Operating losses have widened to $140.4M in 2026Q1, as R&D expenses surged to $100.1M, significantly outpacing the company's ability to generate consistent revenue.
| Sales/Revenue | 18.07M | 7.7M | 1.04M | 4.01M | 4.74M | 1.08M | 71K | 1.19M | 2.43M | 2.04M | 589K |
| Revenue Growth % | 2277.5% | 640.71% | -74.11% | -15.28% | 339.42% | 1418.31% | -94.05% | -50.86% | 18.73% | 247.2% | - |
| Cost of Goods Sold | 200K | 1.08M | 0 | 0 | 0 | 0 | 57M | 1.11M | 24.48M | 9.23M | 5.1M |
| COGS % of Revenue | - | 13.98% | - | - | - | - | 80278.87% | 93.29% | 1008.2% | 451.49% | 865.87% |
| Gross Profit | 17.87M | 6.62M | 1.04M | 4.01M | 4.74M | 1.08M | -56.93M | 80K | -22.05M | -7.19M | -4.51M |
| Gross Margin % | 98.89% | 86.02% | 100% | 100% | 100% | 100% | -80178.87% | 6.71% | -908.2% | -351.49% | -765.87% |
| Gross Profit Growth % | - | 537.15% | -74.11% | -15.28% | 339.42% | 101.89% | -71258.75% | 100.36% | -206.78% | -59.34% | - |
| Operating Expenses | 563.61M | 523.39M | 339.89M | 226.62M | 172.62M | 108.78M | 18.03M | 53.83M | 28.71M | 9.13M | 6.04M |
| OpEx % of Revenue | - | 6800.79% | 32713.47% | 5647.17% | 3644.06% | 10090.91% | 25388.73% | 4512.32% | 1182.45% | 446.31% | 1026.15% |
| Selling, General & Admin | 206.64M | 191.33M | 99.74M | 58.09M | 42.39M | 24.52M | 18.03M | 13.52M | 6.66M | 1.94M | 1.53M |
| SG&A % of Revenue | - | 2486.11% | 9599.33% | 1447.65% | 894.95% | 2275.05% | 25388.73% | 1133.19% | 274.26% | 94.82% | 260.27% |
| Research & Development | 355.9M | 332.06M | 240.16M | 168.53M | 130.22M | 84.25M | 57.6M | 41.51M | 24.48M | 9.23M | 5.1M |
| R&D % of Revenue | - | 4314.68% | 23114.15% | 4199.53% | 2749.1% | 7815.86% | 81123.94% | 3479.13% | 1008.2% | 451.49% | 865.87% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | -57.6M | -1.19M | 1.59M | -48K | -1K |
| Operating Income | -545.74M | -516.77M | -338.85M | -222.61M | -167.88M | -107.7M | -74.95M | -53.83M | -28.71M | -9.13M | -6.04M |
| Operating Margin % | -3020.32% | -6714.77% | -32613.47% | -5547.17% | -3544.06% | -9990.91% | -105567.61% | -4512.32% | -1182.45% | -446.31% | -1026.15% |
| Operating Income Growth % | - | -52.5% | -52.22% | -32.6% | -55.88% | -43.69% | -39.23% | -87.5% | -214.56% | -51.01% | - |
| EBITDA | -541.62M | -512.88M | -336.07M | -221.51M | -166.9M | -106.78M | -74M | -52.72M | -28.24M | -9M | -5.95M |
| EBITDA Margin % | -2997.49% | -6664.23% | -32345.43% | -5519.81% | -3523.31% | -9905.38% | -104232.39% | -4419.03% | -1163.06% | -440.05% | -1010.53% |
| EBITDA Growth % | -45.01% | -52.61% | -51.72% | -32.72% | -56.3% | -44.29% | -40.38% | -86.69% | -213.8% | -51.19% | - |
| D&A (Non-Cash Add-back) | 4.13M | 3.89M | 2.79M | 1.1M | 983K | 922K | 948K | 1.11M | 471K | 128K | 92K |
| EBIT | -545.74M | -516.77M | -338.85M | -222.61M | -167.88M | -107.7M | -74.95M | -53.83M | -27.11M | -9.15M | -6.01M |
| Net Interest Income | 49.82M | 51.99M | 41.44M | 13.44M | 4.32M | 157K | 991K | 3.46M | 0 | 18K | 26K |
| Interest Income | 49.82M | 51.99M | 41.44M | 13.44M | 4.32M | 157K | 991K | 3.46M | 1.75M | 26K | 37K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 11K |
| Other Income/Expense | 49.53M | 51.63M | 40.45M | 8.08M | 3.96M | 61K | 1.14M | 3.41M | 1.59M | -30K | 25K |
| Pretax Income | -496.21M | -465.14M | -298.41M | -214.53M | -163.92M | -107.64M | -73.81M | -50.42M | -27.11M | -9.16M | -6.02M |
| Pretax Margin % | -2746.18% | -6043.88% | -28720.69% | -5345.85% | -3460.38% | -9985.25% | -103960.56% | -4226.49% | -1116.76% | -447.78% | -1021.9% |
| Income Tax | 180K | 180K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40K | 10K |
| Effective Tax Rate % | -0.04% | -0.04% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.44% | -0.17% |
| Net Income | -496.39M | -465.32M | -298.41M | -214.53M | -163.92M | -107.64M | -73.81M | -49.53M | -27.11M | -9.16M | -6.02M |
| Net Margin % | -2747.18% | -6046.22% | -28720.69% | -5345.85% | -3460.38% | -9985.25% | -103960.56% | -4152.14% | -1116.76% | -447.78% | -1021.9% |
| Net Income Growth % | -51.22% | -55.93% | -39.1% | -30.88% | -52.28% | -45.83% | -49.01% | -82.68% | -196.11% | -52.13% | - |
| Net Income (Continuing) | -496.39M | -465.32M | -298.41M | -214.53M | -163.92M | -107.64M | -73.81M | -50.42M | -27.11M | -9.16M | -6.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.77 | -4.95 | -3.69 | -3.69 | -3.15 | -2.80 | -2.42 | -2.05 | -2.23 | -0.66 | -0.43 |
| EPS Growth % | -34.55% | -34.15% | 0% | -17.14% | -12.5% | -15.7% | -18.05% | 8.07% | -237.88% | -53.49% | - |
| EPS (Basic) | - | -4.95 | -3.69 | -3.69 | -3.15 | -2.80 | -2.42 | -2.05 | -2.23 | -0.66 | -0.43 |
| Diluted Shares Outstanding | 104.1M | 94.06M | 80.78M | 58.07M | 51.98M | 38.44M | 30.45M | 24.18M | 12.14M | 13.88M | 13.88M |
| Basic Shares Outstanding | 104.1M | 94.06M | 80.78M | 58.07M | 51.98M | 38.44M | 30.45M | 24.18M | 12.14M | 13.88M | 13.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial binary dependency
As indicated by the quarterly income statements, CRNX's revenue remains highly erratic, with a 28.7% year-over-year growth rate in 2026Q1 that appears driven by non-recurring collaboration milestones rather than sustainable product sales, highlighting the company's current status as a pre-commercial, project-based research organization.
The lack of consistent revenue streams suggests that top-line growth is currently a function of partnership timing rather than market penetration. Investors should monitor the transition from milestone-based income to recurring product revenue, as the current trajectory provides little insight into the long-term commercial viability of the pipeline.
According to the provided financial data, R&D expenses have steadily climbed from $45.6M in 2023Q4 to $100.1M in 2026Q1, reflecting the intensive capital requirements of advancing late-stage clinical assets while simultaneously managing a significant stock-based compensation burden that reached $29.7M in the most recent quarter.
The consistent expansion of the cost base indicates that management is prioritizing pipeline acceleration over near-term expense discipline. This aggressive spending profile warrants investigation into whether the current R&D intensity is sustainable without further dilutive financing or a strategic partnership to offset clinical trial costs.
Based on reported figures, CRNX exhibits a severe lack of operating leverage, with operating losses widening to $140.4M in 2026Q1 as SG&A and R&D costs continue to outpace the company's ability to generate meaningful revenue, resulting in an operating margin that remains deeply in negative territory.
The widening gap between operating expenses and revenue suggests that the company is currently in a high-burn phase typical of late-stage biotech. Until the lead asset reaches commercialization, the company will likely remain dependent on external capital to fund its operations, as there is no evidence of scaling efficiency.
Financial statements reveal that stock-based compensation has become a substantial non-cash expense, rising to $29.7M in 2026Q1, which significantly impacts the quality of reported net income and suggests that talent retention is a major, albeit costly, component of the company's current operating strategy.
The reliance on equity-based incentives to manage human capital costs may mask the true cash-burn reality of the business. Analysts should adjust for these non-cash charges to better understand the underlying operational efficiency and the potential for future shareholder dilution as these grants vest.
Quick answers to the most common questions about buying CRNX stock.
For fiscal year 2025, Crinetics Pharmaceuticals, Inc. (CRNX) reported total revenue of $7.7M. This represents a 1206.6% increase compared to $0.6M in 2016.
Crinetics Pharmaceuticals, Inc. (CRNX) reported a net loss of $465.3M for the fiscal year ending 2025.
Crinetics Pharmaceuticals, Inc. (CRNX) reported an operating income of $-516.8M, resulting in an operating profit margin of -6714.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Crinetics Pharmaceuticals, Inc. (CRNX) generated $6.6M in gross profit for the year, representing a gross profit margin of 86.0%. This demonstrates the company's core pricing power and production efficiency.