From Sept. 10 to Sept. 15, Crinetics Pharmaceuticals (NASDAQ: CRNX) stock price gained 83%, and it's still climbing rapidly. The pre-revenue biotech's lead candidate, called paltusotine, reported some great phase 3 results, suggesting that the once-daily oral pill is likely as effective as the existing standard of care for treating acromegaly, which is delivered via injection. Now the company plans to submit a request to regulators to commercialize the medicine sometime in 2024.

That begs the question of whether the stock might be worth a purchase in advance of the regulatory catalyst, which could see it bringing in sales for the first time before the end of next year, or perhaps in 2025. Let's start to answer that question by taking a look at the medicine it might get approved, then checking out its balance sheet to see if it has a chance at success.

Crinetics' near-term prospects rest on how long it takes until paltusotine sales make it profitable, assuming it gets approved to treat acromegaly.

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Source Fool.com