Crinetics Pharmaceuticals, Inc. Q2 FY2024 earnings call

• Scott Struthers highlighted the second quarter 2024 was productive, with positive Phase 2 results for Atumelnant in CAH and Cushing's disease at the Endocrine Society annual meeting. Progress with paltusitine's PATHFINDER Phase 3 acromegaly program, including pre-NDA interactions with FDA and plans to file NDA for acromegaly. Pipeline updates: identified PTH receptor antagonist for hyperparathyroidism, selected SST3 agonist for ADPKD, and progress in Graves' disease and obesity discovery programs. Also, Radionetics' partnership with Eli Lilly was mentioned as a validation of Crinetics' discovery platform. • Dana Pizzuti discussed paltusitine's NDA progress for acromegaly, with pre-NDA interactions with FDA, data from PATHFINDER Phase 3 studies, and progress in carcinoid syndrome Phase 2 study. Emphasized patient-centric approach and input from patient advocacy groups. • Jim Hassard outlined commercial strategy for paltusitine, including three pillars: extending prescriber partnerships, empowering patients, and ensuring optimal access. Launched acromegalytruth.com campaign, engaged with payers, and finalized distribution and patient support center. • Marc Wilson reviewed financials: ended Q2 2024 with ~$863M in cash, R&D expenses $58.3M, G&A expenses $24.8M, net loss $74.1M, revenues $0.4M, and cash burn expected to be $50-60M per quarter for remainder of 2024.

No detailed segment-wise financial performance with absolute terms and revenue contribution percentages provided in the transcript.

• Plan to file paltusitine NDA for acromegaly this year. • Initiate Phase 3 program in carcinoid syndrome by end of 2024. • Complete Phase 2 studies of Atumelnant in CAH and Cushing's disease later this year. • Advance early-stage pipeline candidates, including filing IND for PTH receptor antagonist in 2025. • Cash burn expected to be approximately $50 million to $60 million per quarter for the remainder of 2024.

No specific risks section detailed, but forward-looking statements note risks and uncertainties associated with company's business, actual results could differ materially from stated or implied due to risks in SEC filings.

Q: Jessica Fye of JP Morgan asked about additional insights from Phase 2 updates in CAH and Cushing's coming later this year.

A: Alan Krasner said final or top-line results were hoped for, with dose response relationship fully described to aid Phase 3 design.

Q: Yasmeen Rahimi of Piper Sandler asked about carcinoid engagement with agency.

A: Dana Pizzuti stated they were ready to engage with the agency and the trial for carcinoid was expected to be kicked off by the end of 2024.

Q: Dennis Ding of Jefferies asked about pricing strategy for Atumelnant.

A: Jim Hassard said it was too early to talk about pricing, but they were engaged with payers and had encouraging conversations.