$25.1 million. That was Crinetics' revenue in the latest reported period, up from $1.0 million in the comparable period a year earlier, a 2,336.3% jump that is hard to miss.
The commercial launch of PALSONIFY is now visible in the income statement. Crinetics' stock closed at $83.53 on July 31, up 185.8% over the past year. The surface-level read is a biotech now turning a pipeline into sales.
The less tidy part is that the loss barely moved. Operating loss widened to $132.5 million from $129.1 million, while net loss increased to $120.9 million from $115.6 million. Diluted shares also rose 12.5% to 105.6 million, so the revenue surge has not yet produced operating leverage in the reported figures.
Cash offers a similar split screen. Crinetics ended the period with $55.5 million in cash, only modestly above $53.7 million a year earlier. Over six months, it used $218.9 million in operating cash, up from $174.3 million, while financing provided $398.8 million.
Management tied the higher operating cash use to the cost of building the commercial business and advancing its clinical programs:
"The increase in cash used in operating activities was primarily due to expenditures related to supporting our commercial growth and the advancement of our clinical programs offset by cash receipts from net product sales."
10-Q 2026-08-03
That is the central tradeoff in the filing: PALSONIFY is producing receipts, but the company is spending heavily to support the launch and its pipeline. Lower purchases of property and equipment helped reduce capital spending, but that did not stop operating cash use from increasing.
The clinical side is not standing still either. Crinetics said research and development spending rose mainly because of atumelnant trial costs and clinical supply manufacturing:
"The increase in research and development expenses for the three and six months ended June 30, 2026 compared to the prior year periods was primarily driven by higher clinical trial costs and clinical supply manufacturing associated with atumelnant."
10-Q 2026-08-03
The annual history makes the base effect plain. Revenue was $7.7 million in 2025, up 640.7%, but the company still recorded a -6714.8% operating margin. At a $7.9 billion market cap and 1007.7 times enterprise value to sales based on that latest annual revenue, the commercial ramp is being measured against a very small denominator and a large cost structure.
There is also a corporate deadline attached to the numbers. Crinetics disclosed that its merger with Vertex Pharmaceuticals, ticker VERX, is currently expected to close in the third quarter of 2026, subject to shareholder approval, antitrust review, and foreign regulatory clearances. That makes the next disclosures about the merger part of the business picture, not just a footnote to the launch.
The open loop is concrete: Crinetics' next quarterly report will give readers another revenue figure to compare with $25.1 million, alongside the six-month operating cash use of $218.9 million.
Crinetics reported $25.1 million in revenue and $218.9 million of six-month operating cash use for the period ended June 30, 2026.