Crinetics Pharmaceuticals, Inc. (CRNX): Business Model Canvas [Dec-2025 Updated]

You're looking at Crinetics Pharmaceuticals, Inc. now that they've made the big leap from a pure clinical-stage biotech to a fully commercial player following the September 25, 2025, FDA approval of PALSONIFY™ for acromegaly. Honestly, seeing their Business Model Canvas after this shift is fascinating; it shows a company balancing massive near-term spending-like R&D at $90.5 million and SG&A at $52.3 million in Q3 2025-against a powerful new revenue engine and a war chest of $1.1 billion cash as of Q3 2025. This model hinges on delivering a first-of-its-kind, once-daily oral therapy to endocrinologists, and you need to see the nine blocks detailing exactly how Crinetics Pharmaceuticals, Inc. plans to execute this complex commercial launch and fund their pipeline, like Atumelnant, all at once. Find the full, analyst-vetted breakdown below.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Key Partnerships

You're looking at the structure of Crinetics Pharmaceuticals, Inc.'s external relationships as of late 2025, right after the PALSONIFY™ (paltusotine) approval. These partnerships are critical for global reach and ongoing development.

Sanwa Kagaku Kenkyusho (SKK) for paltusotine in Japan

The strategic partnership with Sanwa Kagaku Kenkyusho Co., Ltd. ("Sanwa") for the development and commercialization of paltusotine in Japan remains a key component. This agreement, initially signed in February 2022, delegates the lead role for development and commercialization within Japan to Sanwa. Crinetics Pharmaceuticals received an upfront payment of $13.0 million under this agreement.

For the fiscal year 2025, this partnership is generating revenue for Crinetics Pharmaceuticals. Revenues derived from the paltusotine licensing and supply agreements with Sanwa Kagaku Kenkyusho Co., Ltd. were $1.0 million for the three months ended June 30, 2025, and $0.1 million for the quarter ended September 30, 2025. Sanwa is responsible for assuming all costs associated with clinical trials and regulatory applications for paltusotine in Japan.

Here's a quick look at the financial structure of this specific alliance:

Contract Manufacturing Organizations (CMOs) for drug production

While specific CMO names aren't always public, the advancement of clinical programs and the anticipated launch of PALSONIFY™ necessitate reliance on external manufacturing capabilities. The increased activity in this area is reflected in the financial reporting. For the quarter ended June 30, 2025, Crinetics Pharmaceuticals noted increased clinical and manufacturing activities costs of $7.9 million.

These external partners handle the production of drug substance and drug product to support late-stage trials and the initial commercial supply, which is crucial given the September 25, 2025 PDUFA date for PALSONIFY™ in acromegaly.

Academic centers and principal investigators for clinical trials

The execution of Crinetics Pharmaceuticals' global development program relies heavily on collaborations with key academic centers and principal investigators (PIs). These relationships are fundamental for enrolling and managing patients in complex, late-stage studies across different geographies.

The pipeline advancement points directly to these external clinical partnerships:

• Initiation of the pivotal Phase 3 CAREFNDR trial for paltusotine in carcinoid syndrome, expected in the second half of 2025.
• Initiation of the CALM-CAH Phase 3 study in adults with congenital adrenal hyperplasia (CAH) in the second half of 2025.
• Initiation of the BALANCE-CAH Phase 2/3 study in pediatric CAH patients in the second half of 2025.
• Initiation of the Phase 1/2 study for CRN09682 (Nonpeptide Drug Conjugate) in the fourth quarter of 2025.

The overall Research and Development expenses reflect this activity; for the quarter ended September 30, 2025, R&D expenses were $90.5 million, up from $61.9 million for the same period in 2024, driven by these clinical activities.

Healthcare providers and specialists for patient access and data

With the U.S. Food and Drug Administration (FDA) approval of PALSONIFY™ on September 25, 2025, the focus shifts to establishing patient access through the healthcare system. Crinetics Pharmaceuticals has been building out its commercial organization to interface directly with endocrinologists and specialists who treat acromegaly.

The engagement with the medical community is also evident through data sharing. Crinetics Pharmaceuticals presented data highlighting neuroendocrine tumor research progress at the North American Neuroendocrine Tumor Society Annual Meeting (NANETS 2025).

For market access, the initial real-world data point is reimbursement status for filled prescriptions:

• Payer reimbursement has not been a barrier to treatment, with approximately 50% of filled prescriptions reimbursed as of the third quarter of 2025.

The Selling, General and Administrative expenses for the quarter ended June 30, 2025, were $49.8 million, compared to $24.8 million for the same period in 2024, with a significant portion driven by outside services costs of $10.3 million, primarily for commercial planning ahead of the launch, which involves engaging with these providers.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Key Activities

The Key Activities for Crinetics Pharmaceuticals, Inc. as of late 2025 center on transitioning from a clinical-stage entity to a fully integrated, commercial-stage pharmaceutical company.

Commercial launch and marketing of PALSONIFY™ in the U.S.

The commercial launch followed the U.S. Food and Drug Administration (FDA) approval of PALSONIFY (paltusotine) on September 25, 2025, for the first-line treatment of adults with acromegaly. The execution of the launch is reported as seamless, with the field force having called on over 95% of the top priority healthcare provider targets. The initial prescription uptake shows a demographic split where approximately 95% of filled prescriptions come from switch patients, and 5% are from naïve patients. Reimbursement tracking shows that approximately 50% of filled prescriptions are currently reimbursed.

Financial projections for this activity are immediate:

Late-stage clinical development of Atumelnant for CAH/Cushing's.

Crinetics Pharmaceuticals, Inc. is advancing Atumelnant across multiple late-stage trials. The company expected to initiate the CAREFNDR Phase 3 trial for carcinoid syndrome in the fourth quarter of 2025. For Congenital Adrenal Hyperplasia (CAH), the CALM-CAH Phase 3 study in adults and the BALANCE-CAH Phase 2/3 study in pediatrics were both expected to initiate in the second half of 2025. Planning for the next study in ACTH-dependent Cushing's syndrome is underway, with initiation targeted for the second half of 2025. Earlier Phase 2 data for CAH showed a substantial, rapid, and sustained statistically significant reduction in androstenedione (A4) levels, the key biomarker, of up to 80% mean reduction.

Proprietary drug discovery and preclinical research.

This activity is reflected in the accelerating Research and Development (R&D) spend. R&D expenses for the third quarter ended September 30, 2025, were $90.5 million, a significant increase from $61.9 million for the same period in 2024. The increase was primarily driven by personnel costs of $10.9 million and increased clinical and manufacturing activities costs of $10.2 million, which supports the advancement of clinical programs and the expansion of the preclinical portfolio. The company also advanced its Nonpeptide Drug Conjugate (NDC) platform, expecting the first candidate, CRN09682, to enter a Phase 1/2 study in the fourth quarter of 2025.

• R&D Expenses (Q3 2025): $90.5 million
• R&D Expenses (Q3 2024): $61.9 million
• Personnel Cost Increase (Q3 2025 vs Q3 2024): $10.9 million
• Clinical/Manufacturing Cost Increase (Q3 2025 vs Q3 2024): $10.2 million

Regulatory navigation for FDA and EMA approvals.

The primary regulatory focus for the lead asset was the New Drug Application (NDA) for PALSONIFY, which had a PDUFA target action date of September 25, 2025, resulting in approval. For Atumelnant, the FDA granted Orphan Drug Designation (ODD) for the treatment of classic CAH. On the European side, the Marketing Authorization Application (MAA) for paltusotine had a potential decision date in the first half of 2026.

Building a specialized commercial sales infrastructure.

The build-out of the commercial organization is evident in the Selling, General and Administrative (SG&A) expenses, which rose sharply to support the planned launch. SG&A for the third quarter ended September 30, 2025, reached $52.3 million, more than double the $25.9 million reported for the same period in 2024. This increase was driven by a personnel cost rise of $10.2 million, primarily due to increased headcount, and an increase in outside services costs of $12.0 million to support overall growth and the PALSONIFY commercial launch.

Here's the quick math on the SG&A ramp:

The cash used in operations for 2025 is anticipated to be between $340 and $370 million, supporting these increased operational activities. The cash, cash equivalents, and investments totaled $1.1 billion as of September 30, 2025, which management projects provides a cash runway into 2029.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Key Resources

You're building a fully integrated pharmaceutical company now that you have a commercial product, so the resources you control are what truly underpin your future value. Here's a look at the hard assets and capabilities Crinetics Pharmaceuticals, Inc. has locked down as of late 2025.

The most critical resource is the newly approved product, PALSONIFY™ (paltusotine). This is the first once-daily, oral therapy approved by the U.S. Food and Drug Administration (FDA) on September 25, 2025, for adults with acromegaly who haven't responded well to surgery or for whom surgery isn't an option. The commercial launch in the U.S. was set for early October 2025. Beyond acromegaly, this selectively-targeted somatostatin receptor type 2 nonpeptide (SST2) agonist is also being tested in the pivotal Phase 3 CAREFNDR trial for carcinoid syndrome, with global enrollment expected throughout 2025.

Financially, the company is in a very strong spot. As of the end of the third quarter, September 30, 2025, Crinetics Pharmaceuticals, Inc. reported cash, cash equivalents, and investments totaling $1.1 billion. This robust balance sheet is projected to fund the current operating plan well into 2029. That runway is essential for advancing the pipeline without immediate funding pressure. For context, R&D expenses in Q3 2025 were $90.5 million, showing significant investment in future assets.

Your intellectual property (IP) portfolio is the moat around your novel chemistry. Crinetics Pharmaceuticals, Inc. holds U.S. composition of matter patents for 3 additional classes of SST2 agonists beyond paltusotine. Paltusotine itself is eligible for 7 years of market exclusivity upon approval, separate from patent life. The core technology is built around nonpeptide agonists, which is key to its oral delivery profile.

• Paltusotine is a selectively-targeted somatostatin receptor type 2 nonpeptide agonist.
• U.S. composition of matter patents cover 3 other classes of SST2 agonists.
• Paltusotine has an estimated 7 years of market exclusivity independent of patents.
• IP protection is pending in foreign jurisdictions covering over >96% of pharmaceutical markets.

The specialized endocrinology R&D team and expertise are evidenced by the in-house discovery engine that produced these assets. The company has a deep pipeline of over 10+ disclosed programs, all featuring orally delivered, small molecule, new chemical entities developed internally. The CEO noted the team has world-class drug discovery and development capabilities. This internal capability is a major resource for future growth.

The depth of the pipeline provides multiple shots on goal, which is crucial for a commercial-stage biotech. The pipeline extends well beyond the newly launched drug, focusing on significant endocrine indications. Here's a quick view of the late-stage assets and the innovative NDC platform.

Honestly, having the first commercial product, a cash position extending into 2029, and a pipeline with multiple late-stage programs means the foundational resources are in place. Finance: draft 13-week cash view by Friday.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Value Propositions

You're looking at the core value Crinetics Pharmaceuticals, Inc. is offering the market, especially now that PALSONIFY is commercially available. This isn't just about a new drug; it's about fundamentally changing how patients manage a chronic condition.

First once-daily, oral treatment for acromegaly (PALSONIFY™)

The primary value proposition centers on PALSONIFY (paltusotine), which became the first once-daily, oral treatment approved by the U.S. FDA for adults with acromegaly who haven't responded well to surgery or for whom surgery isn't an option. This approval was granted on September 25, 2025. This oral dosing is a massive shift from the existing treatment norms.

Here's how the market looks right now, giving you context on the incumbent treatments PALSONIFY is designed to disrupt:

Analysts project that PALSONIFY will contribute 96% of Crinetics Pharmaceuticals, Inc.'s total projected revenue of $5.1 million for 2025, marking the company's transition to a revenue-generating entity. Honestly, that initial revenue number is small, but it represents the start of capturing market share from those injectable giants.

Targeted nonpeptide therapies for rare endocrine diseases

Crinetics Pharmaceuticals, Inc.'s expertise isn't limited to just acromegaly; the value proposition extends to their platform technology. They focus on discovering and developing novel therapies, specifically targeting G-protein coupled receptors (GPCRs) using small molecules with tailored pharmacology. This platform approach is key to their long-term strategy.

Beyond PALSONIFY for acromegaly, the company is advancing other candidates based on this science:

• PALSONIFY is in Phase 3 clinical development for carcinoid syndrome.
• The lead candidate from their novel nonpeptide drug conjugate (NDC) platform, CRN09682, is now dosing its first patient in a Phase 1/2 study for SST2-expressing tumors.
• The late-stage investigational candidate atumelnant is in development for congenital adrenal hyperplasia and ACTH-dependent Cushing's syndrome.

Potential to replace inconvenient injectable standard-of-care

The core convenience factor is replacing the burden of injectables. You've got patients who were previously controlled on monthly injections now switching to a simple, once-daily pill. This convenience is a major driver for adoption, especially given that, as of Q3 2025 reporting, approximately 95% of filled PALSONIFY prescriptions were from switch patients.

Durable biochemical control and reduced patient symptom burden

The value isn't just convenience; the data supports sustained efficacy. Long-term open-label extension (OLE) data from the PATHFNDR trials show that the drug delivers durable control. For patients switching from injected somatostatin receptor ligands (SRLs), the results are quite compelling:

Here's the quick math on symptom improvement from the PATHFNDR-1 OLE data:

• Symptom exacerbations dropped from over 30% of days while on SRLs to just 6.2% of days on stable PALSONIFY dosing (p < 0.0001).
• Mean IGF-1 levels remained stable, moving from 0.93 ± 0.22 times the upper limit of normal (ULN) at OLE baseline to 0.81 ± 0.21 times the ULN at Week 96.
• Growth hormone (GH) levels were also stable, moving from a mean of 1.0 ± 1.0 ng/mL at baseline to 1.1 ± 1.2 ng/mL at Week 96.

What this estimate hides is the patient-reported outcome improvement, which is harder to quantify in a single number but is central to the value proposition. Still, the biochemical stability over nearly two years of follow-up is what endocrinologists look for. Finance: draft 13-week cash view by Friday.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Customer Relationships

You're building a commercial presence right as your first product, PALSONIFY, gets FDA approval on September 25, 2025. That means your customer relationships strategy shifts from clinical trial engagement to market access and sustained support. It's a big pivot, and the numbers show where Crinetics Pharmaceuticals, Inc. is focusing its direct interaction efforts.

CrinetiCARE patient support and access programs

The CrinetiCARE program is designed to offer a 'white glove experience' for patients starting therapy with PALSONIFY, connecting them with nurses to discuss symptoms and providing tools to find experienced healthcare providers. This support extends from prescription initiation through long-term maintenance. For patients needing financial help, the copay assistance component is available to those enrolled in private commercial health insurance, excluding state or federal healthcare program recipients. Enrollment in this copay assistance is for a duration of 12 months, and honestly, there are no income requirements to participate.

• Connects patients with nurses for symptom discussion.
• Offers tools to locate experienced healthcare providers.
• Copay assistance enrollment duration: 12 months.
• Copay assistance has no income requirements.

High-touch engagement with endocrinology specialists

The engagement with endocrinology specialists is critical, especially given the launch of PALSONIFY for acromegaly. Post-approval in the third quarter of 2025, the initial prescription trends show that approximately 95% of filled prescriptions came from switch patients, with only 5% from naïve patients. Furthermore, reimbursement trends are positive, with about 50% of filled prescriptions being reimbursed as of the third quarter of 2025. This suggests specialists are comfortable switching existing patients, which is a good sign for early adoption.

Direct sales force interaction with pituitary centers

Crinetics Pharmaceuticals, Inc. has been actively building out its commercial infrastructure in preparation for launch. This included sales force mapping for an approximately 30-rep team intended to cover key pituitary treatment centers, academic centers of excellence, and community endocrinology practices. By the third quarter of 2025, the field force had already called on over 95% of these top-priority healthcare provider targets. This direct interaction is a major driver of the initial prescription uptake.

Here's a quick look at the scale of the commercial deployment as of late 2025:

Medical Science Liaisons (MSLs) for physician education

The Medical Science Liaisons (MSLs) are the scientific bridge, focusing on building long-term, strategic relationships with Key Opinion Leaders (KOLs) in endocrinology and rare diseases. Their role is to educate stakeholders on the science and safe use of current and pipeline products, supporting scientific knowledge generation through investigator-initiated trials. This function is supported by significant SG&A investment, which reached $52.3 million in the third quarter of 2025. While specific MSL headcount isn't provided, the job postings suggest competitive compensation for these experts, with salary ranges noted between $164,000 and $205,000 for a regional role as of May 2025.

The MSL function supports the broader scientific exchange, which includes:

• Cultivating KOL relationships in endocrinology/rare disease.
• Providing scientific support for pre-launch initiatives.
• Gathering and reporting internal medical and clinical insights.
• Identifying unmet needs for future R&D efforts.

Finance: review Q4 2025 SG&A spend against commercial build-out projections by end of January.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Channels

You're preparing for a potential product launch, so understanding how Crinetics Pharmaceuticals, Inc. plans to get their therapies to patients-the Channels-is key. As of late 2025, with the Prescription Drug User Fee Act (PDUFA) target action date for PALSONIFY™ (paltusotine) set for September 25, 2025, the company is rapidly transitioning from clinical development to commercial readiness.

The channels Crinetics Pharmaceuticals, Inc. is establishing or utilizing fall into distinct categories, reflecting their focus on specialized endocrine diseases and leveraging existing partnerships for global reach.

Direct Commercial Sales Force in the United States

Crinetics Pharmaceuticals, Inc. is building out a dedicated, premier commercial organization to directly engage with endocrinologists and specialists who treat rare endocrine conditions in the US. This direct engagement model allows for tailored communication about their specialized therapies.

The investment in this channel is visible in the operating expenses. Selling, general and administrative (SG&A) expenses for the three months ended June 30, 2025, were $49.8 million, a significant increase from $24.8 million for the same period in 2024. This jump is primarily driven by an increase in personnel costs due to headcount growth and $10.3 million in outside services costs specifically for commercial planning ahead of the anticipated launch.

Specialty Pharmacies and Distributors for Drug Fulfillment

While the search results confirm the focus on direct engagement with healthcare providers, the fulfillment of a commercial product like PALSONIFY™ post-approval will necessarily rely on established pharmaceutical distribution networks. This includes specialty pharmacies that handle complex or high-touch medications.

The company's go-to-market strategy centers on direct sales to medical professionals, but the physical movement of the drug requires these third-party logistics partners. The company's strong financial position, with $1.2 billion in cash, cash equivalents, and investment securities as of June 30, 2025, provides the capital runway into 2029 to establish and manage these complex supply chain channels.

Licensing Partners (SKK) for International Market Access

For international access, Crinetics Pharmaceuticals, Inc. has already established a key channel through a licensing agreement. This partner is central to their current, albeit limited, revenue generation.

Revenues for the full year ended December 31, 2024, totaled $1.0 million, which was primarily derived from the paltusotine licensing agreement with Sanwa Kagaku Kenkyusho Co., Ltd. (SKK). This relationship continues to generate revenue, with license revenues for the quarter ended June 30, 2025, reported at $1.0 million, up from $0.4 million in the second quarter of 2024, reflecting the ongoing paltusotine licensing and supply agreements with SKK.

Scientific Conferences and Publications (e.g., ENDO 2025)

Disseminating clinical data to Key Opinion Leaders (KOLs) and the broader medical community is a critical channel for building awareness and driving adoption. Crinetics Pharmaceuticals, Inc. actively uses scientific forums for this purpose.

The company presented eight abstracts from its pipeline at the Endocrine Society's Annual Meeting, ENDO 2025, held in San Francisco, California, from July 12-15, 2025. This included an oral presentation featuring open-label extension data from the registrational Phase 3 PATHFNDR trials for PALSONIFY™.

Here's a snapshot of the channel activity around key data dissemination events as of late 2025:

The engagement at these conferences is a direct channel to influence prescribing behavior, especially with the PDUFA date looming. The Chief Corporate Affairs Officer noted the excitement at ENDO 2025 regarding the upcoming PDUFA date for paltusotine at the end of September.

The channels Crinetics Pharmaceuticals, Inc. is using can be summarized by their focus areas:

• Direct sales force targeting US endocrinologists.
• Specialty pharmacy network for drug fulfillment post-approval.
• Sanwa Kagaku Kenkyusho Co., Ltd. for international market access.
• Scientific forums like ENDO 2025 for medical education and KOL engagement.

Finance: draft 2026 commercialization budget allocation across these channels by Friday.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Customer Segments

You're looking at the core groups Crinetics Pharmaceuticals, Inc. serves as of late 2025, now that they have a commercial product on the market. It's a focused approach, targeting specific, often underserved, endocrine patient populations.

Adult patients with acromegaly requiring medical therapy

This is the immediate, primary customer segment following the U.S. Food and Drug Administration approval of Palsonify on September 25, 2025. This oral therapy targets adults with acromegaly who haven't had success with surgery or for whom surgery isn't an option. The market dynamics suggest a strong need for an oral alternative to injectables. Real-world data from the pivotal trials show that 80% of patients on existing injectable somatostatin receptor ligands (SRLs) discontinue or switch therapies within five years, signaling a clear opportunity for a new treatment modality like Palsonify. Following the launch, approximately 5% of filled prescriptions were from naïve patients, with the vast majority, 95%, coming from patients switching from prior therapies.

Here's a look at the market context for this segment:

Endocrinologists and pituitary center specialists

These healthcare providers are the gatekeepers and prescribers for the acromegaly patient base. Crinetics Pharmaceuticals, Inc. has clearly prioritized direct engagement with this group to drive adoption of Palsonify. To support the late 2025 launch, the company's field force has already called on over 95% of their top-priority healthcare provider targets. The focus is on specialists at established pituitary centers as well as endocrinologists in community settings, as evidenced by prescriptions coming from both groups post-approval. They are the key decision-makers who evaluate the long-term IGF-1 control and symptom burden reduction data, such as the sustained improvement in patient-reported symptom severity seen in the PATHFNDR extension studies.

Patients with Congenital Adrenal Hyperplasia (CAH) (pipeline target)

This represents a critical future customer segment for Crinetics Pharmaceuticals, Inc., centered around the investigational drug atumelnant. The company is moving aggressively to capture this rare disease market, having received FDA Orphan Drug Designation (ODD) for atumelnant in classic CAH. The Phase 2 study provided strong proof points, showing up to an 80% mean reduction in androstenedione (A4) levels. The Phase 3 trial, CALM-CAH for adults, is expected to initiate in the second half of 2025, with a pediatric study, BALANCE-CAH, also planned for that timeframe. The total addressable market is defined by the rare disease status; as of 2024, the total diagnosed prevalent cases across 7 major markets (including the US) reached approximately 69K, with the US accounting for about 50% of that total.

Key facts about this target segment and the trial population include:

• Phase 2 trial enrolled 28 adult patients.
• 71.4% (20 out of 28) experienced any Treatment-Emergent Adverse Event in the Phase 2 trial.
• The goal for the Phase 3 trial is to demonstrate normalization of androstenedione with physiological glucocorticoid replacement.
• The company has a cash runway extending into 2029 to support these late-stage development costs.

Payers, health plans, and government reimbursement bodies

For any commercial product, securing favorable coverage from payers is paramount. For Palsonify, the initial reimbursement trends appear positive, which is a significant factor for patient access. As of the third quarter of 2025, approximately 50% of filled prescriptions were reimbursed, and management noted that payer reimbursement has not been a barrier to treatment thus far. This early success in securing coverage is vital for a drug with a high-cost profile typical of specialty pharmaceuticals. The financial backing of $1.1 billion in cash, cash equivalents, and investments as of September 30, 2025, gives Crinetics Pharmaceuticals, Inc. the stability to negotiate with payers while managing the expected 2025 cash burn of $340 to $370 million.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Crinetics Pharmaceuticals, Inc. as they transition from pure development to commercial reality. The cost structure is heavily weighted toward advancing their pipeline and preparing for the launch of PALSONIFY (paltusotine) for acromegaly, which was approved on September 25, 2025.

The primary cost drivers are clearly centered on R&D and the build-out for commercial activities. Here's a quick look at the third quarter 2025 expense snapshot:

The High Research and Development (R&D) expenses for the third quarter of 2025 hit $90.5 million. This reflects the company's continued, significant investment in its clinical programs, which is the engine of future value for Crinetics Pharmaceuticals, Inc..

The Selling, General, and Administrative (SG&A) costs for commercialization also saw an increase, reaching $52.3 million for Q3 2025, up from $49.8 million in the second quarter. This spending is directly tied to getting PALSONIFY ready for market and supporting its initial launch, as the field force had called on over 95% of top priority healthcare provider targets by early November 2025.

The increase in R&D spending from Q2 to Q3 2025 was driven by several factors, which you can see broken down:

• Personnel costs increased by $10.9 million.
• Clinical and manufacturing activities costs rose by $10.2 million.

You need to account for the costs associated with the Clinical trial execution costs for multiple Phase 3 programs. Crinetics Pharmaceuticals, Inc. is advancing several late-stage studies, which require substantial financial resources for site activation, patient enrollment, and data management. These include:

• The global Phase 3 CALM-CAH trial for Atumelnant in adults with Congenital Adrenal Hyperplasia (CAH).
• The CAREFNDR Phase 3 trial for paltusotine in carcinoid syndrome.
• The Phase 2 pediatric study for CAH.
• The Phase 2/3 study for atumelnant in ACTH-dependent Cushing's syndrome, expected to initiate in the second half of 2025.

The Manufacturing and supply chain costs via CMOs (Contract Manufacturing Organizations) are embedded within the R&D spend increase, specifically noted as part of the $10.2 million rise in clinical and manufacturing activities costs. This covers costs related to producing clinical trial material and potentially initial commercial supply for their approved and pipeline assets.

Finally, the Personnel costs due to increased headcount for launch are a direct contributor to the rise in both R&D and SG&A. The R&D portion alone saw personnel costs increase by $10.9 million in Q3 2025. This reflects the hiring needed to support the late-stage trials and build out the commercial infrastructure for PALSONIFY.

To be fair, despite these high operating expenses, the company ended September 30, 2025, with $1.1 billion in cash, cash equivalents, and investments, which they project will fund their operating plan into 2029. They continue to anticipate total cash used in operations for the full year 2025 will be between $340 and $370 million. Finance: draft 13-week cash view by Friday.

Crinetics Pharmaceuticals, Inc. (CRNX) - Canvas Business Model: Revenue Streams

The revenue streams for Crinetics Pharmaceuticals, Inc. (CRNX) as of late 2025 are centered around the recent commercial launch of its first product and ongoing partnership income, with significant future potential tied to pipeline assets.

Product sales revenue from PALSONIFY™ in the U.S. represents the newest and most significant expected revenue component following the U.S. Food and Drug Administration (FDA) approval on September 25, 2025, for the treatment of adults with acromegaly.

The company's revenue profile for the full fiscal year 2025 is projected to be $5.1 million, with PALSONIFY™ sales expected to account for 96% of that total. The first-year sales projection for PALSONIFY in acromegaly is estimated at $3.6 million.

Licensing and supply agreement revenue provides current, non-product-related income, primarily from the paltusotine licensing agreement with Sanwa Kagaku Kenkyusho Co., Ltd..

Here's a look at the recent revenue history:

Potential milestone payments from development partners are a contingent revenue stream, though specific, realized milestone payments for the period ending late 2025 are not explicitly detailed as separate line items from the licensing revenue reported.

Future product sales from pipeline candidates represent substantial upside potential, driven by late-stage assets:

• Atumelnant for congenital adrenal hyperplasia (CAH) and ACTH-dependent Cushing's syndrome, which showed up to an 80% mean reduction in androstenedione in Phase 2.
• Paltusotine is also in Phase III trials for carcinoid syndrome diarrhea.
• CRN09682, the first candidate from the nonpeptide drug conjugate (NDC) platform, is expected to initiate a Phase 1/2 dose escalation study in the fourth quarter of 2025.

The company anticipates its cash, cash equivalents, and investments of $1.1 billion as of September 30, 2025, will fund its current operating plan into 2029.