Recent News
On September 25, 2025 the U.S. FDA approved Palsonify (paltusotine) for acromegaly, with the company announcing plans for a near-term commercial rollout. On September 10, 2025 Crinetics disclosed inducement equity awards to new hires. On August 11, 2025 Crinetics announced a separate set of inducement grants under Nasdaq Listing Rule 5635(c)(4).
Technical Analysis
Directional indicators show a solid trend strength: ADX registers 27.15, indicating a strong trend environment supporting directional conviction.
DI+ at 24.99 is decreasing, which signals weakening upside participation and adds short-term downside bias relative to the current valuation.
DI- registered 18.33 with a dip & reversal, a bearish development that reinforces the immediate momentum tilt toward sellers.
MACD sits at 0.75 while the MACD signal line sits at 1.16 and the MACD trend is decreasing; the MACD below its signal line signals declining bullish momentum and favors further consolidation or pullback near-term.
MRO reads 24.19 with a peak & reversal; the positive MRO implies the price sits above modeled target levels and, given the peak-and-reversal pattern, indicates elevated downside potential from current levels.
RSI at 54.55 with a peak & reversal shows momentum rolling over from a midrange level rather than an overbought extreme, implying the market may favor sideways-to-lower action while fundamentals digest upcoming commercial developments.
Price relations add context: the last close at $40.00 sits below the 20-day average ($42.27) and below Ichimoku Kijun-sen ($42.43), while remaining above the 50-day average ($39.61) and well above the 200-day average ($34.00). The 12-day EMA shows a peak & reversal, highlighting short-term weakening despite longer-term support from the 200-day average.
Bollinger bands compress (upper ~ $43.81, lower ~ $40.73) and the close near the lower band increases the likelihood of continued low-range trading until a fresh catalyst arrives. Volume spike to ~4.09M versus 10-day average ~1.59M accompanied the recent news flow, showing episodic attention without sustained breakout follow-through.
Fundamental Analysis
Profitability: Operating income stands at -$129,112,000 with an operating (EBIT) margin of -125.23%, markedly below the industry peer mean of -0.75% and outside the industry peer range low of -51.23% to high 3.39%. QoQ change in EBIT margin shows a -59.42% move and YoY change shows -39.64%, reflecting deep negative margins driven by clinical and development spending.
Liquidity and balance sheet: Cash and short-term investments total $1,196,360,000 and cash equals $53,726,000, producing a current ratio of 17.80 and a cash ratio of 17.49. Both ratios sit well above the industry peer mean current ratio of 3.91, indicating ample near-term liquidity to fund operations and development programs.
Leverage: Total debt equals $49,936,000, debt-to-assets measures 3.87%, and debt-to-equity equals 4.26%, all materially below the industry peer mean debt-to-assets of 18.70%, signaling a conservative capital structure relative to peers.
Growth and investment: Total revenue equals $1,031,000 with revenue per share $0.01095; reported revenue growth reads 1.86% while revenue growth YoY shows -5.93%. R&D spending reached $80,301,000, reflecting continued pipeline investment that drives the operating loss profile.
Cash flow: Operating cash flow equals -$85,851,000 and free cash flow equals -$89,053,000, with a free cash flow yield of -3.10% and a cash flow margin of -109.79%, confirming cash consumption tied to clinical development. Free cash growth shows -0.71% QoQ and -94.94% YoY on the provided scale.
Earnings and market metrics: GAAP EPS came in at -$1.38 versus an estimate of -$1.25, a miss of $0.13 or -10.4%. Forward EPS reads -$0.965 and forward PE remains negative. Price-to-book stands at 2.45, below the industry peer mean of 5.29, while price-to-sales sits at an elevated 2,789.51—well above the industry peer mean of 56.25—reflecting extremely low revenue against market capitalization and expectations priced into the stock.
Valuation: The current valuation as determined by WMDST rates the stock as under-valued, reflecting WMDST’s view of long-term pipeline value versus present market pricing and strong cash resources. That valuation sits alongside pronounced near-term cash burn and negative margins that must convert to commercial revenue to substantiate higher multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 95.9 M |
| Operating Cash Flow | $ -85.85 M | |
| Capital Expenditures | $ -3.20 M | |
| Change In Working Capital | $ 6.6 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -40.84 M | |
| End Period Cash Flow | $ 55.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.0 M | |
| Forward Revenue | $ 202.5 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 959.0 K | |
| Depreciation and Amortization | $ 959.0 K | |
| Research and Development | $ 80.3 M | |
| Total Operating Expenses | $ 130.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -128.15 M | |
| EBIT | $ -129.11 M | |
| Operating Income | $ -129.11 M | |
| Interest Income | $ 13.5 M | |
| Interest Expense | — | |
| Net Interest Income | $ 13.5 M | |
| Income Before Tax | $ -115.64 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -115.64 M | |
| Net Income From Continuing Operations | $ -115.64 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.25 | |
| EPS Actual | $ -1.38 | |
| EPS Difference | $ -0.13 | |
| EPS Surprise | -10.4 % | |
| Forward EPS | $ -0.96 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.3 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 53.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 15.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 11.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 68.4 M | |
| Net Debt | — | |
| Total Debt | $ 49.9 M | |
| Total Liabilities | $ 118.0 M | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -1.16 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 12.45 | |
| Shares Outstanding | 94.126 M | |
| Revenue Per-Share | $ 0.01 | |
| VALUATION | Market Capitalization | $ 2.9 B |
| Enterprise Value | $ 1.7 B | |
| Enterprise Multiple | -13.496 | |
| Enterprise Multiple QoQ | -25.251 % | |
| Enterprise Multiple YoY | -63.263 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 17.473 mean: 5.501 CRNX: -13.496 low: -68.907 |
|
| EV/R | 1677.56 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.101 | |
| Asset To Liability | 10.924 | |
| Debt To Capital | 0.041 | |
| Debt To Assets | 0.039 | |
| Debt To Assets QoQ | 3.724 % | |
| Debt To Assets YoY | 143.216 % | |
| Debt To Assets IPRWA | high: 0.995 mean: 0.187 median: 0.062 CRNX: 0.039 low: 0.0 |
|
| Debt To Equity | 0.043 | |
| Debt To Equity QoQ | 5.157 % | |
| Debt To Equity YoY | 137.835 % | |
| Debt To Equity IPRWA | high: 1.706 mean: 0.25 median: 0.059 CRNX: 0.043 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.455 | |
| Price To Book QoQ | -4.338 % | |
| Price To Book YoY | -47.187 % | |
| Price To Book IPRWA | high: 16.592 median: 6.295 mean: 5.287 CRNX: 2.455 low: -10.064 |
|
| Price To Earnings (P/E) | -25.203 | |
| Price To Earnings QoQ | -23.74 % | |
| Price To Earnings YoY | -51.337 % | |
| Price To Earnings IPRWA | high: 44.732 mean: -11.165 median: -13.453 CRNX: -25.203 low: -73.374 |
|
| PE/G Ratio | -1.38 | |
| Price To Sales (P/S) | 2789.514 | |
| Price To Sales QoQ | -68.707 % | |
| Price To Sales YoY | -71.178 % | |
| Price To Sales IPRWA | CRNX: 2789.514 high: 517.227 mean: 56.252 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -33.352 | |
| Forward PE/G | -1.826 | |
| Forward P/S | 14205.29 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.086 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.001 | |
| Asset Turnover Ratio QoQ | 200.0 % | |
| Asset Turnover Ratio YoY | 85.714 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 mean: 0.115 median: 0.113 CRNX: 0.001 low: -0.001 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.001 | |
| CapEx To Revenue | -3.106 | |
| CapEx To Depreciation | -3.339 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.2 B | |
| Net Invested Capital | $ 1.2 B | |
| Invested Capital | $ 1.2 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 1.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 17.492 | |
| Current Ratio | 17.797 | |
| Current Ratio QoQ | -20.996 % | |
| Current Ratio YoY | 10.63 % | |
| Current Ratio IPRWA | high: 25.128 CRNX: 17.797 mean: 3.906 median: 2.52 low: 0.021 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.39 | |
| Cost Of Debt | 3.936 % | |
| Interest Coverage Ratio | -65.109 | |
| Interest Coverage Ratio QoQ | 15.894 % | |
| Interest Coverage Ratio YoY | 55.964 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 44.767 median: 2.742 CRNX: -65.109 low: -1580.294 |
|
| Operating Cash Flow Ratio | -1.655 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.271 % | |
| Revenue Growth | 185.596 % | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | -592.872 % | |
| Revenue Growth IPRWA | high: 269.352 % CRNX: 185.596 % mean: 20.042 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | 18.269 % | |
| Earnings Growth QoQ | 0.478 % | |
| Earnings Growth YoY | 1599.442 % | |
| Earnings Growth IPRWA | high: 175.0 % CRNX: 18.269 % median: 11.33 % mean: 2.362 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -12522.987 % | |
| EBIT Margin QoQ | -59.42 % | |
| EBIT Margin YoY | -39.641 % | |
| EBIT Margin IPRWA | high: 338.783 % median: 23.755 % mean: -75.178 % low: -5123.44 % CRNX: -12522.987 % |
|
| Return On Sales (ROS) | -12522.987 % | |
| Return On Sales QoQ | -59.42 % | |
| Return On Sales YoY | -39.641 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % mean: -77.222 % low: -5293.929 % CRNX: -12522.987 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -89.05 M | |
| Free Cash Flow Yield | -3.096 % | |
| Free Cash Flow Yield QoQ | 11.087 % | |
| Free Cash Flow Yield YoY | 156.716 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.332 % CRNX: -3.096 % low: -74.318 % |
|
| Free Cash Growth | -0.711 % | |
| Free Cash Growth QoQ | -101.947 % | |
| Free Cash Growth YoY | -94.941 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.562 % mean: 3.851 % CRNX: -0.711 % low: -183.577 % |
|
| Free Cash To Net Income | 0.77 | |
| Cash Flow Margin | -10979.146 % | |
| Cash Flow To Earnings | 0.979 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -8.724 % | |
| Return On Assets QoQ | 26.015 % | |
| Return On Assets YoY | 12.713 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.378 % CRNX: -8.724 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -10.573 % | |
| Return On Equity (ROE) | -0.099 | |
| Return On Equity QoQ | 27.912 % | |
| Return On Equity YoY | 10.736 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 mean: 0.008 CRNX: -0.099 low: -1.572 |
|
| DuPont ROE | -9.561 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |