Crinetics Pharmaceuticals Inc Corporate Update Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Yasmeen Rahimi - Piper Jaffray Inc - Analyst : Congrats on the outstanding launch metric as well as the CH atumelnant data. I think my first question is on the really remarkable 200 starting forms. The danger sometimes becomes that analysts and investors take the $200 million over the quarter reported and think about linearity as we go into 1Q 2026 and beyond. Would really appreciate Isabel and Tobin's color and thoughts and Scott's on how we should be thinking about sort of uptick in the first few quarters of this year, and I'll jump back in the queue.

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Congrats on the really great updates. I was just hoping for atumelnant and CAH, so you could synthesize the case for why you believe that you will be able to drive commercial switches from [chronicity] down the line? Like what are the key attributes in the data here that will enable the what other data will you be generating in Phase 3 to make this case?

Question: Tyler Van Buren - Cowen and Company LLC - Analyst : Congratulations on two great updates to kick off the new year. It's tough to ask just one, but I'll ask one on, again, the cohort 4 atumelnant data. So given that you tested a relatively rapid tapering of the GC dosing in cohort 4, can you elaborate more on the transition to Phase 3 when there's a more gradual GC tapering, what impact that might have. And also just the evidence suggesting a reduction in the adrenal gland volume may result in further A4 lowering?

Question: Leland Gershell - Oppenheimer & Co Inc - Analyst : Congrats from us also on the progress both commercial and pipeline. Just one question on atumelnant. Great to see the GC reductions while maintaining antigen suppression. But just wondering with that one patient who wasn't able to, Scott, do you think that's just a question LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JANUARY 05, 2026 / 1:30PM, CRNX.OQ - Crinetics Pharmaceuticals Inc Corporate Update Call of dose response that if you use a bit more atumelnant that patient would be able to? Or do you think that there will just simply be some patients who because of biology, perhaps because of high levels of ACTH that those will outcompete the drug and maybe prevent them from being able to taper their Glucocorticoid?

Question: Leland Gershell - Oppenheimer & Co Inc - Analyst : Seven to eight, yes, exactly right.

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : Congrats as well on the strong updates across the board. I was wondering if you could talk for a moment about the endpoints you're using to document potential clinical improvements for the patients who are being enrolled in CALM-CAH, which clinical manifestations might have the greatest potential to improve and which ones might be expected to be more challenging to impact or document in CALM-CAH?

Question: Jonathan Wolleben - Citizens JMP Securities LLC - Analyst : Congrats on the updates. Just kind of piggybacking on the prior question, can you discuss in the Phase 3 protocol, the glucocorticoid reduction? Is this a forced reduction? Or is it only once patients achieved normal A4 levels. Just wondering if you could talk through kind of what those two different reduction periods look like and the differences between that and what you did in Phase 2?

Question: Selena Zhang - Morgan Stanley - Analyst : This is Selena, on for Max. On CAH, how does the positive cohort 4 data help inform dosing specifically in CALM-CAH? would you expect more patients to be maintained on the 80-milligram dose at week 20 versus titrated to 120 milligrams?

Question: Brian Skorney - Robert W. Baird & Co Inc - Analyst : Just on the PALSONIFY launch, just trying to back out some things from the $5 million figure. I think this would imply something on the order of 250 prescriptions so it was a pure demand number. Was there any inventory build in the quarter to think about impacting next quarter? Or is 250 prescriptions in the quarter, a reasonable way to think about building out from in terms of demand in subsequent quarters?

Question: Dennis Ding - Jefferies LLC - Analyst : I had two real quick. For CAH biomarker that was the same with 17-OHP. So I'm curious why that was left out, if you can comment if the changes in cohort 4 were similar to what was presented before. And then number two, with regards to the OLE study, I think there was a footnote that said two out of the seven patients have not yet had their GCs reduced yet. Can you confirm that? And any thoughts on what that is?

Question: Richard Law - Goldman Sachs Group Inc - Analyst : Congrats on data. Can you discuss the comp CAH composite endpoint in terms of what are the criteria for the A4 reduction there to meet? And also what proportion of patients are needed for success? And then also based on today's cohort 4 data, what proportion of patients do you think could achieve that A4 reduction within that first period and do not need that second period of GC production?

Question: Catherine Novack - Jonestrading Institutional Services LLC - Analyst : Congrats on all of the fantastic data. Just a quick question on the reimbursement approval for PALSONIFY. Obviously, very early days, as you said. Do you get a sense if it's improving over time? And what is your ultimate realistic target in terms of percent approvals for prior ops?