Company: CYTK
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000950170-25-064529
Chunk: 13

Company: CYTOKINETICS INC
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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Note 1 — Organization and Significant Accounting Policies Cytokinetics, Incorporated was incorporated under the laws of the state of Delaware on August 5, 1997. We are a late-stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions.Our financial statements contemplate the conduct of our operations in the normal course of business. We have incurred an accumulated deficit of approximately $2.9 billion since inception and there can be no assurance that we will attain profitability. We had a net loss of $161.4 million and net cash used in operations of $131.6 million for the three months ended March 31, 2025. Cash, cash equivalents, and investments decreased to $1.1 billion as of March 31, 2025 from $1.2 billion as of December 31, 2024. We anticipate that we will have operating losses and net cash outflows in future periods.We are subject to risks common to late-stage biopharmaceutical companies including, but not limited to, development of new drug candidates, dependence on key personnel, and the ability to obtain additional capital as needed to fund our future plans. Our liquidity will be impaired if sufficient additional capital is not available on terms acceptable to us. To date, we have funded operations primarily through sales of our common stock, contract payments under our collaboration agreements, sales of future revenues and royalties, debt financing arrangements, and interest income. Until we achieve profitable operations, we intend to continue to fund operations through payments from strategic collaborations, additional sales of equity securities, grants and debt financings. We have never generated revenues from commercial sales of our drugs. The earliest we might reasonably expect to commence commercial sales and record revenues is following the PDUFA target action date of December 26, 2025 for the NDA for aficamten in oHCM.Our success is dependent on our ability to obtain additional capital by entering into financings or new strategic collaborations, and ultimately on our and our collaborators’ ability to successfully develop and market one or more of our drug candidates. We cannot be certain that sufficient funds will be available from financings or such collaborators when needed or on satisfactory terms. Additionally, there can be no assurance that any of our drug candidates will be accepted in the marketplace or that any future products can be developed or manufactured at an acceptable cost. These factors could have a material adverse effect on our future financial results, financial position and cash flows