Cytokinetics (CYTK)
NASDAQ:CYTK
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Cytokinetics
(NASDAQ:CYTK)
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Rating:50Neutral
Price Target:
$63.00
▼(-2.46% Downside)
Action:ReiteratedDate:02/27/26
The score is held back primarily by weak financial fundamentals—large ongoing losses, heavy cash burn, and a pressured balance sheet with negative equity and higher debt. The latest earnings call adds support via major approvals, early launch traction signals, and a substantial cash position, but uncertainty remains due to rising costs and lack of product-sales guidance. Technicals are mixed, and valuation is difficult to anchor given negative earnings.
Positive Factors
Regulatory approvals & global commercial transition
Multiple major approvals (U.S., China, CHMP positive and EC approval) convert Cytokinetics into a global commercial-stage company. This structural shift expands addressable markets, supports a multi-region revenue base, and materially changes the firm’s long-term operating profile from pure R&D to commercial execution.
Negative Factors
Persistent negative operating cash flow
Consistent, large negative operating and free cash flow indicate the business remains cash-consuming despite revenue progress. Over the medium term this necessitates continued external funding or material product-sales growth; otherwise financing needs will increase dilution risk and constrain strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory approvals & global commercial transition
Multiple major approvals (U.S., China, CHMP positive and EC approval) convert Cytokinetics into a global commercial-stage company. This structural shift expands addressable markets, supports a multi-region revenue base, and materially changes the firm’s long-term operating profile from pure R&D to commercial execution.
Read all positive factors
Cytokinetics (CYTK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.96B
Dividend YieldN/A
Average Volume (3M)1.96M
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth2609.26%
EPS Growth-17.08%
CountryUS
Employees498
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.50
Shares Outstanding123,162,800
10 Day Avg. Volume1,732,177
30 Day Avg. Volume1,960,320
Financial Highlights & Ratios
PEG Ratio-0.40
Price to Book (P/B)-11.56
Price to Sales (P/S)86.62
P/FCF Ratio-14.26
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue95.51
Enterprise Value/Gross Profit-428.43
Enterprise Value/Ebitda-11.99
Forecast
1Y Price Target
$93.47Price Target Upside44.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)-6.47
Revenue Forecast (FY)$91.21M
Cytokinetics Business Overview & Revenue Model
Company Description
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule dru...
How the Company Makes Money
Cytokinetics generates revenue primarily through the development of its drug candidates, which may include licensing agreements, collaboration deals, and partnerships with larger pharmaceutical companies. The company may receive milestone payments...
Cytokinetics Key Performance Indicators (KPIs)
Any
Revenue by Segment
Highlights revenue contributions from different business segments, providing insight into which areas drive growth and how diversified the company’s income streams are.
Highlights revenue contributions from different business segments, providing insight into which areas drive growth and how diversified the company’s income streams are.
Data provided by:
The Fly
The FlyCytokinetics Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized material positive corporate milestones — regulatory approvals across major markets, immediate commercial readiness and early uptake indicators, large full-year revenue growth driven by collaboration milestones, and a strong cash balance — which collectively mark the company’s transition to a global commercial-stage biopharmaceutical company. Notwithstanding, costs have increased substantially as the company invests in commercial infrastructure and ongoing clinical programs, driving wider net losses and near-term uncertainty around product sales and ACACIA topline details. On balance, the strategic and operational positives (approvals, launch momentum, pipeline catalysts and strong cash runway) outweigh the financial short-term headwinds and information gaps, yielding a constructive but cautious outlook.Positive Updates
Regulatory Approvals and Global Commercial Transition
MYCorzo (aficamten) received FDA approval in the U.S., approval in China, a positive CHMP opinion and subsequent European Commission approval for the EU during the same week — enabling Cytokinetics' transition to a global commercial-stage company and planned first European launch in Germany in Q2 2026.
Negative Updates
Increased Operating Expenses
GAAP combined operating costs rose materially: R&D full-year 2025 of $416.0M versus $339.4M in 2024 (+22.6%); G&A full-year 2025 of $284.3M versus $215.3M in 2024 (+32.1%). Q4 increases also material: Q4 R&D $104.4M vs $93.6M (+11.6%); Q4 G&A $91.7M vs $62.3M (+47.2%). These increases were driven primarily by advancing clinical trials and commercial readiness/hiring.
Read all updates
Q4-2025 Updates
Positive
Negative
Regulatory Approvals and Global Commercial Transition
MYCorzo (aficamten) received FDA approval in the U.S., approval in China, a positive CHMP opinion and subsequent European Commission approval for the EU during the same week — enabling Cytokinetics' transition to a global commercial-stage company and planned first European launch in Germany in Q2 2026.
Read all positive updates
Company Guidance
Cytokinetics closed 2025 with ~$1.22B in cash, cash equivalents and investments (vs $1.25B at 2024 year‑end), including a $100M draw from Royalty Pharma (cash would have fallen ~$134M in 2025 excluding that draw); Q4 revenue was $17.8M (Q4’24 $16.9M) and FY revenue $88.0M (2024 $18.5M) — helped by a $52.4M technology transfer to Bayer and $15M in approval milestones — while Q4 R&D was $104.4M (Q4’24 $93.6M) and FY R&D $416.0M (2024 $339.4M), Q4 G&A $91.7M (Q4’24 $62.3M) and FY G&A $284.3M (2024 $215.3M), with net loss Q4 $183M ($1.50/sh) and FY net loss $785M ($6.54/sh) (2024 net loss $589.5M, $5.26/sh). For 2026 they will not give product‑sales guidance but expect GAAP combined R&D + SG&A of $830–$870M (including stock‑based comp $120–$130M; excluding SBC $700–$750M), will begin reporting product sales with Q1 2026 results, and will track three launch metrics (HCPs actively writing scripts, scripts per HCP, and patients on MYCorzo); commercial targets and milestones include >700 REMS‑certified HCPs within three weeks, >12,000 customer engagements, a goal of >50% CMI new‑patient preference share by 2026, Medicare access comparable to Camzyos in Q1 and commercial access comparable by Q4 2026, ACACIA‑HCM topline in Q2 2026, MYCorzo launch in Germany in Q2 2026, potential FDA sNDA decision on MAPLE‑HCM by Q4 2026, potential Health Canada approval in H2 2026, CEDAR adolescent cohort completion by Q4 2026, and continued execution of COMMUN‑HF, AMBER‑HFpEF and preclinical programs.Cytokinetics Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 88.04M | 18.47M | 7.53M | 94.59M | 70.43M |
| Gross Profit | 77.91M | -320.93M | -322.59M | -146.22M | -89.51M |
| EBITDA | -775.27M | -493.48M | -456.68M | -329.40M | -176.34M |
| Net Income | -784.96M | -589.53M | -526.24M | -388.95M | -215.31M |
Balance Sheet | |||||
| Total Assets | 1.42B | 1.40B | 824.32M | 1.01B | 841.32M |
| Cash, Cash Equivalents and Short-Term Investments | 882.22M | 1.08B | 614.82M | 782.58M | 471.64M |
| Total Debt | 1.28B | 788.68M | 755.77M | 750.30M | 269.93M |
| Total Liabilities | 2.08B | 1.54B | 1.21B | 1.12B | 597.46M |
| Stockholders Equity | -659.63M | -135.37M | -386.32M | -107.90M | 243.86M |
Cash Flow | |||||
| Free Cash Flow | -534.82M | -399.80M | -415.75M | -310.85M | -191.39M |
| Operating Cash Flow | -510.01M | -395.89M | -414.33M | -299.52M | -142.52M |
| Investing Cash Flow | 16.67M | -553.10M | 239.25M | -262.13M | -147.78M |
| Financing Cash Flow | 524.46M | 930.61M | 221.32M | 516.17M | 319.98M |
Cytokinetics Technical Analysis
Positive
64.59
Price Trends
63.82
Positive
63.89
Positive
55.28
Positive
Market Momentum
0.67
Negative
52.61
Neutral
54.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CYTK, the sentiment is Positive. The current price of 64.59 is above the 20-day moving average (MA) of 63.11, above the 50-day MA of 63.82, and above the 200-day MA of 55.28, indicating a bullish trend. The MACD of 0.67 indicates Negative momentum. The RSI at 52.61 is Neutral, neither overbought nor oversold. The STOCH value of 54.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CYTK.
Cytokinetics Risk Analysis
Cytokinetics disclosed 35 risk factors in its most recent earnings report. Cytokinetics reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cytokinetics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $8.22B | -17.19 | -42.07% | ― | ― | -52.84% | |
56 Neutral | $3.37B | -32.35 | -29.22% | ― | 74.91% | 31.54% | |
54 Neutral | ― | -3.29 | -32.44% | ― | 106.27% | -43.90% | |
52 Neutral | $5.88B | ― | -179.05% | ― | 54.92% | 28.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $7.96B | -9.72 | 172.91% | ― | 2609.26% | -17.08% | |
49 Neutral | $9.15B | -49.60 | -254.14% | ― | 65.83% | 28.50% |
* Healthcare Sector Average
CYTK
Cytokinetics
64.59
25.94
67.12%
AXSM
Axsome Therapeutics
178.90
80.84
82.44%
RYTM
Rhythm Pharmaceuticals
86.13
26.58
44.63%
LEGN
Legend Biotech
18.20
-13.80
-43.13%
RNA
Atrium Therapeutics, Inc.
13.72
-1.03
-6.98%
NUVL
Nuvalent
104.59
38.30
57.78%
Cytokinetics Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Cytokinetics Wins European Approval for MYQORZO in HCM
Positive
Feb 17, 2026
Cytokinetics, Incorporated announced that the European Commission has approved MYQORZO (aficamten) tablets in 5 mg, 10 mg, 15 mg and 20 mg doses for the treatment of symptomatic obstructive hypertrophic cardiomyopathy in adult patients classified ...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Cytokinetics Gains FDA Approval for MYQORZO in oHCM
Positive
Dec 19, 2025
On December 19, 2025, Cytokinetics announced that the U.S. Food and Drug Administration approved MYQORZO (aficamten) tablets in multiple strengths for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy to improve func...
Product-Related Announcements
Cytokinetics Receives EU Recommendation for MYQORZO®
Positive
Dec 12, 2025
On December 12, 2025, Cytokinetics announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use has recommended marketing authorization for MYQORZO® (aficamten) in the EU. This cardiac myosin inhibitor i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.