MYQORZO launch drives revenue jump as Cytokinetics (NASDAQ: CYTK) posts Q1 2026 loss
Rhea-AI Filing Summary
Cytokinetics reported first quarter 2026 results highlighted by the U.S. launch of MYQORZO for symptomatic obstructive hypertrophic cardiomyopathy. Net product revenue from MYQORZO reached $4.8 million over roughly nine weeks, contributing to total revenues of $19.4 million versus $1.6 million a year earlier.
R&D expenses were $95.5 million and SG&A climbed to $104.9 million, driven by launch spending, leading to a net loss of $206.0 million, or $1.67 per share. The company ended March 31, 2026 with about $1.1 billion in cash, cash equivalents and investments.
Management reported strong early adoption of MYQORZO, with over 275 prescribers and about 680 patients on therapy, and positive Phase 3 ACACIA-HCM data in non-obstructive HCM. MYQORZO also gained European Commission approval, and an FDA supplemental NDA for MAPLE-HCM was accepted with a PDUFA date of November 14, 2026.
Positive
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Negative
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Insights
Early MYQORZO launch traction and pivotal data offset heavy cash burn.
Cytokinetics delivered its first meaningful commercial quarter with MYQORZO, generating $4.8 million in U.S. net product revenue within about nine weeks and total Q1 2026 revenue of $19.4 million versus $1.6 million a year earlier. This confirms initial market uptake in obstructive hypertrophic cardiomyopathy.
The company remains deeply loss-making: combined R&D and SG&A of roughly $200 million in the quarter produced a net loss of $206.0 million and stockholders’ deficit of more than $800 million. However, a cash balance near $1.1 billion as of March 31, 2026 provides runway to support launch and late-stage trials under its $830-870 million 2026 expense guidance.
Strategically, ACACIA-HCM met dual primary endpoints in non-obstructive HCM, potentially broadening aficamten’s range beyond obstructive disease, while MYQORZO gained European Commission approval and a supplemental NDA for MAPLE-HCM received an FDA PDUFA date of November 14, 2026. These catalysts, together with ongoing global trials, position aficamten as the centerpiece of the portfolio, though future results and regulatory decisions will determine actual commercial scale.
8-K Event Classification
Key Figures
Key Terms
hypertrophic cardiomyopathy (HCM) medical
PDUFA date regulatory
Orphan Drug Designation regulatory
revenue participation right purchase agreements financial
REMS regulatory
RPI Transactions financial
Earnings Snapshot
Cytokinetics maintained 2026 GAAP combined R&D and SG&A expense guidance of $830–870 million, including $120–130 million of non-cash stock-based compensation.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2026, Cytokinetics, Incorporated announced its financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with this announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished under this Item 2.02 and under Exhibit 99.1 shall not be considered “filed” under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Registrant expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated May 5, 2026
104 The cover page of this report has been formatted in Inline XBRL
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CYTOKINETICS, INCORPORATED |
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Date: |
May 5, 2026 |
By: |
/s/ John O. Faurescu |
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John O. Faurescu |
Cytokinetics Reports First Quarter 2026 Financial Results and Provides Business Update
U.S. Launch of MYQORZO® (aficamten) in Late January Met with Strong Demand;
Over 275 HCPs Prescribed MYQORZO to an estimated 680 Patients in Q1
ACACIA-HCM Met Dual Primary Endpoints of KCCQ and Maximal Exercise Performance;
Full Results to be Presented at Upcoming Medical Congress
MYQORZO Approved by the European Commission for Adults with Symptomatic Obstructive HCM; Supplemental NDA for MAPLE-HCM Accepted for Filing by FDA with PDUFA Date of November 14, 2026
Net Product Revenues for MYQORZO of $4.8 Million for Initial Partial Quarter;
~$1.1 Billion in Cash, Cash Equivalents and Investments as of March 31, 2026
SOUTH SAN FRANCISCO, Calif., May 5, 2026 - Cytokinetics, Incorporated (Nasdaq: CYTK) reported a management update and financial results for the first quarter of 2026.
“The U.S. launch of MYQORZO commenced strongly in late January and continues to accelerate. We promptly activated a solid prescriber base of early adopters and are encouraged by initial commercial metrics that are exceeding our expectations,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “In addition, today we shared positive topline results from ACACIA-HCM in non-obstructive HCM showing that aficamten improved both symptoms and maximal exercise performance, a milestone achievement that opens the aperture for aficamten to potentially address the entire spectrum of HCM. We look forward to building on our strong start and driving meaningful progress for both the commercial launch of MYQORZO and the continued advancement of our pipeline.”
Q1 and Recent Highlights
Cardiac Muscle Programs
MYQORZO® (aficamten) (cardiac myosin inhibitor)
omecamtiv mecarbil (cardiac myosin activator)
ulacamten (cardiac myosin inhibitor)
CK-4015089 (CK-089, fast skeletal muscle troponin activator)
Pre-Clinical Development and Ongoing Research
Corporate
First Quarter 2026 Financial Results
Cash, Cash Equivalents and Investments
Revenues
Research and Development (R&D) Expenses
Selling, General and Administrative (SG&A) Expenses
Cost of Goods Sold
Collaboration Cost of Revenues
Net Income (Loss)
2026 Financial Guidance
The company is maintaining its full year 2026 financial guidance:
GAAP Combined R&D and SG&A Expense* |
$830 million to $870 million |
Non-cash stock-based compensation expense included in GAAP Combined R&D and SG&A Expense |
$130 million to $120 million |
*GAAP Combined R&D and SG&A expense does not include 1) collaboration expenses which can include reimbursed expenses and cost of inventory sales of aficamten to partners, 2) potential costs related to commercialization of aficamten in nHCM, and 3) the effect of GAAP adjustments as may be caused by events that occur subsequent to publication of this guidance including, but not limited to, Business Development activities.
Conference Call and Webcast Information
Members of Cytokinetics’ senior management team will review the company’s first quarter 2026 results on a conference call today at 4:30 PM Eastern Time. The conference call will be simultaneously webcast and can be accessed from the Investors & Media section of Cytokinetics’ website at www.cytokinetics.com or directly at the following link: Cytokinetics Q1 2026 Earnings Conference Call. An archived replay of the webcast will be available via Cytokinetics’ website for six months.
About Cytokinetics
Cytokinetics is a specialty cardiovascular biopharmaceutical company, building on its over 25 years of pioneering scientific innovations in muscle biology, and advancing a pipeline of potential new medicines for patients suffering from diseases of cardiac muscle dysfunction. Cytokinetics’ MYQORZO® (aficamten) is a cardiac myosin inhibitor approved in the U.S., Europe and China for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). Cytokinetics is also developing omecamtiv mecarbil, an investigational cardiac myosin activator for the potential treatment of patients with heart failure with severely reduced ejection fraction and ulacamten, an investigational cardiac myosin inhibitor for the potential treatment of heart failure with preserved ejection fraction, while continuing pre-clinical research and development in muscle biology.
For additional information about Cytokinetics, visit www.cytokinetics.com and follow us on X, LinkedIn, Facebook and YouTube.
Disclaimer
Omecamtiv mecarbil, ulacamten and CK-089 are investigational medicines. They have not been approved nor determined to be safe or efficacious for any disease state or any indication by FDA or any other regulatory agency.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Cytokinetics claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but not limited to, statements, express or implied, relating to our ability to launch MYQORZO in Germany in 2Q of 2026, our receipt of regulatory approval for our sNDA for MAPLE-HCM in Q4 of 2026, our or our partners’ research and development and commercial readiness activities, including the initiation, conduct, design, enrollment, progress, continuation, completion, timing and results of any of our clinical trials, the clinical meaningfulness, persuasiveness, or interpretation of the results of ACACIA-HCM, including for purposes of regulatory approval, labeling, or market acceptance, the results of long-term, secondary or exploratory analyses, our ability to announce the results of any of our clinical trials by any particular date, the timing of interactions with FDA or any other regulatory authorities in connection to any of our drug candidates and the outcomes of such interactions; statements relating to the potential patient population who could benefit from aficamten, omecamtiv mecarbil, ulacamten, CK-089 or any of our other drug candidates; statements relating to our ability to receive additional capital or other funding, including, but not limited to, our ability to meet any of the conditions relating to or to otherwise secure additional loan disbursements under any of our agreements with entities affiliated with Royalty Pharma or additional milestone payments from Sanofi or Bayer in connection with our collaborations for aficamten in China or Japan respectively; statements relating to our operating expenses or cash utilization for the remainder of 2025 or any other period, and statements relating to our cash balance at any particular date or the amount of cash runway such cash balances represent at any particular time. Such statements are based on management's current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to Cytokinetics’ need for additional funding and such additional funding may not be
available on acceptable terms, if at all; potential difficulties or delays in the development, testing, regulatory approvals for trial commencement, progression or product sale or manufacturing, or production of Cytokinetics’ drug candidates that could slow or prevent clinical development or product approval; patient enrollment for or conduct of clinical trials may be difficult or delayed; the FDA or foreign regulatory agencies may delay or limit Cytokinetics’ or its partners’ ability to conduct clinical trials; Cytokinetics may incur unanticipated research and development and other costs; standards of care may change, rendering Cytokinetics’ drug candidates obsolete; and competitive products or alternative therapies may be developed by others for the treatment of indications Cytokinetics’ drug candidates and potential drug candidates may target. For further information regarding these and other risks related to Cytokinetics’ business, investors should consult Cytokinetics’ filings with the Securities and Exchange Commission, particularly under the caption “Risk Factors” in Cytokinetics’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Forward-looking statements are not guarantees of future performance, and Cytokinetics’ actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that Cytokinetics makes in this press release speak only as of the date of this press release. Cytokinetics assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.
CYTOKINETICS® and the CYTOKINETICS C-shaped logo are registered trademarks of Cytokinetics in the U.S. and certain other countries.
MYQORZO® is a registered trademark of Cytokinetics in the U.S. and European Union.
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Contact:
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Affairs
(415) 290-7757
Cytokinetics, Incorporated |
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Condensed Consolidated Balance Sheets |
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(in thousands) |
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March 31, 2026 |
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December 31, 2025 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and short term investments |
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$ 818,550 |
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$ 882,221 |
Other current assets |
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20,915 |
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34,754 |
Total current assets |
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839,465 |
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916,975 |
Long-term investments |
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254,719 |
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335,048 |
Property and equipment, net |
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82,438 |
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79,194 |
Operating lease right-of-use assets |
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74,545 |
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75,979 |
Inventories, long-term |
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3,843 |
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— |
Other assets |
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18,468 |
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17,341 |
Total assets |
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$ 1,273,478 |
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$ 1,424,537 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable and accrued liabilities |
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$ 93,572 |
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$ 105,615 |
Short-term operating lease liabilities |
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20,960 |
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19,111 |
Current portion of convertible and long-term debt |
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44,808 |
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41,181 |
Derivative liabilities measured at fair value |
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29,600 |
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31,100 |
Deferred revenue |
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1,653 |
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1,612 |
Other current liabilities |
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8,592 |
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3,833 |
Total current liabilities |
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199,185 |
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202,452 |
Term loan, net |
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247,209 |
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246,384 |
Convertible notes, net |
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870,511 |
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869,597 |
Liabilities related to revenue participation right purchase agreements, net |
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539,106 |
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520,559 |
Long-term operating lease liabilities |
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105,235 |
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107,970 |
Liabilities related to RPI Transactions measured at fair value |
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138,800 |
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137,200 |
Total liabilities |
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2,100,046 |
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2,084,162 |
Commitments and contingencies |
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Stockholders' deficit |
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Common stock |
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124 |
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123 |
Additional paid-in capital |
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2,867,670 |
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2,826,341 |
Accumulated other comprehensive income |
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(1,612) |
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630 |
Accumulated deficit |
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(3,692,750) |
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(3,486,719) |
Total stockholders' deficit |
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(826,568) |
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(659,625) |
Total liabilities and stockholders' deficit |
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$ 1,273,478 |
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$ 1,424,537 |
Cytokinetics, Incorporated |
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Condensed Consolidated Statements of Operations |
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(in thousands except per share data) |
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(unaudited) |
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Three Months Ended |
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March 31, 2026 |
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March 31, 2025 |
Revenues: |
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Net product revenue |
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$ 4,789 |
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$ — |
Collaboration revenues |
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2,637 |
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1,579 |
License and milestone revenues |
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11,929 |
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— |
Total revenues |
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19,355 |
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1,579 |
Operating expenses: |
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Research and development |
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95,525 |
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98,262 |
Selling, general and administrative |
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104,896 |
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57,369 |
Cost of goods sold |
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160 |
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— |
Collaboration cost of revenues |
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2,392 |
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1,579 |
Total operating expenses |
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202,973 |
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157,210 |
Operating loss |
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(183,618) |
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(155,631) |
Interest and other expense, net |
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(14,519) |
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(8,868) |
Non-cash interest expense on liabilities related to revenue participation right purchase agreements |
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(18,816) |
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(14,078) |
Interest and other income, net |
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11,022 |
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13,701 |
Change in fair value of derivative liabilities |
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1,500 |
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(400) |
Change in fair value of liabilities related to RPI Transactions |
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(1,600) |
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3,900 |
Net loss |
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$ (206,031) |
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$ (161,376) |
Net loss per share — basic and diluted |
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$ (1.67) |
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$ (1.36) |
Weighted-average number of shares used in computing net loss per share — basic and diluted |
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123,273 |
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118,496 |