Crinetics Pharmaceuticals (CRNX) closed out FY 2025 with Q4 revenue of US$6.2 million and a basic EPS loss of US$1.29, alongside a net loss of US$122.8 million. Trailing 12 month figures show revenue of US$7.7 million and a basic EPS loss of US$4.95 on a net loss of US$465.3 million. The company’s quarterly revenue moved from US$0 in Q3 2024 to US$6.2 million in Q4 2025, while EPS losses widened from US$0.96 to US$1.29 over the same span, which keeps attention on how quickly revenue can scale relative to ongoing losses and compressed margins.

See our full analysis for Crinetics Pharmaceuticals.

With the headline numbers set, the next step is to compare them with the most common narratives around Crinetics Pharmaceuticals to see which views the latest margins support and which they challenge.

Heavy cash burn, limited revenue base

• For FY 2025, Crinetics reported trailing 12 month revenue of US$7.7 million against a trailing 12 month net loss of US$465.3 million, so losses are large compared with the current revenue base.
• Consensus narrative points to a wide set of future projects, but the FY 2025 figures underline how early the commercial phase still is:
  • Product and other revenue across the last four quarters totals US$7.7 million, while quarterly net losses ranged from US$96.8 million to US$130.1 million, showing that pipeline and launch spending currently dominates the income statement.
  • Analysts highlighting multiple potential revenue streams from PALSONIFY, Atumelnant and other programs need these to scale meaningfully to change the ratio between revenue and losses seen in the latest year.

Persistent losses and no near term profitability

• Trailing 12 month basic EPS stands at a loss of US$4.95 and historical losses have reportedly grown at about 33.5% per year over five years, while forecasts indicate Crinetics is not expected to become profitable over the next three years.
• Bears focus on the risk that high operating costs continue to outweigh revenue, and the FY 2025 data lines up with that concern:
  • Across FY 2025, quarterly net losses moved between US$96.8 million and US$130.1 million even as revenue remained in the low single digit millions, which supports the view that heavy spending could keep EPS in loss territory.
  • With no profitability forecast in the next three years and rising historical losses, critics highlight that any delay or setback in the pipeline would leave shareholders exposed to a prolonged period of cash burn and potential dilution.

Skeptics point to widening losses and a long path to profitability, while others see optionality in the pipeline that is not yet reflected in reported EPS, so it can be useful to read how bullish investors connect these earnings to their thesis 🐂 Crinetics Pharmaceuticals Bull Case

DCF gap versus current share price

• The current share price of US$43.48 is reported to be well below a DCF fair value estimate of about US$460.94, and also below the standardised analyst price target of US$83.36, while the P/B of 4.6x sits between the cited peer average of 11.2x and the broader US pharmaceuticals average of 2.6x.
• Bullish investors argue this spread signals underappreciated potential, but the FY 2025 loss profile shows why the market may be cautious:
  • Trailing 12 month net losses of US$465.3 million and five year loss growth of roughly 33.5% a year mean a lot of value is being placed on future cash flows rather than current earnings power.
  • Even with revenue forecast to grow at about 51.85% per year, the company is expected to stay unprofitable over the next three years, which can justify a discount to both the DCF fair value and the standardised analyst target while execution risk remains high.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Crinetics Pharmaceuticals on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

The mix of risks and potential rewards in this update is clear. Move quickly, review the details yourself, and see what stands out most to you by checking 2 key rewards and 1 important warning sign.

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Crinetics is running heavy losses relative to its small revenue base, so ongoing cash burn and the risk of future dilution remain front of mind.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.