Crinetics Pharmaceuticals priced an underwritten offering of 7.62 million common shares, generating gross proceeds of approximately $350 million before discounts, commissions and offering expenses. The company has also granted underwriters a 30-day option to purchase up to an additional 1.143 million shares. The transaction is expected to close on or about January 8, 2026, subject to customary closing conditions. Joint book-running managers include Leerink Partners, J.P. Morgan, Evercore ISI, Piper Sandler and Cantor, with Baird serving as lead manager.

Net proceeds, together with existing cash and investments, will fund the U.S. commercialization of PALSONIFY™, ongoing research and development of product candidates including late-stage atumelnant and CRN09682, capital expenditures and general corporate purposes. Crinetics may also allocate a portion of remaining proceeds toward in-licensing or acquiring complementary technologies or assets, although no commitments are in place.

In the fourth quarter of 2025, Crinetics recorded unaudited net product revenue of over $5 million from U.S. PALSONIFY sales. More than 200 enrollment forms had been submitted by the end of December, representing over 125 unique prescribers. Approximately half of new prescriptions were reimbursed without bridge support, and most prior authorizations are being granted for 12 months, underscoring strong payer engagement and broad formulary inclusion.

In cohort 4 of the open-label Phase 2 TouCAHn trial for congenital adrenal hyperplasia, 8 of 10 enrolled patients completed 12 weeks of daily 80 mg atumelnant. Mean androstenedione levels fell by 67%, and 88% of completers successfully reduced glucocorticoid dosing to physiologic replacement levels. No serious or hepatic transaminase–related adverse events were observed, and the safety profile remained favorable in both the cohort and open-label extension, which now includes over 25 enrolled patients with cumulative exposure exceeding 750 weeks.