Crinetics Pharmaceuticals Inc Q3 2025 Earnings Call Transcript

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

Question: Catherine Novack - Jonestrading Institutional Services LLC - Analyst : Hi. Good afternoon, everyone. Thanks so much for taking my questions. I just want to ask a little bit, maybe some about some of the data that you showed at NANETS last week. Very interesting to see the PFS data in the NETS patients. With paltusotine, that is -- can you tell us what the evidence is for somatostatin receptor ligands in this setting? And would you ever want to conduct survival studies with paltusotine alone?

Question: Catherine Novack - Jonestrading Institutional Services LLC - Analyst : Got it. And then just, it's disappointing to hear about the Graves' disease candidate, but glad that you were able to catch it early. Any clarity on -- at what model you saw the tox signals and was it an on-target toxicity or do you find that you were hitting a receptor that was unexpected? Any information?

Question: Catherine Novack - Jonestrading Institutional Services LLC - Analyst : Okay, that's helpful. Yeah, thanks for taking my questions, guys.

Question: Yasmeen Rahimi - Piper Sandler - Analyst : Good afternoon, team. Congrats to a great start, and thank you for sharing all the color. Maybe one question for the commercially related. I appreciate if you could kind of tell us about how you're thinking about providing free drugs while getting reimbursement and how do you make those decisions? And then I'm very excited to look forward to the CAH open label data early 2026. Help us understand sort of in early 2026 whether you would be able to get to all 10 patients, and what you hope to show in that dataset? And then I'll jump back in the queue.

Question: Yasmeen Rahimi - Piper Sandler - Analyst : Great. Thank you, Isabel.

Question: Richard Law - Goldman Sachs Group Inc - Analyst : Hey, guys. Congrats on the results so far. So based on your launch experience with PALSONIFY so far, what has been going well for you and what has -- and where can you see improvements? So it will be great if you can talk about it in context of like commercial, Medicare, Medicaid statements. but I don't know too early because I assume most of these patients are coming from commercial. But yeah, we'll be going to hear how you, things going well across these segments and where you can do better. And I have a couple follow-ups.

Question: Richard Law - Goldman Sachs Group Inc - Analyst : And then what about the insight to the segments? Are these mostly commercial so far? And then maybe comment on the Medicare and Medicaid segments.

Question: Richard Law - Goldman Sachs Group Inc - Analyst : Okay. And then what --? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 9:30PM, CRNX.OQ - Q3 2025 Crinetics Pharmaceuticals Inc Earnings Call

Question: Richard Law - Goldman Sachs Group Inc - Analyst : Okay. And what is the average turnaround time and that range of that for payers who approve PLASONIFY, assuming that patients already met the prior authorization requirements, including SEP edits? like what that turnaround time for payers to approve.

Question: Richard Law - Goldman Sachs Group Inc - Analyst : I see. Got it. And then just one more. In terms of the payer rebate, I know you guys are not doing payer rebate for commercial. Is that still the case?

Question: Jonathan Wolleben - Citizens JMP Securities LLC - Analyst : Hey, thanks for taking the question, and congrats on the progress. discuss the three phases of PALSONIFY's launch. And I was hoping you'd talk a little bit about the timing of the sequence and how you think about moving from one phase to the next, if there's benchmarks you want to hit in each one or if it's going to be more of a continuum. Just wondering how to think about you guys tackling these different buckets of patients.

Question: Jonathan Wolleben - Citizens JMP Securities LLC - Analyst : Do you think the current sales force is right size to handle that expansion over time?

Question: Jonathan Wolleben - Citizens JMP Securities LLC - Analyst : Got it. Thanks, guys.

Question: Jessica Fye - JPMorgan Chase & Co - Analyst : Hey guys, good afternoon. Thanks for taking my questions. Wanted to follow up on one of the earlier question. So what should we be most focused on when we take a look at the Cohort 4 data for atulament? And what are you going to be watching for similarly in that Phase 2 OLE data? I guess, stepping back, how much of a read is Cohort 4 or these initial OLE patients can give us into the potential steroid reductions that we could expect in Phase 3?

Question: Jessica Fye - JPMorgan Chase & Co - Analyst : And when should we expect the preliminary Phase 2 data for atulament?

Question: Jessica Fye - JPMorgan Chase & Co - Analyst : Thank you.

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : Hi, thanks very much. How does the traction you're getting at this early phase in the PALSONIFY launch compare to the market research you've done in terms of willingness to prescribe or any other factors you consider important?

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : Okay. How much of a continuum is there in terms of running from inertia to excitement, given providers are encountering a new treatment option that they've been quite used to using legacy treatments for quite some time?