Companies /Healthcare

Cytokinetics Inc

NASDAQ: CYTK Biotechnology
$71.40
▲ $0.49 (+0.69%) today
Markets closed · 10:17pm ET

Q1 2025 Earnings

Reported May 6, 2025, 4:05pm ET · SEC source
$-1.36
Beat +0.23%
EPS · est. $-1.36
$1.6M
Miss −39.51%
Revenue · est. $2.6M
−6.6%
Trailing market
CYTK vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%May 6May 7report 4:05pm ETearnings+0.4%−3.3%
−3%0+3%May 6May 7earnings+0.4%−3.3%
CYTK −3.3%S&P 500 +0.4%
−3%0+3%May 6May 7report 4:05pm ETearnings+0.4%−3.3%
−3%0+3%May 6May 7earnings+0.4%−3.3%
CYTK −3.3%NASDAQ +0.4%
−6%0+6%+12%May 5May 14report 4:05pm ETearnings+5.2%−7.6%
−6%0+6%+12%May 5May 14earnings+5.2%−7.6%
CYTK −7.6%S&P 500 +5.2%
−6%0+6%+12%May 5May 14report 4:05pm ETearnings+7.7%−7.6%
−6%0+6%+12%May 5May 14earnings+7.7%−7.6%
CYTK −7.6%NASDAQ +7.7%
−2.74%
Day of report
−1.69%
Next session
−9.20%
One week
+0.27%
30 days

S&P 500 over the same 30 days: +6.87%.

Did CYTK Beat Earnings? Q1 2025 Results

Cytokinetics posted a narrow earnings beat in Q1 2025 but fell well short on revenue, as the pre-commercial biopharma company continues to absorb heavy spending ahead of a potential aficamten launch. The loss per share of $1.36 edged past the consensus estimate of $1.36 by 0.23%, while collaboration revenue of $1.58 million, up 89.1% year over year, missed the $2.61 million consensus by 39.51%, reflecting the company's still-modest partnership income base. The deeper story is one of deliberate investment: R&D expenses climbed to $99.84 million from $81.57 million a year ago, and G&A costs rose to $57.37 million from $45.50 million, as Cytokinetics builds out its commercial infrastructure for aficamten in obstructive hypertrophic cardiomyopathy. A recently announced Phase 3 MAPLE-HCM trial showed aficamten superior to metoprolol in improving peak oxygen uptake, adding clinical momentum ahead of aficamten's December 26, 2025 PDUFA date. Full-year operating expense guidance remains $670 million to $710 million, reflecting continued commercial readiness investments through the anticipated launch window.

Key Takeaways
  • Higher R&D expenses driven by advancing clinical trials and higher personnel-related costs
  • Higher G&A expenses driven by investments in commercial readiness and higher personnel-related costs
  • Collaboration revenues increased to $1.6 million from $0.8 million year-over-year

“In the first quarter, we made progress towards commercial readiness and advanced our specialty cardiology pipeline. Recently, our PDUFA date for aficamten in obstructive HCM was extended by FDA to provide time to review a REMS submission made at the Agency's request subsequent to the initial NDA filing acceptance. We remain confident in the distinct benefit-risk and pharmaceutic profile of aficamten, and our top priority is bringing this potential therapy to patients. This month, we also expect to report topline results from MAPLE-HCM, and we continue conduct of ACACIA-HCM, for which we have now completed enrollment of patients. With a strong balance sheet and prudent attention to capital deployment, we are well positioned to deliver across regulatory, clinical and commercial milestones.”

Cytokinetics CEO, on the earnings call

Forward Guidance & Outlook

Cytokinetics maintained its full year 2025 financial guidance of $670 million to $710 million in GAAP operating expenses, including $110 million to $120 million in non-cash stock-based compensation. The year-over-year increase in operating expenses reflects investments toward commercial readiness for the potential approval and launch of aficamten for obstructive HCM. The PDUFA target action date for aficamten has been extended to December 26, 2025. Topline results from MAPLE-HCM are expected in May 2025, and topline results from ACACIA-HCM are expected in 1H 2026. COMET-HF enrollment is expected to continue through 2025 with completion in 2026. AMBER-HFpEF and CEDAR-HCM enrollment milestones are expected in 2H 2025.

CYTK YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$-180,000,000$-120,000,000$-60,000,000$0$835,008$1.6MRevenue$-202,882,284$-155,631,000Operating Income$-199,155,868$-161,376,000Net Income
$-180,000,000$-120,000,000$-60,000,000$0RevenueOperating IncomeNet Income

CYTK Revenue by Segment

Net Product Revenue (MYQORZO)
License and Milestone Revenues
Collaboration Revenues

Figures from SEC filings and company reports. Not investment advice.