$CRNX
Crinetics Pharmaceuticals, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022017020 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $458.0K $439.0K $3.131M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.93M $10.49M $8.706M
YoY Change 91.5% 87.24% 63.34%
% of Gross Profit
Research & Development $31.99M $33.00M $28.25M
YoY Change 48.23% 61.05% 60.67%
% of Gross Profit
Depreciation & Amortization $248.0K $215.0K $240.0K
YoY Change 6.44% -8.12% 9.09%
% of Gross Profit
Operating Expenses $43.91M $43.48M $36.96M
YoY Change 57.92% 66.68% 61.26%
Operating Profit -$43.45M -$43.05M -$33.83M
YoY Change 56.27% 64.99% 47.6%
Interest Expense $1.463M $671.0K $210.0K
YoY Change -6460.87% -11283.33% 600.0%
% of Operating Profit
Other Income/Expense, Net $1.529M $670.0K $210.0K
YoY Change -7380.95% -11266.67% 1135.29%
Pretax Income -$41.93M -$42.38M -$33.62M
YoY Change 50.53% 62.39% 46.8%
Income Tax
% Of Pretax Income
Net Earnings -$41.93M -$42.38M -$34.63M
YoY Change 50.53% 62.39% 51.2%
Net Earnings / Revenue -9153.93% -9652.62% -1105.94%
Basic Earnings Per Share -$0.78 -$0.81 -$0.73
Diluted Earnings Per Share -$0.78 -$0.81 -$725.8K
COMMON SHARES
Basic Shares Outstanding 53.75M 52.52M 47.78B
Diluted Shares Outstanding 53.77M 52.52M 47.71M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $368.4M $408.5M $319.7M
YoY Change 90.54% 100.48% 112.16%
Cash & Equivalents $30.91M $62.29M $145.5M
Short-Term Investments $337.5M $346.2M $174.2M
Other Short-Term Assets $1.652M $1.626M $1.617M
YoY Change 72.26% 45.05% 77.3%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $378.3M $416.3M $328.2M
YoY Change 85.48% 96.96% 108.02%
LONG-TERM ASSETS
Property, Plant & Equipment $3.564M $3.152M $2.672M
YoY Change 22.77% -37.88% -11.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $1.399M $599.0K $568.0K
YoY Change 179.8% 19.8% 13.6%
Total Long-Term Assets $6.557M $5.448M $5.037M
YoY Change 21.74% -2.26% -13.16%
TOTAL ASSETS
Total Short-Term Assets $378.3M $416.3M $328.2M
Total Long-Term Assets $6.557M $5.448M $5.037M
Total Assets $384.9M $421.7M $333.3M
YoY Change 83.84% 94.41% 103.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.877M $9.039M $12.13M
YoY Change -4.49% 26.51% 95.71%
Accrued Expenses $16.36M $14.53M $5.417M
YoY Change 160.2% 204.42% 32.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.56M $26.12M $20.26M
YoY Change 97.4% 119.1% 96.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.952M $9.453M $9.985M
YoY Change 168.91% 164.79% 162.76%
Total Long-Term Liabilities $8.952M $9.453M $9.985M
YoY Change 168.91% 164.79% 162.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.56M $26.12M $20.26M
Total Long-Term Liabilities $8.952M $9.453M $9.985M
Total Liabilities $33.51M $35.57M $30.24M
YoY Change 112.49% 129.63% 114.48%
SHAREHOLDERS EQUITY
Retained Earnings -$394.2M -$352.3M -$309.9M
YoY Change 61.23% 62.65% 62.68%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $351.4M $386.2M $303.0M
YoY Change
Total Liabilities & Shareholders Equity $384.9M $421.7M $333.3M
YoY Change 83.84% 94.41% 103.72%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$41.93M -$42.38M -$34.63M
YoY Change 50.53% 62.39% 51.2%
Depreciation, Depletion And Amortization $248.0K $215.0K $240.0K
YoY Change 6.44% -8.12% 9.09%
Cash From Operating Activities -$38.48M -$27.98M -$13.54M
YoY Change 49.88% 40.26% -32.51%
INVESTING ACTIVITIES
Capital Expenditures -$682.0K -$613.0K $87.00K
YoY Change 387.14% 287.97% -25.0%
Acquisitions
YoY Change
Other Investing Activities $7.504M -$173.7M -$43.30M
YoY Change -208.99% -968.38% -232.73%
Cash From Investing Activities $6.822M -$174.3M -$43.38M
YoY Change -197.11% -978.38% -233.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $117.3M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.076M 119.0M 1.780M
YoY Change -93.04% 62.34% 3022.81%
NET CHANGE
Cash From Operating Activities -38.48M -27.98M -13.54M
Cash From Investing Activities 6.822M -174.3M -43.38M
Cash From Financing Activities 1.076M 119.0M 1.780M
Net Change In Cash -30.58M -83.26M -55.15M
YoY Change 77.44% -213.75% -541.46%
FREE CASH FLOW
Cash From Operating Activities -$38.48M -$27.98M -$13.54M
Capital Expenditures -$682.0K -$613.0K $87.00K
Free Cash Flow -$37.80M -$27.36M -$13.63M
YoY Change 48.03% 38.28% -32.47%

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StockholdersEquity
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StockholdersEquity
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us-gaap Stock Issued During Period Value New Issues
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crnx Vesting Of Shares Of Common Stock Value Subject To Repurchase
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crnx Increase Decrease In Operating Lease Liabilities
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55153000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62793000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
179271000
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CashAndCashEquivalentsAtCarryingValue
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q2 us-gaap Restricted Cash
RestrictedCash
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62793000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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crnx Change In Unvested Stock Liability
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crnx Change In Unvested Stock Liability
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crnx Purchase Of Shares Pursuant To Employee Stock Purchase Plan
PurchaseOfSharesPursuantToEmployeeStockPurchasePlan
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crnx Purchase Of Shares Pursuant To Employee Stock Purchase Plan
PurchaseOfSharesPursuantToEmployeeStockPurchasePlan
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crnx Change In Accrued Follow On Offering Costs
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crnx Change In Accrued Follow On Offering Costs
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RetainedEarningsAccumulatedDeficit
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CashCashEquivalentsAndShortTermInvestments
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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:4.5pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrual of research and development expenses, valuation of stock-based awards, fair values of financial instruments, revenue recognition and equity method investment. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span></p>
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AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
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us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:4.5pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.</span></p>
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AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
133012000
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
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ChangeInValuationOfDerivativeAsset
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crnx Change In Valuation Of Derivative Asset
ChangeInValuationOfDerivativeAsset
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TaxIncentiveReceivableReductionInResearchAndDevelopmentExpense
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crnx Tax Incentive Receivable Reduction In Research And Development Expense
TaxIncentiveReceivableReductionInResearchAndDevelopmentExpense
300000
CY2021Q2 crnx Tax Incentive Receivable Reduction In Research And Development Expense
TaxIncentiveReceivableReductionInResearchAndDevelopmentExpense
200000
crnx Tax Incentive Receivable Reduction In Research And Development Expense
TaxIncentiveReceivableReductionInResearchAndDevelopmentExpense
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
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FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8801000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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AvailableForSaleSecuritiesDebtSecurities
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CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2022Q2 crnx Prepaid Research And Development Costs Current
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PrepaidResearchAndDevelopmentCostsCurrent
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ForeignTaxIncentiveReceivableCurrent
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CY2021Q4 crnx Foreign Tax Incentive Receivable Current
ForeignTaxIncentiveReceivableCurrent
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CY2022Q2 us-gaap Prepaid Insurance
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CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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3935000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q2 crnx Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
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CY2021Q4 crnx Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
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CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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610000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1280000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
871000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3558000
CY2022Q2 us-gaap Operating Lease Liability Current
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OperatingLeaseLiabilityNoncurrent
2565000
CY2022Q2 crnx Upfront Payment As License Revenue
UpfrontPaymentAsLicenseRevenue
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crnx Upfront Payment As License Revenue
UpfrontPaymentAsLicenseRevenue
3600000
CY2022Q2 us-gaap Deferred Revenue
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6900000
CY2019Q3 crnx Maximum Amount Of Common Stock Preferred Stock Debt Securities Warrants And Units To Be Issued
MaximumAmountOfCommonStockPreferredStockDebtSecuritiesWarrantsAndUnitsToBeIssued
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dei Document Effective Date
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2019-08-29
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CY2021Q3 crnx Maximum Share Of Common Stock Preferred Stock Debt Securities Warrants And Units To Be Issued
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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crnx Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited And Expired
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedAndExpired
132460
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
18.90
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8518758
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
23987000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
8518758
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y3M18D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
23987000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3407092
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.85
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
18928000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4233000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12886000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7639000

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