Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 278

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 278
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 and dealer quotes, as well as other relevant economic measures. Derivative AssetOn October 15, 2021, the Company received a warrant (the "Radionetics Warrant") to purchase the greater of 3,407,285 additional shares of Radionetics common stock or the number of additional shares of Radionetics common stock that would allow the Company to maintain an aggregate equity interest of 22% of the fully diluted capitalization of Radionetics. The estimated value of the Radionetics Warrant is based on valuations provided by a third-party valuation specialist using unobservable inputs due to little to no market data (Level 3 inputs). In August 2023, the Company exercised the Radionetics Warrant to purchase 3,407,285 shares of Radionetics common stock with an exercise price of $0.00001 per share, and also cancelled its existing right to maintain an aggregate interest of 22% of the fully diluted capitalization of Radionetics. There were no material changes in the inputs or the total valuation of the Radionetics Warrant in 2023 prior to its exercise and cancellation. Upon exercise, the Radionetics Warrant of $0.7 million was derecognized (see "Note 9").During the year ended December 31, 2022, the Company recorded $0.6 million of income in the accompanying consolidated statements of operations and comprehensive loss related to the change in value of the Radionetics Warrant.Financial assets measured at fair value on a recurring basis as of December 31, 2024 and 2023 were as follows (in thousands):  

F-17

        As of December 31, 2024

        Level 1

        Level 2

        Level 3

        Total

        Cash equivalents:

        Money market funds
         
        $
        249,116

        $
        —

        $
        —

        $
        249,116

        Corporate debt securities

        —

        5,314

        —

        5,314

        Investment securities:

        U.S. government obligations

        543,344

        —

        —

        543,344

        Agency obligations

        —

        57,931

        —

        57,931

        Corporate debt securities

        —

        488,249

        —

        488,249

        Total assets measured at fair value
         
        $
        792,