CYTK Stock — Cytokinetics Incorporated: Cash, EV, Pipeline

What they do

We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. We have discovered and are developing muscle-directed investigational medicines that may potentially improve the healthspan of people with devastating cardiovascular and neuromuscular diseases of impaired muscle function.

Source: 10-K FY2025 via SEC EDGAR

Share price

$56.14

Market cap

$7,820.6M

Cash

$1,583.7M

Enterprise value

$7,250.6M

Balance sheet

Cash	$1,583.7M
Debt	$418.7M
Royalty-sale liability	$594.9M
Net cash	$1,164.9M
Enterprise value	$7,250.6M
Basic shares	139.3M shares
Fully diluted shares	166.3M shares
Fully diluted market cap	$9,333.7M
Cash per share	$11.37
Quarterly burn	$159.8M
Cash runway	9.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-09-30 (10-Q); included in enterprise value.

Share structure

Common

139.0M

Pre-funded warrants

0.0M

Options

10.9M

RSUs

2.6M

Warrants

0.0M

Converts

13.7M

Conv preferred

0.0M

ESPP reserve

0.1M

FDSO

166.3M

Cap table as of 2026-08-04.

Price history

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Next catalyst

CK-4021586 (150 mg, 300 mg, 450 mg, and 600 mg) · Now - Nov 24, 2026 Now · Phase 2 · Symptomatic Heart Failure With Preserved Ejection Fraction (HFpEF)

Recently reported

Aficamten Phase 3 Mixed · 2026-10-19

II-III

Primary: Change in peak oxygen uptake (pVO2) measured by cardiopulmonary exercise testing (CPET) at 24 weeks in SEQUOIA-HCM (pivotal Phase 3, symptomatic obstructive HCM) — 1.76 mL/kg/min compared to baseline in patients treated with MYQORZO versus 0.0 mL/kg/min in patients treated with placebo (least square mean (LSM) difference [95% CI] of 1.74 mL/kg/min [1.04 - 2.44]; p=0.000002)

· Treatment emergent serious adverse events occurred in 5.6% of patients on MYQORZO and 9.3% of patients on placebo

· Core laboratory echocardiographic LVEF was <50% in 5 patients (3.5%) on MYQORZO compared to 1 patient (0.7%) on placebo

· Hypertension (8% vs 2%) was the only adverse reaction occurring in >5% of patients and more commonly on MYQORZO than placebo

· Health Canada Notice of Compliance is the fifth regulatory approval for MYQORZO in less than a year, following U.S. FDA (December 2025), China NMPA, European Commission and UK MHRA approvals

Safety: Well tolerated, with no instances of worsening heart failure or treatment interruptions due to low LVEF; Canadian Product Monograph includes a Boxed WARNING for the risk of heart failure due to systolic dysfunction

Source release →

Aficamten Phase 3 Positive · 2026-05-05

ACACIA-HCM · hypertrophic cardiomyopathy (hcm)

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	CK-4021586 (150 mg, 300 mg, 450 mg, and 600 mg)	Phase 2	Symptomatic Heart Failure With Preserved Ejection Fraction (HFpEF)	—
GUIDEDNov 14, 2026 Now	aficamten MAPLE-HCM sNDA (oHCM monotherapy); ACACIA-HCM nHCM sNDA	Not disclosed	MAPLE-HCM (oHCM monotherapy); ACACIA-HCM nHCM	November 14, 2026 (MAPLE-HCM sNDA PDUFA date); Q4 2026 (nHCM sNDA filing)
Oct 13 - Nov 24 in 11 mo	Omecamtiv Mecarbil (OM)	Phase 3	Heart Failure; Heart Failure With Reduced Ejection Fraction	—
Apr 12 - May 24 in 17 mo	Aficamten (5 - 20 mg)	Phase 3	Symptomatic Hypertrophic Cardiomyopathy (HCM)	—
Feb 12 - Mar 26 in 40 mo	Aficamten	Phase 3	Pediatric; Symptomatic Obstructive Hypertrophic Cardiomyopathy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Aficamten

Approved · Active Modality: small molecule (oral; allosteric reversible inhibitor)

Aliases MYQORZO

Target cardiac myosin

Partnerships Sanofi: exclusive license for China and Taiwan (up to $160M milestones in oHCM/nHCM; tiered royalties low-to-high teens); Bayer: Japan license (milestones for first Phase 3 dosing in Japan achieved 2025)

Indications

obstructive hypertrophic cardiomyopathy (oHCM, symptomatic) (Approved)
non-obstructive hypertrophic cardiomyopathy (nHCM) (Phase 3)
pediatric oHCM (Stage not disclosed)

Catalysts

— fourth quarter of 2026
— fourth quarter of 2026

Status note First commercial product: FDA approved December 2025, EC February 2026, NMPA December 2025, UK MHRA July 2026 for symptomatic oHCM; REMS required (heart failure/systolic dysfunction risk). Ongoing: ACACIA-HCM Phase 3 in nHCM, CEDAR-HCM pediatric oHCM, FOREST-HCM open-label extension; supplemental NDA (MAPLE-HCM vs metoprolol) submitted January 2026.

Omecamtiv mecarbil

Phase 3 · Active Modality: small molecule (cardiac myosin activator)

Target cardiac myosin

Partnerships Amgen: collaboration (conducted GALACTIC-HF Phase 3); Corxel Pharmaceuticals (formerly Ji Xing): exclusive license for China and Taiwan; Royalty Pharma: revenue interest financing

Indications

heart failure with severely reduced ejection fraction (HFrEF) (Phase 3)

Status note GALACTIC-HF Phase 3 cardiovascular outcomes trial conducted by Amgen; additional confirmatory Phase 3 (COMET-HF) referenced as basis for potential future approvals.

Ulacamten

Phase 2 · Active Modality: small molecule (oral; cardiac myosin inhibitor)

Aliases CK-586

Target cardiac myosin

Partnerships Royalty Pharma: revenue participation right

Indications

heart failure with preserved ejection fraction (HFpEF, symptomatic, hypercontractility/ventricular hypertrophy subgroup) (Phase 2)

Status note Selective cardiac myosin inhibitor to reduce hypercontractility in HFpEF; Phase 1 completed, Phase 2 dose-finding in HFpEF patients with LVEF ≥60%.

CK-089

Phase 1 · Active Modality: small molecule (oral)

Target skeletal muscle troponin

Indications

muscular dystrophy (specific type) (Phase 1)

Status note Fast skeletal muscle troponin activator; Phase 1 single/multiple ascending dose study in healthy participants (first dosed Q4 2024). FDA partial clinical hold limits dosing at exposures above certain levels, which may limit therapeutic-dose identification. Emerging neuromuscular pipeline beyond CK-089 has no distinct candidate named.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06736574	Phase 3	Recruiting	Sponsor	CYTK	—	Heart Failure; Heart Failure With Reduced Ejection Fraction	—
NCT04848506	Phase 3	Enrolling by invitation	Sponsor	CYTK	—	Symptomatic Hypertrophic Cardiomyopathy (HCM)	—
NCT06412666	Phase 3	Active, not recruiting	Sponsor	CYTK	—	Pediatric; Symptomatic Obstructive Hypertrophic Cardiomyopathy	—
NCT06081894	Phase 3	Active, not recruiting	Sponsor	CYTK	SNY	Symptomatic Non-Obstructive Hypertrophic Cardiomyopathy	—
NCT06793371	Phase 2	Recruiting	Sponsor	CYTK	—	Symptomatic Heart Failure With Preserved Ejection Fraction (HFpEF)	—
NCT07600177	Not disclosed	Recruiting	Collaborator	Oregon Health and Science University	—	Hypertrophic Cardiomyopathy (HCM)	November 14, 2026 (MAPLE-HCM sNDA PDUFA date); Q4 2026 (nHCM sNDA filing)
NCT07054073	Not disclosed	Recruiting	Collaborator	Christopher Kramer	—	Hypertrophic Cardiomyopathy (HCM)	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Cytokinetics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	4,999,999	+1,666,666	3.82%	2026-08-14
RTW Investments	2,862,003	+140,845	2.08%	2026-08-14
Frazier Life Sciences	1,159,879	no change	2.15%	2026-08-14
ADAR1 Capital Management	457,907	-174,649	1.83%	2026-08-14
Sphera Biotech	219,987	+180,170	2.68%	2026-08-14
Baker Bros. Advisors	211,267	+211,267	0.09%	2026-08-14
DAFNA Capital	171,998	-45,499	2.79%	2026-08-14
Boxer Capital	100,000	no change	0.64%	2026-08-14
OrbiMed Advisors	25,800	+25,800	0.04%	2026-08-14
Logos Global Management	0	-875,000	0.00%	2026-08-14
Ikarian Capital	0	-283,572	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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CYTK — Cytokinetics Incorporated ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

CYTK — Cytokinetics Incorporated