Company: CRNX
Filing Date: 2025-02-24
Form Type: 8-K
Source: 0000950170-25-025248
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Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-24
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Mr. Schilke

On February 24, 2025, Crinetics Pharmaceuticals, Inc. (the “ Company” or “ Crinetics”) announced the appointment of Tobin “ Toby” Schilke as Chief Financial Officer, which will be effective as of February 28, 2025. Mr. Schilke, 50, is a seasoned biopharma executive with over 25 years of global pharmaceutical experience. In prior roles, his leadership was instrumental in transforming several biotech companies from R& D-focused entities into fully integrated commercial organizations. Prior to joining Crinetics, Mr. Schilke served as chief financial officer at Revance Therapeutics, Inc. from November 2018 to February 2025, where he oversaw finance, investor relations, IT, and technical operations, supporting the transformation to a commercial company. From 2016 to 2018, Mr. Schilke served as Chief Financial Officer at Achaogen, Inc., where he built out the financial planning and analysis, accounting, procurement, information technology, and facilities management functions to support the approval and launch of the company’s first product. Earlier in his career, he spent more than a decade in increasing roles of responsibility at Roche/Genentech in corporate development, commercial finance, marketing and global operations. Mr. Schilke holds a bachelor’s degree in chemical engineering from Lafayette College, a master’s degree in chemical engineering from the University of California, Berkeley, and a master’s degree in business administration from Cornell University.

In connection with his appointment, on February 21, 2025, Mr. Schilke entered into an employment agreement with the Company, (the “ Employment Agreement”), which provides that, among other things, Mr. Schilke’s annual base salary will be $540,000, and his target annual cash incentive bonus opportunity will be 40% of his base salary. He will also be eligible for reimbursement of certain relocation expenses.

Pursuant to the Employment Agreement, if Mr. Schilke’s employment is terminated by the Company other than for cause or by him for good reason, he is entitled to the following payments and benefits, subject to his timely execution and non-revocation of a general release of claims in favor of the Company and his continued compliance with the restrictive covenants set