CYTOKINETICS INC CYTK
We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. We have discovered and are developing muscle-directed investigational medicines that may potentially improve the healthspan of people with devastating cardiovascular and neuromuscular diseases of impaired muscle function. Our first commercial product is MYQORZO (aficamten), 5 mg, 10 mg, 15 mg, and 20 mg tablets, which the FDA approved in December 2025. MYQORZO is an allosteric and reversible inhibitor of cardiac myosin motor activity. The approval of MYQORZO included a risk evaluation and mitigation strategy (REMS) program to ensure the benefits of the drug outweigh the risk of heart failure due to systolic dysfunction. In patients with oHCM, myosin inhibition with MYQORZO reduces cardiac contractility and left ventricular outflow tract obstruction. MYQORZO became available for prescription to patients on or around January 27, 2026. In addition, in February 2026, the European Commission approved MYQORZO® (aficamten), 5 mg, 10 mg, 15 mg and 20 mg tablets for the treatment of symptomatic (New York Heart Association, NYHA, class II-III) oHCM in adult patients. Moreover, in December 2025, the China National Medical Products Administration approved MYQORZO for the treatment of adults with (New York Heart Association class II-III) oHCM, to improve exercise capacity and symptoms.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.0M | $18.5M | $7.5M | $94.6M | $70.4M | $55.8M | $26.9M | $31.5M | $13.4M | $106.4M |
| R&D | $416.0M | $339.4M | $330.1M | $240.8M | $159.9M | $97.0M | $86.1M | $89.1M | $90.3M | $59.9M |
| SG&A | $284.3M | $215.3M | $173.6M | $178.0M | $96.8M | $52.8M | $39.6M | $31.3M | $36.5M | $27.8M |
| Total operating expenses | $700.3M | $554.7M | $503.7M | $418.8M | $256.7M | $149.8M | $125.7M | $120.4M | $126.8M | $87.7M |
| Operating income | -$612.3M | -$536.2M | -$496.2M | -$324.2M | -$186.3M | -$93.9M | -$98.9M | -$88.9M | -$113.4M | $18.7M |
| Interest expense | $45.6M | $37.7M | $28.3M | $19.4M | $16.4M | $16.0M | $6.6M | $3.8M | $3.0M | $2.7M |
| Pre-tax income | -$785.0M | -$589.5M | -$526.2M | -$389.0M | -$215.3M | -$127.3M | -$121.7M | -$106.3M | -$127.8M | $16.5M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$785.0M | -$589.5M | -$526.2M | -$389.0M | -$215.3M | -$127.3M | -$121.7M | -$106.3M | -$127.8M | $16.5M |
| EPS, basic | -6.54 | -5.26 | -5.45 | -4.33 | -2.80 | -1.97 | — | — | -2.59 | 0.41 |
| EPS, diluted | -6.54 | -5.26 | -5.45 | -4.33 | -2.80 | -1.97 | -2.11 | -1.95 | -2.59 | 0.39 |
| Shares, diluted (wtd. avg.) | $120.1K | $112.0K | $96.5K | $89.8K | $76.9K | $64.5K | — | — | $49.4M | $42.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $122.5M | $94.9M | $113.0M | $65.6M | $112.7M | $83.0M | $36.4M | $42.3M | $125.2M | $66.9M |
| Short-term investments | $759.7M | $981.2M | $501.8M | $717.0M | $359.0M | $381.1M | $188.7M | $156.5M | $143.7M | $89.4M |
| Receivables | $17.8M | $16.6M | $1.3M | $147.0K | $51.8M | $4.4M | $5.2M | $2.2M | $1.1M | $24.0K |
| Total current assets | $917.0M | $1.11B | $628.1M | $795.2M | $535.7M | $474.2M | $233.8M | $207.7M | $274.3M | $158.6M |
| Property, plant and equipment | $79.2M | $65.8M | $68.7M | $80.5M | $73.3M | $13.3M | $4.5M | $3.2M | $3.6M | $3.6M |
| Total assets | $1.42B | $1.40B | $824.3M | $1.01B | $841.3M | $533.8M | $289.8M | $211.2M | $294.8M | $170.1M |
| Accounts payable | $22.3M | $20.4M | $21.5M | $25.6M | $21.1M | $8.1M | $8.2M | $3.8M | $5.3M | $4.2M |
| Short-term debt | $41.2M | $11.5M | $10.1M | $958.0K | — | — | $0 | $2.6M | $0 | $2.5M |
| Total current liabilities | $202.5M | $179.7M | $102.7M | $84.6M | $71.9M | $31.2M | $26.0M | $22.2M | $32.4M | $33.3M |
| Long-term debt | $246.4M | $93.2M | $58.4M | $63.8M | $47.4M | $46.2M | $45.1M | $39.8M | $31.8M | $27.4M |
| Total liabilities | $2.08B | $1.54B | $1.21B | $1.12B | $597.5M | $420.4M | $300.8M | $185.2M | $185.0M | $75.8M |
| Retained earnings | -$3.49B | -$2.70B | -$2.11B | -$1.59B | -$1.21B | -$992.3M | -$865.0M | -$743.3M | -$646.1M | -$518.3M |
| Total equity | -$659.6M | -$135.4M | -$386.3M | -$107.9M | $243.9M | $113.4M | -$10.9M | $25.9M | $109.8M | $94.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$510.0M | -$395.9M | -$414.3M | -$299.5M | -$142.5M | $8.9M | -$90.9M | -$101.2M | -$101.8M | $37.0M |
| Depreciation and amortisation | $10.1M | $9.5M | $11.9M | $5.8M | $2.3M | $1.8M | $1.3M | $1.2M | $1.9M | $741.0K |
| Stock-based compensation | $112.3M | $97.8M | $72.1M | $47.9M | $26.8M | $17.6M | $10.8M | $9.8M | $9.0M | $7.1M |
| Capital expenditure | $24.8M | $3.9M | $1.4M | $11.3M | $48.9M | $11.1M | $2.6M | $889.0K | $2.9M | $1.6M |
| Investing cash flow | $16.7M | -$553.1M | $239.3M | -$262.1M | -$147.8M | -$196.5M | -$74.7M | $5.1M | -$65.8M | -$52.1M |
| Financing cash flow | $524.5M | $930.6M | $221.3M | $516.2M | $320.0M | $234.1M | $159.8M | $13.1M | $225.9M | $16.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015364.
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