$CRNX
Crinetics Pharmaceuticals, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019018831 Filed on May 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $367.0K $442.0K
YoY Change -16.97% 882.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.160M $1.250M
YoY Change 152.8% 111.86%
% of Gross Profit
Research & Development $7.255M $4.720M
YoY Change 53.71% 128.57%
% of Gross Profit
Depreciation & Amortization $200.0K $50.00K
YoY Change 300.0% 66.67%
% of Gross Profit
Operating Expenses $10.41M $5.968M
YoY Change 74.45% 124.87%
Operating Profit -$10.04M -$5.526M
YoY Change 81.76%
Interest Expense $1.010M $60.00K
YoY Change 1583.33% 500.0%
% of Operating Profit
Other Income/Expense, Net $1.028M $62.00K
YoY Change 1558.06%
Pretax Income -$9.020M -$5.460M
YoY Change 65.2% 109.2%
Income Tax
% Of Pretax Income
Net Earnings -$9.016M -$5.464M
YoY Change 65.01% 109.67%
Net Earnings / Revenue -2456.68% -1236.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$374.3K -$248.1K
COMMON SHARES
Basic Shares Outstanding 24.10M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.2M $73.70M
YoY Change 113.3%
Cash & Equivalents $63.33M $74.24M
Short-Term Investments $94.40M
Other Short-Term Assets $1.063M $300.0K
YoY Change 254.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $159.1M $74.70M
YoY Change 113.01%
LONG-TERM ASSETS
Property, Plant & Equipment $4.465M $500.0K
YoY Change 793.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $800.0K
YoY Change -37.5%
Total Long-Term Assets $7.648M $1.600M
YoY Change 378.0%
TOTAL ASSETS
Total Short-Term Assets $159.1M $74.70M
Total Long-Term Assets $7.648M $1.600M
Total Assets $166.8M $76.30M
YoY Change 118.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.003M $1.300M
YoY Change 54.08%
Accrued Expenses $5.304M $1.800M
YoY Change 194.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $8.818M $3.100M
YoY Change 184.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.600M $200.0K
YoY Change 2700.0%
Total Long-Term Liabilities $5.600M $200.0K
YoY Change 2700.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.818M $3.100M
Total Long-Term Liabilities $5.600M $200.0K
Total Liabilities $14.37M $3.300M
YoY Change 335.42%
SHAREHOLDERS EQUITY
Retained Earnings -$52.40M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $152.4M -$19.98M
YoY Change
Total Liabilities & Shareholders Equity $166.8M $76.30M
YoY Change 118.56%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$9.016M -$5.464M
YoY Change 65.01% 109.67%
Depreciation, Depletion And Amortization $200.0K $50.00K
YoY Change 300.0% 66.67%
Cash From Operating Activities -$6.759M -$3.407M
YoY Change 98.39% 46.22%
INVESTING ACTIVITIES
Capital Expenditures $408.0K $57.00K
YoY Change 615.79% -385.0%
Acquisitions
YoY Change
Other Investing Activities $25.01M
YoY Change
Cash From Investing Activities $24.60M -$57.00K
YoY Change -43256.14% 185.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 63.51M
YoY Change -99.97% 126924.0%
NET CHANGE
Cash From Operating Activities -6.759M -3.407M
Cash From Investing Activities 24.60M -57.00K
Cash From Financing Activities 20.00K 63.51M
Net Change In Cash 17.86M 60.05M
YoY Change -70.26% -2710.78%
FREE CASH FLOW
Cash From Operating Activities -$6.759M -$3.407M
Capital Expenditures $408.0K $57.00K
Free Cash Flow -$7.167M -$3.464M
YoY Change 106.9% 49.96%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</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;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. 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.</p>
CY2019Q1 us-gaap Use Of Estimates
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<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 U.S. GAAP. 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 associated research and development expense, the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the operating lease right-of-use asset, and the assumptions underlying the determination of the fair value of equity awards for purposes of determining 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>
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1208000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1244000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2151000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7727000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1661000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6066000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2339157
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
600850
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
21215
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2918792
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
682503
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.40
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
25.18
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.96
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.30
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.14
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y3M19D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
506000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
38226000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13390000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.31
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.17
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1028000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
426000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
19300000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3012
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16275

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