Company: CRNX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001658247-25-000019
Chunk: 31

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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. There were no revenues recognized related to the Sanwa License for the three months ended September 30, 2024. 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 

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specified activities under the Sanwa License. During the nine months ended September 30, 2025 and September 30, 2024, $0.4 million and $0.1 million, respectively, was recognized as revenues in the accompanying condensed consolidated statements of operations and comprehensive loss related to the Sanwa Clinical Supply Agreement. There were no revenues recognized related to the Sanwa Clinical Supply Agreement for the three months ended September 30, 2025 and 2024.Cellular Longevity, Inc., doing business as LoyalOn March 24, 2023, the Company granted Cellular Longevity Inc., doing business as Loyal (“Loyal”) an exclusive license to develop and commercialize CRN01941, a somatostatin receptor type 2 agonist, for veterinary use. In return, the Company received a $0.1 million upfront payment and Loyal preferred stock valued at $2.0 million. The Company may also earn single-digit sales-based royalties if the product is approved.No revenue was recognized under this license for the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, the shares of Loyal preferred stock issued and to be issued to the Company valued at $2.0 million is included in prepaid expense and other assets, net of current portion, 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 for the three and nine months ended September 30, 2025.

8. Stockholders’ Equity

Stock OfferingsOn March 1, 2024, the Company completed a private placement of 8,333,334 shares of its common stock at a price of $42.00 per share (the “Private Placement”). Net proceeds from the Private Placement were approximately $335.5 million, after offering