CRINETICS PHARMACEUTICALS, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 23, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38583  
Entity Registrant Name Crinetics Pharmaceuticals, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3744114  
Entity Address, Address Line One 6055 Lusk Boulevard  
Entity Address, City or Town San Diego  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92121  
City Area Code 858  
Local Phone Number 450-6464  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol CRNX  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   105,440,208
Entity Central Index Key 0001658247  
Amendment Flag false  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --12-31  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 114,341 $ 101,536
Investment securities, amortized cost of $979,147 at March 31, 2026 and $924,317 at December 31, 2025 1,176,965 926,353
Trade accounts receivable, net 5,683 592
Inventory 3,064 2,022
Prepaid expenses and other current assets 22,361 17,839
Total current assets 1,322,414 1,048,342
Property and equipment, net 13,497 14,296
Operating lease right-of-use assets 39,790 40,492
Restricted cash, net of current portion 800 800
Prepaid expenses and other assets, net of current portion 24,822 22,327
Total assets 1,401,323 1,126,257
CURRENT LIABILITIES    
Accounts payable and accrued expenses 37,487 41,770
Accrued compensation and related expenses 25,792 35,578
Deferred revenue 1,271 1,235
Operating lease liabilities 6,536 6,489
Total current liabilities 71,086 85,072
Operating lease liabilities, non-current 41,319 42,052
Deferred revenue, non-current 3,346 3,810
Other liabilities 4,926 3,240
Total liabilities 120,677 134,174
Commitments and contingencies (Note 6)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par; 10,000 shares authorized; no shares issued or outstanding at September 30, 2025 or December 31, 2024 0 0
Common stock and paid-in capital, $0.001 par; 200,000 shares authorized; 94,548 shares issued and outstanding at March 31, 2026; 95,575 shares issued and outstanding at December 31, 2025 2,828,204 2,407,757
Accumulated other comprehensive (loss) income (1,254) 1,865
Accumulated deficit (1,545,272) (1,417,427)
Stock held in trust (1,032) (112)
Total stockholders’ equity 1,280,646 992,083
Total liabilities and stockholders’ equity $ 1,401,323 $ 1,126,257
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Investment securities, amortized cost $ 1,178,076 $ 924,317
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 10,000,000 10,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding ( in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 105,314,000 95,575,000
Common stock, shares outstanding (in shares) 105,314,000 95,575,000
v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Total revenue $ 10,734 $ 361
Operating expenses:    
Cost of product revenue 200 0
Research and development 100,081 76,240
Selling, general and administrative 50,831 35,526
Total operating expenses 151,112 111,766
Loss from operations (140,378) (111,405)
Other income (expense):    
Interest income 12,664 14,834
Other expense, net (131) (203)
Total other income, net 12,533 14,631
Net loss $ (127,845) $ (96,774)
Net loss per share:    
Net loss per share - basic (in dollar per share) $ (1.23) $ (1.04)
Net loss per share - diluted (in dollar per share) $ (1.23) $ (1.04)
Weighted average shares - basic (in shares) 104,099 93,102
Weighted average shares - diluted (in shares) 104,099 93,102
Other comprehensive income (loss):    
Unrealized gain (loss) on investment securities $ (3,147) $ 1,033
Unrealized gain on foreign currency 28 6
Total other comprehensive income (loss) (3,119) 1,039
Comprehensive loss (130,964) (95,735)
Product revenue, net    
Total revenue 10,306 0
Collaboration and license revenue    
Total revenue $ 428 $ 361
v3.26.1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock Shares
Common Stock and Paid-In Capital
Accumulated Other Comprehensive Income (loss)
Accumulated Deficit
Stock Held in Trust
Beginning balance (in shares) at Dec. 31, 2024   92,926,000        
Beginning balance at Dec. 31, 2024 $ 1,324,805   $ 2,275,952 $ 963 $ (952,110) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   215,000        
Exercise of stock options 4,452   4,452      
Issuance of common stock upon vesting of RSUs (in shares)   384,000        
Stock-based compensation 20,478   20,478      
Other comprehensive income (loss) 1,039     1,039    
Net loss (96,774)       (96,774)  
Ending balance (in shares) at Mar. 31, 2025   93,525,000        
Ending balance at Mar. 31, 2025 1,254,000   2,300,882 2,002 (1,048,884) 0
Beginning balance (in shares) at Dec. 31, 2025   95,575,000        
Beginning balance at Dec. 31, 2025 $ 992,083   2,407,757 1,865 (1,417,427) (112)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares) 395,824 396,000        
Exercise of stock options $ 9,942   9,942      
Issuance of common stock, net of transaction costs (in shares)   8,763,000        
Issuance of common stock, net of transaction costs 379,771   379,771      
Issuance of common stock upon vesting of RSUs (in shares)   580,000        
Stock-based compensation 29,814   29,814      
Stock held in trust under deferred compensation plan 0   920     (920)
Other comprehensive income (loss) (3,119)     (3,119)    
Net loss (127,845)       (127,845)  
Ending balance (in shares) at Mar. 31, 2026   105,314,000        
Ending balance at Mar. 31, 2026 $ 1,280,646   $ 2,828,204 $ (1,254) $ (1,545,272) $ (1,032)
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (127,845) $ (96,774)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 29,680 20,478
Depreciation and amortization 1,160 925
Noncash lease expense 703 813
Accretion of purchase discounts and amortization of premiums on investment securities, net (2,220) (4,376)
Loss on disposal of property and equipment 20 19
Changes in operating assets and liabilities:    
Trade accounts receivable (5,091) 0
Inventory (909) 0
Prepaid expenses and other assets (7,024) (6,917)
Accounts payable and accrued expenses, compensation and related expenses, and other liabilities (12,064) (1,356)
Deferred revenue (428) (361)
Operating lease liabilities (685) (903)
Net cash used in operating activities (124,703) (88,452)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investment securities (554,428) (391,204)
Proceeds from sales and maturities of investment securities 302,889 306,482
Purchases of property and equipment (820) (1,239)
Net cash used in investing activities (252,359) (85,961)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of commissions 380,514 0
Offering costs related to issuance of common stock (578) 0
Proceeds from exercise of stock options 9,939 4,437
Net cash provided by financing activities 389,875 4,437
Net change in cash, cash equivalents and restricted cash 12,813 (169,976)
Exchange rate changes in cash, cash equivalents and restricted cash (8) 0
Cash, cash equivalents and restricted cash - beginning of period 102,336 265,845
Cash, cash equivalents and restricted cash - end of period 115,141 95,869
COMPONENTS OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 114,341 94,569
Restricted cash 800 1,300
Cash, cash equivalents and restricted cash at end of period 115,141 95,869
NONCASH INVESTING AND FINANCING ACTIVITIES    
Stock options exercised receivable 3 15
Amounts accrued for purchases of property and equipment 464 264
Amounts accrued for offering costs 165 0
Stock held in trust $ 920 $ 0
v3.26.1
Organization and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Description of Business
Crinetics Pharmaceuticals, Inc. is a pharmaceutical company committed to transforming the treatment of endocrine diseases and endocrine-related tumors through science rooted in patient needs. We are focused on discovering, developing, and commercializing novel therapies, with a core expertise in targeting GPCRs with small molecules that have specifically tailored pharmacology and properties.
Our first commercial product, PALSONIFY™ (paltusotine), is the first once-daily, oral treatment approved by the FDA and EMA for the treatment of adults with acromegaly who had an inadequate response to surgery and/or for whom surgery is not an option. Paltusotine is also in clinical development for carcinoid syndrome associated with NETs. Our pipeline of disclosed programs includes late-stage investigational candidate atumelnant, which is currently in development for CAH and ADCS, and CRN09682, a nonpeptide drug conjugate candidate that is being developed to treat SST2 expressing NETs and other SST2 expressing solid tumors. Additional discovery programs are focused on a variety of endocrine targets such as thyroid stimulating hormone, parathyroid hormone, somatostatin receptor 3, growth hormone, glucagon-like peptide-1, and glucose-dependent insulinotropic polypeptide, as well as GPCR-targeted oncology indications.
Basis of Presentation and Principles of Consolidation
The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented in accordance with U.S. GAAP.
Our condensed consolidated balance sheet for the year ended December 31, 2025 was derived from our audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Our condensed consolidated financial statements should be read in conjunction with the FY 2025 Form 10-K.
Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated.
Liquidity
From inception, we have devoted substantially all of our efforts to drug discovery and development, conducting preclinical studies and clinical trials, building the infrastructure necessary for commercial operations, and launching PALSONIFY in the U.S. We have a limited operating history and the sales and income potential of our business and market are unproven. While we have received FDA and EMA approval for our lead product, we may continue to incur substantial operating losses even as we generate revenue from PALSONIFY, and a successful transition to attaining profitable operations is dependent upon achieving a level of revenue adequate to support our cost structure.
We have experienced net losses and negative cash flows from operating activities since our inception and have an accumulated deficit of $1.5 billion as of March 31, 2026. As of March 31, 2026, we had $1.3 billion in cash, cash equivalents and investment securities, which we believe is sufficient to fund our operating cash needs for at least the next 12 months from the date of issuance of these unaudited condensed consolidated financial statements.
Our future long-term liquidity requirements will be substantial and will depend on many factors, including our ability to effectively commercialize PALSONIFY and other product candidates. We expect to continue to incur net losses for the foreseeable future and may need to raise substantial additional capital to accomplish our business objectives. We plan to continue to fund our losses from operations and capital funding needs through a combination of existing capital resources, product sales, equity offerings, debt financings or other sources, including potential collaborations, licenses and other similar arrangements. If we are not able to secure adequate additional funding, we may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm our business, results of operations and prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future.
Significant Accounting Policies
There have been no material changes to our significant accounting policies from the FY 2025 Form 10-K.
Use of Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The estimates in our condensed consolidated financial statements include, but are not limited to, accrual of research and development expenses, valuation of stock-based awards, fair values of financial instruments, inventory valuation, and revenue recognition.
As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of income statement expenses for PBEs. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the presentation of our condensed consolidated financial statements and accompanying notes.
ASU 2025-03
In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which provides guidance for identifying the accounting acquirer in business combinations in which the legal acquiree is a VIE that meets the definition of a business. Under the ASU, the acquirer is determined using the factors in ASC 805, Business Combinations, rather than assuming the primary beneficiary is the acquirer. ASU 2025‑03 is effective for fiscal years beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. We are currently evaluating the impact of this guidance on the presentation of our condensed consolidated financial statements and accompanying notes.
v3.26.1
Investment Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
We report our available-for-sale investment securities at their estimated fair values. The following is a summary of our available-for-sale investment securities as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Market
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Market
Value
Available-for-sale investment securities:
U.S. government obligations$562,634 $279 $(833)$562,080 $369,652 $860 $— $370,512 
Agency obligations64,499 2 (205)64,296 43,997 1 (29)43,969 
Corporate debt securities550,943 378 (732)550,589 510,668 1,215 (11)511,872 
Total$1,178,076 $659 $(1,770)$1,176,965 $924,317 $2,076 $(40)$926,353 
As of March 31, 2026 and December 31, 2025, available-for-sale investment securities by contractual maturity were as follows:
As of March 31, 2026As of December 31, 2025
Amortized
Cost		Fair
Market
Value		Amortized
Cost		Fair
Market
Value
Available-for-sale investment securities:
Due in one year or less$718,478 $718,777 $712,675 $714,118 
Due after one year through five years459,598 458,188 211,642 212,235 
Total$1,178,076 $1,176,965 $924,317 $926,353 
The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Less Than 12 MonthsLess Than 12 Months
Fair
Market
Value		Gross
Unrealized
Losses		Fair
Market
Value		Gross
Unrealized
Losses
Available-for-sale investment securities:
U.S. government obligations$433,424 $(833)$— $— 
Agency obligations55,294 (205)27,471 (29)
Corporate debt securities260,600 (732)38,596 (11)
Total$749,318 $(1,770)$66,067 $(40)
As of March 31, 2026 and December 31, 2025, all available-for-sale investment securities in a continuous unrealized loss position had been in a loss position for less than 12 months.
We reviewed our investment holdings as of March 31, 2026 and December 31, 2025 and determined that the decrease in fair value is attributable to changes in interest rates and not credit quality. Therefore, there were no allowances for credit losses.
Accrued interest receivable on available-for-sale securities was $9.0 million and $7.8 million at March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value measurements may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures.
Financial assets measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 were as follows:
As of March 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$73,300 $— $— $73,300 
U.S. government obligations— 19,984 — 19,984 
Total cash equivalents73,300 19,984 — 93,284 
Investment securities:
U.S. government obligations— 562,080 — 562,080 
Agency obligations— 64,296 — 64,296 
Corporate debt securities— 550,589 — 550,589 
Total investment securities— 1,176,965 — 1,176,965 
Other non-current assets:
Deferred compensation plan (1)4,897 — — 4,897 
Total assets measured at fair value$78,197 $1,196,949 $— $1,275,146 
As of December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$70,731 $— $— $70,731 
Total cash equivalents70,731 — — 70,731 
Investment securities:
U.S. government obligations370,512 — — 370,512 
Agency obligations— 43,969 — 43,969 
Corporate debt securities— 511,872 — 511,872 
Total investment securities370,512 555,841 — 926,353 
Other non-current assets:
Deferred compensation plan (1)3,249 — — 3,249 
Total assets measured at fair value$444,492 $555,841 $— $1,000,333 
(1)Consists of mutual fund investments held in the Rabbi Trust related to our non-qualified deferred compensation plan.
v3.26.1
Balance Sheet Details
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Details Balance Sheet Details
Inventory
Inventory consisted of the following:
March 31,
2026		December 31,
2025
Work-in-process$3,035 $2,004 
Finished goods29 18 
$3,064 $2,022 
Inventory balances include the capitalization of PALSONIFY manufacturing costs following the regulatory approval in September 2025. PALSONIFY inventory produced prior to approval was expensed as research and development. We did not hold any raw materials inventory as of March 31, 2026 or December 31, 2025.
There were no write-downs of inventory during the three months ended March 31, 2026 and 2025.
Prepaid expenses and other assets
Prepaid expenses and other assets consisted of the following:
March 31,
2026		December 31,
2025
Prepaid clinical costs$21,439 $19,547 
Interest receivable8,957 7,758 
Deferred compensation plan4,897 3,249 
Prepaid research and development costs2,626 2,901 
Loyal preferred stock (see Note 7)
2,000 2,000 
Prepaid subscriptions838 1,255 
Other6,426 3,456 
Total prepaid expenses and other assets47,183 40,166 
Less prepaid expenses and other current assets(22,361)(17,839)
Prepaid expenses and other assets, net of current portion$24,822 $22,327 
Property and Equipment, net
Property and equipment, net consisted of the following:
March 31,
2026		December 31,
2025
Leasehold improvements$10,127 $10,003 
Lab equipment10,165 9,960 
Office equipment2,204 2,225 
Computers and software89 60 
Property and equipment at cost22,585 22,248 
Less accumulated depreciation and amortization(9,088)(7,952)
Total$13,497 $14,296 
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
March 31,
2026		December 31,
2025
Accounts payable$12,879 $22,611 
Accrued clinical trial costs10,084 7,369 
Accrued outside services and professional fees5,739 4,430 
Accrued research and development costs5,673 4,506 
Other accrued expenses3,112 2,854 
Total$37,487 $41,770 
v3.26.1
Operating Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Operating Leases Operating Leases
The Company entered into the 2022 Lease in April 2022. The 2022 Lease is a non-cancellable operating lease and expires in April 2035.
Under the terms of the 2022 Lease, we provided the lessor with an irrevocable letter of credit in the amount of $0.8 million, which is included as restricted cash in the accompanying condensed consolidated balance sheets. The lessor is entitled to draw on the letter of credit in the event of any default by us under the terms of the 2022 Lease.
As of March 31, 2026, our future minimum payments under the 2022 Lease were as follows:
Year ending December 31,Minimum
Payments
2026 (nine months)$5,100 
20276,999 
20287,209 
20297,425 
20307,648 
Thereafter35,903 
Total future minimum lease payments70,284 
Less imputed interest(22,429)
Total operating lease liabilities47,855 
Less operating lease liabilities, current(6,536)
Operating lease liabilities, non-current$41,319 
Operating lease cost was $1.9 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. Short-term lease expenses for the three months ended March 31, 2026 and 2025 were not significant.
Remaining lease terms and discount rates for our operating lease are as follows:
As of March 31, 2026As of December 31, 2025
Weighted-average remaining lease term (years)9.19.3
Weighted-average discount rate8.6%8.6%
Supplemental cash flow information related to leases was as follows:
Three months ended March 31,
20262025
Operating cash flow used for operating leases$1,694 $1,972 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
From time to time, we may be subject to various claims and suits arising in the ordinary course of business. We do not expect that the resolution of these matters will have a material adverse effect on our financial position or results of operations.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue Recognition
Product Revenue
Following the regulatory approval in September 2025, we launched PALSONIFY and began recognizing product revenue in the U.S. from the sales to specialty distributors and specialty pharmacies.
The following table summarizes customers that represented 10% or greater of our consolidated gross product revenue:
Three months ended March 31, 2026
Customer A58 %
Customer B42 %
Collaboration and License Revenue
Sanwa Kagaku Kenkyusho Co., Ltd
In February 2022, we entered into the SKK License, pursuant to which we granted SKK an exclusive license to develop and commercialize paltusotine in Japan. Under the SKK License, SKK is responsible for clinical development and regulatory activities in Japan, and we retain all rights outside Japan. We also granted SKK the right to purchase supply of paltusotine for clinical and commercial requirements at cost plus a pre-negotiated percentage which was a market rate and therefore not a material right.
Pursuant to the SKK License, we received a $13.0 million nonrefundable upfront payment and would be eligible to receive up to $25.5 million in development, regulatory, and commercial milestone payments, as well as sales-based royalties upon market approval in Japan. In 2024, we updated the estimated transaction price to $14.0 million following the achievement of a development milestone. In April 2026, we achieved $1.5 million of development milestones related to SKK's NDA submission in Japan for paltusotine for the treatment of acromegaly.
Our performance obligations under the SKK License comprised the license and data exchange. Control of the license transferred to SKK at contract inception and we do not have an ongoing performance obligation to support or maintain the licensed intellectual property. Revenue allocated to the data exchange obligation is recognized over time using the cost-to-cost measure as this method represents a faithful depiction of progress toward certain ongoing paltusotine studies and related data transfer. Revenue is recognized on a gross basis as we are the principal. Deferred revenues represent the data exchange obligation and are expected to be recognized over the duration of certain paltusotine studies conducted by us.
As of March 31, 2026, no sales-based milestones or royalties have been recognized as there have been no sales of paltusotine in Japan to date, and remaining milestone payments are constrained.
Deferred revenue consisted of the following:
Three months ended March 31,
20262025
Balance at beginning of period$5,045 $6,880 
Deferred revenue additions, excluding amounts recognized as revenue during the period— — 
Revenue recognized(428)(361)
Balance at end of period4,617 6,519 
Less deferred revenue, current(1,271)(2,206)
Deferred revenue, non-current$3,346 $4,313 
Cellular Longevity, Inc., doing business as Loyal
On March 24, 2023, we granted Loyal an exclusive license to develop and commercialize CRN01941, a somatostatin receptor type 2 agonist, for veterinary use. In return, we received a $0.1 million upfront payment and Loyal preferred stock valued at $2.0 million. We may also earn single-digit sales-based royalties if the product is approved.
v3.26.1
Stockholder's Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Stock Offering
On January 8, 2026, we completed an underwritten public offering of 8,763,000 shares of our common stock at a price to the public of $45.95 per share, which included 1,143,000 shares of common stock issued pursuant to the underwriters' option to purchase additional shares. Net proceeds from the offering were approximately $380 million, after underwriting discounts and commissions and other offering costs.
ATM Offering
Pursuant to the 2024 Sales Agreement, we may, from time to time, sell up to $350.0 million shares of our common stock through the Sales Agents.
During the three months ended March 31, 2026 and 2025, and as of the date of this Report, no shares of common stock have been issued pursuant to the 2024 Sales Agreement.
v3.26.1
Equity Incentive Plans
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
2021 Inducement Plan
As of March 31, 2026, 2,026,223 shares of common stock were available for future issuance under the 2021 Inducement Plan.
2018 Plan
As of March 31, 2026, 7,411,539 shares of common stock were available for future issuance under our 2018 Plan.
The 2018 Plan contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028, in an amount equal to the lesser of: (i) 5% of the aggregate number of shares of our common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by us. Under this evergreen provision, on January 1, 2026, an additional 4,778,774 shares became available for future issuance under the 2018 Plan.
ESPP
As of March 31, 2026, 2,773,650 shares of common stock were available for issuance under our ESPP.
The ESPP contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028, in an amount equal to the lesser of: (i) 1% of the aggregate number of shares of our common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by us. We elected to not increase the number of shares available for issuance under the ESPP on January 1, 2026.
Stock Awards
Stock Options
Our stock option activity during the three months ended March 31, 2026 was as follows:
Options
Outstanding		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Term
(in years)		Aggregate
Intrinsic
Value
(000’s)
Balance at December 31, 202513,631,074$29.54 
Granted1,806,077$43.94 
Exercised(395,824)$25.12 
Forfeited and expired(109,951)$41.42 
Balance at March 31, 202614,931,376$31.31 7.2$121,559 
Exercisable at March 31, 20268,099,741$25.87 6.1$99,100 
RSUs
Our RSU activity during the three months ended March 31, 2026, was as follows:
Restricted Stock
Units
Outstanding		Weighted-Average
Grant Date
Fair Value
Balance at December 31, 20252,321,732 $35.23 
Granted1,159,787 $43.95 
Vested(579,806)$33.75 
Forfeited(37,490)$36.44 
Balance at March 31, 20262,864,223 $39.04 
Stock-Based Compensation Expense
Stock-based compensation expense for all equity awards is reported in the condensed consolidated statements of operations and comprehensive income (loss) as follows:
Three months ended March 31,
20262025
Research and development$19,328 $11,819 
Selling, general and administrative10,352 8,659 
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense)29,680 20,478 
Capitalized stock-based compensation expense134 — 
Total stock-based compensation expense$29,814 $20,478 
A summary of our total unrecognized stock-based compensation expense, as of March 31, 2026, is as follows:
Unrecognized Stock-Based
Compensation Expense		Average Remaining
Vesting Period
(in years)
Stock option awards$150,689 2.6
RSU awards$102,125 3.1
ESPP$5,555 1.2
v3.26.1
Investment In Radionetics
 3 Months Ended
Mar. 31, 2026
Schedule of Investments [Abstract]  
Investment in Radionetics Investment In Radionetics
In October 2021, we entered into the Radionetics License with Radionetics, whereby we licensed our radiotherapeutics technology to Radionetics in exchange for 50,500,000 shares of Radionetics' common stock, equivalent to a 64% initial stake, and the Radionetics Warrant, which was exercisable for a number of shares of Radionetics common stock that would allow us to maintain up to 22% equity in Radionetics on a fully diluted basis.
In August 2023, we participated in a refinancing transaction, exercising the Radionetics Warrant to purchase 3,407,285 shares of Radionetics common stock, exchanging 32,344,371 shares of Radionetics common stock for Radionetics
preferred stock, and investing $5.0 million for an additional 14,404,656 shares of Radionetics preferred stock. The Radionetics License was also amended to include up to $15.0 million in new sales milestones.
In June 2024, the Radionetics License was amended to reduce development targets and revert certain rights to us. Under the amended Radionetics License, we are eligible to receive potential sales milestones in excess of $300.0 million and single-digit royalties on net sales. In July 2024, Radionetics formed a strategic partnership with Lilly, receiving a $140.0 million upfront payment and granting Lilly the exclusive right to acquire Radionetics for $1.0 billion.
Although Radionetics is a VIE, we determined we are not the primary beneficiary and do not consolidate Radionetics’ results due to lack of control over key decisions, which rests with Radionetics’ independent board and management. We account for our investment in Radionetics under the equity method.
As of March 31, 2026, we held a 25% ownership in Radionetics consisting of common and preferred stock. The investment asset was previously written down to zero in the first quarter of 2024 with no gains or losses recorded thereafter.
R. Scott Struthers, Ph.D., our President and Chief Executive Officer, serves as chairman of the Radionetics board of directors. Pursuant to such arrangement, Dr. Struthers receives consideration in the form of both equity and a $50 thousand annual retainer for his service as a board member of Radionetics. As of March 31, 2026, Dr. Struthers has an approximately 1.3% ownership stake in Radionetics, consisting of common stock.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in a single reportable segment. The CODM, our President and Chief Executive Officer, assesses performance based on condensed consolidated net loss as reported on the condensed consolidated statement of operations and comprehensive loss, supplemented by certain additional significant expense details reflected in the table below. There have been no changes in the determination of segments or the measurements used to determine reported segment loss or segment total assets discussed in our FY 2025 Form 10-K.
Segment revenue and significant segment expenses regularly reported to the CODM are included within the table below and are reconciled to condensed consolidated net loss:
Three months ended March 31,
20262025
Revenue:
Product revenue, net$10,306 $— 
Collaboration and license revenue428 361 
Total revenue10,734 361 
Less:
Cost of product revenue(200)— 
Research and development
Paltusotine(11,869)(17,251)
Atumelnant(20,267)(7,749)
Other research and development programs(9,667)(7,058)
Research and development personnel expenses(30,649)(25,627)
Research and development stock-based compensation(19,328)(11,819)
Other research and development (1)(8,301)(6,736)
Total research and development expenses(100,081)(76,240)
Selling, general and administrative
Other selling, general and administrative expenses (2)(20,442)(14,774)
Selling, general and administrative personnel expenses(20,037)(12,093)
Selling, general and administrative stock-based compensation(10,352)(8,659)
Total selling, general and administrative expenses(50,831)(35,526)
Total other income, net12,533 14,631 
Segment and consolidated net loss$(127,845)$(96,774)
(1)Other research and development is comprised of non-personnel related research and development indirect costs incurred for the benefit of multiple research and development programs, including depreciation, and other facility-based expenses, such as rent expense.
(2)Other selling, general and administrative expenses is comprised of non-personnel related indirect costs incurred for the benefit of multiple administrative functions, including sales and marketing expenses, facility-related costs, legal and professional fees, insurance costs and costs to operate a public company.
v3.26.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities on loss per share would be antidilutive.
Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows:
Three months ended March 31,
20262025
Stock options14,931,37615,286,495
Unvested RSUs2,864,2231,978,566
Estimated shares of common stock expected to be purchased under the ESPP655,569163,869
Stock held in trust under deferred compensation plan27,943—
Total18,479,11117,428,930
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
NameTitle of Director or OfficerActionDate of ActionDuration of PlanTotal Shares of Common Stock to be Sold
Stephen BetzChief Scientific OfficerAdoption of 10b5-1 plan2/19/2026
2/19/26 - 5/15/2027
Up to 126,619
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Stephen Betz [Member]  
Trading Arrangements, by Individual  
Name Stephen Betz
Title Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 2/19/2026
Expiration Date 5/15/2027
Arrangement Duration 450 days
Aggregate Available 126,619
v3.26.1
Organization and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
Description of Business
Crinetics Pharmaceuticals, Inc. is a pharmaceutical company committed to transforming the treatment of endocrine diseases and endocrine-related tumors through science rooted in patient needs. We are focused on discovering, developing, and commercializing novel therapies, with a core expertise in targeting GPCRs with small molecules that have specifically tailored pharmacology and properties.
Our first commercial product, PALSONIFY™ (paltusotine), is the first once-daily, oral treatment approved by the FDA and EMA for the treatment of adults with acromegaly who had an inadequate response to surgery and/or for whom surgery is not an option. Paltusotine is also in clinical development for carcinoid syndrome associated with NETs. Our pipeline of disclosed programs includes late-stage investigational candidate atumelnant, which is currently in development for CAH and ADCS, and CRN09682, a nonpeptide drug conjugate candidate that is being developed to treat SST2 expressing NETs and other SST2 expressing solid tumors. Additional discovery programs are focused on a variety of endocrine targets such as thyroid stimulating hormone, parathyroid hormone, somatostatin receptor 3, growth hormone, glucagon-like peptide-1, and glucose-dependent insulinotropic polypeptide, as well as GPCR-targeted oncology indications.
Unaudited Interim Financial Information
The accompanying condensed consolidated financial statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented in accordance with U.S. GAAP.
Our condensed consolidated balance sheet for the year ended December 31, 2025 was derived from our audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. The interim results presented herein are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Our condensed consolidated financial statements should be read in conjunction with the FY 2025 Form 10-K.
Basis of Presentation
Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated.
Principles of Consolidation
Our condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated.
Use of Estimates
Use of Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The estimates in our condensed consolidated financial statements include, but are not limited to, accrual of research and development expenses, valuation of stock-based awards, fair values of financial instruments, inventory valuation, and revenue recognition.
As of the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of income statement expenses for PBEs. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the presentation of our condensed consolidated financial statements and accompanying notes.
ASU 2025-03
In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which provides guidance for identifying the accounting acquirer in business combinations in which the legal acquiree is a VIE that meets the definition of a business. Under the ASU, the acquirer is determined using the factors in ASC 805, Business Combinations, rather than assuming the primary beneficiary is the acquirer. ASU 2025‑03 is effective for fiscal years beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. We are currently evaluating the impact of this guidance on the presentation of our condensed consolidated financial statements and accompanying notes.
v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-For-Sale Investment Securities Held by the Company
We report our available-for-sale investment securities at their estimated fair values. The following is a summary of our available-for-sale investment securities as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Market
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Market
Value
Available-for-sale investment securities:
U.S. government obligations$562,634 $279 $(833)$562,080 $369,652 $860 $— $370,512 
Agency obligations64,499 2 (205)64,296 43,997 1 (29)43,969 
Corporate debt securities550,943 378 (732)550,589 510,668 1,215 (11)511,872 
Total$1,178,076 $659 $(1,770)$1,176,965 $924,317 $2,076 $(40)$926,353 
Schedule of Available-For-Sale Investment Securities By Contractual Maturity
As of March 31, 2026 and December 31, 2025, available-for-sale investment securities by contractual maturity were as follows:
As of March 31, 2026As of December 31, 2025
Amortized
Cost		Fair
Market
Value		Amortized
Cost		Fair
Market
Value
Available-for-sale investment securities:
Due in one year or less$718,478 $718,777 $712,675 $714,118 
Due after one year through five years459,598 458,188 211,642 212,235 
Total$1,178,076 $1,176,965 $924,317 $926,353 
Schedule of Available-For-Sale Investment Securities by Length of Time
The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
Less Than 12 MonthsLess Than 12 Months
Fair
Market
Value		Gross
Unrealized
Losses		Fair
Market
Value		Gross
Unrealized
Losses
Available-for-sale investment securities:
U.S. government obligations$433,424 $(833)$— $— 
Agency obligations55,294 (205)27,471 (29)
Corporate debt securities260,600 (732)38,596 (11)
Total$749,318 $(1,770)$66,067 $(40)
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
Financial assets measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 were as follows:
As of March 31, 2026
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$73,300 $— $— $73,300 
U.S. government obligations— 19,984 — 19,984 
Total cash equivalents73,300 19,984 — 93,284 
Investment securities:
U.S. government obligations— 562,080 — 562,080 
Agency obligations— 64,296 — 64,296 
Corporate debt securities— 550,589 — 550,589 
Total investment securities— 1,176,965 — 1,176,965 
Other non-current assets:
Deferred compensation plan (1)4,897 — — 4,897 
Total assets measured at fair value$78,197 $1,196,949 $— $1,275,146 
As of December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$70,731 $— $— $70,731 
Total cash equivalents70,731 — — 70,731 
Investment securities:
U.S. government obligations370,512 — — 370,512 
Agency obligations— 43,969 — 43,969 
Corporate debt securities— 511,872 — 511,872 
Total investment securities370,512 555,841 — 926,353 
Other non-current assets:
Deferred compensation plan (1)3,249 — — 3,249 
Total assets measured at fair value$444,492 $555,841 $— $1,000,333 
(1)Consists of mutual fund investments held in the Rabbi Trust related to our non-qualified deferred compensation plan.
v3.26.1
Balance Sheet Details (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory consisted of the following:
March 31,
2026		December 31,
2025
Work-in-process$3,035 $2,004 
Finished goods29 18 
$3,064 $2,022 
Schedule of Components of Prepaid Expenses and Other Current Assets
Prepaid expenses and other assets consisted of the following:
March 31,
2026		December 31,
2025
Prepaid clinical costs$21,439 $19,547 
Interest receivable8,957 7,758 
Deferred compensation plan4,897 3,249 
Prepaid research and development costs2,626 2,901 
Loyal preferred stock (see Note 7)
2,000 2,000 
Prepaid subscriptions838 1,255 
Other6,426 3,456 
Total prepaid expenses and other assets47,183 40,166 
Less prepaid expenses and other current assets(22,361)(17,839)
Prepaid expenses and other assets, net of current portion$24,822 $22,327 
Schedule of Components of Property and Equipment, Net
Property and equipment, net consisted of the following:
March 31,
2026		December 31,
2025
Leasehold improvements$10,127 $10,003 
Lab equipment10,165 9,960 
Office equipment2,204 2,225 
Computers and software89 60 
Property and equipment at cost22,585 22,248 
Less accumulated depreciation and amortization(9,088)(7,952)
Total$13,497 $14,296 
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
March 31,
2026		December 31,
2025
Accounts payable$12,879 $22,611 
Accrued clinical trial costs10,084 7,369 
Accrued outside services and professional fees5,739 4,430 
Accrued research and development costs5,673 4,506 
Other accrued expenses3,112 2,854 
Total$37,487 $41,770 
v3.26.1
Operating Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Future Minimum Payments Under Non-cancellable Operating Leases
As of March 31, 2026, our future minimum payments under the 2022 Lease were as follows:
Year ending December 31,Minimum
Payments
2026 (nine months)$5,100 
20276,999 
20287,209 
20297,425 
20307,648 
Thereafter35,903 
Total future minimum lease payments70,284 
Less imputed interest(22,429)
Total operating lease liabilities47,855 
Less operating lease liabilities, current(6,536)
Operating lease liabilities, non-current$41,319 
Schedule of Remaining Lease Terms And Discount Rates Operating Leases
Remaining lease terms and discount rates for our operating lease are as follows:
As of March 31, 2026As of December 31, 2025
Weighted-average remaining lease term (years)9.19.3
Weighted-average discount rate8.6%8.6%
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases was as follows:
Three months ended March 31,
20262025
Operating cash flow used for operating leases$1,694 $1,972 
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Contract with Customer, Contract Liability
Deferred revenue consisted of the following:
Three months ended March 31,
20262025
Balance at beginning of period$5,045 $6,880 
Deferred revenue additions, excluding amounts recognized as revenue during the period— — 
Revenue recognized(428)(361)
Balance at end of period4,617 6,519 
Less deferred revenue, current(1,271)(2,206)
Deferred revenue, non-current$3,346 $4,313 
Schedule of Concentration of Risk, by Risk Factor
The following table summarizes customers that represented 10% or greater of our consolidated gross product revenue:
Three months ended March 31, 2026
Customer A58 %
Customer B42 %
v3.26.1
Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Plans
Our stock option activity during the three months ended March 31, 2026 was as follows:
Options
Outstanding		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Term
(in years)		Aggregate
Intrinsic
Value
(000’s)
Balance at December 31, 202513,631,074$29.54 
Granted1,806,077$43.94 
Exercised(395,824)$25.12 
Forfeited and expired(109,951)$41.42 
Balance at March 31, 202614,931,376$31.31 7.2$121,559 
Exercisable at March 31, 20268,099,741$25.87 6.1$99,100 
Schedule of Restricted Stock Units
Our RSU activity during the three months ended March 31, 2026, was as follows:
Restricted Stock
Units
Outstanding		Weighted-Average
Grant Date
Fair Value
Balance at December 31, 20252,321,732 $35.23 
Granted1,159,787 $43.95 
Vested(579,806)$33.75 
Forfeited(37,490)$36.44 
Balance at March 31, 20262,864,223 $39.04 
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense for all equity awards is reported in the condensed consolidated statements of operations and comprehensive income (loss) as follows:
Three months ended March 31,
20262025
Research and development$19,328 $11,819 
Selling, general and administrative10,352 8,659 
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense)29,680 20,478 
Capitalized stock-based compensation expense134 — 
Total stock-based compensation expense$29,814 $20,478 
Schedule of Unrecognized Stock-Based Compensation Expense
A summary of our total unrecognized stock-based compensation expense, as of March 31, 2026, is as follows:
Unrecognized Stock-Based
Compensation Expense		Average Remaining
Vesting Period
(in years)
Stock option awards$150,689 2.6
RSU awards$102,125 3.1
ESPP$5,555 1.2
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Reconciled Consolidated Net Loss
Segment revenue and significant segment expenses regularly reported to the CODM are included within the table below and are reconciled to condensed consolidated net loss:
Three months ended March 31,
20262025
Revenue:
Product revenue, net$10,306 $— 
Collaboration and license revenue428 361 
Total revenue10,734 361 
Less:
Cost of product revenue(200)— 
Research and development
Paltusotine(11,869)(17,251)
Atumelnant(20,267)(7,749)
Other research and development programs(9,667)(7,058)
Research and development personnel expenses(30,649)(25,627)
Research and development stock-based compensation(19,328)(11,819)
Other research and development (1)(8,301)(6,736)
Total research and development expenses(100,081)(76,240)
Selling, general and administrative
Other selling, general and administrative expenses (2)(20,442)(14,774)
Selling, general and administrative personnel expenses(20,037)(12,093)
Selling, general and administrative stock-based compensation(10,352)(8,659)
Total selling, general and administrative expenses(50,831)(35,526)
Total other income, net12,533 14,631 
Segment and consolidated net loss$(127,845)$(96,774)
(1)Other research and development is comprised of non-personnel related research and development indirect costs incurred for the benefit of multiple research and development programs, including depreciation, and other facility-based expenses, such as rent expense.
(2)Other selling, general and administrative expenses is comprised of non-personnel related indirect costs incurred for the benefit of multiple administrative functions, including sales and marketing expenses, facility-related costs, legal and professional fees, insurance costs and costs to operate a public company.
v3.26.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share
Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows:
Three months ended March 31,
20262025
Stock options14,931,37615,286,495
Unvested RSUs2,864,2231,978,566
Estimated shares of common stock expected to be purchased under the ESPP655,569163,869
Stock held in trust under deferred compensation plan27,943—
Total18,479,11117,428,930
v3.26.1
Organization and Basis of Presentation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ 1,545,272 $ 1,417,427
Unrestricted cash, cash equivalents and investments securities $ 1,300,000  
Period of sufficient cash to meet its funding requirements 12 months  
v3.26.1
Investment Securities - Schedule of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost $ 1,178,076 $ 924,317
Gross Unrealized Gains 659 2,076
Gross Unrealized Losses (1,770) (40)
Fair Market Value 1,176,965 926,353
U.S. government obligations    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 562,634 369,652
Gross Unrealized Gains 279 860
Gross Unrealized Losses (833) 0
Fair Market Value 562,080 370,512
Agency obligations    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 64,499 43,997
Gross Unrealized Gains 2 1
Gross Unrealized Losses (205) (29)
Fair Market Value 64,296 43,969
Corporate debt securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 550,943 510,668
Gross Unrealized Gains 378 1,215
Gross Unrealized Losses (732) (11)
Fair Market Value $ 550,589 $ 511,872
v3.26.1
Investment Securities - Schedule of Available-For-Sale Investment Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Amortized Cost, Due in one year or less $ 718,478 $ 712,675
Amortized Cost, Due after one year through five years 459,598 211,642
Amortized Cost, Total 1,178,076 924,317
Fair Market Value, Due in one year or less 718,777 714,118
Fair Market Value, Due after one year through five years 458,188 212,235
Fair Market Value, Total $ 1,176,965 $ 926,353
v3.26.1
Investment Securities - Schedule of Available-For-Sale Investment Securities by Length of Time (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]    
Fair Market Value, Less than 12 months $ 749,318 $ 66,067
Gross Unrealized Losses, Less than 12 months (1,770) (40)
U.S. government obligations    
Schedule Of Available For Sale Securities [Line Items]    
Fair Market Value, Less than 12 months 433,424 0
Gross Unrealized Losses, Less than 12 months (833) 0
Agency obligations    
Schedule Of Available For Sale Securities [Line Items]    
Fair Market Value, Less than 12 months 55,294 27,471
Gross Unrealized Losses, Less than 12 months (205) (29)
Corporate debt securities    
Schedule Of Available For Sale Securities [Line Items]    
Fair Market Value, Less than 12 months 260,600 38,596
Gross Unrealized Losses, Less than 12 months $ (732) $ (11)
v3.26.1
Investment Securities - Additional Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Allowance for credit losses $ 0 $ 0
Accrued interest receivable on available-for-sale securities $ 9,000 $ 7,800
v3.26.1
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents $ 93,284 $ 70,731
Total investment securities 1,176,965 926,353
Deferred compensation plan 4,897 3,249
Total assets measured at fair value 1,275,146 1,000,333
Level 1    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 73,300 70,731
Total investment securities 0 370,512
Deferred compensation plan 4,897 3,249
Total assets measured at fair value 78,197 444,492
Level 2    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 19,984 0
Total investment securities 1,176,965 555,841
Deferred compensation plan 0 0
Total assets measured at fair value 1,196,949 555,841
Level 3    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 0 0
Total investment securities 0 0
Deferred compensation plan 0 0
Total assets measured at fair value 0 0
U.S. government obligations    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 562,080 370,512
U.S. government obligations | Level 1    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 0 370,512
U.S. government obligations | Level 2    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 562,080 0
U.S. government obligations | Level 3    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 0 0
Agency obligations    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 64,296 43,969
Agency obligations | Level 1    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 0 0
Agency obligations | Level 2    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 64,296 43,969
Agency obligations | Level 3    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 0 0
Corporate debt securities    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 550,589 511,872
Corporate debt securities | Level 1    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 0 0
Corporate debt securities | Level 2    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 550,589 511,872
Corporate debt securities | Level 3    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total investment securities 0 0
Money market funds    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 73,300 70,731
Money market funds | Level 1    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 73,300 70,731
Money market funds | Level 2    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 0 0
Money market funds | Level 3    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 0 $ 0
U.S. government obligations    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 19,984  
U.S. government obligations | Level 1    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 0  
U.S. government obligations | Level 2    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents 19,984  
U.S. government obligations | Level 3    
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]    
Total cash equivalents $ 0  
v3.26.1
Balance Sheet Details - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Work-in-process $ 3,035 $ 2,004
Finished goods 29 18
Inventory $ 3,064 $ 2,022
v3.26.1
Balance Sheet Details - Schedule of Prepaid Expenses and Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid clinical costs $ 21,439 $ 19,547
Interest receivable 8,957 7,758
Deferred compensation plan 4,897 3,249
Prepaid research and development costs 2,626 2,901
Loyal peferred stock 2,000 2,000
Prepaid subscriptions 838 1,255
Other 6,426 3,456
Total prepaid expenses and other assets 47,183 40,166
Less prepaid expenses and other current assets (22,361) (17,839)
Prepaid expenses and other assets, net of current portion $ 24,822 $ 22,327
v3.26.1
Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property Plant And Equipment [Line Items]    
Property and equipment at cost $ 22,585 $ 22,248
Less accumulated depreciation and amortization (9,088) (7,952)
Total 13,497 14,296
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment at cost 10,127 10,003
Lab equipment    
Property Plant And Equipment [Line Items]    
Property and equipment at cost 10,165 9,960
Office equipment    
Property Plant And Equipment [Line Items]    
Property and equipment at cost 2,204 2,225
Computers and software    
Property Plant And Equipment [Line Items]    
Property and equipment at cost $ 89 $ 60
v3.26.1
Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts payable $ 12,879 $ 22,611
Accrued clinical trial costs 10,084 7,369
Accrued outside services and professional fees 5,739 4,430
Accrued research and development costs 5,673 4,506
Other accrued expenses 3,112 2,854
Total $ 37,487 $ 41,770
v3.26.1
Operating Leases - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Leased Assets [Line Items]    
Operating lease cost $ 1.9 $ 2.2
2022 Operating Lease    
Operating Leased Assets [Line Items]    
Irrevocable letter of credit $ 0.8  
v3.26.1
Operating Leases - Schedule of Future Minimum Payments Under Non-Cancellable Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Minimum Payments    
2026 (nine months) $ 5,100  
2027 6,999  
2028 7,209  
2029 7,425  
2030 7,648  
Thereafter 35,903  
Total future minimum lease payments 70,284  
Less imputed interest (22,429)  
Total operating lease liabilities 47,855  
Less operating lease liabilities, current (6,536) $ (6,489)
Operating lease liabilities, non-current $ 41,319 $ 42,052
v3.26.1
Operating Leases - Schedule of Remaining Lease Terms and Discount Rates (Details)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Weighted-average remaining lease term (years) 9 years 1 month 6 days 9 years 3 months 18 days
Weighted-average discount rate 8.60% 8.60%
v3.26.1
Operating Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating cash flow used for operating leases $ 1,694 $ 1,972
v3.26.1
Revenue Recognition - Schedule of Concentration of Risk (Details) - Revenue Benchmark - Customer Concentration Risk
 3 Months Ended
Mar. 31, 2026
Customer A  
Disaggregation of Revenue [Line Items]  
Concentration risk percentage 58.00%
Customer B  
Disaggregation of Revenue [Line Items]  
Concentration risk percentage 42.00%
v3.26.1
Revenue Recognition - Additional Information (Details) - License - USD ($)
$ in Millions
 1 Months Ended
Apr. 30, 2026
Dec. 31, 2024
Mar. 24, 2023
Feb. 28, 2022
Sanwa Kagaku Kenkyusho Co Ltd (SKK)        
Disaggregation of Revenue [Line Items]        
Contract with customer, liability       $ 13.0
Additional milestone payments       $ 25.5
Transaction price   $ 14.0    
Sanwa Kagaku Kenkyusho Co Ltd (SKK) | Subsequent Event        
Disaggregation of Revenue [Line Items]        
Milestone revenue $ 1.5      
Loyal        
Disaggregation of Revenue [Line Items]        
Contract with customer, liability     $ 0.1  
Preferred stock received, value     $ 2.0  
v3.26.1
Revenue Recognition - Summary of Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Movement In Contract With Customer Liability [Roll Forward]      
Less deferred revenue, current $ (1,271)   $ (1,235)
Deferred revenue, non-current 3,346   3,810
Sanwa Kagaku Kenkyusho Co Ltd, Sanwa License      
Movement In Contract With Customer Liability [Roll Forward]      
Balance at beginning of period 5,045 $ 6,880  
Deferred revenue additions, excluding amounts recognized as revenue during the period 0 0  
Revenue recognized (428) (361)  
Balance at the end of the period 4,617 6,519 $ 5,045
Less deferred revenue, current (1,271) (2,206)  
Deferred revenue, non-current $ 3,346 $ 4,313  
v3.26.1
Stockholder's Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 08, 2026
Mar. 31, 2026
Mar. 31, 2025
Subsidiary Sale Of Stock [Line Items]      
Purchased by employees at an average purchase price (in dollars per share) $ 45.95    
Proceeds from issuance of common stock, net of commissions   $ 380,514 $ 0
Public Stock Offering      
Subsidiary Sale Of Stock [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 8,763,000    
Net proceeds $ 380,000    
Over-Allotment Option      
Subsidiary Sale Of Stock [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 1,143,000    
2024 ATM offering      
Subsidiary Sale Of Stock [Line Items]      
Proceeds from issuance of common stock, net of commissions   $ 350,000  
Issuance of common stock, net of transaction costs (in shares)   0 0
v3.26.1
Equity Incentive Plans - Additional Information (Details) - shares
 3 Months Ended
Mar. 31, 2026
Jan. 01, 2026
ESPP    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Annual increase in the number of shares available for issuance (in percent) 1.00%  
Common Stock | ESPP    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Additional shares available for future issuance (in shares)   4,778,774
Shares reserved for issuance, authorized (in shares) 2,773,650  
2021 Inducement Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Remaining shares available for future issuance (in shares) 2,026,223  
2018 Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Remaining shares available for future issuance (in shares) 7,411,539  
Annual increase in the number of shares available for issuance (in percent) 5.00%  
v3.26.1
Equity Incentive Plans - Schedule of Stock Option Plans (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Options Outstanding  
Beginning balance (in shares) | shares 13,631,074
Granted (in shares) | shares 1,806,077
Exercised (in shares) | shares (395,824)
Forfeited and expired (in shares) | shares (109,951)
Ending balance (in shares) | shares 14,931,376
Exercisable (in shares) | shares 8,099,741
Weighted- Average Exercise Price  
Beginning balance (in dollars per share) | $ / shares $ 29.54
Granted (in dollars per share) | $ / shares 43.94
Exercised (in dollars per share) | $ / shares 25.12
Forfeited and expired (in dollars per share) | $ / shares 41.42
Ending balance (in dollars per share) | $ / shares 31.31
Exercisable (in dollars per share) | $ / shares $ 25.87
Weighted- Average Remaining Term (in years)  
Weighted-Average Remaining Term, Ending balance 7 years 2 months 12 days
Weighted-Average Remaining Term, Exercisable 6 years 1 month 6 days
Aggregate Intrinsic Value, Ending balance | $ $ 121,559
Aggregate Intrinsic Value, Exercisable | $ $ 99,100
v3.26.1
Equity Incentive Plans - Schedule of Restricted Stock Units (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Units Outstanding  
Beginning balance (in shares) | shares 13,631,074
Granted (in shares) | shares 1,806,077
Vested (in shares) | shares (395,824)
Forfeited (in shares) | shares (109,951)
Ending balance (in shares) | shares 14,931,376
Weighted-Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 29.54
Granted (in dollars per share) | $ / shares 43.94
Exercised (in dollars per share) | $ / shares 25.12
Forfeited (in dollars per share) | $ / shares 41.42
Ending balance (in dollars per share) | $ / shares $ 31.31
RSU awards  
Restricted Stock Units Outstanding  
Beginning balance (in shares) | shares 2,321,732
Granted (in shares) | shares 1,159,787
Vested (in shares) | shares (579,806)
Forfeited (in shares) | shares (37,490)
Ending balance (in shares) | shares 2,864,223
Weighted-Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 35.23
Granted (in dollars per share) | $ / shares 43.95
Exercised (in dollars per share) | $ / shares 33.75
Forfeited (in dollars per share) | $ / shares 36.44
Ending balance (in dollars per share) | $ / shares $ 39.04
v3.26.1
Equity Incentive Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) $ 29,680 $ 20,478
Capitalized stock-based compensation expense 134 0
Total stock-based compensation expense 29,814 20,478
Research and development    
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) 19,328 11,819
Selling, general and administrative    
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]    
Total stock-based compensation expense (exclusive of capitalized stock-based compensation expense) $ 10,352 $ 8,659
v3.26.1
Equity Incentive Plans - Schedule of Unrecognized Stock-Based Compensation Expense (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Stock option awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation Expense $ 150,689
Average Remaining Vesting Period (in years) 2 years 7 months 6 days
RSU awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation Expense $ 102,125
Average Remaining Vesting Period (in years) 3 years 1 month 6 days
ESPP  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation Expense $ 5,555
Average Remaining Vesting Period (in years) 1 year 2 months 12 days
v3.26.1
Investment In Radionetics (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jul. 31, 2024
Jun. 30, 2024
Aug. 31, 2023
Mar. 31, 2024
Mar. 31, 2026
Dec. 31, 2025
Oct. 31, 2021
Schedule of Investments [Line Items]              
Common stock and paid-in capital, shares issued (in shares)         105,314,000 95,575,000  
Common stock and paid-in capital, shares outstanding (in shares)         105,314,000 95,575,000  
Additional sales milestones     $ 15,000        
R. Scott Struthers              
Schedule of Investments [Line Items]              
Amount of annual retainer         $ 50    
Eli Lilly and Company              
Schedule of Investments [Line Items]              
Acquisition rights value $ 1,000,000            
Minimum              
Schedule of Investments [Line Items]              
Potential sales milestones   $ 300,000          
Radionetics              
Schedule of Investments [Line Items]              
Aggregate equity interest         25.00%    
Upfront cash payment $ 140,000            
Loss on equity method investment       $ 0      
Common Stock              
Schedule of Investments [Line Items]              
Common stock and paid-in capital, shares issued (in shares)             50,500,000
Interest rate             22.00%
Warrants exercised (in shares)     3,407,285        
Common stock and paid-in capital, shares outstanding (in shares)     32,344,371        
Common Stock | Nonconsolidated Investees, Other              
Schedule of Investments [Line Items]              
Aggregate equity interest             64.00%
Common Stock | Radionetics | R. Scott Struthers              
Schedule of Investments [Line Items]              
Aggregate equity interest         1.30%    
Preferred Stock              
Schedule of Investments [Line Items]              
Stock issued under Employee Stock Purchase Plan     $ 5,000        
Stock issued under Employee Stock Purchase Plan (in shares)     14,404,656        
v3.26.1
Segment Reporting - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.26.1
Segment Reporting - Schedule of Segment Revenue Reconciled to Consolidated Net Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Total revenue $ 10,734 $ 361
Less:    
Cost of Revenue (200) 0
Research and development    
Total research and development expenses (100,081) (76,240)
Selling, general and administrative    
Total other income, net 12,533 14,631
Net loss (127,845) (96,774)
Product revenue, net    
Segment Reporting Information [Line Items]    
Total revenue 10,306 0
Collaboration and license revenue    
Segment Reporting Information [Line Items]    
Total revenue 428 361
Reportable Segment    
Segment Reporting Information [Line Items]    
Total revenue 10,734 361
Less:    
Cost of Revenue (200) 0
Research and development    
Paltusotine (11,869) (17,251)
Atumelnant (20,267) (7,749)
Other research and development programs (9,667) (7,058)
Research and development personnel expenses (30,649) (25,627)
Research and development stock-based compensation (19,328) (11,819)
Other research and development (8,301) (6,736)
Total research and development expenses (100,081) (76,240)
Selling, general and administrative    
Other selling, general and administrative expenses (20,442) (14,774)
Selling, general and administrative personnel expenses (20,037) (12,093)
Selling, general and administrative stock-based compensation (10,352) (8,659)
Total selling, general and administrative expenses (50,831) (35,526)
Total other income, net 12,533 14,631
Net loss (127,845) (96,774)
Reportable Segment | Product revenue, net    
Segment Reporting Information [Line Items]    
Total revenue 10,306 0
Reportable Segment | Collaboration and license revenue    
Segment Reporting Information [Line Items]    
Total revenue $ 428 $ 361
v3.26.1
Net Loss Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total 18,479,111 17,428,930
Stock options    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total 14,931,376 15,286,495
Unvested RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total 2,864,223 1,978,566
Estimated shares of common stock expected to be purchased under the ESPP    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total 655,569 163,869
Stock held in trust under deferred compensation plan    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Total 27,943 0