Crinetics (CRNX) CFO Tobin Schilke Sells Shares in $85/Share Merger

What Happened
Tobin Schilke, Chief Financial Officer of Crinetics Pharmaceuticals (CRNX), had company stock, restricted stock units (RSUs) and stock options cancelled in connection with Crinetics' merger with Vertex effective September 1, 2026. The filing shows four disposition lines that together resulted in approximately $12,911,795 in cash consideration paid to Schilke as follows:

• 7,956 shares of common stock canceled at $85.00/share = $676,260
• 71,471 RSUs canceled at $85.00/share = $6,075,035
• Cancellation of options resulting in $51.25 per-share cash value for 80,000 underlying shares = $4,100,000 (derivative)
• Cancellation of options resulting in $41.21 per-share cash value for 50,000 underlying shares = $2,060,500 (derivative)

These were dispositions to the issuer under the Merger Agreement—i.e., merger cash-outs—rather than open‑market sales.

Key Details

• Transaction date: 2026-09-01 (Effective Time of the Merger)
• Merger consideration: $85.00 cash per share for outstanding common stock (footnote F1)
• Total cash received (sum of reported lines): ~$12,911,795
• RSUs and unvested options were accelerated to vest immediately prior to the Effective Time and then cancelled for cash (footnotes F2 and F3)
• For cancelled options with exercise prices below $85, cash paid equaled the difference between $85 and the option exercise price; the per‑share amounts shown on the form for those lines represent that difference (footnote F4)
• Shares owned after the transaction: the filing reports cancellation/conversion of the subject company common stock, RSUs and options; the filing does not report remaining Crinetics common shares (the company became a wholly owned subsidiary of Vertex)
• Filing timeliness: Form 4 lists the transactions on 2026-09-01 (the Effective Time) and was filed with that report date; no late‑filing flag is indicated in the provided data

Context

• This was a merger-driven cash-out, not a discretionary open-market sale. RSUs and options were accelerated/converted and paid in cash per the Merger Agreement.
• For derivative lines: these reflect cancellation of stock options where in-the-money options were cashed out (cash = Merger Consideration minus option exercise price).
• Such filings reflect the mechanics of the corporate transaction (receiving merger consideration), not necessarily a voluntary insider sale or change in attitude about the business.