Cytokinetics (CYTK) FY2025 results: revenue $88 million, up 376.6% on the year

Cytokinetics is a biopharmaceutical company that discovers, develops and sells small molecule drugs that activate or inhibit muscle, for cardiovascular and neuromuscular diseases in which muscle function is impaired. All of its research relates to the biology of muscle function and grew out of its work on the cytoskeleton, the structure inside every human cell that includes the proteins muscles use to contract. Its first commercial product, MYQORZO (aficamten), was approved by the FDA in December 2025, and with it the company describes itself as having become a fully integrated specialty biopharmaceutical company.

The first medicine

MYQORZO is an oral tablet, in 5 mg, 10 mg, 15 mg and 20 mg strengths, that inhibits cardiac myosin, the motor protein that makes heart muscle contract. It is approved for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM), a form of inherited heart muscle thickening that obstructs blood flow out of the heart. By binding to cardiac myosin it reduces the force of contraction. Its approval came with a risk evaluation and mitigation strategy program because of the risk of heart failure due to systolic dysfunction. It became available for prescription on or around January 27, 2026. The China National Medical Products Administration has also approved it, and the European Commission approved it in February 2026.

Getting it to patients

The company built its own marketing, sales and distribution operation in the U.S. and is preparing a launch in Europe in 2026, starting in Germany. Sanofi, through its affiliate Genzyme, holds the rights in China and Taiwan, and Bayer holds the rights in Japan, where it runs its own Phase 3 trial, CAMELLIA-HCM. MYQORZO competes with Camzyos (mavacamten), a cardiac myosin inhibitor sold by Bristol Myers Squibb, and with generic beta blockers and calcium channel blockers.

The pipeline

Aficamten is also being tested in ACACIA-HCM, a Phase 3 trial in non-obstructive HCM, in CEDAR-HCM in children with oHCM, and in the open-label extension study FOREST-HCM. Omecamtiv mecarbil is a cardiac myosin activator, the opposite mechanism, for heart failure with severely reduced ejection fraction. After the GALACTIC-HF outcomes trial, run by Amgen in collaboration with Cytokinetics, it is now in COMET-HF, a Phase 3 trial in patients with severely reduced ejection fraction. Ulacamten is a cardiac myosin inhibitor aimed at heart failure with preserved ejection fraction, in the Phase 2 trial AMBER-HFpEF. CK-089 is a fast skeletal muscle troponin activator in a Phase 1 study, with potential use in a specific type of muscular dystrophy. Royalty Pharma entities hold revenue interests in sales of aficamten, omecamtiv mecarbil and ulacamten.

Manufacturing and people

The company has no manufacturing capabilities of its own. It relies on third parties for raw materials, active ingredient, finished product and packaging, and for MYQORZO it has long-term commercial supply agreements with contract manufacturers in Asia, North America and Europe, each a single source. It currently sources key registered starting materials for aficamten from manufacturers in China. At December 31, 2025 it had 673 employees.

From Cytokinetics' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.