Will Crinetics’ (CRNX) First SST2 NDC Trial and Atumelnant Milestone Reframe Its Pipeline Narrative?

• Earlier in December 2025, Crinetics Pharmaceuticals began dosing patients in its first-in-human Phase 1/2 BRAVESST2 trial of CRN09682, a nonpeptide drug conjugate targeting SST2-positive neuroendocrine and other SST2-expressing solid tumors, while also advancing atumelnant into a Phase 3 trial for congenital adrenal hyperplasia with Orphan Drug Designation.
• This marks an important test of Crinetics’ proprietary NDC platform, which aims to combine targeted tumor delivery with simpler small-molecule manufacturing compared with antibody drug conjugates or radiopharmaceuticals.
• We’ll now examine how the first-in-human CRN09682 trial shapes Crinetics’ investment narrative as it broadens its endocrine-oncology pipeline.

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What Is Crinetics Pharmaceuticals' Investment Narrative?

For Crinetics, the investment case starts with a belief that its endocrine-focused pipeline can translate into durable, commercial franchises before its cash runway and investor patience wear thin. Paltusotine’s US approval for acromegaly and the ongoing NDA review help anchor the story, while the new BRAVESST2 trial for CRN09682 frames how much upside (and extra execution risk) is tied to the nonpeptide drug conjugate platform. If CRN09682 shows a clean safety profile and early signs of activity, it could strengthen confidence in the broader NDC pipeline and diversify risk beyond paltusotine and atumelnant. In the near term, though, the CRN09682 readouts are more about sentiment than fundamentals, with the key catalysts still centered on paltusotine’s launch trajectory and Phase 3 progress in CAH against a backdrop of persistent losses and limited current revenue.

However, investors also need to weigh CRNX’s ongoing losses and financing risk carefully. Crinetics Pharmaceuticals' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Three Simply Wall St Community valuations span roughly US$9 to above US$115 per share, underlining how far apart individual views sit on CRNX. Set that against the recent CRN09682 trial start and the company’s continued unprofitability, and it becomes clear why you might want to examine several perspectives before forming your own view.

Explore 3 other fair value estimates on Crinetics Pharmaceuticals - why the stock might be worth over 2x more than the current price!

Build Your Own Crinetics Pharmaceuticals Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Crinetics Pharmaceuticals research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Crinetics Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Crinetics Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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