Crinetics Pharmaceuticals, Inc.

Crinetics reported first-quarter 2026 total revenue of $10.7 million, consisting of $10.3 million in net product revenue from Palsonify and $0.4 million from its SKK licensing agreement. Cost of product revenue was $0.2 million. R&D expense was $100.1 million, up from $85.1 million in the fourth quarter, while SG&A was $50.8 million versus $53.7 million in the fourth quarter. The company ended the quarter with $1.3 billion in cash, cash equivalents and investments. For 2026, Crinetics maintained GAAP operating expense guidance of $600 million to $650 million and non-GAAP operating expense guidance of $480 million to $520 million. Management said existing cash and investments should fund operations into 2030.

Scott Struthers framed the quarter as another strong execution period and emphasized that Palsonify is being positioned as a new standard of care in acromegaly. He highlighted 232 additional patient enrollments, continued positive feedback from patients and physicians, and advancing global milestones including EU approval, a Japan filing by SKK, and a Brazil filing. His tone was upbeat and confident, with repeated emphasis on a broad launch strategy, a deep pipeline, and a well-capitalized balance sheet.

Tobin Schilke focused on the financial balance between launch investment and pipeline development. He said Q1 revenue was $10.7 million, R&D was $100.1 million, SG&A was $50.8 million, and cost of product revenue was $0.2 million, with only 0 cost inventory distributed so far. He reiterated 2026 operating expense guidance of $600 million to $650 million on a GAAP basis and $480 million to $520 million non-GAAP, and said the $1.3 billion cash position provides runway into 2030. He also noted that prior authorization and appeals processes are improving and that the company is pacing international investment carefully.

Analysts focused heavily on Palsonify launch metrics, including the mix of treatment-naive versus switching patients, reimbursement conversion, prescriber depth, and whether Q2 could outpace Q1. Management said 15% of Q1 enrollments were treatment-naive, about 70% of patients on therapy were reimbursed, and some patients are coming back to treatment after discontinuing prior therapies. Questions also probed the timing and scope of atumelnant and 9682 data; management declined to give specific timelines but said enrollment and enthusiasm are high, safety remains favorable, and the company will share data as studies mature.