Cytokinetics (CYTK) FY2023 results: revenue $8 million, down 92.0% on the year

Cytokinetics Inc. (CYTK) reported revenue of $8 million for fiscal 2023, the year ended 31 December 2023, down 92.0% on the year before. Net income was -$526 million, and diluted earnings per share $-5.45. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$8 million

-92.0% on the year

FY2016FY2023

Operating margin

-6589.7%

-342.8% a year earlier

FY2016FY2023

Net income

-$526 million

FY2016FY2023

Diluted EPS

-$5.45

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	7.5	94.6	70.4	-92.0%
Research and development	330	241	160	+37.1%
Operating income	-496	-324	-186
Operating margin	-6589.7%	-342.8%	-264.5%
Interest expense	28.3	19.4	16.4	+45.8%
Income tax	0.0	0.0	0.0
Net income	-526	-389	-215
Net margin	-6988.6%	-411.2%	-305.7%
Diluted EPS	-$5.45	-$4.33	-$2.80

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-414	-300	-143
Capital expenditure	1.4	11.3	48.9	-87.5%
Free cash flow	-416	-311	-191
Free cash flow margin	-5521.2%	-328.6%	-271.8%
Cash from investing	239	-262	-148
Cash from financing	221	516	320	-57.1%
Depreciation and amortisation	11.9	5.8	2.3	+104.5%
Share-based compensation	72.1	47.9	26.8	+50.6%
Diluted shares, weighted	97m	90m	77m	+7.5%
Shares outstanding at period end	102m	95m	85m	+7.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-386	-108	244
Debt	639	650	143	-1.6%
Operating lease liabilities	120	127	112	-5.1%
Other liabilities	451	346	342	+30.2%
Total liabilities and equity	824	1,015	841	-18.8%
Fixed assets	68.7	80.5	73.3	-14.5%
Investments	542	764	511	-29.0%
Cash and equivalents	113	65.6	113	+72.3%
Receivables	1.3	0.1	51.8	+772.8%
Other assets	98.9	105	92.5	-5.7%
Total assets	824	1,015	841	-18.8%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.