10-K · February 26, 2026
Cytokinetics transitioned to a commercial biopharma company with FDA approval of MYQORZO in December 2025, China approval in December 2025 and European Commission approval in February 2026 for 5 mg, 10 mg, 15 mg and 20…
Earnings analysis · 10-Q
CYTK earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Cytokinetics reported Q1 2026 revenue of $19.4 million, significantly exceeding estimates of $8.5 million, while EPS of -$1.67 fell short of estimated -$1.65. The company is experiencing strong early demand for its…
Read full summary
Cytokinetics reported Q1 2026 revenue of $19.4 million, significantly exceeding estimates of $8.5 million, while EPS of -$1.67 fell short of estimated -$1.65. The company is experiencing strong early demand for its approved product, MYQORZO, which commenced commercial sales in the quarter. SG&A expenses surged as it ramped up marketing efforts following the launch, alongside a continued high R&D expenditure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.67
What stood out
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Revenue Exceeded Estimates
Q1 2026 revenue reached $19.4 million, exceeding estimates of $8.5 million.
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Positive Net Product Revenue
The company recorded $4.8 million in net product revenue from the commercial sales of MYQORZO.
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Strong Collaboration Revenue Growth
Collaboration revenue increased from $1.6 million in Q1 2025 to $2.6 million in Q1 2026.
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Successful Launch of MYQORZO
Commercial sales of MYQORZO began in late January 2026, marking a milestone for the company.
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Increasing Liquidity Position
Cash equivalents and investments increased from $1.22 billion at year-end 2025 to $1.07 billion as of March 31, 2026.
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Managing Cash Utilization
Net cash used in operations was $145.5 million for the quarter, up from $131.6 million in Q1 2025, reflecting continued investment in R&D.
What to watch
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High Operating Losses
Operating expenses rose to $203 million in Q1 2026 from $157 million in Q1 2025, driven by increased marketing costs.
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Liquidity and Cash Flow Risks
With ongoing losses, maintaining liquidity is a concern; cash utilized in operations reached $145.5 million.
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Patent Vulnerability
Patent opposition proceedings in the EU could negatively impact commercial prospects for MYQORZO.
Management's outlook
The company expects expenses will remain in the guidance range for R&D and SG&A at $830 million to $870 million for 2026.
Earlier filings 4
10-Q · November 5, 2025
Cytokinetics reported Q3 2025 revenues of $1.936 million (up from $0.463 million in Q3 2024) but a substantially wider quarterly net loss of $306.178 million (vs. $160.545 million prior year), driving EPS to $(2.55).…
10-Q · August 7, 2025
Cytokinetics reported Q2 revenue of $66.769M driven by a $64.353M license/milestone payment, lifting total six‑month revenue to $68.348M. Despite the one‑time revenue, the company recorded an operating loss of $111.506M…
10-Q · May 6, 2025
Cytokinetics reported collaboration revenue of $1,579,000 for Q1 2025 (three months ended March 31, 2025), up from $835,000 in Q1 2024, but losses and cash burn widened. Operating loss was $155.6 million and net loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.