Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 35

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 35
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 dividend yield assumption is zero as the Company has never paid dividends and has no present intention to do so in the future. Restricted stock units are valued using the closing sale price of our common stock on the date of grant.Stock-Based Compensation ExpenseStock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands): 

        Year ended December 31,

        2024

        2023

        2022

        Included in research and development
         
        $
        40,667

        $
        22,633

        $
        15,078

        Included in general and administrative

        28,719

        18,304

        13,190

        Total stock-based compensation expense
         
        $
        69,386

        $
        40,937

        $
        28,268

F-26

As of December 31, 2024, unrecognized stock-based compensation cost related to option awards, restricted stock units, and ESPP was $142.3 million, $35.0 million and $3.9 million, respectively, which is expected to be recognized over a remaining weighted-average period of approximately 1.8 years, 2.7 years and 1.4 years, respectively. 

12. INCOME TAXESThe Company is subject to taxation in the United States, various state jurisdictions, Australia and Switzerland; however, as it has operated at a loss since inception, it has not paid income taxes in any of the jurisdictions in which it has operated. At December 31, 2024, the Company had federal, state, and foreign net operating loss ('NOL') carryforwards of approximately $431.2 million, $253.9 million and $3.1 million, respectively. The federal loss carryforwards generated after 2017 of $424.9 million will carryforward indefinitely and can be used to offset up to 80% of future annual taxable income, while those loss carryforwards generated prior to 2018 begin expiring in 2035, unless previously utilized. $2 million of the state loss carryforwards will carryforward indefinitely. The other state loss carryforwards begin expiring in 2035, unless previously utilized. The Company's foreign loss carryforwards do not expire. The Company also has federal and California R&D credit carryforwards and federal Orphan Drug Credits totaling