Crinetics Pharmaceuticals Inc Reports Q2 2024 Financial Results
Crinetics Pharmaceuticals, Inc. Reports Q2 2024 Financial Results
1. Overview
Crinetics Pharmaceuticals, Inc. reported its financial results for the quarter ending June 30, 2024.
2. Key Financial Metrics
Financial Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates (Q2 2024) |
---|---|---|---|---|---|---|
Revenue | $510k | $510k | $- | - | - | $510k |
Earnings per Share (EPS) | $-0.86 | $- | $-0.86 | - | - | $-0.86 |
Net Loss | $73,811k | $62,480k | $51,923k | 42% | 18% | - |
Interpretation : Crinetics Pharmaceuticals saw revenue of $510,000 in Q2 2024, consistent with the Wall Street consensus estimates. The company reported an EPS of -$0.86, also aligned with expectations. Year-over-year, the net loss widened by 42%, reflecting increased spending primarily on research and development as well as general and administrative costs. Quarter-over-quarter, the net loss increased by 18%.
3. Revenue Performance by Segment
Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
---|---|---|---|
License Revenues | $300k | $600k | -50% |
Clinical Supply Revenues | $100k | $400k | -75% |
Other Revenues | $110k | $- | - |
Interpretation : The revenue from licensing has decreased by 50% YoY to $300,000. Clinical supply revenues dropped significantly by 75% to $100,000. The company has started to generate other revenues amounting to $110,000 this quarter which was nonexistent in the previous year's quarter.
4. Comments from Company's Officers
CEO Comments : Crinetics CEO “not provided”.
5. Stock Price Movement
The company's stock price saw a 5.05% increase after the earnings release.
This report has been organized to remove unnecessary sections and improve clarity for investors.
Impressive Revenue Growth in Third Quarter 2024 51Talk Q3 2024 Earnings Report51Talk Online Educat
Costco Wholesale Corporation Reports First Quarter Financial Results
Quanex Building Products Corporation Reports Q4 and Fiscal 2024 Financial Results
Share