$CRNX
Crinetics Pharmaceuticals, Inc.

2018 Q3 Form 10-Q Financial Statement

#000156459018022504 Filed on August 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $548.0K $657.0K $832.0K
YoY Change -14.38% -21.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.730M $1.120M $390.0K
YoY Change 253.06% 187.18%
% of Gross Profit
Research & Development $6.886M $5.222M $2.083M
YoY Change 172.93% 150.7%
% of Gross Profit
Depreciation & Amortization $140.0K $70.00K $20.00K
YoY Change 366.67% 250.0%
% of Gross Profit
Operating Expenses $8.618M $6.340M $2.475M
YoY Change 185.93% 156.16%
Operating Profit -$8.070M -$5.683M -$1.643M
YoY Change 239.93% 245.89%
Interest Expense $530.0K $150.0K $3.000K
YoY Change 26400.0% 4900.0%
% of Operating Profit
Other Income/Expense, Net $482.0K $115.0K -$5.000K
YoY Change -4920.0% -2400.0%
Pretax Income -$7.590M -$5.570M -$1.650M
YoY Change 218.91% 237.58%
Income Tax
% Of Pretax Income
Net Earnings -$7.588M -$5.568M -$1.648M
YoY Change 218.56% 237.86%
Net Earnings / Revenue -1384.67% -847.49% -198.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$315.9K -$231.9K -$74.97K
COMMON SHARES
Basic Shares Outstanding 24.02M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.7M $68.40M
YoY Change
Cash & Equivalents $169.7M $68.41M $12.33M
Short-Term Investments
Other Short-Term Assets $877.0K $313.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $171.0M $69.94M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.353M $1.808M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $789.0K $2.451M
YoY Change
Total Long-Term Assets $5.642M $4.759M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $171.0M $69.94M
Total Long-Term Assets $5.642M $4.759M
Total Assets $176.7M $74.70M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.398M $2.603M
YoY Change
Accrued Expenses $4.116M $3.035M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.514M $5.638M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.600M $1.300M
YoY Change
Total Long-Term Liabilities $3.600M $1.300M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.514M $5.638M
Total Long-Term Liabilities $3.600M $1.300M
Total Liabilities $9.160M $6.905M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$34.89M -$27.30M
YoY Change
Common Stock $202.4M $2.120M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.5M -$25.18M
YoY Change
Total Liabilities & Shareholders Equity $176.7M $74.70M
YoY Change

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$7.588M -$5.568M -$1.648M
YoY Change 218.56% 237.86%
Depreciation, Depletion And Amortization $140.0K $70.00K $20.00K
YoY Change 366.67% 250.0%
Cash From Operating Activities -$5.690M -$4.350M -$2.200M
YoY Change 133.2% 97.73%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$470.0K -$40.00K
YoY Change 2400.0% 1075.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$250.0K -$470.0K -$40.00K
YoY Change 2400.0% 1075.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 107.2M -510.0K 4.710M
YoY Change -1072000.0% -110.83%
NET CHANGE
Cash From Operating Activities -5.690M -4.350M -2.200M
Cash From Investing Activities -250.0K -470.0K -40.00K
Cash From Financing Activities 107.2M -510.0K 4.710M
Net Change In Cash 101.3M -5.330M 2.470M
YoY Change -4215.85% -315.79%
FREE CASH FLOW
Cash From Operating Activities -$5.690M -$4.350M -$2.200M
Capital Expenditures -$250.0K -$470.0K -$40.00K
Free Cash Flow -$5.440M -$3.880M -$2.160M
YoY Change 123.87% 79.63%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). The preparation of the Company&#8217;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&#8217;s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company&#8217;s condensed consolidated financial statements relate to revenue recognition, accrued amounts receivable under the Australian research and development tax incentive program, accrued expenses, and the fair value of stock-based compensation. Although these estimates are based on the Company&#8217;s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</p></div>
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1208000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3395000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8421000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares To Be Repurchased Next Year
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesToBeRepurchasedNextYear
139025
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2018Q2 us-gaap Grants Receivable Current
GrantsReceivableCurrent
657000
CY2017Q4 us-gaap Grants Receivable Current
GrantsReceivableCurrent
231000
CY2018Q2 crnx Foreign Tax Incentive Receivable Current
ForeignTaxIncentiveReceivableCurrent
566000
CY2017Q4 crnx Foreign Tax Incentive Receivable Current
ForeignTaxIncentiveReceivableCurrent
503000
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
313000
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
239000
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2236000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
704000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
428000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.91
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.21
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y8M12D
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
15227000
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4082000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
271000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
73000
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y9M18D
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17126584
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8024221
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17126584

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