquisitionVertex agreed to buy Crinetics for cash, instantly resetting the stock around the proposed takeover value.

On July 6, Vertex agreed to acquire Crinetics in an all-cash transaction valuing the equity at about $10 billion and the business at about $8.8 billion after estimated acquired cash. The offer represented roughly a 102% premium to the prior unaffected close. Reuters reported that Crinetics shares roughly doubled after the announcement, and the next regular session closed about 99% higher. The mechanism is direct: shareholders receive cash if the merger closes, so CRNX now mainly reflects closing probability and timing.

Antitrust hurdles shrinkKey regulatory clearances removed major closing risks, helping the remaining takeover discount compress toward almost nothing.

An August 19 Securities and Exchange Commission filing said the U.S. competition-law waiting period had expired on August 12 and required approvals in Austria, Germany, and Australia had been received. Australia still had a short statutory waiting period scheduled through August 27, and shareholder approval remained outstanding. Crinetics said that, assuming shareholder approval at the August 28 special meeting, it expected closing in early September. Shares were already near the agreed takeover value, so any narrowing afterward is consistent with lower deal risk, but timing alone cannot prove causation.

Atumelnant Phase 2 dataAtumelnant reduced disease hormones while allowing lower steroid doses, strengthening the pipeline value that Vertex is buying.

On June 14, Crinetics reported full Phase 2 results in adults with congenital adrenal hyperplasia, a rare hormone disorder. In the key 80-milligram group, a disease-related androgen hormone fell 67% by week 12, and seven of eight completers reached steroid doses closer to normal replacement needs. No treatment-related severe or serious adverse events were reported. CRNX rose about 1.9% in the next session; that is only a mild association, not proof the data caused the move. Atumelnant is Crinetics' main late-stage growth asset beyond PALSONIFY.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$7.7M	$1.0M	$4.0M	$0	$0	$71,000	$1.2M	$2.4M	$2.0M	$589,000
Gross profit	$6.6M	$1.0M	$4.0M	—	—	—	—	—	—	—
Gross margin	86.02%	100.00%	100.00%	—	—	—	—	—	—	—
Research & development	$332.1M	$240.2M	$168.5M	$130.2M	$84.3M	$57.0M	$41.5M	$24.5M	$9.2M	$5.1M
Operating expenses	$524.5M	$339.9M	$226.6M	$172.6M	$108.8M	$75.0M	$55.0M	$31.1M	$11.2M	$6.6M
Operating income	−$516.8M	−$338.9M	−$222.6M	−$167.9M	−$107.7M	−$75.0M	−$53.8M	−$28.7M	−$9.1M	−$6.0M
Operating margin	−6,714.77%	−32,613.47%	−5,547.17%	—	—	−105,567.61%	−4,512.32%	−1,182.45%	−446.31%	−1,026.15%
EBITDA	−$512.9M	−$336.1M	−$221.5M	−$166.9M	−$106.8M	−$74.0M	−$52.9M	−$28.2M	−$9.0M	−$6.0M
EBITDA margin	−6,664.10%	−32,343.98%	−5,519.76%	—	—	−104,232.39%	−4,437.97%	−1,163.06%	−440.05%	−1,010.53%
Net income	−$465.3M	−$298.4M	−$214.5M	−$163.9M	−$107.6M	−$73.8M	−$50.4M	−$27.1M	−$9.2M	−$6.0M
Net profit margin	−6,046.22%	−28,720.69%	−5,345.85%	—	—	−103,960.56%	−4,226.49%	−1,116.76%	−447.78%	−1,021.90%
Basic EPSper basic share	-$4.95	-$3.69	-$3.69	-$3.15	-$2.80	-$2.42	-$2.09	-$2.23	-$6.68	-$5.96
Diluted EPSper diluted share	-$4.95	-$3.69	-$3.69	-$3.15	-$2.80	-$2.42	-$2.09	-$2.23	-$6.68	-$5.96

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Owners

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Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)49$23.92M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 17, 2026Form 4 · 10b5-1	Okey StephanieDirector	SellCommon Stock	608	$36.22	$22.0K	6.4K
Jun 17, 2026Form 4 · 10b5-1	Okey StephanieDirector	SellCommon Stock	6.3K	$35.62	$224.1K	7.0K
Apr 8, 2026Form 4 · 10b5-1	Knight Jeff E.Chief Dev. & Operating Officer	SellCommon Stock	85.2K	$40.10	$3.42M	105.3K
Mar 16, 2026Form 4 · 10b5-1	Knight Jeff E.Chief Operating Officer	SellCommon Stock	4.0K	$37.77	$149.6K	112.0K
Mar 16, 2026Form 4 · 10b5-1	Knight Jeff E.Chief Operating Officer	SellCommon Stock	6.0K	$37.11	$220.8K	116.0K

Review ownership filings at SEC.gov ↗

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Crinetics Pharmaceuticals, Inc. (CRNX)

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