Crinetics Pharmaceuticals Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Item 8. Consolidated Statements of Cash Flows
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Consolidated Statem ents of Cash Flows
(In thousands)
| Operating activities: | |||
|---|---|---|---|
| Net loss | $(214,529) | $(163,918) | $(107,641) |
| Reconciliation of net loss to net cash used in operating activities: | |||
| Stock-based compensation | 40,937 | 28,268 | 17,352 |
| Depreciation and amortization | 1,098 | 983 | 922 |
| Noncash lease expense | 1,210 | 406 | 340 |
| Accretion of purchase discounts and amortization of premiums on investment securities, net | (6,271) | 34 | 422 |
| Noncash license revenues | (2,000) | — | (1,078) |
| Loss on equity method investment | 5,198 | 1,010 | — |
| Loss on disposal of property and equipment | 6 | — | — |
| Change in valuation of derivative asset | — | (600) | — |
| Other, net | — | — | (1) |
| Increase (decrease) in cash resulting from changes in: | |||
| Prepaid expenses and other assets | (4,523) | 215 | (4,361) |
| Accounts payable and accrued expenses, compensation and related expenses | 14,648 | 10,994 | 6,293 |
| Deferred revenue | (1,535) | 8,341 | — |
| Operating lease liabilities | (546) | (938) | (836) |
| Net cash used in operating activities | (166,307) | (115,205) | (88,588) |
| Investing activities: | |||
| Purchases of investment securities | (527,857) | (329,817) | (125,404) |
| Purchase of Radionetics preferred stock | (5,000) | — | — |
| Maturities of investment securities | 337,132 | 157,493 | 69,357 |
| Purchases of property and equipment | (4,688) | (1,656) | (436) |
| Net cash used in investing activities | (200,413) | (173,980) | (56,483) |
| Financing activities: | |||
| Proceeds from issuance of common stock, net of $22,735 (2023), $7,758 (2022) and $12,964 (2021) transaction costs | 369,019 | 117,242 | 249,542 |
| Proceeds from exercise of stock options | 19,925 | 4,721 | 3,137 |
| Net cash provided by financing activities | 388,944 | 121,963 | 252,679 |
| Net change in cash, cash equivalents and restricted cash | 22,224 | (167,222) | 107,608 |
| Cash, cash equivalents and restricted cash - beginning of period | 33,973 | 201,195 | 93,587 |
| Cash, cash equivalents and restricted cash - end of period | $56,197 | $33,973 | $201,195 |
| Components of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $54,897 | $32,672 | $200,695 |
| Restricted cash | 1,300 | 1,301 | 500 |
| Cash, cash equivalents and restricted cash at end of period | $56,197 | $33,973 | $201,195 |
| Non-cash investing and financing activities: | |||
| Private company shares received under licensing arrangements | $2,000 | $— | $1,010 |
| Derivative asset obtained for Investment in Radionetics common stock | $— | $— | $68 |
| Exercise of Radionetics Warrant | $668 | $— | $— |
| Proceeds from stock issued under Employee Stock Purchase Plan | $2,291 | $1,618 | $1,021 |
| Stock options exercised receivable | $166 | $— | $— |
| Receivable for common stock issuances | $87 | $— | $— |
| Accrued financing costs | $26 | $— | $— |
| Amounts accrued for purchases of property and equipment | $872 | $— | $130 |
| Right-of-use asset obtained in exchange for lease obligations | $46,273 | $— | $— |
| Leasehold improvements paid by the lessor | $2,925 | $— | $— |
| Change in unvested stock liability | $— | $2 | $21 |
CRINETICS PHARMACEUTICALS
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