Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 23

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 23
---
 respectively, which are included in restricted cash and restricted cash, net of current portion, respectively, in the accompanying consolidated balance sheets. The lessors are entitled to draw on the letters of credit in the event of any default by the Company under the terms of the leases. As of December 31, 2024, the Company's future minimum payments under non-cancellable operating leases, were as follows (in thousands): 

        Year ending December 31,
         
        MinimumPayments

        2025
         
        $
        7,468

        2026

        6,795

        2027

        6,999

        2028

        7,209

        2029

        7,425

        Thereafter

        43,550

        Total future minimum lease payments

        79,446

        Less imputed interest

        (27,724
        )

        Total operating lease liabilities

        51,722

        Less operating lease liabilities, current

        (7,152
        )

        Operating lease liabilities, non-current
         
        $
        44,570

      Operating lease cost was $8.5 million, $3.3 million, and $1.0 million for each of the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the Company’s weighted average remaining term was 10.1 years and 11.1 years, respectively. As of December 31, 2024 and 2023, the Company’s weighted-average discount rate was 8.6%.Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases was $4.5 million, $1.6 million, and $1.2 million during each of the years ended December 31, 2024, 2023 and 2022, respectively.

7. COMMITMENTS AND CONTINGENCIESLitigationFrom time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position or results of operations.

F-20

8.  REVENUE RECOGNITIONSanwa Kagaku Kenkyusho Co., LtdOn February 25, 2022, the Company and Sanwa Kag