Crinetics Pharmaceuticals granted stock options and RSUs to new employees under its 2021 Inducement Plan, totaling 122,850 shares.
Quiver AI Summary
Crinetics Pharmaceuticals, Inc. announced that on June 10, 2025, its Compensation Committee granted non-qualified stock options to purchase 74,000 shares and 48,850 restricted stock units (RSUs) to 20 new non-executive employees under the 2021 Employment Inducement Incentive Award Plan. These grants are designed to incentivize newly hired employees and comply with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $33.08 per share, with a four-year vesting schedule, while the RSUs also vest over four years in equal annual installments. Crinetics, a clinical stage pharmaceutical company, focuses on developing novel therapeutics for endocrine diseases and related tumors, including its lead candidate, paltusotine, and other programs targeting various endocrine conditions.
Potential Positives
- Crinetics Pharmaceuticals is expanding its employee base by granting stock options and restricted stock units to 20 new non-executive employees, which indicates growth and an effort to attract talent.
- The issuance of stock options and RSUs aligns with Nasdaq Listing Rule 5635(c)(4), showcasing the company's compliance with regulatory standards.
- The company's lead development candidate, paltusotine, is in clinical development for significant conditions, reinforcing its commitment to addressing critical health issues in endocrine diseases.
- The company continues to innovate with its focus on developing novel therapeutics, highlighting ongoing investment in research and development for various endocrine conditions.
Potential Negatives
- The announcement of stock options and RSU awards may raise concerns about potential dilution of existing shareholders' equity due to the issuance of additional shares.
- The need to grant stock options and RSUs to new employees could indicate challenges in attracting talent, suggesting possible difficulties with the company's employment offerings or competitive position in the industry.
- The issuance of inducement awards may signify that the company is in a phase of growth or transition, which could imply a lack of stability or established workforce among its employees.
FAQ
What stock options were granted by Crinetics Pharmaceuticals?
Crinetics granted non-qualified stock options to purchase 74,000 shares of common stock on June 10, 2025.
How many RSUs were awarded to new employees?
A total of 48,850 restricted stock unit awards were granted to 20 new non-executive employees.
What is the exercise price of the stock options?
The exercise price of the stock options is $33.08 per share, matching the closing price on June 10, 2025.
How will the stock options and RSUs vest?
The stock options and RSUs will vest over four years, with specific vesting conditions based on continued employment.
What is the purpose of the 2021 Inducement Plan?
The 2021 Inducement Plan allows Crinetics to grant equity awards to new employees as an inducement to join the company.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CRNX Congressional Stock Trading
Members of Congress have traded $CRNX stock 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $CRNX stock by members of Congress over the last 6 months:
- REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 2 times. They made 2 purchases worth up to $30,000 on 04/17, 01/29 and 0 sales.
- REPRESENTATIVE JOSH GOTTHEIMER sold up to $15,000 on 03/19.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$CRNX Insider Trading Activity
$CRNX insiders have traded $CRNX stock on the open market 10 times in the past 6 months. Of those trades, 0 have been purchases and 10 have been sales.
Here’s a breakdown of recent trading of $CRNX stock by insiders over the last 6 months:
- DANA PIZZUTI (Chief Med and Dev Officer) has made 0 purchases and 4 sales selling 22,515 shares for an estimated $1,062,721.
- RICHARD SCOTT STRUTHERS (President & CEO) has made 0 purchases and 2 sales selling 17,338 shares for an estimated $593,016.
- JEFF E. KNIGHT (Chief Operating Officer) has made 0 purchases and 2 sales selling 7,162 shares for an estimated $244,963.
- STEPHEN F. BETZ (Chief Scientific Officer) has made 0 purchases and 2 sales selling 5,770 shares for an estimated $197,352.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CRNX Hedge Fund Activity
We have seen 121 institutional investors add shares of $CRNX stock to their portfolio, and 147 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FMR LLC added 5,103,183 shares (+57.2%) to their portfolio in Q1 2025, for an estimated $171,160,757
- POINT72 ASSET MANAGEMENT, L.P. removed 2,010,541 shares (-72.1%) from their portfolio in Q1 2025, for an estimated $67,433,545
- VESTAL POINT CAPITAL, LP added 1,500,000 shares (+inf%) to their portfolio in Q1 2025, for an estimated $50,310,000
- LORD, ABBETT & CO. LLC removed 724,625 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $24,303,922
- JANUS HENDERSON GROUP PLC added 629,001 shares (+22.5%) to their portfolio in Q1 2025, for an estimated $21,096,693
- FRANKLIN RESOURCES INC removed 628,385 shares (-39.5%) from their portfolio in Q1 2025, for an estimated $21,076,032
- EVENTIDE ASSET MANAGEMENT, LLC removed 609,014 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $20,426,329
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, June 10, 2025 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) today announced that on June 10, 2025, the Compensation Committee of the Board of Directors granted non-qualified stock option awards to purchase an aggregate of 74,000 shares of its common stock and granted an aggregate of 48,850 restricted stock unit (“RSU”) awards to 20 new non-executive employees, in each case, under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options and RSUs were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2021 Inducement Plan is used exclusively for granting equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $33.08 per share, which is equal to the closing price of Crinetics’ common stock on the Nasdaq Global Select Market on June 10, 2025. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee’s continued employment with Crinetics on such vesting dates. The RSUs will vest over four years in equal annual installments beginning on the one-year anniversary of the applicable vesting commencement date, also subject to each employee’s continued employment with Crinetics on such vesting dates. The stock option and RSU awards are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of an applicable stock option award agreement or RSU award agreement covering the respective grant.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Crinetics’ lead development candidate, paltusotine, is the first investigational once-daily, oral, selective somatostatin receptor type 2 (SST2) nonpeptide agonist that is in clinical development for acromegaly and carcinoid syndrome associated with neuroendocrine tumors. Atumelnant is currently in development for congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome. All of the company’s drug candidates are orally delivered, small molecule, new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves’ disease (including thyroid eye disease), diabetes, obesity and GPCR-targeted oncology indications.
Investors:
Gayathri Diwakar
Head of Investor Relations
[email protected]
(858) 345-6340
Media:
Natalie Badillo
Head of Corporate Communications
[email protected]
(858) 450-6464
