CYTK Posts a Wider-Than-Expected Q4 Loss, Advances Myqorzo Launch Plans

Cytokinetics CYTK reported a net loss of $1.50 per share for the fourth quarter of 2025, wider than the Zacks Consensus Estimate of a loss of $1.48. In the year-ago quarter, the company reported a net loss of $1.26 per share.

The year-over-year increase in net loss was due to higher operating expenses.

Revenues totaled $17.7 million, which comfortably beat the Zacks Consensus Estimate of $4 million. The top line was up 5% from the year-ago quarter’s level. Since the company does not have any approved product in its portfolio yet, it does not generate drug sales.

Cytokinetics’ shares have surged 49.6% over the past year compared with the industry’s 19% growth.

CYTK's Q4 Results in Detail

R&D expenses amounted to $104.4 million, up 11.5% year over year, driven by advancing clinical programs and higher personnel-related costs.

General and administrative expenses surged 47.2% year over year to $91.7 million, primarily reflecting investments tied to commercial launch readiness in the United States and expansion of corporate infrastructure.

As of Dec. 31, 2025, CYTK had cash, equivalents and investments of approximately $1.22 billion, compared with $1.25 billion at Sept. 30, 2025.  The year-end balance includes $100 million in proceeds from the drawing on the Tranche 5 of the Royalty Pharma Multi Tranche Loan.

The strong cash balance provides substantial runway to support commercialization and clinical development. The balance includes financing proceeds from a Royalty Pharma loan facility, underscoring continued access to capital.

CYTK’s 2025 Results

Revenues surged to $88 million from $18.5 million in 2024, primarily driven by milestone payments and collaboration-related activity, including technology transfer work linked to Bayer BAYRY and regulatory milestones tied to the licensing agreement with Sanofi SNY.

Revenues beat the Zacks Consensus Estimate of $73.2 million.

Loss per share widened to $6.54 from $5.26 in 2024 but was narrower than the Zacks Consensus Estimate of a loss of $6.65.

CYTK’s Updates on Aficamten

The defining catalyst for CYTK in 2025 was the approval of Myqorzo (aficamten) by the FDA for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM) in December.

Aficamten is a next-in-class cardiac myosin inhibitor.

Global expansion is underway. Myqorzo has secured authorization in China and the European Union, with the first European launch planned in Germany in the second quarter of 2026.

CYTK is also working on a label expansion of Myqorzo. It submitted supplemental new drug application (sNDA) to the FDA for MAPLE-HCM, a phase III study of aficamten as monotherapy compared with metoprolol as monotherapy in patients with oHCM. A potential approval is expected in the fourth quarter of 2026.

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 oHCM, is also ongoing. Enrollment is complete in this study.

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 symptomatic oHCM. Enrollment is ongoing.

Cytokinetics’ Other Pipeline Candidates

Other pipeline candidates include omecamtiv mecarbil, a cardiac muscle activator, in patients with heart failure. A 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 is ongoing.  Enrollment is expected to continue through 2026.

Enrollment is ongoing in AMBER-HFpEF, a phase II randomized, placebo-controlled, double-blind, multi-center, dose-finding clinical study on ulacamten in patients with symptomatic heart failure with preserved ejection fraction (with left ventricular ejection fraction [LVEF] ≥ 60%).

Our Take on CYTK’s Performance

The approval of Myqorzo is a significant boost for CYTK, given the market potential for the oHCM market.

The oHCM market represents a meaningful commercial opportunity, given the sizable population of symptomatic patients who have historically had limited pharmacologic options beyond beta-blockers, calcium channel blockers, or invasive procedures. The approval positions Cytokinetics as a key player in this growing specialty cardiology segment.

With a robust cash position and multiple near-term catalysts, Cytokinetics enters 2026 poised for a transformation from a development-stage company to a revenue-generating biotech.

Successful commercialization of the drug holds the key.

Myqorzo will face competition from Camzyos (mavacamten), a first-in-class cardiac myosin inhibitor marketed by Bristol Myers Squibb BMY.

BMY obtained FDA approval for the drug in 2022 for the treatment of adults with symptomatic New York Heart Association class II-III obstructive HCM to improve functional capacity and symptoms.

Camzyos has put up a stellar performance since approval.

CYTK’s Zacks Rank

Cytokinetics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.




 

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