Cytokinetics Inc Stock Price, News & Analysis

Cytokinetics will host a conference call and webcast on September 13, 2021, at 8:30 AM ET to discuss the full results from REDWOOD-HCM, a Phase 2 clinical trial involving aficamten for patients with obstructive HCM. The results will be presented at the Heart Failure Society of America (HFSA) Annual Meeting on September 12, 2021. Interested parties can join via telephone or through the company's website. The archived replay will be available until September 27, 2021.

Cytokinetics (Nasdaq: CYTK) announced the granting of stock options for 113,600 shares to ten new employees as an inducement for their employment on August 31, 2021. The options have an exercise price of $32.97 per share, equal to the closing stock price on the grant date. They will vest over four years, with 25% vesting after one year and the remainder vesting monthly. The terms align with Nasdaq rules and are subject to the company’s equity incentive plan. Cytokinetics is recognized for its focus on drugs targeting muscle performance for various debilitating diseases.

Cytokinetics announced full results from the REDWOOD-HCM trial of aficamten for patients with obstructive hypertrophic cardiomyopathy and findings from GALACTIC-HF regarding omecamtiv mecarbil in Black patients with heart failure. Both studies will be featured in a Late Breaking Clinical Trials session at the Heart Failure Society of America Annual Scientific Meeting from September 10-13, 2021. Cytokinetics is preparing to submit a U.S. NDA for omecamtiv mecarbil based on positive Phase 3 results.

Cytokinetics (Nasdaq: CYTK) has renewed its partnership with Cure SMA to enhance education, awareness, public policy, and fundraising for spinal muscular atrophy (SMA). As a National Gold Sponsor, Cytokinetics will support initiatives including the Northern California Walk-n-Roll and the 10th Annual Hope on the Hill Congressional Dinner aimed at advocating for SMA. The partnership, emphasized by Cytokinetics' CEO Robert I. Blum, aims to amplify the patient voice and improve access to care within the SMA community.

Cytokinetics (CYTK) reported a net loss of $61.6 million, or $0.86 per share, for Q2 2021, compared to a loss of $40.8 million in Q2 2020. The company ended the quarter with $424 million in cash, expecting to exceed $600 million by year-end following a $297.3 million stock offering. Significant advancements include plans for a New Drug Application submission for omecamtiv mecarbil in 2H 2021 and positive results from REDWOOD-HCM, advancing aficamten to a pivotal Phase 3 trial. 2021 revenue guidance is set between $23 million and $28 million with operating expenses ranging from $230 million to $250 million.

Cytokinetics announced on July 30, 2021, the grant of stock options to purchase 258,750 shares to 15 new employees as an inducement for their employment. The options have an exercise price of $29.68 per share, equal to the closing price on the grant date, and will vest over four years. This action complies with Nasdaq Listing Rule 5635(c)(4). Cytokinetics focuses on developing innovative muscle activators and inhibitors to treat conditions like heart failure and hypertrophic cardiomyopathy, with ongoing Phase 3 clinical trials for their drug candidates.

Cytokinetics has launched the COURAGE-ALS Phase 3 trial for reldesemtiv, following positive outcomes from the FORTITUDE-ALS trial, which indicated a slower decline in muscle function among ALS patients treated with the drug compared to placebo. This multi-center, randomized trial aims to enroll approximately 555 patients and evaluate the drug's efficacy over 24 weeks. The trial emphasizes accessibility, incorporating patient feedback and remote participation options. Cytokinetics plans to ensure continued access to reldesemtiv for participants after trial completion.

Cytokinetics, Incorporated (Nasdaq: CYTK) has successfully closed its public offering of 11,500,000 shares of common stock at $27.50 per share, with total gross proceeds of approximately $316.25 million. The offering included the full exercise of an option for an additional 1,500,000 shares by underwriters. J.P. Morgan and Morgan Stanley were the joint book-running managers for this offering.

The shares were offered under a shelf registration statement filed with the SEC, which became effective automatically.

Cytokinetics, Incorporated (Nasdaq: CYTK) will report its second quarter results on August 5, 2021, at 4:00 PM ET. Following this announcement, a conference call will be held at 4:30 PM ET to discuss operational and financial results, along with future outlook. The call will be accessible via their website and through a telephone dial-in option. Cytokinetics focuses on developing muscle activators and inhibitors for treating diseases related to muscle performance, with several promising clinical trials underway, including the Phase 3 studies for omecamtiv mecarbil and CK-274.