Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 316

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 316
---
 reporting amounts that are too high or too low in any particular period. To date, there have been no material differences between our estimates of such expenses and the amounts actually incurred. 

Leases

When our leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at accounting commencement dates in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would expect to pay to borrow over a similar term, and on a collateralized basis, an amount equal to the lease payments in a similar economic environment. On September 9, 2022, we entered into a lease agreement for laboratory and office space in San Diego, California, or the 2022 Lease. The incremental borrowing rate for the 2022 Lease was determined using a synthetic credit rating analysis. 

77

Results of Operations

Comparison of the years ended December 31, 2024 and 2023

The following table summarizes our results of operations for the years ended December 31, 2024 and 2023 (in thousands):

    Year ended December 31,

    Dollar

    2024

    2023

    Change

    Revenues
     
    $
    1,039

    $
    4,013

    $
    (2,974
    )

    Operating expenses:

    Research and development

    240,156

    168,527

    71,629

    General and administrative

    99,737

    58,094

    41,643

    Total operating expenses

    339,893

    226,621

    113,272

    Loss from operations

    (338,854
    )

    (222,608
    )

    (116,246
    )

    Other income, net

    40,916

    13,277

    27,639

    Loss before equity method investment

    (297,938
    )

    (209,331
    )

    (88,607
    )

    Loss on equity method investment

    (470
    )

    (5,198
    )

    4,728

    Net loss
     
    $
    (298,408
    )
     
    $
    (214,529
    )
     
    $
    (83,879
    )

Revenues.     Revenues during the year ended December 31,