A month has gone by since the last earnings report for Cytokinetics (CYTK). Shares have added about 10.4% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Cytokinetics due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Cytokinetics, Incorporated before we dive into how investors and analysts have reacted as of late.
Cytokinetics Q3 Loss Narrows
Cytokinetics reported a net loss of $1.54 per share for the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $1.59. In the year-ago quarter, the company reported a net loss of $1.36 per share.
The year-over-year increase in net loss was due to higher expenses.
Revenues totaled $1.9 million which missed the Zacks Consensus Estimate of $6 million. The top line was up from $0.4 million recorded in the year-ago quarter. Since the company does not have any approved products in its portfolio yet, it does not generate drug sales.
Q3 Results in Detail
R&D expenses amounted to $99.2 million, up 17.3% year over year due to the advancement of clinical trials and higher personnel-related costs.
General and administrative expenses surged 22.6% to $69.4 million, due to investments in the commercial readiness of lead pipeline candidate aficamten and personnel-related expenses.
As of September 30, 2025, the company had approximately $1.25 billion in cash, cash equivalents and investments compared to $1.04 billion at June 30, 2025.
CYTK’s Updates on Aficamten
Aficamten is a next-in-class cardiac myosin inhibitor for the treatment of obstructive hypertrophic cardiomyopathy (“HCM”).
In May 2025, Cytokinetics announced that the FDA has extended the target action date for the new drug application (NDA) seeking approval of aficamten for oHCM to Dec. 26, 2025.
The FDA had earlier set a target action date of Sept. 26, 2025.
In September, Cytokinetics participated in a late-cycle meeting with the FDA regarding the NDA for aficamten, wherein the company discussed its proposed Risk Evaluation and Mitigation Strategy (“REMS”) program, including Elements to Assure Safe Use (“ETASU”) and anticipated post-marketing requirements.
Based on Cytokinetics' discussions and communications with the FDA to date, the company continues to expect a differentiated label and risk mitigation profile for aficamten, if approved by the FDA.
Cytokinetics has submitted responses to the Day 120 List of Questions from the CHMP of the EMA related to the review of its marketing authorization application (MAA) for aficamten for obstructive HCM in the EU. It has now received the Day 180 List of Questions. Cytokinetics expects a potential EMA decision regarding the MAA in the first half of 2026.
Aficamten is also currently being evaluated in MAPLE-HCM, a phase III study of aficamten as monotherapy compared with metoprolol as monotherapy in patients with obstructive HCM. The company reported positive top-line results from MAPLE-HCM. ACACIA-HCM is a phase III study of aficamten in patients with non-obstructive HCM. Enrollment is completed in the primary cohort of ACACIA-HCM and top-line results are expected in the second quarter of 2026.
CAMELLIA-HCM, a phase III study of aficamten in Japanese patients with obstructive HCM, is also ongoing. CAMELLIA-HCM is being conducted by Bayer in collaboration with Cytokinetics to support potential marketing authorization in Japan.
Other studies include CEDAR-HCM, a clinical trial of aficamten in a pediatric population with obstructive HCM. Patient enrollment of the adolescent cohort is expected to continue into 2026.
Cytokinetics’ Other Pipeline Candidates
Other pipeline candidates include omecamtiv mecarbil, a cardiac muscle activator, in patients with heart failure. Cytokinetics is enrolling in the confirmatory phase III multi-center, double-blind, randomized, placebo-controlled trial, COMET-HF, to assess the efficacy and safety of omecamtiv mecarbil in patients with symptomatic heart failure with severely reduced ejection fraction. Enrollment is expected to continue through 2026.
Additionally, Cytokinetics initiated AMBER-HFpEF, a phase II randomized, placebo-controlled, double-blind, multi-center, dose-finding clinical trial on ulacamten (CK-586) in patients with symptomatic heart failure with preserved ejection fraction (with left ventricular ejection fraction [LVEF] ≥ 60%).
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted 8.51% due to these changes.
VGM Scores
At this time, Cytokinetics has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. However, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Cytokinetics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Cytokinetics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Kymera Therapeutics, Inc. (KYMR), a stock from the same industry, has gained 8.6%. The company reported its results for the quarter ended September 2025 more than a month ago.
Kymera Therapeutics reported revenues of $2.76 million in the last reported quarter, representing a year-over-year change of -26.2%. EPS of -$0.90 for the same period compares with -$0.82 a year ago.
For the current quarter, Kymera Therapeutics is expected to post a loss of $0.79 per share, indicating a change of +10.2% from the year-ago quarter. The Zacks Consensus Estimate has changed +7.2% over the last 30 days.
Kymera Therapeutics has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
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Cytokinetics, Incorporated (CYTK): Free Stock Analysis Report Kymera Therapeutics, Inc. (KYMR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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