Liquidity is tightening as the cash position dropped from $395.9M in 2024Q1 to $114.3M in 2026Q1, driven by an aggressive clinical trial expenditure profile.
| Cash from Operations | -414.17M | -377.92M | -225.97M | -166.31M | -115.2M | -88.59M | -62.03M | -46.38M | -19.46M | -9.48M | -5.47M |
| Operating CF Margin % | - | -4910.63% | -21748.8% | -4144.21% | -2432.02% | -8217.81% | -87361.97% | -3887.76% | -801.44% | -463.52% | -928.35% |
| Operating CF Growth % | -246.94% | -67.24% | -35.88% | -44.36% | -30.05% | -42.82% | -33.73% | -138.35% | -105.29% | -73.35% | - |
| Net Income | -496.39M | -465.32M | -298.41M | -214.53M | -163.92M | -107.64M | -73.81M | -50.42M | -27.11M | -9.16M | -6.02M |
| Depreciation & Amortization | 4.13M | 3.89M | 2.79M | 1.1M | 983K | 922K | 948K | 887K | 471K | 128K | 92K |
| Stock-Based Compensation | 100.23M | 91.02M | 69.39M | 40.94M | 28.27M | 17.35M | 10.43M | 6.29M | 2.32M | 271K | 270K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 422K | -227K | -1.23M | 0 | 0 | 0 |
| Other Non-Cash Items | -10.31M | -12.36M | -11.37M | -1.86M | 850K | -739K | 261K | 222K | -433K | 480K | 154K |
| Working Capital Changes | -11.82M | 4.84M | 11.63M | 8.04M | 18.61M | 1.1M | 376K | -2.13M | 5.3M | -721K | 189K |
| Change in Receivables | -5.09M | -592K | 17.54M | 14.65M | 10.99M | 6.29M | 2.72M | 0 | 0 | 0 | 0 |
| Change in Inventory | -909K | -2.02M | 0 | 0 | 0 | -6.29M | -2.72M | 0 | 0 | 0 | 0 |
| Change in Payables | 18.27M | 28.98M | 0 | 0 | 0 | 6.29M | 2.72M | 696K | 7.36M | 47K | 300K |
| Cash from Investing | 7.51M | 173.91M | -574.82M | -200.41M | -173.98M | -56.48M | 217K | 41.67M | -119.46M | -304K | -190K |
| Capital Expenditures | -5.34M | -5.76M | -3.84M | -4.69M | -1.66M | -436K | -186K | -492K | -1.06M | -304K | -190K |
| CapEx % of Revenue | 29.57% | 74.87% | 369.97% | 116.82% | 34.96% | 40.45% | 261.97% | 41.24% | 43.62% | 14.87% | 32.26% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 422K | -227K | -1.23M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 578K | 15.43M | 0 | 0 | 0 | -422K | 227K | 1.23M | -118.4M | 0 | 0 |
| Cash from Financing | 426.05M | 40.61M | 1.01B | 388.94M | 121.96M | 252.68M | 114.57M | 67K | 170.2M | 11.82M | -53K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -212K | -48K |
| Equity Issued (Net) | 426.05M | 40.61M | 970.05M | 369.02M | 117.24M | 249.54M | 114.28M | -59K | 169.75M | 11.97M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -59K | 0 | 0 | -5K |
| Other Financing | 0 | 0 | 40.39M | 19.93M | 4.72M | 3.14M | 288K | 126K | 451K | 66K | -5K |
| Net Change in Cash | 19.27M | -163.51M | 209.65M | 22.22M | -167.22M | 107.61M | 52.76M | -4.65M | 31.28M | 2.04M | -5.71M |
| Free Cash Flow | -419.52M | -383.68M | -229.81M | -171M | -116.86M | -89.02M | -62.21M | -46.87M | -20.52M | -9.78M | -5.66M |
| FCF Margin % | -2321.74% | -4985.5% | -22118.77% | -4261.03% | -2466.98% | -8258.26% | -87623.94% | -3929% | -845.06% | -478.39% | -960.61% |
| FCF Growth % | -58.12% | -66.95% | -34.4% | -46.32% | -31.27% | -43.1% | -32.73% | -128.45% | -109.73% | -72.91% | - |
| FCF per Share | -4.03 | -4.08 | -2.84 | -2.94 | -2.25 | -2.32 | -2.04 | -1.94 | -1.69 | -0.70 | -0.41 |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.81x | 0.76x | 0.78x | 0.70x | 0.82x | 0.84x | 0.94x | 0.72x | 1.04x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial binary dependency
According to the quarterly cash flow statements, the company consistently reports an OCF/NI ratio ranging from 0.64 to 0.98, suggesting that while net losses are significant, the cash burn is slightly mitigated by non-cash expenses like stock-based compensation rather than actual operational efficiency or revenue generation.
The persistent gap between net income and operating cash flow highlights that the company's losses are primarily driven by heavy R&D investment rather than accounting write-downs. Investors should monitor this conversion ratio, as it suggests that a substantial portion of the reported net loss is effectively subsidized by non-cash equity grants used to retain research talent.
As reported in financial statements, free cash flow has deteriorated from a quarterly outflow of $39.5M in 2023Q4 to $125.5M in 2026Q1, reflecting an aggressive expansion of clinical trial activities that continues to outpace the company's ability to generate any meaningful, sustainable cash inflows from operations.
The trajectory of free cash flow indicates that the company is in a high-intensity phase of capital consumption, with no signs of margin stabilization. This trend suggests that the firm is prioritizing rapid pipeline advancement over cash preservation, which may necessitate further dilutive financing to sustain operations through the next clinical milestones.
Based on CRNX's reported figures, capital expenditures remain relatively low, peaking at $3.2M in 2025Q2, which indicates that the company's cash burn is overwhelmingly driven by operating expenses and clinical trial costs rather than significant investments in physical infrastructure or long-lived manufacturing assets.
The low capital intensity relative to revenue suggests that the company is operating as a lean, R&D-focused entity that relies on external CROs and laboratory partnerships. This asset-light model is typical for clinical-stage biotech, but it leaves the company highly vulnerable to cost inflation in outsourced clinical services.
Analysis of recent filings shows erratic working capital fluctuations, including a $26.2M outflow in 2026Q1, which suggests that the timing of milestone-related payments and clinical trial accruals creates significant quarterly volatility in the company's liquidity position that is not tied to core operational performance.
These swings in working capital appear to be a byproduct of the company's project-based revenue model and the lumpy nature of clinical trial expenses. Investors should be cautious in interpreting these quarterly changes as indicators of operational efficiency, as they are likely driven by the timing of contract payments rather than underlying business trends.
Based on the provided data, stock-based compensation has surged to $29.7M in 2026Q1, effectively acting as a non-cash buffer that obscures the true economic cost of talent retention and makes the company's operating cash flow appear more resilient than the underlying cash burn would otherwise suggest.
The reliance on equity-based compensation is a critical factor for analysts to adjust for when modeling the company's long-term cash runway. By treating these grants as non-cash expenses, the company avoids immediate cash outflows, but this practice creates a persistent dilution risk that shareholders must account for in their valuation models.
Quick answers to the most common questions about buying CRNX stock.
Crinetics Pharmaceuticals, Inc. (CRNX) generated $-377.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crinetics Pharmaceuticals, Inc. (CRNX) reported negative free cash flow of $383.7M in 2025, indicating capital requirements exceeded cash from operations.
Crinetics Pharmaceuticals, Inc. (CRNX) spent $5.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.