Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 21

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 21
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        Property and equipment at cost

        19,800

        15,949

        Less accumulated depreciation and amortization

        (7,732
        )

        (5,068
        )

        Total
         
        $
        12,068

        $
        10,881

       Depreciation and amortization expense was $2.8 million, $1.1 million and $1.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Accounts payable and accrued expenses consisted of the following (in thousands):   

        December 31,2024

        December 31, 2023

        Accounts payable
         
        $
        5,853

        $
        6,548

        Accrued clinical trial costs

        3,076

        5,527

        Accrued research and development costs

        6,067

        2,312

        Accrued outside services and professional fees

        5,572

        1,726

        Accrued landlord improvements

        10

        3,816

        Other accrued expenses

        891

        3,267

        Total
         
        $
        21,469

        $
        23,196

6. OPERATING LEASESIn February 2018, the Company entered into a non-cancellable operating lease, as amended in March 2018, for a facility in San Diego, California (the "2018 Lease"). The 2018 Lease has an initial term of seven years which expires in August 2025, and the Company has an option to extend the term of the 2018 Lease for an additional five years, a termination option subject to early termination fees and an option to sublease the facility. The 2018 Lease is subject to base lease payments and additional charges for common area maintenance and other costs and includes certain lease incentives and tenant improvement allowances. The Company’s estimated incremental fully collateralized borrowing rate of 8.0% was used in its present value calculation as the 2018 Lease does not have a stated rate and the implicit rate was not readily determinable.In 2022, the Company entered into a lease agreement for laboratory and office space in San Diego, California (the "2022 Lease"). 

F-19

Under the terms of the 2022 Lease, the Company