2024 Q1 Form 10-K Financial Statement

#000095017024022108 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $640.0K $0.00 $4.013M
YoY Change -76.11% -100.0% -15.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.83M $17.08M $58.09M
YoY Change 70.88% 51.48% 37.03%
% of Gross Profit
Research & Development $53.34M $45.58M $168.5M
YoY Change 38.66% 23.22% 29.41%
% of Gross Profit
Depreciation & Amortization $474.0K $262.0K $1.100M
YoY Change 67.49% -6.43% 10.0%
% of Gross Profit
Operating Expenses $74.17M $62.66M $226.6M
YoY Change 46.41% 29.82% 31.28%
Operating Profit -$73.53M -$222.6M
YoY Change 53.26% 32.6%
Interest Expense $7.320M $29.82M $36.44M
YoY Change 269.14% -2.45% 10.69%
% of Operating Profit
Other Income/Expense, Net $7.069M -$23.06M $13.28M
YoY Change 256.48% -17.66% 166.93%
Pretax Income -$66.46M -$55.90M -$214.5M
YoY Change 44.49% 24.24% 30.88%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$66.93M -$60.10M -$214.5M
YoY Change 45.52% 33.58% 30.88%
Net Earnings / Revenue -10457.81% -5345.85%
Basic Earnings Per Share -$0.93 -$3.69
Diluted Earnings Per Share -$0.93 -$0.89 -$3.69
COMMON SHARES
Basic Shares Outstanding 69.60M 66.80M 58.07M
Diluted Shares Outstanding 72.29M 58.07M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $601.2M $129.0M $558.6M
YoY Change 140.23% -58.57% 67.02%
Cash & Equivalents $395.9M $54.90M $54.90M
Short-Term Investments $205.2M $74.09M $503.7M
Other Short-Term Assets $3.556M $1.578M $6.500M
YoY Change 8.18% -37.75% -23.25%
Inventory
Prepaid Expenses
Receivables
Other Receivables $114.0K $90.00K
Total Short-Term Assets $917.2M $574.2M $574.2M
YoY Change 200.33% 66.33% 66.33%
LONG-TERM ASSETS
Property, Plant & Equipment $11.87M $10.88M $57.43M
YoY Change 263.29% 210.89% 1051.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $470.0K $470.0K
YoY Change
Other Assets $2.000M $2.000M $3.300M
YoY Change 0.0% 5305.41% 64.51%
Total Long-Term Assets $60.93M $61.20M $61.20M
YoY Change 607.94% 775.29% 775.29%
TOTAL ASSETS
Total Short-Term Assets $917.2M $574.2M $574.2M
Total Long-Term Assets $60.93M $61.20M $61.20M
Total Assets $978.2M $635.4M $635.4M
YoY Change 211.5% 80.41% 80.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.76M $6.548M $6.548M
YoY Change 82.46% -4.87% -4.87%
Accrued Expenses $38.55M $35.34M $35.34M
YoY Change 110.59% 89.99% 89.99%
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 $51.77M $43.94M $43.94M
YoY Change 96.68% 58.5% 58.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $51.45M $52.31M $52.31M
YoY Change 599.28% 543.75% 543.75%
Total Long-Term Liabilities $51.45M $52.31M $52.31M
YoY Change 599.28% 543.75% 543.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.77M $43.94M $43.94M
Total Long-Term Liabilities $51.45M $52.31M $52.31M
Total Liabilities $103.2M $96.25M $96.25M
YoY Change 206.48% 168.49% 168.49%
SHAREHOLDERS EQUITY
Retained Earnings -$720.6M -$653.7M
YoY Change 48.52% 48.84%
Common Stock $881.0K $253.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $874.9M $539.1M $539.1M
YoY Change
Total Liabilities & Shareholders Equity $978.2M $635.4M $635.4M
YoY Change 211.5% 80.41% 80.41%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$66.93M -$60.10M -$214.5M
YoY Change 45.52% 33.58% 30.88%
Depreciation, Depletion And Amortization $474.0K $262.0K $1.100M
YoY Change 67.49% -6.43% 10.0%
Cash From Operating Activities -$52.86M -$38.52M -$166.3M
YoY Change 29.81% 9.4% 44.36%
INVESTING ACTIVITIES
Capital Expenditures $1.332M $935.0K $4.688M
YoY Change 8225.0% 241.24% 183.09%
Acquisitions
YoY Change
Other Investing Activities $1.641M -$86.37M -$195.7M
YoY Change -96.64% -332.64% 13.58%
Cash From Investing Activities $309.0K -$87.31M -$200.4M
YoY Change -99.37% -336.91% 15.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $350.0M $369.0M
YoY Change 214.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 393.6M 37.93M 388.9M
YoY Change 81216.94% 32878.26% 218.9%
NET CHANGE
Cash From Operating Activities -52.86M -38.52M -166.3M
Cash From Investing Activities 309.0K -87.31M -200.4M
Cash From Financing Activities 393.6M 37.93M 388.9M
Net Change In Cash 341.0M -87.90M 22.22M
YoY Change 3902.19% -5091.37% -113.29%
FREE CASH FLOW
Cash From Operating Activities -$52.86M -$38.52M -$166.3M
Capital Expenditures $1.332M $935.0K $4.688M
Free Cash Flow -$54.19M -$39.45M -$171.0M
YoY Change 33.03% 11.19% 46.32%

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CY2022 crnx Private Company Shares Received Under Licensing Arrangements
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CY2021 crnx Private Company Shares Received Under Licensing Arrangements
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CY2023 us-gaap Increase Decrease In Derivative Assets
IncreaseDecreaseInDerivativeAssets
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CY2022 us-gaap Increase Decrease In Derivative Assets
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CY2021 us-gaap Increase Decrease In Derivative Assets
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CY2023 crnx Exercise Of Derivative Asset For Investment In Radionetics Common Stock
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CY2022 crnx Exercise Of Derivative Asset For Investment In Radionetics Common Stock
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CY2021 crnx Exercise Of Derivative Asset For Investment In Radionetics Common Stock
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CY2023 crnx Purchase Of Shares Pursuant To Employee Stock Purchase Plan
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CY2022 crnx Purchase Of Shares Pursuant To Employee Stock Purchase Plan
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CY2021 crnx Purchase Of Shares Pursuant To Employee Stock Purchase Plan
PurchaseOfSharesPursuantToEmployeeStockPurchasePlan
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CY2023 crnx Options Exercise Receivable
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CY2022 crnx Options Exercise Receivable
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CY2021 crnx Options Exercise Receivable
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CY2023 crnx Common Stock Issued Receivable
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CY2022 crnx Common Stock Issued Receivable
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CY2021 crnx Common Stock Issued Receivable
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CY2022 us-gaap Payments Of Financing Costs
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CY2022 crnx Lease Incentive Obtained In Exchange For Lease Obligation
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CY2021 crnx Lease Incentive Obtained In Exchange For Lease Obligation
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CY2023 crnx Change In Unvested Stock Liability
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CY2022 crnx Change In Unvested Stock Liability
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CY2021 crnx Change In Unvested Stock Liability
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CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of the Company’s 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 consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to accrual of research and development expenses, valuation of stock-based awards, fair values of financial instruments, revenue recognition, and the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the Company’s operating lease right-of-use assets. Estimates are based on historical experiences or on forecasts, including information received from third parties and various other factors that the Company believes are reasonable under the circumstances. Estimates are</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">periodically </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates</span>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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3943000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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CY2023Q4 crnx Available For Sale Investment Securities Less Than12 Months Fair Market Value
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CY2023Q4 crnx Available For Sale Investment Securities More Than12 Months Fair Value
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2022Q4 crnx Available For Sale Investment Securities Less Than12 Months Fair Market Value
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2022Q4 crnx Available For Sale Investment Securities More Than12 Months Fair Value
AvailableForSaleInvestmentSecuritiesMoreThan12MonthsFairValue
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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1792000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2023 us-gaap Debt Securities Realized Gain Loss
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CY2022 us-gaap Debt Securities Realized Gain Loss
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CY2022 crnx Change In Valuation Of Derivative Asset
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0
CY2023Q4 crnx Prepaid Clinical Costs
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CY2022Q4 crnx Prepaid Clinical Costs
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2567000
CY2023Q4 crnx Prepaid Research And Development Costs Current
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1238000
CY2022Q4 crnx Prepaid Research And Development Costs Current
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2293000
CY2023Q4 crnx Foreign Tax Incentive Receivable Current
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CY2022Q4 crnx Foreign Tax Incentive Receivable Current
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CY2022Q4 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2023Q4 crnx Landlord Improvements Receivable
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CY2022Q4 crnx Landlord Improvements Receivable
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CY2023Q4 us-gaap Common Stock Value
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CY2022Q4 us-gaap Common Stock Value
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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10759000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15949000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7584000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5068000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4084000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10881000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3500000
CY2023 us-gaap Depreciation
Depreciation
1100000
CY2022 us-gaap Depreciation
Depreciation
1000000
CY2021 us-gaap Depreciation
Depreciation
900000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
6548000
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
6883000
CY2023Q4 crnx Accrued Clinical Costs
AccruedClinicalCosts
5527000
CY2022Q4 crnx Accrued Clinical Costs
AccruedClinicalCosts
1921000
CY2023Q4 crnx Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
2312000
CY2022Q4 crnx Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
4043000
CY2023Q4 crnx Accrued Outside Services And Professional Fees
AccruedOutsideServicesAndProfessionalFees
1726000
CY2022Q4 crnx Accrued Outside Services And Professional Fees
AccruedOutsideServicesAndProfessionalFees
1810000
CY2023Q4 crnx Accrued Landlord Improvements2
AccruedLandlordImprovements2
3816000
CY2022Q4 crnx Accrued Landlord Improvements2
AccruedLandlordImprovements2
359000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3267000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
335000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
23196000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
15351000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4491000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7468000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6795000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6999000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7209000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
50975000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
83937000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
32209000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
51728000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4173000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
47555000
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
3300000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1000000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
1000000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y1M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2023 crnx Upfront Payment As License Revenue
UpfrontPaymentAsLicenseRevenue
1500000
CY2022 crnx Upfront Payment As License Revenue
UpfrontPaymentAsLicenseRevenue
4700000
CY2023 crnx Upfront Payment Recognized As Revenues
UpfrontPaymentRecognizedAsRevenues
13000000
CY2023 crnx Summary Of Primary Inputs Used In Valuing The64 Stake In Radionetics And The Radionetics Warrant
SummaryOfPrimaryInputsUsedInValuingThe64StakeInRadioneticsAndTheRadioneticsWarrant
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The primary inputs used in valuing the Radionetics common stock and the Radionetics Warrant, were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:57.191%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:18.404%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:18.404%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Derivative Asset</span></p></td> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">December 31, 2022</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">October 15, 2021 and December 31, 2021</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Expected term</span></p></td> <td style="vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">1.8 </span></span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">years</span></p></td> <td style="vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">3.0 </span></span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">years</span></p></td> <td style="vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Expected volatility</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">116.6</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">111.4</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Risk free interest rate</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">4.5</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">0.7</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Marketability discount</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">51.0</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">30.0</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> </table>
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
32344371
CY2023Q3 crnx Additional Sales Milestones
AdditionalSalesMilestones
15000000
CY2023Q4 crnx Due From Radionetics Current
DueFromRadioneticsCurrent
100000
CY2022Q4 crnx Due From Radionetics Current
DueFromRadioneticsCurrent
100000
CY2023 crnx Reimbursement Earned
ReimbursementEarned
100000
CY2022 crnx Reimbursement Earned
ReimbursementEarned
400000
CY2021 crnx Reimbursement Earned
ReimbursementEarned
600000
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
150000000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9757329
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.79
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4824597
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
20.67
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1282603
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.66
CY2023 crnx Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited And Expired
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedAndExpired
672199
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
20.56
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12627124
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.96
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
209884000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
12627124
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
18.96
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
209884000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5255484
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
17.36
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
95731000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
16200000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5900000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5100000
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
37000000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
23000000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
16300000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
22210000
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
40937000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28268000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17352000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
311300000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
228600000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
1700000
CY2023Q4 crnx Federal Loss Carryforwards
FederalLossCarryforwards
305000000
CY2023 us-gaap Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
These ownership changes may limit the amount of NOL and credit carryforwards that can be utilized to offset future taxable income and income tax, respectively. In general, an “ownership change” as defined by the tax code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain stockholders or public groups. During 2020, the Company completed a study to assess whether an ownership change within the meaning of Section 382 had occurred for the time period prior to July 15, 2020.
CY2023Q4 crnx Cumulative Change In Ownership Percentage
CumulativeChangeInOwnershipPercentage
0.50
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
81828000
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
69044000
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
43509000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
22123000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
37663000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
12207000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
8168000
CY2023Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
10889000
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
648000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
5350000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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CY2022 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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0
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CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
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CY2023 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2023 crnx Defined Contribution Benefit Plan Effective Date
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2016-05-01
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Discretionary matching contributions to the 401(k) Plan are permitted in an amount equal to 50% of the first 6% of the employee’s taxable income up to a maximum of $3,000 per year
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350000000

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