Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc.
Company typePublic
Nasdaq: CRNX
IndustryPharmaceuticals, Medical technology
Founded2008
Headquarters
San Diego, California
,
United States
Key people
  • Scott Struthers (co-founder)
  • Stephen F. Betz (co-founder)
RevenueUS$9.4 million (2024)[1]
US$−94.74 million (2024)[1]
US$−80.6 million (2024)[1]
Total assetsUS$1.4 billion (2024)[1]
Total equityUS$1.3 billion (2024)[1]
Number of employees
437 (2024)[2]
Websitecrinetics.com

Crinetics Pharmaceuticals is a global pharmaceutical company known for developing drugs for the treatment of endocrine-related diseases.[3][4][5] It was founded by Scott Struthers, Frank Zhu, Ana Kusnetzow, and Stephen F. Betz in 2008 and is headquartered in San Diego, California.[6][7] It went public on NASDAQ in 2018.[8][7]

History

Struthers, Zhu, Kusnetzow, and Betz founded Crinetics in 2008 after previously working together on a small molecule drug for the treatment of endometriosis at Neurocrine Biosciences.[6]

Crinetics expanded into a larger laboratory in 2010.[9] After receiving NIH grant funding, Crinetics moved into its second laboratory.[6]

In 2011, Crinetics Pharmaceuticals competed for the Michelson Prize, a competition sponsored by the Found Animals Foundation to develop a low-cost, non-surgical method for sterilizing dogs and cats, which would later lead to the licensing of a molecule for the treatment of acromegaly in large breed dogs.[3][10][11]

Crinetics first synthesized its lead drug candidate to treat acromegaly. The drug was named paltusotine, in 2016.[12][13] Crinetics Pharmaceuticals went public with an IPO in 2018.[8][14][15] It conducted Phase II trials for paltusotine from 2019-2020.[12] It conducted Phase III trials for paltusotine from 2021-2024.[12][16][17] After the drug succeeded in a second Phase III study, the FDA accepted the company’s new drug application for paltusotine and the company announced it was planning for a 2025 launch for the drug.[16][18][19]The FDA set a Prescription Drug User Fee Act for the drug on September 25, 2025.[20][21]

In 2021, Crinetics, together with 5AM Ventures and Frazier Healthcare Partners, formed an independently operated new company, Radionetics Oncology, aimed to develop a deep pipeline of novel, targeted, nonpeptide radiopharmaceuticals for the treatment of a broad range of oncology indications.[22]

Crinetics partnered with the veterinary medicine company Loyal to develop a pill to extend the lifespans of large dogs in 2023.[10]

In 2024, Scott Struthers received the Ernst & Young Entrepreneur of the Year Award for his work with Crinetics.[23] In 2024, Crinetics was reported to have patent activity in rare diseases, health technology, and addiction therapies.[24]

In 2024, Radionetics formed a strategic relationship with Eli Lilly and Company to take forward Radionetics’ proprietary GPCR targeting small molecule radiopharmaceuticals.[25] Under the terms of the agreement, Radionetics received a $140 million upfront cash payment. As part of the strategic agreement, Lilly obtained the exclusive right to acquire Radionetics upon conclusion of an exercise period for $1 billion.[26][25][27]

Crinetics also established its first office outside the United States in Zug, Switzerland in 2024.[28]

In 2025, Crinetics Pharmaceuticals plans to file an Investigational New Drug for an oral thyroid stimulating hormone receptor antagonist and its nonpeptide drug conjugate (CRN09682).[29] A total of four development candidates are currently in IND-enabling studies, including a PTH antagonist (Hyperparathyrodism), non-peptide drug conjugate (NETs and SST2-expressing solid tumors), TSH antagonist (Graves’ disease & TED) and SST3 agonist (ADPKD).[30]

Treatments

Crinetics’ pipeline focuses on synthesizing novel molecules for rare endocrine diseases.[31]It is most known for developing paltusotine, a drug designed to treat the hormonal disorder acromegaly.[12][16] Paltusotine works by helping moderate elevated IGF-1 levels, which is the main symptom of acromegaly.[32] Paltusotine has also been tested as a treatment for carcinoid syndrome.[33]

Crinetics has also developed oral treatments for neuroendocrine tumors, hyperinsulism, and Cushing’s disease.[34] The company’s drug for treating Cushing’s disease, Atumeltnant (also known as CRN049894), works by reducing levels of ACTH.[35][36]

The company’s pipeline also includes an oral parathyroid hormone inhibitor program for hyperparathyroidism and treatments for thyroid eye disease, Graves' disease, and obesity.[37] Additionally, Crinetics nonpeptide drug conjugates (NDCs) include CRN09682, which is a somatostatin receptor 2 (SST2) targeted drug. NDCs are a new technology developed in-house by Crinetics.[38][39]

References

  1. ^ a b c d e "Crinetics Pharmaceuticals Financial Statements 2008–2025". Macrotrends. Retrieved 24 May 2025.
  2. ^ "HGA Completes Phase One of Crinetics Pharmaceuticals' New San Diego Headquarters". IANDS Design. 2024. Retrieved 24 May 2025.
  3. ^ a b "Drugmaker works to sterilize pets without surgery". San Diego Union-Tribune. 2011-09-13. Retrieved 2025-05-03.
  4. ^ "Crinetics Secures $350M to Fast-Track Rare Endocrine and Oncology Therapies". synapse.patsnap.com. Retrieved 2025-05-03.
  5. ^ "Crinetics Raises $350 Million to Advance Rare Endocrine Pipeline". Global Genes. Retrieved 2025-05-03.
  6. ^ a b c jadduncan (2019-05-03). "From Startup to NASDAQ – The Story of San Diego-based Crinetics Pharmaceuticals". Goldfish Consulting. Retrieved 2025-05-03.
  7. ^ a b "Crinetics Pharmaceuticals". thepharmaletter.com. Retrieved 2025-05-24.
  8. ^ a b "Seven San Diego Companies went Public in 2018 - San Diego Business Journal". San Diego Business Journal. 2018-12-13. Archived from the original on 2024-02-28. Retrieved 2025-05-03.
  9. ^ Crabtree, Penni (2010-03-12). "Lab space vacancy is at 10.1%". San Diego Union-Tribune. Retrieved 2025-05-03.
  10. ^ a b Dickey, Megan Rose (2023-08-17). "Startup is developing pill intended to help large dogs live longer". Axios. Retrieved 2025-05-03.
  11. ^ "Will Crinetics Pharma's Upcoming Events Drive Stock Momentum?". RTTNews. Retrieved 2025-06-03.
  12. ^ a b c d "Crinetics' acromegaly drug hits primary PhII endpoint, but investors can't make up their minds". Endpoints News. Retrieved 2025-05-03.
  13. ^ Zhao, Jian; Wang, Shimiao; Markison, Stacy; Kim, Sun Hee; Han, Sangdon; Chen, Mi; Kusnetzow, Ana Karin; Rico-Bautista, Elizabeth; Johns, Michael; Luo, Rosa; Struthers, R. Scott; Madan, Ajay; Zhu, Yunfei; Betz, Stephen F. (2023-01-12). "Discovery of Paltusotine (CRN00808), a Potent, Selective, and Orally Bioavailable Non-peptide SST2 Agonist". ACS Medicinal Chemistry Letters. 14 (1): 66–74. doi:10.1021/acsmedchemlett.2c00431. ISSN 1948-5875. PMC 9841592. PMID 36655128.
  14. ^ "Crinetics Pharmaceuticals Readies $80 Million IPO (NASDAQ:CRNX) | Seeking Alpha". seekingalpha.com. Retrieved 2025-05-24.
  15. ^ "Crinetics Pharmaceuticals patents new SSTR3 agonists | BioWorld". www.bioworld.com. Retrieved 2025-06-03.
  16. ^ a b c "Crinetics reports second PhIII win for acromegaly drug, eyes 2025 launch". Endpoints News. Retrieved 2025-05-03.
  17. ^ Zhao, Jie; Fu, Hong; Yu, Jingjing; Hong, Weiqi; Tian, Xiaowen; Qi, Jieyu; Sun, Suyue; Zhao, Chang; Wu, Chao; Xu, Zheng; Cheng, Lin; Chai, Renjie; Yan, Wei; Wei, Xiawei; Shao, Zhenhua (2023-02-21). "Prospect of acromegaly therapy: molecular mechanism of clinical drugs octreotide and paltusotine". Nature Communications. 14 (1): 962. Bibcode:2023NatCo..14..962Z. doi:10.1038/s41467-023-36673-z. ISSN 2041-1723. PMC 9944328. PMID 36810324.
  18. ^ "FDA Accepts NDA for Paltusotine to Treat Adult Patients With Acromegaly". Pharmacy Times. 2024-12-09. Retrieved 2025-05-03.
  19. ^ "Crinetics Stock Jets 19% Higher, Reversing A Three-Week Decline On Its Phase 3 Win". investors.com. March 19, 2024.
  20. ^ "FDA to Review Paltusotine, an Oral Therapy for Acromegaly". Endocrinology Advisor. 2024-12-11. Retrieved 2025-06-03.
  21. ^ "Crinetics Pharmaceuticals (NASDAQ:CRNX) Is In A Good Position To Deliver On Growth Plans". simplywall.st. 2025-04-23. Retrieved 2025-05-24.
  22. ^ "Crinetics Pharma Spinout Launches with Sight Set on Radiopharmaceuticals". BioSpace. 2021-10-19. Retrieved 2025-07-06.
  23. ^ "The article titled "3 Arizonans win 2024 Ernst & Young Entrepreneur Of The Year regional awards". www.bizjournals.com. Retrieved 2025-05-03.
  24. ^ "Crinetics Pharmaceuticals sees highest filings and grants during April in Q2 2024". Pharmaceutical Technology. 2024-07-21. Retrieved 2025-05-24.
  25. ^ a b "Lilly signs radiopharma deal with Radionetics, secures option to buy". Pharma Manufacturing. 2024-07-02. Retrieved 2025-05-03.
  26. ^ Barrie, Robert (2024-07-02). "Eli Lilly continues radiopharma push with $140m Radionetics partnership". Pharmaceutical Technology. Retrieved 2025-05-24.
  27. ^ "Lilly signs $140M radiopharma partnership with Radionectics". www.fiercebiotech.com. 2024-07-01. Retrieved 2025-05-24.
  28. ^ "Crinetics Pharmaceuticals Europe GmbH". Moneyhouse. Retrieved 2025-07-06.
  29. ^ "FirstWord". firstwordpharma.com. Retrieved 2025-06-03.
  30. ^ "Crinetics Pharmaceuticals Reports First Quarter 2025 Financial Results and Provides Business Update". StockTitan. 2025-05-08. Retrieved 2025-06-03.
  31. ^ Sage Advisors (31 August 2020). "Crinetics Pharmaceuticals: Superior Molecules In Endocrinology". Seeking Alpha. Retrieved 3 June 2025.
  32. ^ "Crinetics' hormonal disorder drug succeeds in late-stage study". Reuters. 2024-03-19. Retrieved 2025-06-03.
  33. ^ "Crinetics Announces Positive Results From Phase II Study of Paltusotine". NETRF. 2023-12-19. Retrieved 2025-06-03.
  34. ^ "Crinetics Pharmaceuticals, Inc. (CRNX): The Biotech Stock with Biggest Upside Potential". Insider Monkey. Retrieved 2025-06-03.
  35. ^ "Crinetics Stock: Pharma Firm Unveils 'Stunning' Results In Major Study". Investor's Business Daily. 2024-06-03. Archived from the original on 2024-06-03. Retrieved 2025-06-03.
  36. ^ "Atumelnant, oral Cushing's treatment, lowers urinary cortisol in trial". cushingsdiseasenews.com. 2024-06-04. Retrieved 2025-06-03.
  37. ^ "Crinetics Pharmaceuticals Reports First Quarter 2025 Financial Results and Provides Business Update". The Manila Times. 2025-05-09. Retrieved 2025-06-03.
  38. ^ "A Novel Nonpeptide Drug Conjugate (NDC) for the Treatment of Somatostatin Receptor 2-Expressing Tumors". Endocrine Abstracts. 17th Annual Multidisciplinary NET Medical Symposium 2024. Vol. 108. Bioscientifica. 2024. pp. B23. doi:10.1530/endoabs.108.B23. Retrieved 3 June 2025.
  39. ^ "Crinetics (CRNX) Exceeds Revenue Expectations, Advances Key Projects". GuruFocus. 8 May 2025. Retrieved 3 June 2025.
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