Cash, cash equivalents and investment securities rose to $1.2 billion as of June 30, from $1.0 billion at year-end.
Vertex agreed to acquire Crinetics for $85 per share in cash, valuing equity at about $10 billion; the deal is expected to close in Q3.
Quarterly revenue rises on PALSONIFY sales
Crinetics posted revenue of $25.12 million, up from $1.03 million a year earlier, driven by $24.04 million in PALSONIFY net product revenue.
Net loss widened to $120.86 million, versus $115.64 million a year earlier, as research and development spending climbed to $99.85 million.
Selling, general and administrative expenses increased to $57.57 million on commercial infrastructure investment, timing of commercial spend and transaction-related costs tied to Vertex.
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