On August 3, 2026 Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a global pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors, reported financial results for the second quarter ended June 30, 2026.

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Company Announcements and Second Quarter Highlights:
-On July 6, 2026, Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) and Crinetics announced that the companies have entered into a definitive agreement under which Vertex will acquire Crinetics for $85.00 per share in cash, for a total equity value of approximately $10.0 billion, or approximately $8.8 billion net of estimated cash acquired. The transaction was unanimously approved by both the Vertex and Crinetics Boards of Directors and is anticipated to close in the third quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals and approval by Crinetics stockholders.
-Announced that the U.S. Food and Drug Administration (FDA) has granted a Rare Pediatric Disease Designation (RPDD) to atumelnant, a novel, once-daily oral adrenocorticotropic hormone (ACTH) receptor antagonist investigational candidate in Phase 3 clinical development for the treatment of classic congenital adrenal hyperplasia (CAH) in both pediatric patients and adults.
-Reported $24.0 million in net product revenue, reflecting the growing adoption of PALSONIFY as the preferred choice for the acromegaly community.
-Received 245 enrollment forms1 during the second quarter of 2026. Breadth and depth of PALSONIFY prescribers continued to expand, with 385 unique healthcare providers (HCPs) having prescribed PALSONIFY within the first three quarters of launch.
-Over 70% of patients treated with PALSONIFY at the end of the second quarter of 2026 were on reimbursed therapy.

Second Quarter 2026 Financial Results:
•Revenue was $25.1 million for the quarter ended June 30, 2026, compared to $1.0 million for the same period in 2025. Revenue for the quarter ended June 30, 2026 includes $24.0 million in net product revenue from the U.S. commercial launch of PALSONIFY, up from $10.3 million in net product revenue reported in the first quarter of 2026.
•Cost of product revenue was $0.2 million for the quarter ended June 30, 2026, primarily related to distribution, packaging, and fulfillment of PALSONIFY.

•Research and development expenses were $99.9 million for the quarter ended June 30, 2026, compared to $80.3 million for the same period in 2025, and compared to $100.1 million in the quarter ended March 31, 2026. The increase compared to the prior year period was primarily attributable to increased investment in our clinical programs and an increase in personnel costs. Research and development expenses for the current quarter were generally consistent with the sequential period.
•Selling, general and administrative expenses were $57.6 million for the quarter ended June 30, 2026, compared to $49.8 million for the same period in 2025, and compared to $50.8 million in the quarter ended March 31, 2026. The increase compared to the prior year period is related to investments in our corporate infrastructure as we transition into a commercial-stage company. The increase compared to the prior quarter reflects timing of commercial investment and costs related to the proposed transaction with Vertex.
•Net loss was $120.9 million for the quarter ended June 30, 2026, compared to net loss of $115.6 million for the same period in 2025.
•Cash, cash equivalents, and investment securities totaled $1.2 billion as of June 30, 2026, compared to $1.0 billion as of December 31, 2025.

Business Outlook and Conference Call
In light of Crinetics’ July 6, 2026 announcement regarding the proposed transaction with Vertex, Crinetics will not be providing updated guidance and is withdrawing its previously issued guidance. In addition, Crinetics will not host an earnings conference call or webcast reporting on its second quarter 2026 results.

(Press release, Crinetics Pharmaceuticals, AUG 3, 2026, View Source [SID1234669616])