Crinetics Pharmaceuticals, Inc. Fair Value Disclosure
| As of December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 70,731 | $ | — | $ | — | $ | 70,731 | |||||||||||||||
| Total cash equivalents | 70,731 | — | — | 70,731 | |||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||
| U.S. government obligations | 370,512 | — | — | 370,512 | |||||||||||||||||||
| Agency obligations | — | 43,969 | — | 43,969 | |||||||||||||||||||
| Corporate debt securities | — | 511,872 | — | 511,872 | |||||||||||||||||||
| Total investment securities | 370,512 | 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 | |||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | 249,116 | $ | — | $ | — | $ | 249,116 | |||||||||||||||
| Corporate debt securities | — | 5,314 | — | 5,314 | |||||||||||||||||||
| Total cash equivalents | 249,116 | 5,314 | — | 254,430 | |||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||
| U.S. government obligations | 543,344 | — | — | 543,344 | |||||||||||||||||||
| Agency obligations | — | 57,931 | — | 57,931 | |||||||||||||||||||
| Corporate debt securities | — | 488,249 | — | 488,249 | |||||||||||||||||||
| Total investment securities | 543,344 | 546,180 | — | 1,089,524 | |||||||||||||||||||
| Other non-current assets: | |||||||||||||||||||||||
| Deferred compensation plan (1) | 829 | — | — | 829 | |||||||||||||||||||
| Total assets measured at fair value | $ | 793,289 | $ | 551,494 | $ | — | $ | 1,344,783 | |||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 30, 2022 | |
| 2020 | Mar 30, 2021 | |
| 2019 | Mar 9, 2020 | |
| 2018 | Mar 13, 2019 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.