Cytokinetics Inc (CYTK) Reports Q3 2023 Financial Results
Cytokinetics Inc (NASDAQ:CYTK) reported a net loss of $129.4 million, or $1.35 per share, for Q3 2023, compared to a net loss of $142.3 million, or $1.52 per share, in Q3 2022.
The company's cash, cash equivalents, and investments totaled $554.7 million as of September 30, 2023.
Research and development expenses increased to $82.5 million, primarily due to increased spending for cardiac myosin inhibitor programs.
General and administrative expenses decreased to $40.1 million, primarily due to lower outside services spend.
On November 2, 2023, Cytokinetics Inc (NASDAQ:CYTK) released its financial results for the third quarter of 2023. The company reported a net loss of $129.4 million, or $1.35 per share, compared to a net loss of $142.3 million, or $1.52 per share, for the same period in 2022. As of September 30, 2023, the company's cash, cash equivalents, and investments totaled $554.7 million.
Company Performance and Highlights
Cytokinetics Inc (NASDAQ:CYTK) made significant progress across its specialty cardiology franchise during the third quarter, with aficamten remaining its top priority. The company initiated enrollment in ACACIA-HCM, a pivotal Phase 3 clinical trial of aficamten in non-obstructive HCM. The company also shared longer-term data from FOREST-HCM, demonstrating sustained reductions in pressure gradients and cardiac biomarkers, as well as improved symptoms in patients with obstructive HCM.
Financial Overview
Revenues for the three and nine months ended September 30, 2023, were $0.4 million and $5.9 million respectively, compared to $2.5 million and $92.6 million for the corresponding periods in 2022. Research and development expenses for the same periods increased to $82.5 million and $245.2 million respectively, primarily due to increased spending for the company's cardiac myosin inhibitor programs. General and administrative expenses for the three months ended September 30, 2023, decreased to $40.1 million from $48.2 million for the same period in 2022, primarily due to lower outside services spend.
Balance Sheet Summary
As of September 30, 2023, Cytokinetics Inc (NASDAQ:CYTK) had cash and short-term investments totaling $539.2 million, compared to $782.6 million as of December 31, 2022. The company's total assets amounted to $740.6 million, while total liabilities stood at $1.18 billion, resulting in a stockholders' deficit of $438.8 million.
Looking Ahead
Cytokinetics Inc (NASDAQ:CYTK) expects to announce topline results from its SEQUOIA-HCM trial in late December. The company will continue enrollment of MAPLE-HCM and ACACIA-HCM, and advance its go-to-market strategy for aficamten. The company also plans to continue pursuing potential approval for omecamtiv mecarbil in Europe.
Explore the complete 8-K earnings release (here) from Cytokinetics Inc for further details.
This article first appeared on GuruFocus.
