Company: CRNX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001658247-25-000019
Chunk: 108

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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 limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

ATM Offering

On June 21, 2024, we entered into a Sales Agreement, or the 2024 Sales Agreement, with SVB Leerink LLC and Cantor Fitzgerald & Co., or the Sales Agents, under which we may, from time to time, sell up to $350.0 million of shares of our common stock through the Sales Agents, or the 2024 ATM Offering. We are not obligated to, and we cannot provide any assurances that we will continue to, make any sales of the shares under the 2024 Sales Agreement. The 2024 Sales Agreement may be terminated by either Sales Agent (with respect to itself) or us at any time upon 10 days’ notice to the other parties, or by either Sales Agent, with respect to itself, at any time in certain circumstances, including the occurrence of a material adverse change. We will pay the Sales Agents a commission for their services in acting as agent in the sale of common stock in an amount equal to 3% of the gross sales price per share sold. During the three and nine months ended September 30, 2025 and as of date of this report, no shares of common stock had been sold under the 2024 ATM Offering Agreement. 

Common Stock and Common Stock Equivalents

As of October 28, 2025, outstanding shares of common stock were 94.9 million, outstanding stock options were 14.3 million, unvested restricted stock units were 2.3 million, and shares expected to be purchased under the 2018 Employee Stock Purchase Plan, or ESPP, were 0.4 million.

Cash Flows

We have incurred cumulative net losses and negative cash flows from operations since our inception and anticipate we will continue to incur net losses for the foreseeable future. As of September 30, 2025, we had unrestricted cash, cash equivalents and investment securities of $1.1 billion and an accumulated deficit of $1.3 billion.

The following table provides information regarding our cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

Nine months ended September 30,$Change%Change20252024Net cash used in operating activities$(285,021)$(163,323)$(121,698)75 %Net cash