Crinetics Pharmaceuticals, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 8. Consolidated Statements of Cash Flows
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Consolidated Statements of Cash Flows
(In thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
|---|---|---|---|
| Net loss | $(465,317) | $(298,408) | $(214,529) |
| Reconciliation of net loss to net cash used in operating activities: | |||
| Stock-based compensation | 91,024 | 69,386 | 40,937 |
| Depreciation and amortization | 3,890 | 2,785 | 1,098 |
| Noncash lease expense | 3,014 | 3,042 | 1,210 |
| Accretion of purchase discounts and amortization of premiums on investment securities, net | (15,425) | (14,931) | (6,271) |
| Noncash license revenue | — | — | (2,000) |
| Loss on equity method investment | — | 470 | 5,198 |
| Loss on disposal of property and equipment | 50 | 51 | 6 |
| Changes in operating assets and liabilities: | |||
| Trade accounts receivable | (592) | — | — |
| Inventory | (2,022) | — | — |
| Prepaid expenses and other assets | (16,511) | (5,974) | (4,523) |
| Accounts payable and accrued expenses, compensation and related expenses, and other non-current liabilities | 28,983 | 13,317 | 12,357 |
| Deferred revenue | (1,835) | 74 | (1,535) |
| Operating lease liabilities | (3,181) | (6) | (546) |
| Net cash used in operating activities | (377,922) | (230,194) | (168,598) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchases of investment securities | (1,004,427) | (1,146,772) | (527,857) |
| Purchase of Radionetics preferred stock | — | — | (5,000) |
| Maturities and sale of investment securities | 1,184,097 | 575,799 | 337,132 |
| Purchases of property and equipment | (5,762) | (3,844) | (4,688) |
| Net cash provided by (used in) investing activities | 173,908 | (574,817) | (200,413) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from issuance of common stock, net of commissions | — | 985,030 | 369,560 |
| Offering costs related to issuance of common stock | — | (14,982) | (541) |
| Proceeds from exercise of stock options and shares issued under Employee Stock Purchase Plan | 40,611 | 44,611 | 22,216 |
| Net cash provided by financing activities | 40,611 | 1,014,659 | 391,235 |
| Net change in cash, cash equivalents and restricted cash | (163,403) | 209,648 | 22,224 |
| Exchange rate changes on cash, cash equivalents and restricted cash | (106) | — | — |
| Cash, cash equivalents and restricted cash - beginning of period | 265,845 | 56,197 | 33,973 |
| Cash, cash equivalents and restricted cash - end of period | $102,336 | $265,845 | $56,197 |
| COMPONENTS OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
| Cash and cash equivalents | $101,536 | $264,545 | $54,897 |
| Restricted cash | 800 | 1,300 | 1,300 |
| Cash, cash equivalents and restricted cash at end of period | $102,336 | $265,845 | $56,197 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Private company shares received under licensing arrangements | $— | $— | $2,000 |
| Exercise of Radionetics Warrant | $— | $— | $668 |
| Stock options exercised receivable | $10 | $76 | $166 |
| Receivable for common stock issuances | $— | $— | $87 |
| Accrued financing costs | $— | $— | $26 |
| Stock held in trust | $112 | $— | $— |
| Amounts accrued for purchases of property and equipment | $389 | $180 | $872 |
| Right-of-use asset obtained in exchange for lease obligations | $— | $— | $46,273 |
| Leasehold improvements paid by the lessor | $— | $— | $2,925 |
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