Detailed financial statements for Cytokinetics, Incorporated (CYTK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cytokinetics, Incorporated, a biopharmaceutical company, focuses on discovering, developing, and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in the United States. The company markets MYQORZO, a novel, oral, and small molecule cardiac myosin inhibitor for the treatment of symptomatic oHCM.
Analysis Summary
Cytokinetics, Incorporated reported revenue of $88.0M in the most recent fiscal year, growing at a 5-year CAGR of 9.5%.
Trailing-twelve-month margins: gross margin 85.0%, operating margin -9.9%, net margin -12.6%.
At the current price of $73.45, CYTK has negative trailing earnings (P/E not meaningful) and an ROE of 119.00%. Market capitalisation stands at $9.1B.
Balance sheet quality for CYTK: current ratio of 4.5, net debt of $402.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106.4M | $13.4M | $31.5M | $26.9M | $55.8M | $70.4M | $94.6M | $7.5M | $18.5M | $88.0M |
| Cost of Revenue | $64.4M | $90.3M | $89.1M | $86.1M | $97.0M | $159.9M | $240.8M | $330.1M | $339.4M | $10.1M |
| Gross Profit | $42.0M | -$76.9M | -$57.6M | -$59.3M | -$41.1M | -$89.5M | -$146.2M | -$322.6M | -$320.9M | $77.9M |
| Research & Development | $59.9M | $90.3M | $89.1M | $86.1M | $97.0M | $159.9M | $240.8M | $330.1M | $339.4M | $405.9M |
| Selling, General & Admin | $27.8M | $36.5M | $31.3M | $39.6M | $52.8M | $96.8M | $178.0M | $173.6M | $215.3M | $284.3M |
| Operating Expenses | $23.3M | $36.5M | $31.3M | $39.6M | $52.8M | $96.8M | $178.0M | $173.6M | $215.3M | $690.2M |
| Operating Income | $18.7M | -$113.4M | -$88.9M | -$98.9M | -$93.9M | -$186.3M | -$324.2M | -$496.2M | -$536.2M | -$612.3M |
| EBITDA | $14.9M | -$108.9M | -$83.5M | -$93.0M | -$86.8M | -$176.3M | -$329.4M | -$456.7M | -$493.5M | -$775.3M |
| Interest Expense | $2.2M | $17.0M | $21.6M | $27.4M | $38.7M | $29.3M | $51.2M | $57.7M | $86.5M | $103.9M |
| Pre-tax Income | $16.5M | -$127.8M | -$106.3M | -$121.7M | -$127.3M | -$215.3M | -$389.0M | -$526.2M | -$589.5M | -$785.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $16.5M | -$127.8M | -$106.3M | -$121.7M | -$127.3M | -$215.3M | -$389.0M | -$526.2M | -$589.5M | -$785.0M |
| EPS | $0.41 | $-2.59 | $-1.95 | $-2.59 | $-1.97 | $-2.80 | $-4.33 | $-5.45 | $-5.26 | $-6.54 |
| EPS (Diluted) | $0.39 | $-2.59 | $-1.95 | $-2.59 | $-1.97 | $-2.80 | $-4.33 | $-5.45 | $-5.26 | $-6.54 |
| Shares Outstanding (Diluted) | $42.6M | $49.4M | $54.4M | $57.6M | $64.5M | $76.9M | $89.8M | $96.5M | $112.0M | $120.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.9M | $17.8M | $19.4M | $31.9M |
| Gross Profit | -$743000 | $14.9M | $17.0M | $29.2M |
| Operating Income | -$166.8M | -$178.4M | -$183.6M | -$175.9M |
| EBITDA | -$277.2M | -$180.4M | -$169.3M | -$191.8M |
| Net Income | -$306.2M | -$183.0M | -$206.0M | -$198.8M |
| EPS | $-2.55 | $-1.49 | $-1.67 | $-1.50 |
| EPS (Diluted) | $-2.55 | $-1.50 | $-1.67 | $-1.50 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $66.9M | $125.2M | $42.3M | $36.4M | $83.0M | $112.7M | $65.6M | $113.0M | $94.9M | $122.5M |
| Short-term Investments | $89.4M | $143.7M | $156.5M | $188.7M | $381.1M | $359.0M | $717.0M | $501.8M | $981.2M | $759.7M |
| Receivables | $24000 | $1.1M | $6.8M | $5.2M | $4.4M | $51.8M | $147000 | $1.3M | $16.6M | $17.8M |
| Inventory | 0 | 0 | -$6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $158.6M | $274.3M | $207.7M | $233.8M | $474.2M | $535.7M | $795.2M | $628.1M | $1.11B | $917.0M |
| Property, Plant & Equipment | $3.6M | $3.6M | $3.2M | $13.4M | $16.3M | $146.4M | $163.2M | $147.7M | $141.0M | $155.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $170.1M | $294.8M | $211.2M | $289.8M | $533.8M | $841.3M | $1.01B | $824.3M | $1.40B | $1.42B |
| Accounts Payable | $4.2M | $5.3M | $3.8M | $8.2M | $8.1M | $21.1M | $25.6M | $21.5M | $20.4M | $22.3M |
| Short-term Debt | $2.5M | 0 | $2.6M | 0 | 0 | 0 | $958000 | $10.1M | $11.5M | $41.2M |
| Total Current Liabilities | $33.3M | $32.4M | $22.2M | $26.0M | $31.2M | $71.9M | $84.6M | $102.7M | $179.7M | $202.5M |
| Long-term Debt | $27.4M | $31.8M | $39.8M | $129.3M | $135.7M | $142.8M | $609.6M | $607.4M | $645.6M | $1.12B |
| Total Liabilities | $75.8M | $185.0M | $185.2M | $300.8M | $420.4M | $597.5M | $1.12B | $1.21B | $1.54B | $2.08B |
| Retained Earnings | -$518.3M | -$646.1M | -$743.3M | -$865.0M | -$992.3M | -$1.21B | -$1.59B | -$2.11B | -$2.70B | -$3.49B |
| Total Equity | $94.4M | $109.8M | $25.9M | -$10.9M | $113.4M | $243.9M | -$107.9M | -$386.3M | -$135.4M | -$659.6M |
| Total Debt | $27.4M | $31.8M | $42.4M | $136.1M | $138.9M | $269.9M | $750.3M | $755.8M | $788.7M | $1.28B |
| Net Debt | -$128.9M | -$237.1M | -$156.3M | -$89.0M | -$325.1M | -$201.7M | -$32.3M | $140.9M | -$287.3M | $402.0M |
| Working Capital | $125.4M | $241.9M | $185.5M | $207.7M | $443.0M | $463.8M | $710.6M | $525.4M | $928.3M | $714.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $225.5M | $122.5M | $129.8M | $255.3M |
| Total Assets | $1.44B | $1.42B | $1.27B | $1.92B |
| Total Liabilities | $1.96B | $2.08B | $2.10B | $2.10B |
| Total Equity | -$521.1M | -$659.6M | -$826.6M | -$173.5M |
| Total Debt | $1.20B | $1.28B | $1.29B | $1.27B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $16.5M | -$127.8M | -$106.3M | -$121.7M | -$127.3M | -$215.3M | -$389.0M | -$526.2M | -$589.5M | -$785.0M |
| Depreciation & Amortization | $741000 | $1.9M | $1.2M | $1.3M | $1.8M | $2.3M | $5.8M | $11.9M | $9.5M | $10.1M |
| Stock-based Compensation | $7.1M | $9.0M | $9.8M | $10.8M | $17.6M | $26.8M | $47.9M | $72.1M | $97.8M | $112.3M |
| Change in Working Capital | $12.1M | $487000 | -$22.9M | -$3.9M | $89.1M | $8.5M | -$24.7M | $3.1M | $35.7M | -$35.6M |
| Operating Cash Flow | $37.0M | -$101.8M | -$101.2M | -$90.9M | $8.9M | -$142.5M | -$299.5M | -$414.3M | -$395.9M | -$510.0M |
| Capital Expenditure | -$1.6M | -$2.9M | -$889000 | -$2.6M | -$11.1M | -$48.9M | -$11.3M | -$1.4M | -$3.9M | -$24.8M |
| Acquisitions | $33000 | 0 | $14000 | 0 | $185.5M | $98.9M | $250.8M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $35.4M | -$104.6M | -$102.1M | -$93.5M | -$2.1M | -$191.4M | -$310.9M | -$415.7M | -$399.8M | -$534.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$107.5M | -$142.7M | -$145.5M | -$159.8M |
| Capital Expenditure | -$9.4M | -$5.6M | -$5.9M | -$4.3M |
| Free Cash Flow | -$116.9M | -$148.3M | -$151.4M | -$164.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $30.7M | 0 | $30.4M | $35.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -87.4% | +135.6% | -14.7% | +107.8% | +26.2% | +34.3% | -92.0% | +145.3% | +376.6% | |
| Net Income Growth (YoY) | -876.7% | +16.8% | -14.5% | -4.6% | -69.2% | -80.6% | -35.3% | -12.0% | -33.2% | |
| EPS Growth (YoY) | -731.7% | +24.7% | -32.8% | +23.9% | -42.1% | -54.6% | -25.9% | +3.5% | -24.3% | |
| Shares Change (YoY) | +16.1% | +10.2% | +5.8% | +12.1% | +19.2% | +16.8% | +7.5% | +16.0% | +7.3% | |
| FCF Growth (YoY) | -395.7% | +2.4% | +8.4% | +97.7% | -8975.1% | -62.4% | -33.7% | +3.8% | -33.8% | |
| Gross Margin | 39.5% | -575.5% | -183.0% | -220.5% | -73.7% | -127.1% | -154.6% | -4284.1% | -1737.2% | 88.5% |
| Operating Margin | 17.6% | -848.3% | -282.3% | -368.0% | -168.3% | -264.5% | -342.8% | -6589.7% | -2902.7% | -695.4% |
| EBITDA Margin | 14.0% | -814.6% | -265.0% | -346.3% | -155.4% | -250.4% | -348.2% | -6064.9% | -2671.2% | -880.6% |
| Net Margin | 15.5% | -955.9% | -337.4% | -452.9% | -228.0% | -305.7% | -411.2% | -6988.6% | -3191.1% | -891.6% |
| FCF Margin | 33.3% | -782.7% | -324.1% | -348.1% | -3.8% | -271.8% | -328.6% | -5521.2% | -2164.1% | -607.5% |
| Effective Tax Rate | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.83 | $-2.12 | $-1.88 | $-1.62 | $-0.03 | $-2.49 | $-3.46 | $-4.31 | $-3.57 | $-4.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $39.9M | $49.4M | $54.4M | $57.6M | $64.5M | $76.9M | $89.8M | $96.5M | $112.0M | $120.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 119.00% |
| Return on Invested Capital | -47.74% |
| Return on Assets | -55.10% |
| Gross Margin | 84.97% |
| Operating Margin | -992.98% |
| Net Margin | -1259.87% |
Financial Health
| Debt / Equity | -7.32 |
| Current Ratio | 6.66 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -1.99 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.63 | -3.15 | -3.24 | -4.10 | -10.55 | -16.28 | -10.58 | -15.32 | -8.94 | -9.72 |
| P/B | 5.14 | 3.67 | 13.26 | -55.85 | 11.83 | 14.37 | -38.14 | -20.86 | -38.91 | -11.56 |
| P/S | 4.56 | 30.12 | 10.92 | 22.74 | 24.02 | 49.76 | 43.51 | 1070.22 | 285.13 | 86.62 |
| Gross Margin | 39.5% | -575.5% | -183.0% | -220.5% | -73.7% | -127.1% | -154.6% | -4284.1% | -1737.2% | 88.5% |
| Operating Margin | 17.6% | -848.3% | -282.3% | -368.0% | -168.3% | -264.5% | -342.8% | -6589.7% | -2902.7% | -695.4% |
| Net Margin | 15.5% | -955.9% | -337.4% | -452.9% | -228.0% | -305.7% | -411.2% | -6988.6% | -3191.1% | -891.6% |
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