Cytokinetics, Incorporated, is a biopharmaceutical company based in South San Francisco, California, that develops muscle activators and muscle inhibitors as potential treatments for people with diseases characterized by impaired or declining muscle function.3 Its shares trade on Nasdaq under the symbol CYTK.1Wikipedia text CC BY-SA 4.0
Cytokinetics, Incorporated, is a biopharmaceutical company based in South San Francisco, California, that develops muscle activators and muscle inhibitors as potential treatments for people with diseases characterized by impaired or declining muscle function.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Out of $88.0M in revenue.8 The company lost money this year.
Financial statements
Revenue91011128$88.0M in 2025+228% since 2019Operating income91011128-$612.3M in 2025+519% since 2019Net income91011128-$785.0M in 2025+545% since 2019
Revenue1314$28.6M in Q2 FY2026+48% since Q1 FY2026Operating income1314-$179.2M in Q2 FY2026−2% since Q1 FY2026Net income1314-$198.8M in Q2 FY2026−4% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$88.0M
$18.5M
$7.5M
Research and development
$416.0M
$339.4M
$330.1M
General and administrative
$284.3M
$215.3M
$173.6M
Total operating expenses
$700.3M
$554.7M
$503.7M
Operating loss
-$612.3M
-$536.2M
-$496.2M
Interest expense
-$45.6M
-$37.7M
-$28.3M
Non-cash interest expense on liabilities related to revenue participation right purchase agreements
-$58.3M
-$48.8M
-$29.4M
Interest and other income, net
$48.4M
$51.5M
$27.6M
Change in fair value of derivative liabilities
$4.2M
$1.3M
$0
Change in fair value of liabilities related to RPI Transactions
-$200.0K
-$19.6M
$0
Debt conversion expense
-$121.2M
$0
$0
Net loss
-$785.0M
-$589.5M
-$526.2M
Net loss per share - basic
-$6.54
-$5.26
-$5.45
Net loss per share - diluted
-$6.54
-$5.26
-$5.45
Weighted-average number of shares used in computing net loss per share - basic
120.1K shares
112.0K shares
96.5K shares
Weighted-average number of shares used in computing net loss per share - diluted
120.1K shares
112.0K shares
96.5K shares
Unrealized (loss) gain on available-for-sale securities, net
-$990.0K
$2.2M
$3.6M
Foreign currency translation adjustments
-$778.0K
$255.0K
-$20.0K
Comprehensive loss
-$786.7M
-$587.1M
-$522.7M
No quarter-by-quarter statement was filed.
Total assets1591011128$1.4B in 2025+392% since 2019Total liabilities1591011128$2.1B in 2025+593% since 2019Shareholders’ equity1011128-$659.6M in 2025+5931% since 2019Cash1591011128$122.5M in 2025+236% since 2019Long-term debt1591011128$246.4M in 2025+447% since 2019
Total assets1314$1.9B in Q2 FY2026+35% since Q1 FY2025Total liabilities1314$2.1B in Q2 FY2026+1% since Q1 FY2025Shareholders’ equity1314-$173.5M in Q2 FY2026−74% since Q1 FY2025Cash1314$255.3M in Q2 FY2026+108% since Q1 FY2025Long-term debt1314$248.2M in Q2 FY2026+1% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$122.5M
$94.9M
Short-term investments
$759.7M
$981.2M
Accounts receivable
$17.8M
$16.6M
Prepaid expenses and other current assets
$17.0M
$15.3M
Total current assets
$917.0M
$1.1B
Long-term investments
$335.0M
$145.1M
Property and equipment, net
$79.2M
$65.8M
Operating lease right-of-use assets
$76.0M
$75.2M
Other assets
$17.3M
$7.7M
Total assets
$1.4B
$1.4B
Accounts payable
$22.3M
$20.4M
Accrued liabilities
$83.3M
$55.3M
Short-term operating lease liabilities
$19.1M
$19.0M
Current portion of convertible and long-term debt
$41.2M
$11.5M
Derivative liabilities measured at fair value
$31.1M
$11.3M
Deferred revenue
$1.6M
$52.4M
Other current liabilities
$3.8M
$9.8M
Total current liabilities
$202.5M
$179.7M
Term loans, net
$246.4M
$93.2M
Convertible notes, net
$869.6M
$552.4M
Liabilities related to revenue participation right purchase agreements, net
$520.6M
$462.2M
Long-term operating lease liabilities
$108.0M
$112.6M
Liabilities related to RPI Transactions measured at fair value
$137.2M
$137.0M
Total liabilities
$2.1B
$1.5B
Preferred stock, $0.001 par value: Authorized: 10,000,000 shares; Issued and outstanding: none
$0
$0
Common stock, $0.001 par value: Authorized: 163,000,000 shares Issued and outstanding: 122,943,172 shares at December 31, 2025 and 118,209,139 shares at December 31, 2024
$123.0K
$118.0K
Additional paid-in capital
$2.8B
$2.6B
Accumulated other comprehensive income
$630.0K
$2.4M
Accumulated deficit
-$3.5B
-$2.7B
Total stockholders' deficit
-$659.6M
-$135.4M
-$386.3M
-$107.9M
Total liabilities and stockholders' deficit
$1.4B
$1.4B
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
10.0M shares
10.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
326.0M shares
326.0M shares
Common stock, shares issued
122.9M shares
118.2M shares
Common stock, shares outstanding
122.9M shares
118.2M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$122.5M
$94.9M
Short-term investments
$759.7M
$981.2M
Accounts receivable
$17.8M
$16.6M
Prepaid expenses and other current assets
$17.0M
$15.3M
Total current assets
$917.0M
$1.1B
Long-term investments
$335.0M
$145.1M
Property and equipment, net
$79.2M
$65.8M
Operating lease right-of-use assets
$76.0M
$75.2M
Other assets
$17.3M
$7.7M
Total assets
$1.4B
$1.4B
Accounts payable
$22.3M
$20.4M
Accrued liabilities
$83.3M
$55.3M
Short-term operating lease liabilities
$19.1M
$19.0M
Current portion of convertible and long-term debt
$41.2M
$11.5M
Derivative liabilities measured at fair value
$31.1M
$11.3M
Deferred revenue
$1.6M
$52.4M
Other current liabilities
$3.8M
$9.8M
Total current liabilities
$202.5M
$179.7M
Term loans, net
$246.4M
$93.2M
Convertible notes, net
$869.6M
$552.4M
Liabilities related to revenue participation right purchase agreements, net
$520.6M
$462.2M
Long-term operating lease liabilities
$108.0M
$112.6M
Liabilities related to RPI Transactions measured at fair value
$137.2M
$137.0M
Total liabilities
$2.1B
$1.5B
Preferred stock, $0.001 par value: Authorized: 10,000,000 shares; Issued and outstanding: none
$0
$0
Common stock, $0.001 par value: Authorized: 163,000,000 shares Issued and outstanding: 122,943,172 shares at December 31, 2025 and 118,209,139 shares at December 31, 2024
$123.0K
$118.0K
Additional paid-in capital
$2.8B
$2.6B
Accumulated other comprehensive income
$630.0K
$2.4M
Accumulated deficit
-$3.5B
-$2.7B
Total stockholders' deficit
-$659.6M
-$135.4M
-$386.3M
-$107.9M
Total liabilities and stockholders' deficit
$1.4B
$1.4B
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
10.0M shares
10.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
326.0M shares
326.0M shares
Common stock, shares issued
122.9M shares
118.2M shares
Common stock, shares outstanding
122.9M shares
118.2M shares
Cash from operations91011128-$510.0M in 2025+461% since 2019Capital spending91011128$24.8M in 2025+847% since 2019Free cash flow91011128-$534.8M in 2025+472% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net loss
-$785.0M
-$589.5M
-$526.2M
Non-cash interest expense on liabilities related to revenue participation right purchase agreement
$58.4M
$48.9M
$29.5M
Stock-based compensation expense
$112.3M
$97.8M
$72.1M
Non-cash lease expense
$5.6M
$4.3M
$3.8M
Loss on disposition of property and equipment
$0
$45.0K
$0
Depreciation of property and equipment
$10.1M
$9.5M
$11.9M
Change in fair value of derivative liabilities
-$4.2M
-$1.3M
$0
Change in fair value of liabilities related to RPI Transactions
$200.0K
$19.6M
$0
Realized (loss) gain on investment, net
-$25.0K
-$19.0K
$35.0K
Interest receivable and amortization on investments
-$16.0M
-$32.5M
-$15.7M
Non-cash interest expense related to debt
$22.9M
$11.6M
$7.3M
Debt conversion expense
$121.2M
$0
$0
Accounts receivable
-$1.1M
-$15.4M
-$1.1M
Prepaid and other assets
-$2.9M
-$2.4M
$1.6M
Accounts payable
$2.7M
-$4.5M
-$3.5M
Deferred revenue
-$50.8M
$52.4M
$0
Accrued and other liabilities
$33.6M
$14.2M
$17.1M
Operating lease liabilities
-$10.8M
-$7.2M
-$1.4M
Other non-current liabilities
-$6.2M
-$1.4M
-$9.6M
Net cash used in operating activities
-$510.0M
-$395.9M
-$414.3M
Purchases of investments
-$1.1B
-$1.3B
-$635.2M
Investment in non-marketable equity security
-$5.0M
$0
$0
Maturities of investments
$1.1B
$744.2M
$870.9M
Sales of investments
$6.0M
$0
$5.0M
Purchases of property and equipment
-$24.8M
-$3.9M
-$1.4M
Net cash (used in) provided by investing activities
$16.7M
-$553.1M
$239.3M
Repayment of finance lease liabilities
-$204.0K
-$939.0K
-$858.0K
Repayment of term loan
-$10.8M
-$8.7M
$0
Repayment of convertible debt
-$402.5M
$0
$0
Proceeds from issuance of convertible debt, net
$729.5M
$0
$0
Proceeds from draw on RPI Multi Tranche Loan
$175.0M
$200.0M
$50.0M
Proceeds from issuance of common stock related to private placement, net of issuance costs
$0
$50.0M
$0
Proceeds from issuance of common stock under equity incentive and stock purchase plans
$36.0M
$53.0M
$18.5M
Taxes paid related to net share settlement of equity awards
-$2.5M
-$19.6M
-$10.5M
Net cash provided by financing activities
$524.5M
$930.6M
$221.3M
Effect of exchange rate changes
-$715.0K
$209.0K
-$20.0K
Net (decrease) increase in cash, cash equivalents, and restricted cash
$30.4M
-$18.2M
$46.2M
Cash paid for interest
$22.9M
$26.0M
$10.3M
Right-of-use assets recognized in exchange for operating lease obligations
$6.3M
$481.0K
$0
Amounts unpaid for purchases of property and equipment
$2.6M
$3.3M
$0
Issuance of common stock in connection with repurchase of convertible note
Cytokinetics sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Cytokinetics
Wellington Management CompanyFiled SCHEDULE 13G/A on Cytokinetics, latest Aug 13, 2026 (3 filings since Feb 6, 2023)
FMR LLCFiled SCHEDULE 13G/A on Cytokinetics, latest Jul 8, 2026 (8 filings since Feb 9, 2022)
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Cytokinetics reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our material facilities consist of 234,892 square feet of leased office and laboratory space at 350 Oyster Point, South San Francisco, California. Our lease over this property expires in 2033.
We believe that these facilities are suitable and adequate for our current needs.
Cytokinetics was founded in 1997 by James Spudich, Ronald Vale, James Sabry and Lawrence S.B. Goldstein, four scientists at Stanford, UCSD, and UCSF. Operations began in 1998.
Initially, Cytokinetics focused on the possible pharmacological targets and areas of application of drugs based on cytoskeletal proteins. Eventually, the company narrowed its focus to the mechanics of muscle biology. Cytokinetics develops muscle activators and muscle inhibitors to improve muscle function in patients with cardiovascular and neuromuscular diseases.
In 2004 the company completed its initial public offering (IPO).
In January 2007, Cytokinetics named Robert I. Blum as president and CEO. Prior to this, Blum has been involved in the company since its founding, with roles in business development, corporate development and R&D.
In 2013, Cytokinetics finalized a licensing and discovery deal with Astellas to research treatment for muscle weakness and fatigue.
In July 2020, Ji Xing Pharmaceuticals signed a financing deal with Cytokinetics, which included the rights to commercialize the drug designed to treat hypertrophic cardiomyopathies, aficamten, in China and certain neighboring regions.
Omecamtiv mecarbil is a cardiac muscle activator for the potential treatment of heart failure. In May 2020, omecamtiv mecarbil was granted fast track designation by the FDA for the treatment of chronic HF with reduced ejection fraction. Amgen purchased an option on omecamtiv mecarbil in 2006, and the two companies extended their partnership several times. In June 2013, Cytokinetics and Amgen expanded their licensing deal for omecamtiv mecarbil to include Japan. In November 2020 Amgen elected to terminate the collaboration, effective May 20, 2021, and Cytokinetics regained worldwide rights to develop and commercialize omecamtiv mecarbil.
Reldesemtiv (previously known as CK-2127107) is a next-generation fast skeletal muscle troponin activator (FSTA) that has undergone clinical trials for ALS.
Aficamten (previously known as CK-3773274) is an oral, small-molecule myosin inhibitor, to treat hypertrophic cardiomyopathy (HCM).
Aug 31, 2026Phase 3 trial completed Phase 3 trial of Aficamten in Symptomatic Non-Obstructive Hypertrophic Cardiomyopathy: primary completion Aug 31, 2026, no results posted yet (ClinicalTrials.gov NCT06081894).80
Dec 19, 2025FDA approval FDA approved Myqorzo (aficamten), a new molecular entity, orphan drug (NDA 219083).81
Feb 28, 2025Phase 3 trial completed Phase 3 trial of Aficamten (CK-3773274) (5 mg, 10 mg, 15 mg and 20 mg) and Metoprolol succinate (50 mg, 100 mg, 150 mg and 200 mg) in Obstructive Hypertrophic Cardiomyopathy (oHCM): primary completion Feb 28, 2025, results posted Jun 9, 2026 (ClinicalTrials.gov NCT05767346).82
Nov 10, 2023Phase 3 trial completed Phase 3 trial of Aficamten (5 mg, 10 mg, 15 mg, and 20 mg) in Obstructive Hypertrophic Cardiomyopathy (oHCM): primary completion Nov 10, 2023, results posted Mar 3, 2026 (ClinicalTrials.gov NCT05186818).83
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar
Filings
880 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 113 major events, 544 insider forms, 38 large holders, 165 other. The latest 20:
298 open-market trades by officers, directors and large owners since October 2021: 0 buys and 298 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Cytokinetics names in Item 1A of its 10-K filed Feb 26, 2026: 35 risks under these headings, as written.16
Risks Specific to our Company in connection with our Commercial Operations
If physicians and patients do not accept our drugs, we may be unable to generate significant revenue, if any.
The size of the potential market for MYQORZO or our product candidates is difficult to estimate and, if any of our assumptions are inaccurate, the actual markets for our products or product candidates may be smaller than our estimates. If the market opportunities for any products or product candidates we develop are smaller than we believe they are, or if any approval that we obtain is based on a narrower definition of the patient population, our potential revenues may be adversely affected, and our business may suffer.
Our competitors may develop drugs that are less expensive, safer and/or have similar or better efficacy than ours, which may diminish or eliminate the commercial success of any drugs that we may commercialize.
The commercial success of our products depends on the availability and sufficiency of third‑party payor and/or government for coverage and reimbursement.
We have no manufacturing capabilities and depend on single source contract manufacturers to produce our commercial product and clinical trial materials, including our drug candidates, and will have continued reliance on contract manufacturers for the development and commercialization of our potential drugs.
We may not be able to successfully manufacture our drugs or drug candidates in sufficient quality and quantity, which would delay or prevent us from developing our drug candidates and commercializing approved drug products.
Approved drug products remain subject to ongoing obligations, including continued regulatory review by the FDA and foreign regulatory agencies and REMS, all of which may result in significant expense and limit commercialization efforts of our drugs.
If the FDA or comparable foreign regulatory authorities approve generic versions of MYQORZO, or any other potential products that receive marketing approval, or such authorities do not grant MYQORZO appropriate periods of data or market exclusivity before approving a generic version, sales of MYQORZO could be adversely affected.
Risks Specific to our Company in connection with our Research and Development Activities
The regulatory approval and marketing authorization process is expensive, time-consuming and uncertain and may prevent our partners or us from obtaining approvals to commercialize some or all of our drug candidates.
Disruptions at the FDA, including due to a reduction in the FDA’s workforce and/or inadequate funding for the FDA, could prevent the FDA from performing normal functions on which our business relies, which could negatively impact our business.
The other 25 risks
Clinical trials could fail to demonstrate the desired safety and efficacy of our drug candidates, which could prevent or significantly delay completion of clinical development and regulatory approval.
If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
The failure to successfully develop, manufacture and obtain regulatory clearance or approval of an immunoassay or companion diagnostics, if required by FDA as a condition to approval of our drugs, could harm our development and commercialization strategy for such drugs in key markets.
We depend on CROs to conduct our clinical trials and we have limited control over their performance. If these CROs do not successfully carry out their contractual duties or meet expected deadlines, or if we lose any of our CROs, we may not be able to obtain regulatory approval for or commercialize our product candidates on a timely basis, if at all.
Risks Specific to our Company in connection with our Intellectual Property
Our success depends substantially upon our ability to obtain and maintain intellectual property protection relating to our drug candidates, compounds and research technologies.
If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected and our business would be harmed, and we may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties or that we or our employees have wrongfully used or disclosed trade secrets of their former employers.
Infringement lawsuits are costly and time-consuming, and an unfavorable outcome could have a significant adverse effect on our business, including our ability to market MYQORZO to the fullest extent permissible within regulatory approvals.
Financial Risks
We have a history of significant losses and may not achieve or sustain profitability and, as a result, you may lose part or all of your investment.
We will need substantial additional capital in the future to sufficiently fund and maintain our operations.
Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under the Convertible Notes, the RP Multi Tranche Loan Agreement and the RP OM Loan Agreement.
Covenants in the RP Multi Tranche Loan Agreement, the RP OM Loan Agreement, the RP Ulacamten RPA, the RP Aficamten RPA, the RP OM RPA, and the indentures related to our Convertible Notes restrict our business and operations in many ways and if we do not effectively manage our covenants, our financial conditions and results of operations could be adversely affected.
Conversion of our outstanding Convertible Notes may result in the dilution of existing stockholders, create downward pressure on the price of our common stock, and restrict our ability to take advantage of future opportunities.
We will depend on Sanofi for the development and commercialization of aficamten in China and Bayer for the development and commercialization of aficamten in Japan.
Our ability to use net operating loss carryforwards and tax credit carryforwards to offset future taxable income may be subject to certain limitations, and ownership changes may limit our ability to use our net operating losses and tax credits in the future.
Legal and Compliance Risks
Legislation, such as the Inflation Reduction Act, or IRA, and the One Big Beautiful Bill Act, or OBBA, and potential future legislation may increase the difficulty and cost for us to obtain regulatory approval of, and to commercialize our products and to obtain Medicare coverage by 3rd party plans and affect the prices we may obtain upon commercialization.
Our relationships with customers, healthcare providers, clinical trial sites and professionals and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other laws and regulations. If we fail to comply with federal, state and foreign laws and regulations, including healthcare, privacy and data security laws and regulations, we could face criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
We may be subject to costly product liability or other liability claims and may not be able to obtain adequate insurance.
We are subject to laws and regulations relating to privacy, data protection and the collection and processing of personal data. Failure to maintain compliance with these regulations could create additional liabilities for us.
Responding to any claims relating to improper handling, storage or disposal of the hazardous chemicals and radioactive and biological materials we use in our business could be time-consuming and costly.
Litigation may substantially increase our costs and harm our business.
General Risk Factors
Our failure to attract and retain skilled personnel could impair our drug development, commercialization and financial reporting activities.
Significant disruptions of information technology systems or breaches of data security could adversely affect our business.
Our facilities in California are located near an earthquake fault, and an earthquake or other types of natural disasters, catastrophic events or resource shortages could disrupt our operations and adversely affect our results.
We expect that our stock price will fluctuate significantly, and you may not be able to resell your shares at or above your investment price.
Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of management.
Legal proceedings
Judah Seidman, Individually and on Behalf of All Others Similarly Situated, Plaintiff, v. Cytokinetics, Incorporated and Robert I. Blum, Civil Action No.: 3:25-cv-07923
On September 17, 2025, a stockholder class action lawsuit (the "Action") was filed against the Company and its chief executive officer in the United States District Court for the Northern District of California, alleging certain violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Action was purportedly filed on behalf of a class consisting of all investors who purchased or otherwise acquired our common stock between December 27, 2023 and May 6, 2025. The Action alleges that the Company made materially false and misleading statements regarding the timeline for the NDA regulatory approval process for aficamten and that the Company failed to disclose related material risks. The complaint seeks unspecified damages, legal fees, and costs. On December 22, 2025, a lead plaintiff was appointed. The deadline for the lead plaintiff to file an amended compliant is March 10, 2026. We dispute any allegations of wrongdoing and intend to vigorously defend against the Action and expect to file a motion to dismiss within 60 days of the lead plaintiff filing an amended complaint.
We are not presently a party to any other legal proceedings that in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect on our consolidated results of operations, financial condition or cash flows.
