Company: CRNX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001658247-25-000019
Chunk: 64

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 $11,900 Lab equipment9,345 5,693 Office equipment2,225 2,147 Computers and software60 60 Property and equipment at cost21,420 19,800 Less accumulated depreciation and amortization(7,043)(7,732)Total$14,377 $12,068 

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Table of Contents

Accounts Payable and Accrued ExpensesAccounts payable and accrued expenses consisted of the following (in thousands):September 30,2025December 31,2024Accounts payable$6,109 $5,853 Accrued outside services and professional fees10,182 5,572 Accrued clinical trial costs9,667 3,076 Accrued research and development costs6,160 6,067 Other accrued expenses1,556 901 Total$33,674 $21,469 

5. Operating Leases 

The Company's lease obligations primarily consist of an operating lease for its headquarters in San Diego, California, entered into in 2022 and expiring on the date immediately preceding the one hundred thirty-seventh (137th) month anniversary of the lease payment start date (the “2022 Lease”). The Company's prior operating lease for a facility in San Diego, California, entered into in 2018 (the “2018 Lease”), expired in August 2025.Under the terms of the 2018 Lease and 2022 Lease, the Company provided the lessors with irrevocable letters of credit in the amounts of $0.5 million and $0.8 million, respectively, both of which are included as restricted cash in the accompanying condensed consolidated balance sheets. The $0.5 million letter of credit related to the 2018 Lease was not released as of September 30, 2025 and is classified as current restricted cash in the accompanying condensed consolidated balance sheets. The lessor of the 2022 Lease is entitled to draw on the $0.8 million letter of credit in the event of any default by the Company under the terms of the lease.As of September 30, 2025, the Company's future minimum payments under the non-cancellable operating lease were as follows (in thousands):Year ending December 31,MinimumPayments2025 (three months)$1,662 20266,795 20276,999 20287,209 20297,425 Thereafter43,550 Total