Company: CRNX
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-029050
Chunk: 69

Company: Crinetics Pharmaceuticals, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 14
Chunk 69
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2023, the Company entered into a lease amendment to the 2022 Lease that moved the initial payment date and start of the hundred thirty-seventh month from September 2023 to November 2023. The amendment was a modification that did not result in a new contract as the modification did not provide the Company additional right-of-use assets. As a result, the Company recorded a $0.7 million reduction to right-of-use assets and lease liabilities in the accompanying consolidated balance sheets.The Company’s estimated incremental fully collateralized borrowing rate of 8.6% was used in its present value calculation as the 2022 Lease does not have a stated rate and the implicit rate was not readily determinable. The rate was determined using a synthetic credit rating analysis.Under the terms of the 2018 Lease and 2022 Lease, the Company provided the lessors with irrevocable letters of credit in the amounts of $0.5 million and $0.8 million, 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.