Cytokinetics Inc

CYTK

Equity

ISIN US23282W6057 / Valor 21533074

NASDAQ (2024-09-17)

USD 56.16-1.04%

Cytokinetics Inc
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About company

Cytokinetics Inc. is a biopharmaceutical company with a specialized focus on the development of innovative therapies aimed at enhancing muscle function for individuals suffering from debilitating diseases where muscle performance is compromised. Established over 25 years ago in South San Francisco, California, the company has carved a niche in muscle biology, pioneering the discovery, development, and commercialization of muscle activators and inhibitors. These novel therapeutic agents are designed as potential treatments for a range of serious conditions affecting muscle health. Under the leadership of experienced industry professionals, Cytokinetics has made significant strides in scientific research, evidenced by its extensive portfolio of over 115 scientific publications, participation in more than 100 clinical trials, and the securing of numerous patents. The company's commitment to advancing muscle biology research extends to its active engagement with the healthcare and scientific communities through peer-reviewed journals and medical forums, aiming to contribute meaningfully to patient care and medical knowledge.

Summarized from source with an LLMView SourceSector: Technology

Cash, Cash Equivalents and Investments

As of June 30, 2024, Cytokinetics Inc. reported approximately $1.4 billion in cash, cash equivalents, and investments, a significant increase from $634.3 million at the end of the first quarter of 2024. This boost was primarily due to a public offering of 11,274,510 shares of common stock, raising approximately $563.2 million in net proceeds.

Revenues

Cytokinetics Inc. reported total revenues of $0.2 million for the second quarter of 2024, a decrease from $0.9 million in the same period of 2023. This decline in revenue highlights the company's ongoing challenges in generating consistent income from its operations.

Research and Development (R&D) Expenses

R&D expenses for Cytokinetics Inc. in the second quarter of 2024 were $79.6 million, including $11.5 million of non-cash stock-based compensation expense. This is a slight decrease from $83.2 million in the same period of 2023, which included $8.2 million of non-cash stock-based compensation expense. The reduction was mainly due to the timing of clinical trial activities and the wind-down of the COURAGE-ALS program.

General and Administrative (G&A) Expenses

For the second quarter of 2024, Cytokinetics Inc. reported G&A expenses of $50.8 million, which included $13.1 million of non-cash stock-based compensation expense. This represents an increase from $39.7 million in the same period of 2023, driven by investments in commercial readiness and personnel-related expenses.

Net Income (Loss)

Cytokinetics Inc. reported a net loss of $143.3 million, or $(1.31) per share, basic and diluted, for the second quarter of 2024. This is compared to a net loss of $128.6 million, or $(1.34) per share, basic and diluted, for the same period in 2023, indicating a widening loss year-over-year.

Summarized from source with an LLMView Source

Key figures

64.1%1Y

65.7%3Y

328%5Y

Performance

85.5%1Y

67.4%3Y

73.4%5Y

Volatility