Is the 15% of naive patients cumulative since launch, or specific to Q1 FY26?

Isabel Kalofonos clarified that the 15% of naive patients is specific to Q1 FY26, indicating strong resonance of Palsonify's efficacy as a first-line option and expectation for this group to expand. “Just to clarify the 15% is specific to first quarter. And our market research showed that basically, the messages on PATHFNDR-2 are resonating really well with the community.”

With 70% of patients reimbursed, what is the form-to-paid conversion rate, and timing for the remaining 30%?

Management expressed satisfaction with 70% reimbursement for a rare disease drug at this stage. They did not provide a specific conversion rate but expect all Quick Start patients to eventually convert to reimbursed status, moving at a good pace. “I'm not going to mention the specific metric, but we're expecting all of them will eventually be converted to reimbursed drug.”

How many acromegaly patients do the unique prescribers typically have under their care, and how is the company deepening the prescriber base?

Management stated that 50% of prescriptions come from community settings, representing 70% of the total prescriber base, indicating broad adoption. They estimate approximately 1,400 patients are under the care of current prescribers, with doctors starting to put second, third, and fourth patients on the drug. “Answering your question on how many patients those doctors represent today, approximately 1,400 patients.”

CRNX

Crinetics Pharmaceuticals (CRNX) Q1 FY26 earnings call: guidance and Q&A

Earnings call· Mar 2026 (Q1 FY26)· Health Care· May 7, 2026

Source: earnings call transcript

Executive summary

Crinetics Pharmaceuticals Q1 FY26 — Palsonify Launch Momentum and Pipeline Advancement

Crinetics Pharmaceuticals reported strong Q1 FY26 results, driven by significant momentum in the Palsonify launch, marked by increasing patient enrollments, expanding prescriber base, and robust reimbursement progress. The company also highlighted substantial advancements across its deep clinical pipeline and a strong financial position, providing a long runway for continued growth and innovation. International regulatory milestones for Palsonify further underscore its global potential.

Highlights

Palsonify generated $10.3 million in net product revenue for the quarter.
232 additional patient enrollment forms for Palsonify were secured in Q1 FY26.
The unique prescriber base for Palsonify expanded to 263 as of March 31, up from over 125 at the end of 2023.
Approximately 70% of Palsonify patients on therapy at the end of Q1 FY26 were reimbursed.
Palsonify achieved over 60% payer coverage and is on track to exceed 75% by the end of Q3 FY26.

Concerns

Uncertainty in global pricing and access environment

Guidance & targets

Category	Target	Timeline	Confidence
GAAP operating expenses	$600 million to $650 million high materiality	FY26	High
Non-GAAP operating expenses	$480 million to $520 million high materiality	FY26	High
Cash runway	into 2030 high materiality	Long-term · 2030	High
Palsonify international revenue	not expected this year medium materiality	FY26	High
Palsonify international launch	early launch in 2027 medium materiality	CY27	High
Palsonify payer coverage	exceed 75% high materiality	Q3 · FY26	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Acromegaly Palsonify demonstrated strong launch momentum in Q1 FY26, with expanding prescriber base and increasing share of treatment-naive patients. Palsonify Net Product Revenue: $10.3M	$10.3M	—	—	—

CRNX operating KPIs by quarter

CRNX operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Change vs prior quarter
Enrollment forms received	200+ As we previously shared, in Q4, we received more than 200 enrollment forms. Source: earnings call transcript	232 As Scott mentioned, in the first quarter alone, we secured 232 new patient enrollment forms. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

Product	Type	Timeline	Details
Oral non-peptide growth hormone antagonist	roadmap	—

Deals & partnerships

SKK Licensing agreement for Palsonify in Japan

Licensing agreement with Japanese partner SKK, contributing to Q1 FY26 revenue and leading to JNDA submission for Palsonify.

Dr. John Kopchick at Ohio University Collaboration for discovery of oral non-peptide growth hormone antagonist

Collaboration for the discovery of oral non-peptide growth hormone antagonists, aiming to create a new oral add-on therapy. Dr. Kopchick is noted as the discoverer of pegvisimod.

Risks & headwinds

Uncertainty in global pricing and access environment Ongoing

Not quantified

Mitigation:Disciplined market-by-market approach, prioritizing geographies with clear regulatory and reimbursement pathways, pacing investment.

What to watch in Q2 FY26

Atumelnant BALANCECAH pediatric study data

This year

Current Actively enrolling

Target Data on 12- to 18-year-olds

Why it matters

This data will confirm dose translation from adults to pediatrics and inform further development in younger age groups, impacting the overall market opportunity for Atumelnant.

We're just reminding folks it may come this year. And especially if we don't need that third optional cohort, we will have data on the 12- to 18-year-olds as we begin going down the age groups.

Find out whether CRNX delivers this. Inve re-checks your case every morning.

Q&A highlights

What will the BALANCECAH update entail, and when can we expect data from the BRAVIS 2 study for 9682?

Management clarified that the BALANCECAH update for 12-18 year olds may come this year if the third optional cohort is not needed. For 9682, they are in dose escalation and cannot provide specific data timelines, but enrollment is strong across all programs.

“We're just reminding folks it may come this year. And especially if we don't need that third optional cohort, we will have data on the 12- to 18-year-olds as we begin going down the age groups.”

asked by Joe Schwartz · answered by R. Struthers

2 min read 6 chapters

Detailed narrative

Palsonify Commercial Launch Progress

The launch of Palsonify for acromegaly continues to demonstrate strong momentum, securing $10.3 million in net product revenue and 232 new patient enrollment forms in Q1 FY26. The prescriber base expanded significantly to 263 unique prescribers by March 31, with enrollments evenly split between academic and community settings.

Notably, treatment-naive patients increased from 5% to 15% of total enrollments in Q1, indicating growing physician confidence in Palsonify as a first-line option.

Reimbursement and Patient Access

Crinetics has made substantial progress in securing reimbursement and access for Palsonify, with approximately 70% of patients on therapy reimbursed by the end of Q1 FY26. Payer coverage has exceeded 60%, and the company remains on track to surpass its goal of 75% coverage by the end of Q3 FY26.

The CrinetiCARE program provides comprehensive support, including rapid initiation through Quick Start and assistance with insurance navigation, ensuring seamless access for patients.

Pipeline Advancement and Clinical Milestones

The company is actively advancing its clinical pipeline, with Atumelnant's Phase III COLMCAH adult and Phase II/III BALANCECAH pediatric studies actively enrolling. Enrollment for the Phase II/III equilibrium ADCS study is expected to begin soon. Upcoming data readouts include interim data from the Phase II CAH open-label extension later in the year, and presentations at the Annual Endocrine Society Meeting in June for Atumelnant's long-term safety/efficacy, Eptumelimib's Phase II results, and Aomelimet's new dosing data.

International Expansion and Regulatory Milestones

Palsonify's global reach is expanding with key regulatory milestones achieved, including European Commission approval of its Marketing Authorization Application (MAA). The company also announced a JNDA submission in Japan by its partner SKK and an MAA submission in Brazil. Crinetics is adopting a disciplined market-by-market approach for international expansion, prioritizing geographies with clear regulatory and reimbursement pathways, with early international launches anticipated in 2027.

Financial Position and Strategic Investments

Crinetics maintains a robust financial position, ending Q1 FY26 with $1.3 billion in cash, cash equivalents, and investments, providing a projected runway into 2030. The company is balancing disciplined execution with strategic investments, with GAAP operating expenses guided between $600 million and $650 million for FY26. This financial strength supports the commercialization of Palsonify, pivotal clinical trial readouts, and continued advancement of its early-stage pipeline.

Discovery and Innovation

The company continues to innovate beyond its late-stage pipeline, announcing a new collaboration with Dr. John Kopchick at Ohio University. This partnership aims to discover oral non-peptide growth hormone antagonists, with the potential to create a novel oral add-on therapy. This initiative underscores Crinetics' commitment to addressing unmet needs in endocrinology through cutting-edge research and development.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.