Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 84

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 14
Chunk 84
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        3,055

        176

        (64
        )

        Other

        (1,828
        )

        (111
        )

        1,510

        Provision for income taxes
         
        $
        —

        $
        —

        $
        —

       Changes to the Company’s unrecognized tax benefits are summarized in the following table (in thousands):  

        Year ended December 31,

        2024

        2023

        2022

        Beginning balance
         
        $
        6,946

        $
        4,110

        $
        1,553

        Increase (decrease) for prior year tax positions

        (85
        )

        188

        837

        Increase (decrease) for current year tax positions

        3,828

        2,648

        1,720

        Decreases due to settlements

        —

        —

        —

        Expiration of the statute of limitations for the assessment of taxes

        —

        —

        —

        Ending balance
         
        $
        10,689

        $
        6,946

        $
        4,110

       Due to the existence of the valuation allowance, future changes in unrecognized tax benefits would not have any effect on the Company’s effective tax rate. The Company does not foresee any material changes to its unrecognized tax benefits within the next twelve months. There have been no decreases in unrecognized tax benefits due to settlements or expiration of statute of limitations for the assessment of taxes during the years ended December 31, 2024, 2023 and 2022. The Company’s policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company had no accrual for interest or penalties on its consolidated balance sheets as of December 31, 2024 or December 31, 2023, and has not recognized interest and/or penalties in its consolidated statements of operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 as the unrecognized tax benefits relate to tax positions for which no cash tax liability has been reduced.In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020.  The CARES Act, among other things, includes tax