Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026
Crinetics Pharmaceuticals, Inc. (CRNX)
A forensic read on Crinetics Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
11.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-16.6
P / E (ttm)
-46.9%
ROE
$8.9B
Market cap
0.00%
Dividend yield
640.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Crinetics Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
28d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 0 to 28 days FY2024→FY2025. Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Deferred revenue was roughly flat (-43%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+21.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +81% over the last 3 years to FY2025 (+21.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~21.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~45%.
1183% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1183% of revenue in FY2025 — about $0.97 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 22.4% a year and is falling.
Key fundamentals
Latest Revenue$7.7M
Revenue Growth YoY+640.7%
Revenue CAGR (3yr)+17.6%
Net Margin-6046.2%
Free Cash Flow-$383.7M
Return on Equity-46.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Crinetics Pharmaceuticals, Inc.'s actual 10-K/10-Q/8-K filings?