Crinetics Pharmaceuticals, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 02:41 am IST
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Crinetics Pharmaceuticals, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.346 million compared to USD 0.458 million a year ago. Net loss was USD 57.46 million compared to USD 41.93 million a year ago. Basic loss per share from continuing operations was USD 1.01 compared to USD 0.78 a year ago.
For the nine months, sales was USD 4.01 million compared to USD 4.03 million a year ago. Net loss was USD 154.43 million compared to USD 118.93 million a year ago. Basic loss per share from continuing operations was USD 2.81 compared to USD 2.32 a year ago.
Crinetics Pharmaceuticals, Inc. is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its Paltusotine, an investigational, oral somatostatin receptor type 2 (SST2) agonist, is in Phase 3 clinical development for acromegaly and Phase 2 clinical development for carcinoid syndrome associated with neuroendocrine tumors. It has demonstrated pharmacologic proof-of-concept in a Phase 1 clinical study for CRN04894, an investigational, oral ACTH antagonist, that is in Phase 2 clinical studies for the treatment of congenital adrenal hyperplasia and Cushing's disease. Its drug candidates are orally delivered, small molecule new chemical entities resulting from in-house drug discovery efforts, including other programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves' disease, thyroid eye disease, diabetes and obesity.