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Cytokinetics (CYTK)

Cytokinetics, Inc. is a publicly traded biopharmaceutical company based in South San Francisco, California, that develops muscle activators and muscle inhibitors as potential treatments for people with diseases characterized by impaired or declining muscle function.

CYTK stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$61.50
Low target
$60.00
High target
$63.00
Raymond James
Maintains
Outperform
$63.00
5 Aug 22
Morgan Stanley
Maintains
Overweight
$60.00
15 Jul 22

Calendar

5 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 93.63M 93.63M 93.63M 93.63M 93.63M 93.63M
Cash burn (monthly) 7.26M (no burn) 3.62M 14.97M 30.16M 16.73M
Cash used (since last report) 21.44M n/a 10.7M 44.18M 89.02M 49.39M
Cash remaining 72.19M n/a 82.93M 49.45M 4.61M 44.24M
Runway (months of cash) 9.9 n/a 22.9 3.3 0.2 2.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Sep 22 Robert I Blum Common Stock Sell Dispose S No Yes 51.42 10,000 514.2K 406,089
19 Sep 22 Robert I Blum Common Stock Option exercise Acquire M No Yes 7.96 10,000 79.6K 416,089
19 Sep 22 Robert I Blum NQSO Common Stock Option exercise Dispose M No Yes 7.96 10,000 79.6K 29,208
12 Sep 22 Henderson John T Common Stock Sell Dispose S No Yes 54.941 7,259 398.82K 24,049
12 Sep 22 Henderson John T Common Stock Option exercise Acquire M No Yes 4.02 7,259 29.18K 31,308
12 Sep 22 Henderson John T Common Stock Sell Dispose S No Yes 54.952 7,250 398.4K 24,049
12 Sep 22 Henderson John T Common Stock Option exercise Acquire M No Yes 4.02 7,250 29.14K 31,299
12 Sep 22 Henderson John T Common Stock Sell Dispose S No Yes 54.942 7,250 398.33K 24,049
12 Sep 22 Henderson John T Common Stock Option exercise Acquire M No Yes 4.02 7,250 29.14K 31,299
12 Sep 22 Henderson John T NQSO Common Stock Option exercise Dispose M No Yes 4.02 7,259 29.18K 0
13F holders Current Prev Q Change
Total holders 260 240 +8.3%
Opened positions 45 23 +95.7%
Closed positions 25 32 -21.9%
Increased positions 102 99 +3.0%
Reduced positions 73 85 -14.1%
13F shares Current Prev Q Change
Total value 4.28B 3.64B +17.5%
Total shares 113.44M 103.27M +9.8%
Total puts 126.2K 140.8K -10.4%
Total calls 346.8K 317.6K +9.2%
Total put/call ratio 0.4 0.4 -17.9%
Largest owners Shares Value Change
BLK Blackrock 13.41M $527.01M +2.7%
FMR 12.8M $503.06M +0.8%
Vanguard 8.96M $352.05M +2.5%
Citadel Advisors 4.64M $182.42M +1602.9%
STT State Street 4.5M $176.97M +7.3%
Wellington Management 3.87M $152M +187.7%
Eastern Capital 3.06M $64.35M 0.0%
Polar Capital 3.03M $118.92M -4.9%
Lord, Abbett & Co. 2.99M $117.48M +32.4%
Biotechnology Value Fund L P 2.73M $54.56M 0.0%
Largest transactions Shares Bought/sold Change
Citadel Advisors 4.64M +4.37M +1602.9%
Wellington Management 3.87M +2.52M +187.7%
Lazard Asset Management 1.7M +1.7M +94575.5%
Point72 Asset Management 19.63K -1.6M -98.8%
Marshall Wace 1.35M +1.32M +4278.4%
Assenagon Asset Management 589.27K -900.68K -60.5%
Lord, Abbett & Co. 2.99M +732.15K +32.4%
Wasatch Advisors 475.53K -685.32K -59.0%
HealthCor Management 485.6K -649.51K -57.2%
Finepoint Capital 419.43K +419.43K NEW

Financial report summary

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Risks
  • We have a history of significant losses and may not achieve or sustain profitability and, as a result, you may lose part or all of your investment.
  • We will need substantial additional capital in the future to sufficiently fund our operations.
  • We may not be entitled to obtain additional loan disbursements under the RP Loan Agreement or the RP Aficamten RPA.
  • We are subject to counterparty risk under the RP Aficamten RPA and RP Loan Agreement
  • Our business is currently adversely affected and could be materially and adversely affected in the future by the effects of disease outbreaks, epidemics and pandemics, including the ongoing COVID-19 pandemic. The COVID-19 pandemic continues to adversely impact our business and could materially and adversely affect our operations, as well as the businesses or operations of our or our partners, manufacturers, CROs or other third parties with whom we or our partners conduct business.
  • Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new products and services from being developed or commercialized in a timely manner, which could negatively impact our business.
  • Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under the 2026 Notes and our Term Loan.
  • Covenants in the RP Loan Agreement, the RP Aficamten RPA, the RP OM RPA, and the indenture related to the 2026 Notes restrict our business and operations in many ways and if we do not effectively manage our covenants, our financial conditions and results of operations could be adversely affected. Our operations may not provide sufficient cash to meet our debt repayment obligations.
  • We have never generated, and may never generate, revenues from commercial sales of our drugs and we may not have drugs to market for at least several years, if ever.
  • Clinical trials may fail to demonstrate the desired safety and efficacy of our drug candidates, including aficamten and reldesemtiv, which could prevent or significantly delay completion of clinical development and regulatory approval.
  • The failure of a number of Phase 3 clinical trials evaluating other compounds as potential treatments for patients with ALS may suggest an increased risk that our clinical development program of reldesemtiv in patients with ALS will also fail.
  • Notwithstanding GALACTIC-HF having met its primary efficacy endpoint and the FDA has accepted our NDA for filing, there is no guarantee that the FDA or any other regulatory authority will approve omecamtiv mecarbil.
  • Clinical trials are expensive, time-consuming and subject to delay.
  • If we encounter difficulties enrolling patients in our clinical trials, including COURAGE-ALS and SEQUOIA-HCM, our clinical development activities could be delayed or otherwise adversely affected.
  • The transition of responsibilities for manufacturing, development, regulatory, commercial planning and other activities related to omecamtiv mecarbil and CK-136 (formerly known as AMG 594) from Amgen to us may not be completed effectively or efficiently and could result in substantial delays to these programs and significant increased costs to us.
  • The failure to successfully develop, validate and obtain regulatory clearance or approval of a dosage selection test for an assay for plasma concentrations of omecamtiv mecarbil could delay or harm our development and commercialization strategy for omecamtiv mecarbil.
  • If we do not enter into strategic alliances for our unpartnered drug candidates or research and development programs or fail to successfully maintain our current or future strategic alliances, we may have to reduce, delay or discontinue our advancement of our drug candidates and programs or expand our research and development capabilities and increase our expenditures.
  • To the extent we elect to fund the development of a drug candidate, or the commercialization of a drug at our expense, we will need substantial additional funding.
  • We depend on CROs to conduct our clinical trials and have limited control over their performance. If these CROs do not successfully carry out their contractual duties or meet expected deadlines, or if we lose any of our CROs, we may not be able to obtain regulatory approval for or commercialize our product candidates on a timely basis, if at all.
  • We have no manufacturing capacity and depend on contract manufacturers to produce our clinical trial materials, including our drug candidates, and anticipate continued reliance on contract manufacturers for the development and commercialization of our potential drugs.
  • We may not be able to successfully manufacture our drug candidates in sufficient quality and quantity, which would delay or prevent us from developing our drug candidates and commercializing resulting approved drugs, if any.
  • The mechanisms of action of certain of our drug candidates are unproven, and we do not know whether we will be able to develop any drug of commercial value.
  • Our success depends substantially upon our ability to obtain and maintain intellectual property protection relating to our drug candidates, compounds and research technologies.
  • If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected and our business would be harmed.
  • If we are sued for infringing third-party intellectual property rights, it will be costly and time-consuming, and an unfavorable outcome could have a significant adverse effect on our business.
  • We may undertake infringement or other legal proceedings against third parties, causing us to spend substantial resources on litigation and exposing our own intellectual property portfolio to challenge.
  • We may become involved in disputes with our strategic partners over intellectual property ownership, and publications by our research collaborators and clinical investigators could impair our ability to obtain patent protection or protect our proprietary information, either of which would have a significant impact on our business.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties or that we or our employees have wrongfully used or disclosed trade secrets of their former employers.
  • Our competitors may develop drugs that are less expensive, safer or more effective than ours, which may diminish or eliminate the commercial success of any drugs that we may commercialize.
  • We have been granted orphan designation by the FDA and EMA for reldesemtiv for the potential treatment of SMA and ALS and orphan designation by the FDA for aficamten for the potential treatment of symptomatic HCM; however, there can be no guarantee that we will receive orphan approval for reldesemtiv or aficamten, nor that we will be able to prevent third parties from developing and commercializing products that are competitive to reldesemtiv or aficamten.
  • We have been granted Breakthrough Therapy Designation for aficamten by the FDA and we may seek additional special designations from regulatory authorities to expedite the review and approval process for our product candidates. However, these designations may not lead to a faster development or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.
  • Our failure to attract and retain skilled personnel could impair our drug development, commercialization and financial reporting activities.
  • We may expand our development and clinical research capabilities and, as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • We currently are building sales and marketing capabilities but do not possess all these capabilities at this time. If we are unable to enter into or maintain strategic alliances with marketing partners or to fully develop our own sales and marketing capabilities, we may not be successful in commercializing omecamtiv mecarbil or our other potential drugs.
  • Our internal computer systems, or those of our CROs, CMOs, supply chain partners, collaboration partners or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our drug development programs.
  • Our revenue to date has been primarily derived from our research and license agreements, which can result in significant fluctuation in our revenue from period to period, and our past revenue is therefore not necessarily indicative of our future revenue.
  • Conversion of our outstanding 2026 Notes may result in the dilution of existing stockholders, create downward pressure on the price of our common stock, and restrict our ability to take advantage of future opportunities.
  • The capped call transactions may affect the value of the 2026 Notes and our common stock.
  • We are subject to counterparty risk with respect to the Capped Call Transactions.
  • The regulatory approval process is expensive, time-consuming and uncertain and may prevent our partners or us from obtaining approvals to commercialize some or all of our drug candidates.
  • If we or our partners receive regulatory approval for our drug candidates, we or they will be subject to ongoing obligations to and continued regulatory review by the FDA and foreign regulatory agencies, and may be subject to additional post-marketing obligations, all of which may result in significant expense and limit commercialization of our potential drugs.
  • If physicians and patients do not accept our drugs, we may be unable to generate significant revenue, if any.
  • Recently enacted and future legislation, including potentially unfavorable pricing regulations or other healthcare reform initiatives, may increase the difficulty and cost for us to obtain regulatory approval of and commercialize our product candidates and affect the prices we may obtain.
  • Our relationships with customers, healthcare providers, clinical trial sites and professionals and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other laws and regulations. If we fail to comply with federal, state and foreign laws and regulations, including healthcare, privacy and data security laws and regulations, we could face criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • European data collection is governed by restrictive regulations governing the collection, use, processing and cross-border transfer of personal information.
  • Responding to any claims relating to improper handling, storage or disposal of the hazardous chemicals and radioactive and biological materials we use in our business could be time-consuming and costly.
  • We are obligated to develop and maintain proper and effective internal control over financial reporting. In the future, we may not complete our execution of our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may result in additional material misstatements in our consolidated financial statements and may adversely affect investor confidence in our company and, as a result, the value of our common stock.
  • Our reported financial results may be adversely affected by changes in accounting principles generally accepted in the U.S.
  • Our ability to use net operating loss carryforwards and tax credit carryforwards to offset future taxable income may be subject to certain limitations, and ownership changes may limit our ability to use our net operating losses and tax credits in the future.
  • Comprehensive U.S. tax reform legislation could increase the tax burden on our orphan drug programs and adversely affect our business and financial condition.
  • Our facilities in California are located near an earthquake fault, and an earthquake or other types of natural disasters, catastrophic events or resource shortages could disrupt our operations and adversely affect our results.
  • We expect that our stock price will fluctuate significantly, and you may not be able to resell your shares at or above your investment price.
  • If securities or industry analysts publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • If the ownership of our common stock continues to be highly concentrated, it may prevent you and other stockholders from influencing significant corporate decisions and may result in conflicts of interest that could cause our stock price to decline.
  • Volatility in the stock prices of other companies may contribute to volatility in our stock price.
  • Our common stock is not heavily traded and there may not be an active, liquid trading market for our common stock.
  • Evolving regulation of corporate governance and public disclosure may result in additional expenses, use of resources and continuing uncertainty.
  • We have never paid dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future.
  • A rating agency may not rate the notes or may assign a rating that is lower than expected.
  • Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of management.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
Management Discussion
  • A discussion of our results of operations for the year ended December 31, 2019 can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2020 Annual Report.
  • Our revenues since inception were primarily from our strategic alliances. Under our now terminated collaboration agreements with Amgen and Astellas, namely the Amgen Agreement and the Astellas OSSA Agreement, we received payments including upfront license fees, reimbursements of internal costs of certain FTEs and costs to support research and development programs, and milestone payments. We have not generated any revenue from commercial product sales to date.
  • 2021 license revenues were the result of a series of transactions we entered into with RTW Royalty Holdings and Ji Xing (together, the “2021 RTW Transactions”). 2020 license revenues were the result of a series of transactions we entered into with RTW Royalty Holdings and Ji Xing (together, the “2020 RTW Transactions”).

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: abatement, acknowledging, adjudicated, anterior, convene, diastolic, eccentric, expressly, foot, footage, interventricular, leaflet, leasehold, mild, mitral, motion, postponement, pronounced, purported, pushed, regurgitation, relaxation, RR, SAM, semiannually, septum, simultaneously, sublease, thereof, TR, tricuspid, tripartite, twelve, valve, worsening
Removed: computing, record

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