Cytokinetics Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 2 raised. The quarter’s numbers.

Key takeaways

Total revenue fell year over year: Total revenues were $28.6 million, down from $66.8 million, when the second quarter of 2025 included $64.4 million of license and milestone revenue. Source
MYQORZO product revenue reached $25.3 million: MYQORZO net product revenue was $25.3 million, with $23.0 million from the U.S. and $2.3 million from Europe. Source
Prescriber and patient counts grew: By June 30, 2026, over 700 unique healthcare providers had prescribed MYQORZO and about 1,500 patients were dispensed it, up from over 275 providers and about 680 patients at March 31. Source
Non-obstructive trial met dual endpoints: ACACIA-HCM, a Phase 3 trial in symptomatic non-obstructive HCM, met both dual primary endpoints, with statistically significant improvements from baseline to Week 36. Source
LVEF below 50% reported more often: LVEF below 50% occurred in 10% of aficamten participants and 1% of placebo participants. Treatment interruptions for LVEF below 40% were rare. Source
Combined expense guidance raised: Full-year combined R&D and SG&A expense guidance rose to $860 million to $890 million, reflecting commercial readiness spending for a potential 2027 nHCM launch. Source
Cash rose to $1.7 billion: Cash, cash equivalents and investments were about $1.7 billion at June 30, 2026, up from $1.1 billion at March 31, 2026, after the second-quarter offering. Source

“In the U.S., we continued to build launch velocity evidenced by expanding physician adoption and increasing patient access.”
Robert I. Blum, Cytokinetics’ President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
GAAP combined R&D and SG&A expense Source	Full year 2026	$860 million to $890 million	Raised from $830 million to $870 million
Non-cash stock-based compensation within GAAP combined R&D and SG&A expense Source	Full year 2026	$140 million to $130 million	Raised from $130 million to $120 million

What changed from last quarter

Guidance raised: Combined R&D and SG&A expense guidance was raised, with management citing commercial readiness investments tied to ACACIA-HCM results. Source
Guidance raised: Non-cash stock-based compensation expense within combined expense guidance was raised by $10 million at each end of the range. Source
New: Company completed a public offering of 11,338,028 shares at $71.00 per share, including the underwriters' full option exercise. Source
New: MYQORZO received UK marketing authorization from the MHRA, and NICE issued recommending guidance for England and Wales. Source
New: Dutch reimbursement for MYQORZO took effect August 1, 2026, after the quarter end. Source
New: New Drug Applications for aficamten were submitted in Hong Kong and Taiwan under the Sanofi collaboration. Source

Revenue and net loss

Total revenue fell year over year: Total revenues were $28.6 million, down from $66.8 million, when the second quarter of 2025 included $64.4 million of license and milestone revenue. Source
MYQORZO product revenue reached $25.3 million: MYQORZO net product revenue was $25.3 million, with $23.0 million from the U.S. and $2.3 million from Europe. Source
Net loss rose to $198.8 million: Net loss was $198.8 million, or $(1.50) per share, compared with a net loss of $134.4 million, or $(1.12) per share, in the second quarter of 2025. Source
Collaboration revenue rose modestly: Collaboration revenue was $3.3 million, compared with $2.4 million a year earlier. Source

MYQORZO launch and demand

Prescriber and patient counts grew: By June 30, 2026, over 700 unique healthcare providers had prescribed MYQORZO and about 1,500 patients were dispensed it, up from over 275 providers and about 680 patients at March 31. Source
Paid prescriptions reached over 80%: Over 80% of patients on therapy were on paid prescription at June 30, 2026, up from over 70% at March 31, 2026. Source
Physician awareness and campaigns drove uptake: Management cited increasing physician and patient awareness, driven by engagement and marketing campaigns, as part of continued U.S. launch progress. Source

“we have the financial resources to invest in both the global commercialization of MYQORZO and the continued progression of our pipeline”
Robert I. Blum, Cytokinetics’ President and Chief Executive Officer

European launch and approvals

Germany launch completed in June: MYQORZO was brought to market in Germany in June, and management reported 10 health technology assessment dossiers submitted across Europe. Source
UK authorization and NICE guidance: The MHRA granted UK marketing authorization for symptomatic NYHA class II-III oHCM in adults. NICE issued guidance recommending aficamten for use in England and Wales. Source
Dutch reimbursement effective August 1: The Dutch Ministry of Health approved reimbursement for MYQORZO, effective August 1, after the quarter end. Source
Asia and North America filings pending: Taiwan granted priority review designation. Filings for MYQORZO are under review in Canada and Switzerland. Source

ACACIA-HCM in non-obstructive HCM

Non-obstructive trial met dual endpoints: ACACIA-HCM, a Phase 3 trial in symptomatic non-obstructive HCM, met both dual primary endpoints, with statistically significant improvements from baseline to Week 36. Source
Key secondary endpoints also improved: Statistically significant improvements compared with placebo were also observed in key secondary endpoints. Source
LVEF below 50% reported more often: LVEF below 50% occurred in 10% of aficamten participants and 1% of placebo participants. Treatment interruptions for LVEF below 40% were rare. Source

Other pipeline programs

Japan trials to complete in Q3: Management expects to complete trial conduct in Q3 2026 for the Japan cohort of ACACIA-HCM and for CAMELLIA-HCM, which Bayer conducts with Cytokinetics. Source
CEDAR-HCM adolescent enrollment completed: Enrollment in the adolescent cohort of the pediatric oHCM trial CEDAR-HCM has recently been completed. Source
Omecamtiv and ulacamten trials continue: COMET-HF enrollment continues through 2026. AMBER-HFpEF Cohort 1 enrollment is expected to complete in the second half of 2026. CK-089 second Phase 1 study has been initiated. Source
New analyses at ESC Heart Failure: Analyses from SEQUOIA-HCM, MAPLE-HCM and FOREST-HCM were presented, supporting previously published safety and efficacy data for aficamten in oHCM. Source

Operating costs and guidance

Combined expense guidance raised: Full-year combined R&D and SG&A expense guidance rose to $860 million to $890 million, reflecting commercial readiness spending for a potential 2027 nHCM launch. Source
Stock-based compensation guidance raised: Non-cash stock-based compensation within combined expense guidance was raised to $140 million to $130 million. Source
R&D expense fell year over year: R&D expense was $97.8 million, compared with $110.1 million, including $15.9 million of non-cash stock-based compensation. Source
SG&A rose on launch costs: SG&A was $104.4 million, compared with $65.7 million, with the increase attributed to MYQORZO launch costs and personnel costs including stock-based compensation. Source

Product cost and collaboration costs

Product cost of $2.7 million: Cost of goods sold related to MYQORZO was $2.7 million in the quarter, against $25.3 million of net product revenue. Source
Collaboration costs include reimbursements: Collaboration cost of revenues was $2.9 million, compared with $2.4 million, and includes cost reimbursements and manufacturing of drug supplies for partners. Source
Long-term inventories recorded: Long-term inventories were $6.5 million at June 30, 2026, compared with nil at December 31, 2025. Source

Cash, capital and offering

Cash rose to $1.7 billion: Cash, cash equivalents and investments were about $1.7 billion at June 30, 2026, up from $1.1 billion at March 31, 2026, after the second-quarter offering. Source
Equity offering at $71.00 per share: The offering of 11,338,028 shares at $71.00 per share produced net proceeds of about $760.1 million after underwriting discounts and offering expenses. Source
Weighted share count increased: Weighted-average shares used for basic and diluted loss per share were 132.1 million, up from 119.5 million. Source

Coming up, as management said on 6 August 2026

Full ACACIA-HCM results at ESC: Primary ACACIA-HCM results are to be presented in a Hot Line Session at the ESC Congress. Source
Supplemental NDA for nHCM planned: Management plans to submit a supplemental NDA for aficamten in non-obstructive HCM in the fourth quarter of 2026. Source
Launches in more markets by mid-2027: Management expects to launch MYQORZO in more than five additional European markets by the first half of 2027. Source
Potential nHCM launch in 2027: Management referred to a potential 2027 launch of MYQORZO in non-obstructive HCM, which the increased expense guidance is intended to support. Source

Figures management reported

Figure	Reported
MYQORZO net product revenue Source	$25.3 million
R&D expense Source	$97.8 million
Approval Source	UK marketing authorization (MHRA)
Reimbursement Source	Netherlands, effective August 1
Trial readout Source	ACACIA-HCM met both dual primary endpoints

Risks management discussed

Regulatory: Two aficamten participants had serious adverse events of heart failure associated with LVEF below 50%, which management reported as part of the non-obstructive HCM data. Source
Demand: European revenue includes initial stocking by German distributors, which management identified within the $2.3 million Europe figure. Source
Financial: Higher expense guidance reflects spending ahead of a potential 2027 nHCM launch, which management described as commercial readiness investment. Source

Earlier plans management reported on

Met: The Q1 release expected a first launch in Germany in Q2 2026. The Q2 release reports the launch took place in June.
Not stated: The Q1 release expected enrollment completion in Q4 2026. The Q2 release says enrollment has recently been completed, without a status term.
Not stated: The Q1 release maintained full-year 2026 guidance. The Q2 release updated the combined expense and stock-based compensation ranges.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Cytokinetics Reports Second Quarter 2026 Financial Results and Provides Business Update

MYQORZO® (aficamten) Net Product Revenue of $25 Million

Full Results from ACACIA-HCM to be Presented in Hot Line Session at ESC;

Expect to Submit Supplemental NDA for Aficamten in Non-Obstructive HCM in Q4 2026

MYQORZO Launched in Germany, Approved in United Kingdom and

Regulatory Review Ongoing in Canada, Switzerland, Hong Kong and Taiwan

~$1.7 Billion in Cash, Cash Equivalents and Investments as of June 30, 2026

SOUTH SAN FRANCISCO, Calif., Aug. 6, 2026 - Cytokinetics, Incorporated (Nasdaq: CYTK) reported a management update and financial results for the second quarter of 2026.

“Our second quarter results demonstrate commercial launch momentum for MYQORZO alongside continued excellence for our development pipeline, both hallmarks of continued strong execution for our maturing business. In the U.S., we continued to build launch velocity evidenced by expanding physician adoption and increasing patient access. Internationally, we launched MYQORZO in Germany and laid the foundation for broadening access to aficamten by submitting reimbursement dossiers alongside regulatory filings advancing in multiple countries in Europe,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “We look forward to sharing results from ACACIA-HCM later this month and submitting a supplemental NDA to the U.S. Food and Drug Administration in the fourth quarter. Having also secured additional capital during the recent quarter, we have the financial resources to invest in both the global commercialization of MYQORZO and the continued progression of our pipeline, positioning us well to maximize the potential of our specialty cardiology franchise.”

Q2 and Recent Highlights

Cardiac Muscle Programs

MYQORZO® (aficamten) (cardiac myosin inhibitor)

Continued U.S. commercial launch of MYQORZO for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM), with increasing physician and patient awareness of MYQORZO driven by both strong engagement and successful marketing campaigns.

Continued to drive launch momentum for MYQORZO. As of June 30, 2026:

Over 700 unique healthcare providers prescribed MYQORZO

Approximately 1,500 patients were dispensed MYQORZO

Over 80% of patients on therapy were on paid prescription

Successfully brought MYQORZO to market in Germany in June.

MYQORZO was granted marketing authorization across the United Kingdom by the Medicines and Healthcare products Regulatory Agency (MHRA) for the treatment of symptomatic (New York Heart Association, NYHA class II-III) oHCM in adult patients. At the same time, the National Institute for Health and Care Excellence (NICE) issued guidance recommending aficamten for use in England and Wales.

MYQORZO received reimbursement approval, effective August 1, from The Dutch Ministry of Health in the Netherlands.

Submitted 10 Health Technology Assessment (HTA) dossiers to support market access across Europe and expect to launch in more than five additional markets by the first half of 2027.

Submitted New Drug Applications (NDA) for aficamten in Hong Kong and Taiwan under our collaboration with Sanofi. Aficamten was granted priority review designation by the Taiwan Food & Drug Administration. Regulatory filings for MYQORZO are also under review in Canada and Switzerland.

Announced positive topline results from ACACIA-HCM, the pivotal Phase 3 clinical trial of aficamten in patients with symptomatic non-obstructive hypertrophic cardiomyopathy (nHCM).

ACACIA-HCM met both dual primary endpoints, demonstrating statistically significant improvements from baseline to Week 36 in both Kansas City Cardiomyopathy Questionnaire (KCCQ) Clinical Summary Score and maximal exercise performance (peak VO2).

Statistically significant improvements compared to placebo were also observed in key secondary endpoints.

There were no new safety signals identified. Left ventricular ejection fraction (LVEF) <50% occurred in 10% of participants taking aficamten and in 1% of participants taking placebo while treatment interruptions due to LVEF <40% were rare. Two participants on aficamten experienced a serious adverse event of heart failure associated with LVEF <50%.

The primary results from ACACIA-HCM will be presented in a Hot Line Session at the European Society of Cardiology (ESC) Congress in August 2026. We expect to file a Supplemental NDA for nHCM in Q4 2026.

Advanced the ongoing clinical trials program for aficamten:

Continued conduct of the Japan cohort of ACACIA-HCM. We expect to complete trial conduct in Q3 2026.

Continued conduct of CAMELLIA-HCM, a Phase 3 clinical trial of aficamten in Japanese patients with oHCM. CAMELLIA-HCM is being conducted by Bayer in collaboration with Cytokinetics to support potential marketing authorization in Japan. We expect to complete trial conduct in Q3 2026.

Recently completed patient enrollment in the adolescent cohort of CEDAR-HCM, a clinical trial of aficamten in a pediatric population with symptomatic oHCM.

Presented new analyses at the ESC Heart Failure 2026 Congress from SEQUOIA-HCM, MAPLE-HCM and FOREST-HCM supporting previously published data related to the safety and efficacy of aficamten in oHCM.

omecamtiv mecarbil (cardiac myosin activator)

Continued conduct of COMET-HF, a confirmatory Phase 3 clinical trial of omecamtiv mecarbil in patients with symptomatic heart failure with severely reduced ejection fraction. We expect to continue patient enrollment through 2026.

ulacamten (cardiac myosin inhibitor)

Continued conduct of Cohort 1 of AMBER-HFpEF, a Phase 2 clinical trial of ulacamten in patients with symptomatic heart failure with preserved ejection fraction (HFpEF) with left ventricular ejection fraction (LVEF) ≥ 60%. We expect to complete patient enrollment in Cohort 1 in the second half of 2026.

CK-4015089 (CK-089, fast skeletal muscle troponin activator)

Recently initiated the second Phase 1 randomized, double-blind, placebo-controlled single ascending dose clinical study of CK-4015089 (CK-089) in healthy human participants.

Pre-Clinical Development and Ongoing Research

Continued pre-clinical development and research activities directed to additional muscle biology focused programs.

Q2 2026 Financial Results

Cash, Cash Equivalents and Investments

As of June 30, 2026, the company had approximately $1.7 billion in cash, cash equivalents and investments compared to $1.1 billion at March 31, 2026.

In the second quarter, the company completed a public offering of 11,338,028 shares of its common stock, including the underwriters’ exercise in full of their option to purchase additional shares, at a price of $71.00 per share. Net proceeds to the Company from the offering were approximately $760.1 million, after deducting underwriting discounts and commissions and offering expenses payable to the Company.

Revenues

Total revenues for the second quarter of 2026 were $28.6 million, compared to $66.8 million for the same period in 2025. Total revenues in the second quarter of 2026 include:

$25.3 million MYQORZO net product revenue, inclusive of $23.0 million from the U.S. and $2.3 million from Europe reflecting initial inventory purchased by distributors in Germany, and

$3.3 million in collaboration revenue compared to $2.4 million for the same period in 2025.

The second quarter of 2026 did not have any license and milestone revenues compared to $64.4 million in the second quarter of 2025.

Research and Development (R&D) Expenses

R&D expenses for the second quarter of 2026 were $97.8 million, which included $15.9 million of non-cash stock-based compensation expense, compared to $110.1 million for the same period in 2025, which included $13.5 million of non-cash stock-based compensation expense. The decrease was primarily due to higher clinical trial activity, supply chain costs, and medical affairs activities in 2025 partially offset by higher personnel-related costs in 2026.

Selling, General and Administrative (SG&A) Expenses

SG&A expenses for the second quarter of 2026 were $104.4 million, which included $19.8 million of non-cash stock-based compensation expense, compared to $65.7 million for the same period in 2025, which included $14.0 million of non-cash stock-based compensation expense. The increase was primarily due to costs associated with the commercial launch of MYQORZO and higher personnel-related costs, including stock-based compensation.

Cost of Goods Sold

Cost of goods sold related to MYQORZO for the second quarter of 2026 was $2.7 million.

Collaboration Cost of Revenues

Collaboration cost of revenues for the second quarter of 2026 was $2.9 million, compared to $2.4 million for the same period in 2025. Collaboration cost of revenues includes cost reimbursements as well as costs incurred in connection with manufacturing drug supplies for collaboration partners.

Net Income (Loss)

Net loss for the second quarter of 2026 was $198.8 million, or $(1.50) per share, basic and diluted, compared to a net loss of $134.4 million, or $(1.12) per share, basic and diluted, for the same period in 2025.

2026 Financial Guidance

The company is updating its full year 2026 financial guidance:

	Prior guidance issued onFebruary 24, 2026 and reiterated on May 5, 2026	Current guidanceissued on August 6, 2026
GAAP combined R&D and SG&A Expense	$830 million to $870 million	$860 million to $890 million
Non-cash stock-based compensation expense included	$130 million to $120 million	$140 million to $130 million

in GAAP combined R&D and SG&A Expense

GAAP combined R&D and SG&A expense guidance increase is primarily driven by commercial readiness investments, prompted by the positive results from ACACIA-HCM, to support the potential 2027 launch of MYQORZO in nHCM.

The financial guidance does not include the effect of GAAP adjustments as may be caused by events that occur subsequent to publication of this guidance including, but not limited to, Business Development activities.

Conference Call and Webcast Information

Members of Cytokinetics’ senior management team will review the company’s second quarter 2026 results on a conference call today at 4:30 PM Eastern Time. The conference call will be simultaneously webcast and can be accessed from the Investors & Media section of Cytokinetics’ website at www.cytokinetics.com or directly at the following link: Cytokinetics Q2 2026 Earnings Conference Call. An archived replay of the webcast will be available via Cytokinetics’ website for six months.

About Cytokinetics

Cytokinetics is a specialty cardiovascular biopharmaceutical company, building on its over 25 years of pioneering scientific innovations in muscle biology, and advancing a pipeline of potential new medicines for patients suffering from diseases of cardiac muscle dysfunction. Cytokinetics’ MYQORZO® (aficamten) is a cardiac myosin inhibitor approved in the U.S., China, Europe and the UK for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). Following positive topline results in ACACIA-HCM, a Phase 3 clinical trial of aficamten in patients with non-obstructive HCM (nHCM), the company plans to submit a Supplemental New Drug Application in Q4 2026. Cytokinetics is also developing omecamtiv mecarbil, an investigational cardiac myosin activator for the potential treatment of patients with heart failure with severely reduced ejection fraction and ulacamten, an investigational cardiac myosin inhibitor for the potential treatment of heart failure with preserved ejection fraction, while continuing pre-clinical research and development in muscle biology.

For additional information about Cytokinetics, visit www.cytokinetics.com and follow us on X, LinkedIn, Facebook and YouTube.

Disclaimer

Omecamtiv mecarbil, ulacamten and CK-089 are investigational medicines. They have not been approved nor determined to be safe or efficacious for any disease state or any indication by FDA or any other regulatory agency.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Cytokinetics claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but not limited to, statements, express or implied, relating to the full results from ACACIA-HCM to be presented in a Hot Line Session at the European Society of Cardiology (ESC) Congress; our plans to submit a Supplemental NDA for aficamten in non-obstructive HCM in the fourth quarter of 2026, and the timing and outcome of any related regulatory review; our plans to launch MYQORZO in additional markets outside the U.S., including our expectation to launch in more than five additional markets by the first half of 2027, and the timing and outcome of pending regulatory and reimbursement reviews in Canada, Switzerland, Hong Kong, Taiwan and other jurisdictions, our or our partners’ research and development and commercial readiness activities, including the initiation, conduct, design, enrollment, progress, continuation, completion, timing and results of any of our clinical trials, including ACACIA-HCM (including its Japan cohort), CAMELLIA-HCM, COMET-HF, AMBER-HFpEF and CEDAR-HCM; the clinical meaningfulness, persuasiveness, or interpretation of the results of MAPLE-HCM, ACACIA-HCM or any of our other clinical trials, including for purposes of regulatory approval, labeling, or market acceptance, the results of long-term, secondary or exploratory analyses, our ability to announce the results of any of our clinical trials by any particular date, the timing of interactions with FDA or any other regulatory authorities in connection to any of our drug candidates and the outcomes of such interactions; statements related to our receipt of regulatory approvals for aficamten in any ex-US jurisdiction for any indication and by any particular date, statements relating to the potential patient population who could benefit from aficamten, omecamtiv mecarbil, ulacamten, CK-089 or any of our other drug candidates; statements related to the potential launch of MYQORZO in non-obstructive HCM in 2027; our full year 2026 financial guidance, including our combined GAAP research and development and selling, general and administrative expense guidance and related non-cash stock-based compensation expense estimates, and the assumptions underlying such guidance; statements relating to our ability to receive additional capital or other funding, including, but not limited to, our ability to meet any of the conditions relating to or to otherwise secure additional loan disbursements under any of our agreements with entities affiliated with Royalty Pharma or additional milestone payments from Sanofi or Bayer in connection with our collaborations for aficamten in China or Japan respectively; statements relating to our operating expenses or cash utilization for the remainder of 2026 or any other period, and statements relating to our cash balance at any particular date or the amount of cash runway such cash balances represent at any particular time. Such statements are based on management's current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to Cytokinetics’ need for additional funding and such additional funding may not be available on acceptable terms, if at all; potential difficulties or delays in the development, testing, regulatory approvals for trial commencement, progression or product sale or manufacturing, or production of Cytokinetics’ drug candidates that could slow or prevent clinical development or product approval; patient enrollment for or conduct of clinical trials may be difficult or delayed; the FDA or foreign regulatory agencies may delay or limit Cytokinetics’ or its partners’ ability to conduct clinical trials; Cytokinetics may incur unanticipated research and development and other costs; standards of care may change, rendering Cytokinetics’ drug candidates obsolete; and competitive products or alternative therapies may be developed by others for the treatment of indications Cytokinetics’ drug candidates and potential drug candidates may target. For further information regarding these and other risks related to Cytokinetics’ business, investors should consult Cytokinetics’ filings with the Securities and Exchange Commission, particularly under the caption “Risk Factors” in Cytokinetics’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Forward-looking statements are not guarantees of future performance, and Cytokinetics’ actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that Cytokinetics makes in this press release speak only as of the date of this press release. Cytokinetics assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

CYTOKINETICS® and the CYTOKINETICS C-shaped logo are registered trademarks of Cytokinetics in the U.S. and certain other countries.

MYQORZO® is a registered trademark of Cytokinetics in the U.S. and European Union.

	June 30, 2026	December 31, 2025
	(unaudited)
Cytokinetics, Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS
Current assets:
Cash and short term investments	$ 1,165,686	$ 882,221
Other current assets	42,801	34,754
Total current assets	1,208,487	916,975
Long-term investments	538,317	335,048
Property and equipment, net	78,916	79,194
Operating lease right-of-use assets	72,896	75,979
Inventories, long-term	6,529	-
Other assets	19,406	17,341
Total assets	$ 1,924,551	$ 1,424,537
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$ 97,372	$ 105,615
Short-term operating lease liabilities	21,042	19,111
Current portion of convertible and long-term debt	27,358	41,181
Derivative liabilities measured at fair value	30,700	31,100
Deferred revenue	1,653	1,612
Other current liabilities	3,304	3,833
Total current liabilities	181,429	202,452
Term loan, net	248,202	246,384
Convertible notes, net	871,527	869,597
Liabilities related to revenue participation right purchase agreements, net	558,054	520,559
Long-term operating lease liabilities	102,426	107,970
Liabilities related to RPI Transactions measured at fair value	136,400	137,200
Total liabilities	2,098,038	2,084,162
Commitments and contingencies
Stockholders' deficit
Common stock	138	123
Additional paid-in capital	3,721,713	2,826,341
Accumulated other comprehensive (loss) income	(3,826)	630
Accumulated deficit	(3,891,512)	(3,486,719)
Total stockholders' deficit	(173,487)	(659,625)
Total liabilities and stockholders' deficit	$ 1,924,551	$ 1,424,537

	Three Months Ended		Six Months Ended June 30,
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Cytokinetics, Incorporated
Condensed Consolidated Statements of Operations
(in thousands except per share data)
(unaudited)
Revenues:
Net product revenue	$ 25,334	$ -	$ 30,123	$ -
Collaboration revenues	3,290	2,416	5,927	3,995
License and milestone revenues	-	64,353	11,929	64,353
Total revenues	28,624	66,769	47,979	68,348
Operating expenses:
Research and development	97,807	110,138	193,332	208,400
Selling, general and administrative	104,397	65,721	209,293	123,090
Cost of goods sold	2,731	-	2,891	-
Collaboration cost of revenues	2,861	2,416	5,253	3,995
Total operating expenses	207,796	178,275	410,769	335,485
Operating loss	(179,172)	(111,506)	(362,790)	(267,137)
Interest and other expense, net	(14,654)	(11,084)	(29,173)	(19,952)
Non-cash interest expense on liabilities related to revenue participation right purchase agreements	(20,177)	(13,181)	(38,993)	(27,259)
Interest and other income, net	13,941	13,001	24,963	26,702
Change in fair value of derivative liabilities	(1,100)	3,000	400	2,600
Change in fair value of liabilities related to RPI Transactions	2,400	(14,600)	800	(10,700)
Net loss	$ (198,762)	$ (134,370)	$ (404,793)	$ (295,746)
Net loss per share - basic and diluted	$ (1.50)	$ (1.12)	$ (3.17)	$ (2.49)
Weighted-average number of shares used in computing net loss per share - basic and diluted	132,086	119,457	127,704	118,979

Contacts
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Affairs
(415) 290-7757