GlobeNewswire·Aug 3, 2026, 4:05 PM ET

Crinetics Pharmaceuticals Reports Second Quarter 2026 Financial Results and Provides Business Update

CRNX VRTX

Vertex Pharmaceuticals agreed to acquire Crinetics for $85.00 per share, resulting in a total equity value of approximately $10.0 billion or $8.8 billion net of cash acquired.
The transaction received unanimous approval from both company boards and is expected to close in the third quarter of 2026 subject to regulatory & stockholder approvals.
Crinetics reported net product revenue of $24.0 million for the second quarter of 2026 from its commercial product PALSONIFY® (paltusotine).
Total revenue for the quarter ended June 30, 2026, reached $25.1 million, a significant increase from $1.0 million in the same period in 2025.
Crinetics received Rare Pediatric Disease Designation from the FDA for its investigational candidate atumelnant used for congenital adrenal hyperplasia.
Prescriber breadth expanded to 385 unique healthcare providers within the first three quarters of the PALSONIFY launch.
Over 70% of patients treated with PALSONIFY as of the end of Q2 2026 were covered by reimbursed therapy.
Research & development expenses for the quarter were $99.9 million, driven by increased clinical program investments & personnel costs.
Selling, general & administrative expenses totaled $57.6 million, reflecting commercial infrastructure investments & costs related to the Vertex transaction.
The company reported a net loss of $120.9 million for the quarter, compared to $115.6 million in the prior year period.
Cash, cash equivalents, & investment securities totaled $1.2 billion as of June 30, 2026.
Crinetics withdrew its previously issued financial guidance & will not host an earnings conference call due to the proposed Vertex acquisition.