Cytokinetics Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The distress label deceives: no going-concern qualification, about $1.1 billion in cash and product revenue that is just beginning speak against an acute risk of bankruptcy. But the case is a bet on the commercialization of MYQORZO against an established rival — with an ongoing cash burn, a sold revenue future and a price near the all-time high that already prices in a lot of success. If revenue grows faster than the burn, the bet can pay off; if the market arrives more slowly than the chart promises, high expectations meet a company that still has to refuel with capital. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Product & pipeline
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.
Going concern & liquidity
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.
Balance sheet & loss history
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.
Financing & dilution
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.
Market, competition & momentum
Price near the all-time high, Weinstein Stage 2, price above the 50- and 200-day averages, 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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CYTK since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 47.60 $ to 87.30 $ · Last price: 69.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Cytokinetics Inc CYTK | 9.4 | – | -15.8 | -498.7 | -948.7 | 376.6 | 47.0 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 55.0 | 20.7 | 9.6 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 106 | 19 | 16 | 0.39 | 37 | 94 | 170 |
| 2017 | 13 | -113 | -128 | -2.59 | -102 | 110 | 295 |
| 2018 | 32 | -89 | -106 | -1.95 | -101 | 26 | 211 |
| 2019 | 27 | -99 | -122 | -2.11 | -91 | -11 | 290 |
| 2020 | 56 | -94 | -127 | -1.97 | 9 | 113 | 534 |
| 2021 | 70 | -186 | -215 | -2.80 | -143 | 244 | 841 |
| 2022 | 95 | -324 | -389 | -4.33 | -300 | -108 | 1,015 |
| 2023 | 8 | -496 | -526 | -5.45 | -414 | -386 | 824 |
| 2024 | 18 | -536 | -590 | -5.26 | -396 | -135 | 1,402 |
| 2025 | 88 | -612 | -785 | -6.54 | -510 | -660 | 1,425 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | -1.50 | -33.90 | 29 | -57.20 | -695.10 | -160 | -164 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -5.94 | -6.38 – -4.75 | 150 | 9.1% | 16 |
| 12/31/2027 | -4.45 | -5.90 – -3.14 | 425 | 25.1% | 16 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 14.07.2026 gegen den Geschäftsbericht (10-K) 2025 (eingereicht 26.02.2026) und den jüngsten Quartalsbericht (10-Q) zum 31.03.2026 (eingereicht 05.05.2026), ergänzend die weiteren Quartalsberichte. In den ausgewerteten SEC-Filings von Cytokinetics findet sich kein wesentlicher KI-Bezug: Das Geschäft dreht sich vollständig um die Mechanik der Herzmuskel-Kontraktion — kleine Moleküle wie aficamten (MYQORZO), ulacamten und omecamtiv mecarbil gegen hypertrophe Kardiomyopathie und Herzschwäche. „Artificial intelligence“ wird in beiden Berichten jeweils nur ein einziges Mal genannt, und zwar ausschließlich als generisches Cybersecurity-Risiko (KI-gestützte, automatisierte Angriffe auf die eigenen IT-Systeme) — weder KI-Umsatzquelle noch operativer KI-Einsatz im Geschäftsmodell noch ein konkretes KI-Geschäftsrisiko fürs eigene Modell. Nach dem Kriterienkatalog bleibt es damit bei „Neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„Furthermore, cybersecurity incidents increasingly involve the use of artificial intelligence and machine learning to launch more automated, targeted and coordinated attacks."
Darüber hinaus nutzen Cybersecurity-Vorfälle zunehmend künstliche Intelligenz und maschinelles Lernen, um automatisiertere, gezieltere und koordiniertere Angriffe zu starten.
10-K · 2026-02-26 · View SEC filing
„All our research and development activities relate to the biology of muscle function and have evolved from our knowledge and expertise in the mechanics of muscle contractility."
Alle unsere Forschungs- und Entwicklungsaktivitäten betreffen die Biologie der Muskelfunktion und sind aus unserem Wissen und unserer Expertise in der Mechanik der Muskelkontraktion hervorgegangen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-Q 2025-11-05 · 10-Q 2025-08-07 · 10-Q 2025-05-06 · 10-K 2026-02-26 · 10-K 2025-02-27
Rated on July 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.4%
- More than 10% revenue growth is expected for the coming year 258.3%
- Share count grows by less than 3% a year 10.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -230.9%
- Gross margin at 40% or higher and without meaningful erosion 88.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 580 m
- Return on capital at 15% or higher, or up versus two years ago -50.1%
- Insiders hold at least 10% or are net buyers 0.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -2.1%
- Exp. sales growth 3Y > 5% 119.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 119.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -50.1%
- Expected return > 10% 107.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Landry Robert E | Director | Sell | 1,000 | 72.13 | 72,130 |
| Sep 15, 2026 | Blum Robert I | President & CEO | Sell | 97,926 | 69.33 | 6,789,210 |
| Sep 14, 2026 | Blum Robert I | President & CEO | Other | 97,926 | 0.00 | – |
| Sep 14, 2026 | Blum Robert I | President & CEO | Other | 1,350 | 0.00 | – |
| Sep 14, 2026 | Blum Robert I | President & CEO | Sell | 7,500 | 73.44 | 550,800 |
| Sep 14, 2026 | Blum Robert I | President & CEO | Other | 7,500 | 10.60 | 79,500 |
| Sep 11, 2026 | Landry Robert E | Director | Sell | 1,000 | 74.66 | 74,660 |
| Sep 8, 2026 | Malik Fady Ibraham | EVP Research & Development | Sell | 3,500 | 75.46 | 264,110 |
| Sep 8, 2026 | Malik Fady Ibraham | EVP Research & Development | Other | 3,500 | 7.80 | 27,300 |
| Sep 1, 2026 | Parshall B Lynne | Director | Sell | 5,000 | 71.48 | 357,400 |
The company
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.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 673
- Headquarters
- South San Francisco, CA
- Address
- 350 Oyster Point Boulevard, 94080 South San Francisco, United States
- Phone
- 650 624 3000
- Website
- cytokinetics.com
- IPO Date
- 04/29/2004
- ISIN
- US23282W6057
- Stock Split
- 1:6 on 06/25/2013
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert I. Blum | CEO, President & Director | 1964 |
| Sung H. Lee | EVP & CFO | 1970 |
| Jeffrey J. Hessekiel J.D. | Executive VP, Chief Legal & Administrative Officer | 1969 |
| Fady Ibraham Malik FACC, M.D., Ph.D. | Executive Vice President of Research & Development | 1964 |
| Andrew M. Callos | Executive VP & Chief Commercial Officer | 1969 |
| James H. Sabry M.D., Ph.D. | Co-Founder & Chairman of Scientific Advisory Board | 1958 |
| James A. Spudich Ph.D. | Co-Founder & Member of Scientific Advisory Board | 1942 |
| Holly Laughlin | VP of Accounting & Corporate Controller | – |
| Steven M. Cook J.D. | Senior Vice President of Global Supply Chain Operations & Technical Operations | 1959 |
| Scott R. Jordan | Senior Vice President of Global Marketing & Commercial Strategy | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.