Crinetics Pharmaceuticals Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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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 | $(298,408) | $(214,529) | $(163,918) |
| Reconciliation of net loss to net cash used in operating activities: | |||
| Stock-based compensation | 69,386 | 40,937 | 28,268 |
| Depreciation and amortization | 2,785 | 1,098 | 983 |
| Noncash lease expense | 3,042 | 1,210 | 406 |
| Accretion of purchase discounts and amortization of premiums on investment securities, net | (14,931) | (6,271) | 34 |
| Noncash license revenues | — | (2,000) | — |
| Loss on equity method investment | 470 | 5,198 | 1,010 |
| Loss on disposal of property and equipment | 51 | 6 | — |
| Change in valuation of derivative asset | — | — | (600) |
| Increase (decrease) in cash resulting from changes in: | |||
| Prepaid expenses and other assets | (5,974) | (4,523) | 215 |
| Accounts payable and accrued expenses, compensation and related expenses, and other non-current liabilities | 17,541 | 14,648 | 10,994 |
| Deferred revenue | 74 | (1,535) | 8,341 |
| Operating lease liabilities | (6) | (546) | (938) |
| Net cash used in operating activities | (225,970) | (166,307) | (115,205) |
| Investing activities: | |||
| Purchases of investment securities | (1,146,772) | (527,857) | (329,817) |
| Purchase of Radionetics preferred stock | — | (5,000) | — |
| Maturities of investment securities | 575,799 | 337,132 | 157,493 |
| Purchases of property and equipment | (3,844) | (4,688) | (1,656) |
| Net cash used in investing activities | (574,817) | (200,413) | (173,980) |
| Financing activities: | |||
| Proceeds from issuance of common stock, net of $49,442 (2024), $22,735 (2023) and $7,758 (2022) transaction costs | 970,048 | 369,019 | 117,242 |
| Proceeds from exercise of stock options | 40,387 | 19,925 | 4,721 |
| Net cash provided by financing activities | 1,010,435 | 388,944 | 121,963 |
| Net change in cash, cash equivalents and restricted cash | 209,648 | 22,224 | (167,222) |
| Cash, cash equivalents and restricted cash - beginning of period | 56,197 | 33,973 | 201,195 |
| Cash, cash equivalents and restricted cash - end of period | $265,845 | $56,197 | $33,973 |
| Components of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $264,545 | $54,897 | $32,672 |
| Restricted cash | $500 | — | — |
| Restricted cash, net of current portion | 800 | 1,300 | 1,301 |
| Cash, cash equivalents and restricted cash at end of period | $265,845 | $56,197 | $33,973 |
| Non-cash investing and financing activities: | |||
| Private company shares received under licensing arrangements | $— | $2,000 | $— |
| Exercise of Radionetics Warrant | $— | $668 | $— |
| Stock issued under Employee Stock Purchase Plan | $4,224 | $2,291 | $1,618 |
| Stock options exercised receivable | $76 | $166 | $— |
| Receivable for common stock issuances | $— | $87 | $— |
| Accrued financing costs | $— | $26 | $— |
| Amounts accrued for purchases of property and equipment | $180 | $872 | $— |
| 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 |
CRINETICS PHARMACEUTICALS
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