CYTK

MKT CAP:$8B

Cytokinetics, Incorporated

Market Cap

$8B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$65.62+$3.89 (+6.30%)

Apr 22, 2026

Company Details

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molec...

CEO

Robert I. Blum

IPO Date

Apr 30, 2004

Website

www.cytokinetics.com

Key Metrics TTM

Revenue

$87M

+2609.3% YoY

Net Income

-$752M

EPS (Diluted)

-$6.30

Free Cash Flow

-$535M

Revenue / Share

$0.73

Gross Margin

-127.5%

Operating Margin

-656.9%

Net Margin

-862.2%

FCF Margin

-613.2%

P/S

91.9x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$88MEPS -$6.54

Q3 2025

Nov 5, 2025

$2M+318.1%EPS -$2.55

Q2 2025

Aug 7, 2025

$67M+26714.9%EPS -$1.12

Q1 2025

May 6, 2025

$2M+89.1%EPS -$1.36

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$56M	$12M	-$22M
Q1 22	$1M	-$45M	-$78M
Q2 22	$89M	$32M	-$11M
Q3 22	$3M	-$60M	-$108M
Q4 22	$2M	-$73M	-$127M
Q1 23	$5M	-$75M	-$124M
Q2 23	$867.0K	-$82M	-$122M
Q3 23	$378.0K	-$82M	-$122M
Q4 23	$2M	-$83M	-$127M
Q1 24	$835.0K	-$81M	-$126M
Q2 24	$249.0K	-$79M	-$130M
Q3 24	$463.0K	-$84M	-$141M
Q4 24	$17M	-$77M	-$139M
Q1 25	$2M	-$98M	-$156M
Q2 25	$67M	$64M	-$112M
Q3 25	$2M	-$743.0K	-$167M

Valuation

Quarter	P/S	P/E
Q4 21	55.5x	—
Q1 22	48.0x	—
Q2 22	27.7x	—
Q3 22	32.6x	—
Q4 22	42.6x	—
Q1 23	36.8x	—
Q2 23	322.0x	—
Q3 23	353.4x	—
Q4 23	1421.7x	—
Q1 24	1928.0x	—
Q2 24	1779.0x	—
Q3 24	1791.8x	—
Q4 24	300.4x	—
Q1 25	234.2x	—
Q2 25	45.7x	—
Q3 25	73.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$27M	-$28M
Q2 22	-$90M	-$91M
Q3 22	-$82M	-$88M
Q4 22	-$98M	-$101M
Q1 23	-$122M	-$123M
Q2 23	-$122M	-$123M
Q3 23	-$96M	-$96M
Q4 23	-$74M	-$74M
Q1 24	-$130M	-$128M
Q2 24	-$99M	-$101M
Q3 24	-$102M	-$104M
Q4 24	-$66M	-$67M
Q1 25	-$132M	-$137M
Q2 25	-$128M	-$132M
Q3 25	-$108M	-$117M
Q4 25	-$143M	-$148M

Capital Expenditures

Quarter	CapEx
Q1 22	$942.0K
Q2 22	$857.0K
Q3 22	$6M
Q4 22	$3M
Q1 23	$402.0K
Q2 23	$717.0K
Q3 23	$220.0K
Q4 23	$77.0K
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$1M
Q1 25	$6M
Q2 25	$4M
Q3 25	$9M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+727.1%	+79.2%
Q1 22	-82.5%	+67.5%
Q2 22	+3029.4%	+73.2%
Q3 22	-53.7%	+48.7%
Q4 22	-96.5%	+66.9%
Q1 23	+301.8%	+63.4%
Q2 23	-99.0%	+23.1%
Q3 23	-85.0%	+10.5%
Q4 23	-14.6%	+0.1%
Q1 24	-81.9%	-1.6%
Q2 24	-71.3%	+6.1%
Q3 24	+22.5%	+15.2%
Q4 24	+912.4%	+20.8%
Q1 25	+89.1%	+23.7%
Q2 25	+26714.9%	+36.7%
Q3 25	+318.1%	+19.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	782.7%
Q2 22	$12M	13.7%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$19M	2153.2%
Q3 23	$19M	4951.3%
Q4 23	$19M	1165.5%
Q1 24	$22M	2588.3%
Q2 24	$25M	9888.4%
Q3 24	$25M	5476.5%
Q4 24	$26M	155.1%
Q1 25	$24M	1491.4%
Q2 25	$28M	41.2%
Q3 25	$31M	1585.5%
Q4 25	$0	—

OpEx Breakdown

Quarter	R&D	G&A
Q4 21	$43M	$34M
Q1 22	$46M	$33M
Q2 22	$57M	$43M
Q3 22	$63M	$48M
Q4 22	$75M	$54M
Q1 23	$79M	$50M
Q2 23	$83M	$40M
Q3 23	$83M	$40M
Q4 23	$85M	$44M
Q1 24	$82M	$46M
Q2 24	$80M	$51M
Q3 24	$85M	$57M
Q4 24	$94M	$62M
Q1 25	$100M	$57M
Q2 25	$113M	$66M
Q3 25	$99M	$69M

Revenue Segments

Quarter	License	Research And Development	Milestone	Collaboration Revenues
Q4 21	$55M	$744.0K	—	—
Q1 22	—	$1M	—	—
Q3 22	—	$3M	—	—
Q4 22	—	$2M	—	—
Q1 23	—	$2M	$3M	—
Q2 23	—	$867.0K	—	—
Q3 23	—	$378.0K	—	—
Q4 23	—	$672.0K	$1M	—
Q1 24	—	$835.0K	—	—
Q2 24	—	$249.0K	—	—
Q3 24	—	$463.0K	—	—
Q3 25	—	—	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$115M	$494M	$609M
Q2 22	$94M	$492M	$586M
Q3 22	$106M	$761M	$868M
Q4 22	$66M	$717M	$783M
Q1 23	$102M	$562M	$664M
Q2 23	$69M	$497M	$566M
Q3 23	$100M	$440M	$539M
Q4 23	$113M	$502M	$615M
Q1 24	$120M	$499M	$619M
Q2 24	$191M	$867M	$1.1B
Q3 24	$47M	$965M	$1.0B
Q4 24	$95M	$981M	$1.1B
Q1 25	$74M	$865M	$938M
Q2 25	$75M	$783M	$858M
Q3 25	$225M	$737M	$963M
Q4 25	$882M	$0	$882M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	84M	+4.7%	+18.7%
Q1 22	85M	+1.1%	+19.4%
Q2 22	86M	+0.9%	+19.5%
Q3 22	94M	+9.4%	+16.7%
Q4 22	95M	+1.0%	+12.6%
Q1 23	95M	+0.5%	+12.0%
Q2 23	96M	+0.6%	+11.7%
Q3 23	96M	+0.3%	+2.5%
Q4 23	99M	+3.1%	+4.6%
Q1 24	102M	+2.9%	+7.1%
Q2 24	109M	+7.2%	+14.1%
Q3 24	118M	+7.7%	+22.5%
Q4 24	118M	+0.3%	+19.2%
Q1 25	118M	+0.4%	+16.3%
Q2 25	119M	+0.8%	+9.4%
Q3 25	120M	+0.4%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$219.8K	253
Q1 22	$4.5K	253
Q2 22	$351.7K	253
Q3 22	$9.9K	253
Q4 22	$4.8K	409
Q1 23	$11.3K	409
Q2 23	$2.1K	409
Q3 23	$924	409
Q4 23	$4.0K	423
Q1 24	$2.0K	423
Q2 24	$589	423
Q3 24	$1.1K	423
Q4 24	$34.0K	498
Q1 25	$3.2K	498
Q2 25	$134.1K	498
Q3 25	$3.9K	498

Revenue / Employee