Cytokinetics Inc (CYTK)
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
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.
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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.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at CYTK since then.
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Appears in These Scanners
This stock currently matches 21 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 77.10 $ — 81% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft 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.
„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.
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 Score
3 of 10 Weak growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.4% failed
- More than 10% revenue growth is expected for the coming year 258.3% passed
- Share count grows by less than 3% a year 10.2% failed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -230.9% failed
- Gross margin at 40% or higher and without meaningful erosion 88.5% passed
- Goodwill from acquisitions does not grow faster than revenue 0.0% passed
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 580 m failed
- Return on capital at 15% or higher, or up versus two years ago -50.1% failed
- Insiders hold at least 10% or are net buyers 0.7% failed
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
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.
Analysts & Price Target
The price target sits 39.8% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 21
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -6.31 | -7.47 – -4.80 | 113 | 3.5% | 16 |
| 12/31/2027 | -4.69 | -5.69 – -3.39 | 393 | 25.7% | 15 |
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.
Next Reporting Date
- Expected Earnings per Share
- -1.63 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.27 | – | 17 | 912.40 | -886.30 | -66 | -67 |
| 2025: Q1 | -1.36 | – | 2 | 89.10 | -10,220.10 | -132 | -137 |
| 2025: Q2 | -1.12 | – | 67 | 26,714.90 | -201.20 | -128 | -132 |
| 2025: Q3 | -2.55 | – | 2 | 318.10 | -15,815.00 | -108 | -117 |
| 2025: Q4 | -1.49 | – | 18 | 4.90 | -1,030.90 | -143 | -148 |
| 2026: Q1 | -1.67 | – | 19 | 1,125.80 | -1,064.50 | -146 | -151 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
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, 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.
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.
| 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 | 29. Apr 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 |
| Jeff Lotz | Vice President of Sales & Operations | – |
| Holly Laughlin | VP of Accounting & Corporate Controller | – |
| Steven M. Cook J.D. | Senior Vice President of Global Supply Chain Operations & Technical Operations | 1959 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 30. Jul 2026 | Callos Andrew | EVP, Chief Commercial Officer | Sell | 14,000 | 79.88 | 1,118,320 |
| 30. Jul 2026 | Callos Andrew | EVP, Chief Commercial Officer | Other | 14,000 | 23.26 | 325,640 |
| 27. Jul 2026 | Blum Robert I | President & CEO | Sell | 7,500 | 80.87 | 606,525 |
| 27. Jul 2026 | Blum Robert I | President & CEO | Other | 7,500 | 10.60 | 79,500 |
| 21. Jul 2026 | Malik Fady Ibraham | EVP Research & Development | Sell | 3,500 | 80.59 | 282,065 |
| 21. Jul 2026 | Malik Fady Ibraham | EVP Research & Development | Other | 3,500 | 7.80 | 27,300 |
| 15. Jul 2026 | Wysenski Nancy | Director | Other | 75 | 82.62 | 6,197 |
| 15. Jul 2026 | Wierenga Wendell | Director | Other | 75 | 82.62 | 6,197 |
| 15. Jul 2026 | Kaye Edward M. MD | Director | Other | 151 | 82.62 | 12,476 |
| 15. Jul 2026 | Henderson John T | Director | Other | 272 | 82.62 | 22,473 |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.