CRNX

Crinetics just crossed the most important threshold in biotech: PALSONIFY (paltusotine) received FDA approval on September 25, 2025 as the first and only once-daily oral somatostatin receptor ligand for acromegaly, and the MD&A reports $5.4M of net product revenue in Q4 2025 alone — meaning the bulk of FY2025's $7.7M revenue came from just one commercial quarter, with launch metrics (200+ enrollment forms, 125+ unique prescribers, ~50% reimbursed without bridge supplies) that look orderly for a rare-disease launch. The CHMP positive opinion in February 2026 puts EU approval on track for H1 2026, and the pipeline behind PALSONIFY (atumelnant in CAH with Phase 3 CALM-CAH and Phase 2/3 BALANCE-CAH dosing started, CRN09682 in Phase 1/2) is genuinely deep for a sub-$4B company.

The numbers, however, are still pre-commercial in character. FY2025 revenue of $7.70M against a -$465M net loss and -$378M operating cash burn yields a -6,047% net margin and a -46.9% ROE — these ratios are uninterpretable in the usual sense; what matters is runway. Cash & equivalents fell 61.6% to $102M at year-end 2025, but the company explicitly disclosed an $380M January 2026 follow-on at $45.95/share that lifted the cash-and-investments stack to ~$1.4B. That dilutes shareholders (shares already +12.5% YoY to 105M, plus another ~8.76M issued) but buys multi-year runway against a burn that the MD&A warns will keep rising as commercialization scales.