Crinetics Pharmaceuticals Inc Reports Q2 2024 Financial Results

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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.