Crinetics Pharmaceuticals, Inc. reported its fourth‑quarter 2025 financial results, posting net product revenue of $5.4 million from its newly approved drug PALSONIFY. The figure represents the company’s first commercial sales following FDA approval of the once‑daily oral therapy for acromegaly on September 25 2025. The company also reported earnings per share of –$1.29, a beat of the consensus estimate of –$1.34, and total revenue of $6.1–$6.2 million, surpassing the $4 million forecast.
The revenue beat was driven by strong demand for PALSONIFY, with pricing and market penetration exceeding expectations. Cost of product revenue was $1.1 million, giving a gross margin of roughly 80 %. The company’s disciplined cost management helped offset the large net loss of $122.8 million for the quarter, while the revenue growth and margin expansion signaled the first step toward a sustainable commercial model.
In the prior year, Crinetics generated no revenue in Q4 2024 and only $1.0 million for the full year, underscoring the magnitude of the current quarter’s performance. The company’s net loss for the year was $465.3 million, but it ended 2025 with more than $1 billion in cash, bolstered by a $380 million public offering in January 2026. Operating expenses for 2026 are expected to range between $600 million and $650 million, reflecting continued investment in commercialization and pipeline development.
The earnings release also highlighted progress in the company’s pipeline. Over 200 enrollment forms were received for the Phase 2/3 study of atumelnant, a candidate for ACTH‑dependent Cushing’s syndrome. New trials were initiated, including the BRAVESST2 Phase 1/2 study of CRN09682 and pivotal studies for paltusotine and atumelnant, expanding the company’s therapeutic portfolio across endocrinology.
Management emphasized the significance of the launch. "2025 was a breakout year for Crinetics, as the approval and launch of Palsonify demonstrated our ability to bring an innovative therapy from concept to the patients who need it most. With strong launch dynamics, we are now focused on building a business capable of scaling that success. We have the commercial infrastructure, the pipeline depth and the capital to build a premier, multi‑product company that will define the future of endocrinology," said CEO Scott Struthers.
CEO Struthers added, "I'm very proud of our team's strong execution of Palsonify's launch in acromegaly. We are delivering impressive results, highlighted by over 200 enrollment forms in the first three months after FDA approval, a broad prescriber base, and continued momentum toward favorable payer coverage. Further, we are excited to announce additional positive atumelnant clinical data which reinforces its potential to become an uncompromising, highly differentiated treatment for people struggling with CAH. Today's launch update and clinical results mark two major steps forward for becoming the premier global endocrine company and to advance our unique portfolio that has been purposefully built to redefine the standard of care for people struggling with endocrine and endocrine‑related diseases."
The company’s earnings beat and revenue growth signal a pivotal transition from a research‑stage company to a revenue‑generating enterprise. The strong launch of PALSONIFY, coupled with a robust pipeline and a solid cash position, positions Crinetics to scale its commercial operations, deepen its market presence, and accelerate the development of additional endocrine therapies.
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