Crinetics (CRNX) Director Caren Deardorf Sells Shares in Merger

What Happened
Caren Deardorf, a director of Crinetics Pharmaceuticals (CRNX), had multiple dispositions to the issuer effective September 1, 2026 in connection with the company’s merger with Vertex. The filings show cash-outs of common shares, restricted stock units (RSUs) and stock options that were cancelled in the merger. The reported proceeds across all lines total $7,139,176 (about $7.14M). Examples: 16,300 shares and 5,925 shares were converted at $85.00/share (total $1.889M), and several option/derivative cancellations were reported at per-share cash values (e.g., 35,000 at $65.70 = $2.2995M).

Key Details

• Transaction date: September 1, 2026 (effective time of the merger). Prices shown ranged from $40.29 to $85.00 per reported unit depending on instrument. Total reported cash received: $7,139,176.
• Types: Dispositions to issuer included (a) cancellation/conversion of outstanding common stock into $85.00/share cash, (b) cancellation/conversion of RSUs into cash equal to $85.00/share (vested immediately pre-merger), and (c) cancellation of stock options that were cashed out for the difference between $85.00 and the option exercise price.
• Shares owned after transaction: Not stated in the provided filing excerpt.
• Notable footnotes: F1–F4 explain that the transactions resulted from the Agreement and Plan of Merger (Vertex acquisition), that unvested RSUs and options vested immediately prior to the Effective Time and were then cancelled and converted to cash, and that the per‑share amounts for option lines represent the Merger Consideration less the exercise price.
• Filing timeliness: Filing date and report period are both 2026-09-01 (filed concurrent with the merger effective date), so this appears to be a timely report.

Context
These dispositions are merger-driven cash‑outs rather than open‑market sales. For options and RSUs, the filing indicates immediate vesting prior to the Effective Time and cash payment at the merger consideration (or the difference between the merger consideration and option exercise price). Such filings reflect the transaction terms of the acquisition rather than an independent trading decision by the insider.