Cytokinetics Inc (CYTK)
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Cytokinetics builds drugs that make the heart muscle deliberately stronger or weaker — and after two decades of research received its first approval in December 2025: MYQORZO, against a dangerous heart-muscle disease. The stock trades near its all-time high, weighing in at about $10.9 billion. And yet it shows up in our going-concern warning scanner. We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: a $3.7 billion accumulated deficit, equity of minus $826.6 million, a cash burn that keeps running — but also $1.1 billion in the till and not a word of going-concern doubt from the auditor. Not investment advice — just a clear-eyed look at what stands behind the celebration curve.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.27 | – | 17 | 912.40 | -886.30 | -66 | -67 |
| 2025: Q1 | -1.36 | – | 2 | 89.10 | -10,220.10 | -132 | -137 |
| 2025: Q2 | -1.12 | – | 67 | 26,714.90 | -201.20 | -128 | -132 |
| 2025: Q3 | -2.55 | – | 2 | 318.10 | -15,815.00 | -108 | -117 |
| 2025: Q4 | -1.49 | – | 18 | 4.90 | -1,030.90 | -143 | -148 |
| 2026: Q1 | -1.67 | – | 19 | 1,125.80 | -1,064.50 | -146 | -151 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
After more than 20 years of research, the first approval: MYQORZO (aficamten) against oHCM (US/China 12/2025, EU 02/2026), first product revenue in the first quarter of 2026 ($4.8 million). Behind it a focused platform on the same muscle mechanics (ulacamten, omecamtiv mecarbil) and a concentrated target market of about 10,000 U.S. cardiologists.
About $1.1 billion in cash (31.03.2026), an unqualified audit opinion, no going-concern qualification — markedly more solid than many stocks in the same warning scanner. At the same time the company keeps burning ($510.0 million operating cash outflow in 2025, $145.5 million in Q1 2026) and remains dependent on fresh capital.
Two decades without a profitable year: about $3.7 billion in accumulated deficit, equity of minus $826.6 million (31.03.2026), a net loss of $785.0 million (2025). That is exactly what Altman Z minus 7.25, Piotroski 3 of 9 and the distress label hang on — yesterday's accounting, not tomorrow's solvency.
About $1.3 billion of debt from convertible notes and Royalty Pharma loans plus $520.6 million in sold revenue participations; Royalty Pharma collects 4.5 percent of every dollar of worldwide aficamten revenue up to $5 billion. Part of the earnings meant to justify the price is already given away.
Price near the all-time high, Weinstein Stage 2, power trend, institutional accumulation, about 149 percent up over twelve months and a buy-leaning analyst consensus (about 21 houses). Against it stands real competition: MYQORZO faces the established Camzyos (mavacamten) from Bristol Myers Squibb and cheap generics — approval is the starting line, not the finish line.
Cytokinetics is the rare counterpart to a bankruptcy drama: a $10.9 billion company whose going-concern warning signal stems from two decades of losses and negative equity — not from an acute shortage of money. The till holds about $1.1 billion, the auditor signed off without reservation, and with MYQORZO the first product revenue is just flowing. Against that stand an ongoing annual burn of about half a billion, revenue participations sold to Royalty Pharma, and the commercial fight against Bristol Myers Squibb's Camzyos. Not investment advice.
- The scanner's going-concern proxy is a quantitative approximation from balance-sheet ratios; at Cytokinetics it is expressly NOT backed by an auditor's qualification (unlike, for instance, Replimune). The assignment to the warning scanner was confirmed locally and live on July 14, 2026.
- All earnings and balance-sheet figures come from the audited annual report 10-K for 2025 and the quarterly report 10-Q as of March 31, 2026; the 2025 net loss includes a one-off item of $121.2 million from the early exchange of convertible notes.
- Price and valuation figures are dated to July 8, 2026 (about $81, about 123 million shares); analyses are evergreen, daily prices are not a buy argument.
About the Company
Cytokinetics, Incorporated ist ein biopharmazeutisches Unternehmen, das sich auf die Entdeckung, Entwicklung und Kommerzialisierung neuartiger Muskelaktivatoren und -inhibitoren als mögliche Behandlungen für schwächende Erkrankungen in den USA konzentriert. Das Unternehmen vermarktet MYQORZO, einen neuartigen oralen niedermolekularen Wirkstoff.
| IPO Year | 2004 |
|---|---|
| Next Earnings | 6. Aug 2026 |
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Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.