Crinetics Reports Strong Palsonify Launch but Faces Rising Costs — Crinetics Pharmaceuticals, Inc.

Event summary

$5.4M in net product revenue from Palsonify in Q4 2025, with over 200 enrollment forms by December end.
Phase 2/3 study of Atumelnant for ACTH-dependent Cushing’s Syndrome to initiate in H1 2026.
Three pivotal trials initiated for early- and late-stage candidates.
$465.3M net loss for full year 2025, up from $298.4M in 2024.

The big picture

Crinetics' strong Q4 2025 performance with Palsonify highlights its ability to commercialize innovative therapies. However, rising costs and multiple ongoing trials pose execution risks. The company's strategic focus on endocrine diseases positions it in a growing market, but cost control will be critical for long-term sustainability.

What we're watching

Revenue Scaling: Whether Palsonify can sustain its strong launch momentum and drive significant revenue growth in 2026.
Cost Management: The pace at which Crinetics can control rising R&D and SG&A expenses amid multiple clinical trials.
Regulatory Milestones: How the EMA's decision on Palsonify's marketing authorization will impact its European market entry.