Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 25

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 25
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 on a gross basis as the Company is the principal. Deferred revenue consisted of the following (in thousands):   

        Year Ended December 31,

        2024

        2023

        2022

        Deferred revenues at beginning of period
         
        $
        6,806

        $
        8,341

        $
        —

        Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period

        550

        —

        8,341

        Revenue recognized that was included in deferred revenues as of the beginning of the period

        (476
        )

        (1,535
        )

        —

        Deferred revenues at end of period

        6,880

        6,806

        8,341

        Less deferred revenue, current

        (2,176
        )

        (2,056
        )

        (2,240
        )

        Deferred revenue, non-current
         
        $
        4,704

        $
        4,750

        $
        6,101

      During the years ended December 31, 2024 , 2023, and 2022, $0.9 million, $1.5 million, and $4.7 million, respectively, of the $14.0 million estimated transaction price was recognized as revenues in the accompanying consolidated statements of operations and comprehensive loss. Deferred revenues are expected to be recognized over the duration of certain paltusotine studies conducted by the Company. On June 14, 2022, the Company and Sanwa, entered into a clinical supply agreement (the "Sanwa Clinical Supply Agreement") whereby the Company is responsible for manufacturing and supplying certain materials to Sanwa for specified activities under the Sanwa License. During the years ended December 31, 2024, 2023 and 2022, the Company recognized $0.1 million, $0.4 million, and $0.1 million respectively, of revenues from the Sanwa Clinical Supply Agreement in the accompanying consolidated statements of operations and comprehensive loss.Cellular Longevity, Inc., doing business as LoyalOn 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