$CRNX
Crinetics Pharmaceuticals, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019031801 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $505.0K $0.00 $657.0K
YoY Change -7.85% -100.0% -21.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.910M $3.060M $1.120M
YoY Change 126.01% 173.21% 187.18%
% of Gross Profit
Research & Development $11.82M $10.29M $5.222M
YoY Change 71.7% 96.96% 150.7%
% of Gross Profit
Depreciation & Amortization $230.0K $230.0K $70.00K
YoY Change 64.29% 228.57% 250.0%
% of Gross Profit
Operating Expenses $15.73M $13.35M $6.340M
YoY Change 82.57% 110.49% 156.16%
Operating Profit -$13.35M -$5.683M
YoY Change 134.82% 245.89%
Interest Expense $840.0K $960.0K $150.0K
YoY Change 58.49% 540.0% 4900.0%
% of Operating Profit
Other Income/Expense, Net $799.0K $918.0K $115.0K
YoY Change 65.77% 698.26% -2400.0%
Pretax Income -$14.43M -$12.43M -$5.570M
YoY Change 90.12% 123.16% 237.58%
Income Tax
% Of Pretax Income
Net Earnings -$14.43M -$12.43M -$5.568M
YoY Change 90.17% 123.19% 237.86%
Net Earnings / Revenue -2857.43% -847.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$596.0K -$514.5K -$231.9K
COMMON SHARES
Basic Shares Outstanding 24.20M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.7M $145.0M $68.40M
YoY Change -22.39% 111.99%
Cash & Equivalents $66.58M $59.72M $68.41M
Short-Term Investments $65.10M $85.30M
Other Short-Term Assets $1.476M $563.0K $313.0K
YoY Change 68.3% 79.87%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $135.4M $147.8M $69.94M
YoY Change -20.84% 111.25%
LONG-TERM ASSETS
Property, Plant & Equipment $4.035M $4.264M $1.808M
YoY Change -7.31% 135.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $500.0K $2.451M
YoY Change -36.63% -79.6%
Total Long-Term Assets $7.105M $7.391M $4.759M
YoY Change 25.93% 55.31%
TOTAL ASSETS
Total Short-Term Assets $135.4M $147.8M $69.94M
Total Long-Term Assets $7.105M $7.391M $4.759M
Total Assets $142.5M $155.1M $74.70M
YoY Change -19.34% 107.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.113M $2.705M $2.603M
YoY Change 51.14% 3.92%
Accrued Expenses $3.177M $3.243M $3.035M
YoY Change -22.81% 6.85%
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 $7.882M $7.750M $5.638M
YoY Change 42.95% 37.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.100M $5.300M $1.300M
YoY Change 41.67% 307.69%
Total Long-Term Liabilities $5.100M $5.300M $1.300M
YoY Change 41.67% 307.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.882M $7.750M $5.638M
Total Long-Term Liabilities $5.100M $5.300M $1.300M
Total Liabilities $12.99M $13.05M $6.905M
YoY Change 41.77% 88.96%
SHAREHOLDERS EQUITY
Retained Earnings -$79.25M -$64.82M -$27.30M
YoY Change 127.18% 137.47%
Common Stock $2.120M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.5M $142.1M -$25.18M
YoY Change
Total Liabilities & Shareholders Equity $142.5M $155.1M $74.70M
YoY Change -19.34% 107.69%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$14.43M -$12.43M -$5.568M
YoY Change 90.17% 123.19% 237.86%
Depreciation, Depletion And Amortization $230.0K $230.0K $70.00K
YoY Change 64.29% 228.57% 250.0%
Cash From Operating Activities -$13.60M -$12.57M -$4.350M
YoY Change 139.02% 188.97% 97.73%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K -$470.0K
YoY Change -100.0% -89.36% 1075.0%
Acquisitions
YoY Change
Other Investing Activities $20.44M $9.500M
YoY Change
Cash From Investing Activities $20.45M $9.440M -$470.0K
YoY Change -8280.0% -2108.51% 1075.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 10.00K -510.0K
YoY Change -99.98% -101.96% -110.83%
NET CHANGE
Cash From Operating Activities -13.60M -12.57M -4.350M
Cash From Investing Activities 20.45M 9.440M -470.0K
Cash From Financing Activities 20.00K 10.00K -510.0K
Net Change In Cash 6.870M -3.120M -5.330M
YoY Change -93.21% -41.46% -315.79%
FREE CASH FLOW
Cash From Operating Activities -$13.60M -$12.57M -$4.350M
Capital Expenditures $0.00 -$50.00K -$470.0K
Free Cash Flow -$13.60M -$12.52M -$3.880M
YoY Change 150.0% 222.68% 79.63%

Facts In Submission

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<p style="margin-top:4pt;margin-bottom:0pt;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-top:4pt;margin-bottom:0pt;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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<p style="margin-top:9pt;margin-bottom:0pt;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-top:4pt;margin-bottom:0pt;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>
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CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
74000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
118902000
CY2019Q2 us-gaap Debt Securities Available For Sale Term
DebtSecuritiesAvailableForSaleTerm
P24M
CY2018Q4 us-gaap Debt Securities Available For Sale Term
DebtSecuritiesAvailableForSaleTerm
P24M
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
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
CY2019Q2 crnx Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
1656000
CY2018Q4 crnx Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
8000
CY2018Q4 us-gaap Grants Receivable Current
GrantsReceivableCurrent
568000
CY2019Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
300000
CY2018Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
340000
CY2019Q2 crnx Foreign Tax Incentive Receivable Current
ForeignTaxIncentiveReceivableCurrent
265000
CY2018Q4 crnx Foreign Tax Incentive Receivable Current
ForeignTaxIncentiveReceivableCurrent
1016000
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
563000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
876000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5431000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4973000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1167000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
741000
CY2019Q2 crnx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
1899000
CY2018Q4 crnx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
3634000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
678000
CY2019Q2 us-gaap Other Accrued Liabilities Current
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666000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
556000
CY2019Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3243000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4190000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
552000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1123000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1173000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1208000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1244000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2151000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7451000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1547000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5904000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2339157
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
773125
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
9119
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
63014
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3040149
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
776012
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.40
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
24.84
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.28
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.39
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.18
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.39
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y2M12D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
42418000
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
15224000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.02
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1581000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
271000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2609000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
698000
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
20000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3090000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17127000

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