Crinetics (CRNX) CCO Isabel Kalofonos Sells Shares in $85/Share Merger

What Happened

• Isabel Kalofonos, Chief Commercial Officer of Crinetics Pharmaceuticals, had company stock and equity awards converted into cash in connection with the Vertex merger effective Sept 1, 2026. Transactions reported:
  • 1,669 shares of common stock cancelled at $85.00 = $141,865 (footnote: includes 835 shares from the ESPP).
  • 34,000 shares of common stock cancelled at $85.00 = $2,890,000.
  • Cancellation of 97,500 derivative securities (options/RSUs) producing $44.41 per share = $4,329,975 (represents cash value of awards/options under the Merger).
  • Cancellation of 55,000 derivative securities producing $41.21 per share = $2,266,550 (represents cash value of awards/options under the Merger).
  • Total cash received (per filing) = $9,628,390.
• These were dispositions to the issuer as part of the Merger Agreement — not open-market sales.

Key Details

• Transaction date: 2026-09-01 (Effective Time of the merger); Form filed with accession 0001628280-26-059885 on the same date.
• Prices/values: common stock converted at $85.00/share; derivative lines reflect cash value per share after accounting for option exercise prices (see footnotes).
• Shares owned after the transactions: not specified in the provided filing.
• Notable footnotes:
  • F2: Merger with Vertex — each outstanding common share converted into $85.00 cash per share.
  • F3–F5: Outstanding RSUs and options vested immediately prior to the Effective Time and were canceled/converted to cash; options with exercise price < $85 were cashed out for the difference.
  • F1: 835 of the reported common shares were acquired under the issuer’s Employee Stock Purchase Plan.
• Filing timeliness: filed effective same day as the Merger; no late filing indicated in the provided data.

Context

• These transactions are merger-driven cash settlements (disposition to issuer). RSUs and in-the-money options were vested and converted into cash; the derivative per-share amounts shown represent the cash payout tied to each canceled award/option (i.e., $85 less the option exercise price).
• Because the stock and awards were converted under merger terms (not sold on the open market), the transactions reflect deal consideration rather than an independent trading signal about the insider’s view of the company.