second quarter 2026
Filed Aug 3, 2026PALSONIFY® (Paltusotine) Net Product Revenue of $24.0 Million for Second-Quarter 2026; Vertex agreement values Crinetics at approximately $10.0 billion in total equity value.
PALSONIFY net product revenue reached $24.0 million and rose from $10.3 million in the first quarter of 2026, while revenue increased to $25.1 million from $1.0 million in the prior-year quarter. However, Crinetics reported a $120.9 million net loss, increased selling, general and administrative expense, withdrew prior guidance, and is pursuing a proposed acquisition by Vertex.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product revenue, netGAAP | $24.0 million | – | – |
| Collaboration and license revenueGAAP | $ 1,080 (in thousands) | – | – |
| Total revenueGAAP | $25.1 million | – | – |
| Cost of product revenueGAAP | $0.2 million | – | – |
| Research and development expensesGAAP | $99.9 million | – | – |
| Selling, general and administrative expensesGAAP | $57.6 million | – | – |
| Total operating expensesGAAP | $ 157,577 (in thousands) | – | – |
| Loss from operationsGAAP | $ (132,459) (in thousands) | – | – |
| Total other income, netGAAP | $ 11,604 (in thousands) | – | – |
| Net lossGAAP | $120.9 million | – | – |
| Net loss per share — basic and dilutedGAAP | $ (1.14) | – | – |
| Weighted average shares — basic and dilutedGAAP | 105,560 (in thousands) | – | – |
| Six months ended June 30 product revenue, netGAAP | $ 34,344 (in thousands) | – | – |
| Six months ended June 30 collaboration and license revenueGAAP | $ 1,508 (in thousands) | – | – |
| Six months ended June 30 total revenueGAAP | $ 35,852 (in thousands) | – | – |
| Six months ended June 30 cost of product revenueGAAP | $ 354 (in thousands) | – | – |
| Six months ended June 30 research and developmentGAAP | $ 199,931 (in thousands) | – | – |
| Six months ended June 30 selling, general and administrativeGAAP | $ 108,404 (in thousands) | – | – |
| Six months ended June 30 total operating expensesGAAP | $ 308,689 (in thousands) | – | – |
| Six months ended June 30 loss from operationsGAAP | $ (272,837) (in thousands) | – | – |
| Six months ended June 30 total other income, netGAAP | $ 24,137 (in thousands) | – | – |
| Six months ended June 30 net lossGAAP | $ (248,700) (in thousands) | – | – |
| Six months ended June 30 net loss per share — basic and dilutedGAAP | $ (2.37) | – | – |
| Six months ended June 30 weighted average shares — basic and dilutedGAAP | 104,834 (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product revenue, netRevenue from the U.S. commercial launch of PALSONIFY. | $24.0 million | – | – |
| Collaboration and license revenueNo driver was provided. | $ 1,080 (in thousands) | – | – |
What drove it
- PALSONIFY net product revenue was $24.0 million, up from $10.3 million in net product revenue reported in the first quarter of 2026.
- Crinetics received 245 enrollment forms during the second quarter of 2026.
- 385 unique healthcare providers had prescribed PALSONIFY within the first three quarters of launch.
- Over 70% of patients treated with PALSONIFY at the end of the second quarter of 2026 were on reimbursed therapy.
- Research and development expense increased versus the prior-year period primarily due to increased investment in clinical programs and increased personnel costs.
- Selling, general and administrative expense increased versus the prior-year period due to investments in corporate infrastructure as Crinetics transitions into a commercial-stage company.
- The sequential increase in selling, general and administrative expense reflected timing of commercial investment and costs related to the proposed transaction with Vertex.
- The FDA granted a Rare Pediatric Disease Designation to atumelnant for classic congenital adrenal hyperplasia in both pediatric patients and adults.
Concerns
- Net loss was $120.9 million for the quarter ended June 30, 2026.
- Loss from operations was $ (132,459) (in thousands).
- Crinetics withdrew its previously issued guidance and will not provide updated guidance in light of the proposed transaction with Vertex.
- The proposed transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by Crinetics stockholders.
- The company identified potential risks related to product development, regulatory approval, reimbursement, manufacturing dependencies, geopolitical developments, transaction costs, and failure to close the proposed transaction.
What to watch
- Completion of the proposed Vertex acquisition, which is anticipated to close in the third quarter of 2026, subject to customary closing conditions.
- Continued PALSONIFY enrollment forms, prescriber breadth, reimbursement progress, and net product revenue.
- Commercial spending and costs related to the proposed transaction with Vertex.
- Clinical development of atumelnant in congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome.
- Clinical development of paltusotine for carcinoid syndrome associated with neuroendocrine tumors.
Balance sheet and cash flow
- Cash, cash equivalents, and investment securities totaled $1.2 billion as of June 30, 2026, compared to $1.0 billion as of December 31, 2025.
- Cash and cash equivalents were $ 55,498 (in thousands) as of June 30, 2026, compared to $ 101,536 (in thousands) as of December 31, 2025.
- Investment securities were $ 1,150,275 (in thousands) as of June 30, 2026, compared to $ 926,353 (in thousands) as of December 31, 2025.
- Total assets were $ 1,321,883 (in thousands) as of June 30, 2026, compared to $ 1,126,257 (in thousands) as of December 31, 2025.
- Total liabilities were $ 129,921 (in thousands) as of June 30, 2026, compared to $ 134,174 (in thousands) as of December 31, 2025.
- Total stockholders’ equity was $ 1,191,962 (in thousands) as of June 30, 2026, compared to $ 992,083 (in thousands) as of December 31, 2025.
Analysis
Crinetics reported its first material PALSONIFY commercial revenue contribution in the second quarter. Total revenue was $25.1 million, compared to $1.0 million for the same period in 2025, and included $24.0 million of PALSONIFY net product revenue. The company stated that this product revenue was up from $10.3 million reported in the first quarter of 2026. Commercial adoption indicators included 245 enrollment forms in the quarter, 385 unique healthcare providers prescribing PALSONIFY within the first three quarters of launch, and over 70% of treated patients on reimbursed therapy at quarter end.
The expense base remained substantial as the company funds clinical development and commercial infrastructure. Research and development expense was $99.9 million, versus $80.3 million in the prior-year quarter and $100.1 million in the quarter ended March 31, 2026. Selling, general and administrative expense was $57.6 million, versus $49.8 million a year earlier and $50.8 million sequentially. Crinetics attributed the year-over-year R&D increase to clinical-program investment and personnel costs, while sequential SG&A growth reflected commercial-investment timing and costs associated with the proposed Vertex transaction.
The resulting GAAP net loss was $120.9 million, compared with a $115.6 million net loss in the second quarter of 2025. Loss from operations was $ (132,459) (in thousands), while total other income, net was $ 11,604 (in thousands). Cost of product revenue was $0.2 million, primarily related to PALSONIFY distribution, packaging, and fulfillment. The filing did not report gross margin, operating cash flow, free cash flow, or non-GAAP profitability metrics.
Liquidity was $1.2 billion of cash, cash equivalents, and investment securities as of June 30, 2026, compared with $1.0 billion as of December 31, 2025. The strategic context dominates the outlook: on July 6, 2026, Vertex and Crinetics announced a definitive agreement under which Vertex will acquire Crinetics for $85.00 per share in cash, representing approximately $10.0 billion of total equity value, or approximately $8.8 billion net of estimated cash acquired. Crinetics withdrew previously issued guidance, will not provide updated guidance, and will not host an earnings conference call or webcast for these results.
Not in the filing
stated, not guessed- Updated forward guidance figures, as the company withdrew previously issued guidance and will not provide updated guidance.
- Previous-release outlook and prior-guidance comparison.
- Gross margin.
- Operating cash flow.
- Free cash flow.
- Non-GAAP revenue, earnings, operating income, net income, EPS, or margin metrics.
- Capital-return activity, including share repurchases and dividends.
- Debt balance.
- Quarter-over-quarter total revenue, collaboration and license revenue, cost of product revenue, total operating expenses, operating loss, other income, net loss, EPS, and weighted-average-share comparisons.
- Percentage year-over-year and quarter-over-quarter changes for reported financial statement line items.
- Named executive quotes.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.