The company's financial position is increasingly vulnerable, characterized by a $826.6 million equity deficit and a total debt burden of $1.0 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 839.47M | 916.98M | 1.11B | 628.05M | 795.19M | 535.67M | 474.22M | 233.75M | 207.67M | 274.3M | 158.63M | 113.11M | 131.13M | 79.34M | 76.43M | 51.14M | 73.5M | 116.92M | 58.91M | 122.02M | 153.62M | 78.86M | 109.07M | 37.08M | 27.95M |
| Cash & Short-Term Investments | 818.55M | 882.22M | 1.08B | 614.82M | 782.58M | 471.64M | 464.06M | 225.11M | 198.73M | 268.89M | 156.25M | 111.44M | 83.23M | 77.73M | 74M | 49.02M | 71.64M | 114.73M | 56.87M | 119.74M | 109.54M | 76.21M | 105.7M | 35.19M | 26.81M |
| Cash Only | 129.84M | 882.22M | 94.86M | 113.02M | 65.58M | 112.67M | 82.98M | 36.43M | 42.26M | 125.21M | 66.87M | 65.08M | 20.21M | 20.16M | 14.91M | 18.83M | 17.51M | 25.56M | 41.82M | 116.56M | 39.39M | 13.52M | 13.06M | 10.99M | 16.39M |
| Short-Term Investments | 688.71M | 0 | 981.16M | 501.8M | 717M | 358.97M | 381.07M | 188.68M | 156.47M | 143.69M | 89.38M | 46.37M | 63.01M | 57.57M | 59.09M | 30.19M | 54.13M | 89.17M | 15.05M | 3.17M | 70.16M | 62.7M | 92.64M | 24.2M | 10.43M |
| Accounts Receivable | 6.83M | 0 | 16.65M | 1.28M | 147K | 51.82M | 4.42M | 5.16M | 6.79M | 1.11M | 24K | 12K | 46.65M | 5K | 4K | 14K | 46K | 189K | 261K | 214K | 42.23M | 727K | 766K | 263K | 16K |
| Days Sales Outstanding | 14.7 | - | 328.96 | 62.19 | 0.57 | 268.56 | 28.9 | 70.14 | 78.62 | 30.36 | 0.08 | 0.15 | 362.71 | 0.06 | 0.19 | 1.28 | 6.52 | 0.85 | 7.67 | 5.73 | 4.93K | 29.77 | 20.8 | 9.08 | 0.51 |
| Inventory | 154K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 1.38 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 13.93M | 34.75M | 15.28M | 0 | 12.46M | 0 | 0 | 0 | 0 | 4.29M | 0 | 0 | 0 | 0 | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 434.01M | 507.56M | 293.73M | 196.26M | 219.59M | 305.65M | 59.58M | 56.06M | 3.5M | 20.52M | 11.51M | 2.13M | 1.84M | 3.85M | 1.12M | 1.63M | 4.49M | 5.68M | 28.54M | 33.35M | 15.89M | 12.6M | 19.03M | 25.8M | 28.22M |
| Property, Plant & Equipment | 156.98M | 155.17M | 140.97M | 147.74M | 163.19M | 146.41M | 16.27M | 13.41M | 3.2M | 3.57M | 3.64M | 1.75M | 1.64M | 1.22M | 997K | 1.31M | 2.32M | 3.71M | 5.09M | 7.73M | 9.2M | 6.18M | 7.34M | 8.87M | 9.74M |
| Fixed Asset Turnover | 0.69x | 0.57x | 0.13x | 0.05x | 0.58x | 0.48x | 3.43x | 2.00x | 9.83x | 3.75x | 29.26x | 16.37x | 28.67x | 25.10x | 7.58x | 3.05x | 1.11x | 21.96x | 2.44x | 1.76x | 0.34x | 1.44x | 1.83x | 1.19x | 1.17x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.06B | 335.05M | 145.06M | 40.53M | 46.71M | 152.05M | 36.95M | 42.65M | 0 | 16.52M | 7.67M | 179K | 0 | 2.5M | 0 | 0 | 1.21M | 1.67M | 20M | 20M | 0 | 0 | 4.55M | 0 | 0 |
| Other Non-Current Assets | 22.31M | 17.34M | 7.71M | 8M | 9.69M | 7.19M | 6.36M | 0 | 300K | 429K | 200K | 200K | 200K | 127K | 127K | 323K | 967K | 291K | 3.46M | 5.63M | 6.69M | 6.42M | 7.14M | 16.93M | 18.48M |
| Total Assets | 1.27B | 1.42B | 1.4B | 824.32M | 1.01B | 841.32M | 533.8M | 289.81M | 211.18M | 294.81M | 170.14M | 115.24M | 132.97M | 83.19M | 77.55M | 52.77M | 77.99M | 122.6M | 87.45M | 155.37M | 169.52M | 91.46M | 128.1M | 62.87M | 56.17M |
| Asset Turnover | 0.08x | 0.06x | 0.01x | 0.01x | 0.09x | 0.08x | 0.10x | 0.09x | 0.15x | 0.05x | 0.63x | 0.25x | 0.35x | 0.37x | 0.10x | 0.08x | 0.03x | 0.67x | 0.14x | 0.09x | 0.02x | 0.10x | 0.10x | 0.17x | 0.20x |
| Asset Growth % | -17.16% | 1.63% | 70.04% | -18.77% | 20.62% | 57.61% | 84.19% | 37.24% | -28.37% | 73.27% | 47.65% | -13.33% | 59.84% | 7.27% | 46.95% | -32.34% | -36.38% | 40.19% | -43.71% | -8.34% | 85.34% | -28.6% | 103.75% | 11.94% | - |
| Total Current Liabilities | 199.19M | 202.45M | 179.67M | 102.68M | 84.62M | 71.86M | 31.2M | 26.02M | 22.19M | 32.44M | 33.26M | 31.65M | 23.86M | 26.7M | 5.75M | 4.59M | 7.32M | 20.18M | 22.88M | 26.45M | 26.39M | 11.26M | 11.04M | 9.46M | 9.38M |
| Accounts Payable | 24.71M | 105.61M | 20.37M | 21.51M | 25.61M | 21.09M | 8.05M | 8.16M | 3.76M | 5.25M | 4.24M | 2.24M | 1.36M | 3.71M | 2.15M | 1.21M | 1.12M | 1.68M | 1.38M | 1.58M | 2.84M | 2.35M | 2.06M | 1.59M | 1.61M |
| Days Payables Outstanding | 1.51K | 3.81K | 21.9 | 23.78 | 38.82 | 48.12 | 30.31 | 34.58 | 15.41 | 21.23 | 24.01 | 17.61 | 11.18 | 27.38 | 22.04 | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 65.77M | 41.18M | 11.52M | 10.08M | 958K | 0 | 0 | 0 | 2.61M | 0 | 2.5M | 0 | 0 | 0 | 0 | 152K | 833K | 1.62M | 2.02M | 4.05M | 3.69M | 2.73M | 2.39M | 2.01M | 2.42M |
| Deferred Revenue (Current) | 4.61M | 0 | 52.37M | 0 | 0 | 0 | 0 | 0 | 15.76M | 9.57M | 8.06M | 20.86M | 17.04M | 14.7M | 76K | 0 | 0 | 751K | 12.3M | 12.23M | 12.23M | 1.4M | 2.8M | 2.8M | 3.11M |
| Other Current Liabilities | 107.06M | 36.55M | 21.11M | 39.81M | 22.89M | 16.47M | 12.84M | 9.47M | 66K | 11.36M | 415K | 132K | 52K | 22K | 76K | 0 | 0 | 10.2M | 0 | 22K | 163K | 649K | 0 | 0 | 0 |
| Current Ratio | 4.21x | 4.53x | 6.17x | 6.12x | 9.40x | 7.45x | 15.20x | 8.98x | 9.36x | 8.45x | 4.77x | 3.57x | 5.50x | 2.97x | 13.29x | 11.14x | 10.04x | 5.79x | 2.58x | 4.61x | 5.82x | 7.00x | 9.88x | 3.92x | 2.98x |
| Quick Ratio | 4.21x | 4.53x | 6.17x | 6.12x | 9.40x | 7.45x | 15.20x | 8.98x | 9.66x | 8.45x | 4.77x | 3.57x | 5.50x | 2.97x | 13.29x | 11.14x | 10.04x | 5.79x | 2.58x | 4.61x | 5.82x | 7.00x | 9.88x | 3.92x | 2.98x |
| Cash Conversion Cycle | -1.49K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.9B | 1.88B | 1.36B | 1.11B | 1.04B | 525.6M | 389.22M | 274.73M | 163.05M | 152.52M | 42.52M | 15M | 17.05M | 2.04M | 361K | 3K | 152K | 985K | 14.81M | 29.01M | 36.81M | 6.64M | 9.51M | 145.45M | 107.38M |
| Long-Term Debt | 975.75M | 1.12B | 645.6M | 607.37M | 609.62M | 142.84M | 135.71M | 129.26M | 39.81M | 31.78M | 27.38M | 14.64M | 0 | 0 | 0 | 0 | 152K | 985K | 2.62M | 4.64M | 7.14M | 6.64M | 8.11M | 8.07M | 7.08M |
| Capital Lease Obligations | 329.65M | 107.97M | 112.58M | 120.43M | 126.89M | 112.23M | 440K | 2.19M | 771K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 985K | 2.62M | 4.64M | 7.14M | 0 | 8.11M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -359K | 0 | 0 | 0 | 0 | 0 | 0 | -12.2M | -24.37M | -29.67M | 0 | -1.4M | 0 | 0 |
| Other Non-Current Liabilities | 925.12M | 657.76M | 599.19M | 380.16M | 301.55M | 183.53M | 166.07M | 143.28M | 122.47M | 105.75M | 142K | 359K | 491K | 542K | 361K | 3K | 0 | -985K | -2.62M | -4.64M | -7.14M | 0 | -8.11M | 137.37M | 100.3M |
| Total Liabilities | 2.1B | 2.08B | 1.54B | 1.21B | 1.12B | 597.46M | 420.42M | 300.75M | 185.24M | 184.97M | 75.78M | 46.65M | 40.9M | 28.75M | 6.11M | 4.59M | 7.48M | 21.17M | 37.69M | 55.45M | 63.2M | 17.9M | 20.55M | 154.9M | 116.76M |
| Total Debt | 1.04B | 1.28B | 788.68M | 755.77M | 750.3M | 269.93M | 138.94M | 136.07M | 42.41M | 31.78M | 27.38M | 14.64M | 0 | 0 | 0 | 152K | 985K | 985K | 4.64M | 8.69M | 10.84M | 9.36M | 10.49M | 10.08M | 9.49M |
| Net Debt | 911.67M | 402.02M | 693.82M | 642.75M | 684.72M | 157.26M | 55.95M | 99.64M | 157K | -93.43M | -39.49M | -50.44M | -20.21M | -20.16M | -14.91M | -18.68M | -16.53M | -24.58M | -37.18M | -107.88M | -28.55M | -4.15M | -2.57M | -908K | -6.9M |
| Debt / Equity | -1.26x | - | - | - | - | 1.11x | 1.23x | - | 1.64x | 0.29x | 0.29x | 0.21x | - | - | - | 0.00x | 0.01x | 0.01x | 0.09x | 0.09x | 0.10x | 0.13x | 0.10x | - | - |
| Debt / EBITDA | -1.65x | - | - | - | - | - | - | - | - | - | 1.41x | - | - | - | - | - | - | 0.04x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.44x | - | - | - | - | - | - | - | - | - | -2.03x | - | - | - | - | - | - | -0.87x | - | - | - | - | - | - | - |
| Interest Coverage | -11.39x | -7.56x | -5.81x | -8.13x | -6.60x | -6.34x | -2.29x | -3.45x | -3.93x | -6.52x | 6.35x | -396.29x | - | - | -20184.00x | - | -302.45x | 61.38x | -113.81x | -80.81x | -117.28x | -83.43x | -70.01x | -13.09x | -18.02x |
| Total Equity | -826.57M | -659.63M | -135.37M | -386.32M | -107.9M | 243.86M | 113.38M | -10.94M | 25.93M | 109.84M | 94.36M | 68.59M | 92.06M | 54.44M | 71.44M | 48.18M | 70.52M | 101.43M | 49.77M | 99.92M | 106.31M | 73.56M | 107.56M | -92.03M | -60.59M |
| Equity Growth % | -4683.33% | -387.27% | 64.96% | -258.04% | -144.25% | 115.08% | 1136.69% | -142.17% | -76.39% | 16.41% | 37.57% | -25.5% | 69.1% | -23.79% | 48.28% | -31.68% | -30.48% | 103.81% | -50.19% | -6.02% | 44.52% | -31.61% | 216.87% | -51.9% | - |
| Book Value per Share | -6.71 | -5.49 | -1.21 | -4.00 | -1.20 | 3.17 | 1.76 | -0.19 | 0.48 | 2.22 | 2.22 | 1.77 | 2.58 | 2.00 | 3.95 | 4.08 | 6.59 | 10.50 | 6.05 | 12.60 | 17.42 | 15.44 | 32.63 | -288.89 | -208.68 |
| Total Shareholders' Equity | -826.57M | -659.63M | -135.37M | -386.32M | -107.9M | 243.86M | 113.38M | -10.94M | 25.93M | 109.84M | 94.36M | 68.59M | 92.06M | 54.44M | 71.44M | 48.18M | 70.52M | 101.43M | 49.77M | 99.92M | 106.31M | 73.56M | 107.56M | -92.03M | -60.59M |
| Common Stock | 124K | 123K | 118K | 102K | 94K | 84K | 70K | 59K | 768.76M | 54K | 41K | 40K | 39K | 31K | 143K | 75K | 67K | 61K | 50K | 49K | 43K | 30K | 28K | 2K | 2K |
| Retained Earnings | -3.69B | -3.49B | -2.7B | -2.11B | -1.59B | -1.21B | -992.31M | -865.02M | -743.32M | -646.08M | -518.29M | -534.74M | -497.24M | -482.6M | -448.88M | -408.51M | -360.65M | -311.36M | -335.91M | -279.53M | -230.64M | -173.52M | -131.27M | -94.07M | -61.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.61M | 630K | 2.4M | -10K | -3.59M | -869K | 149K | 679K | 500K | 343K | 137K | 149K | -4K | 7K | 18K | 3K | -4K | 1K | 18K | -330K | -1.17M | -2.47M | -4.44M | -3.6M | -10K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Regulatory Approval Risk
As reported in financial statements, the company's equity position has deteriorated into a deficit of $826.6 million by 2026Q1, driven by persistent net losses that have expanded the accumulated deficit to $3.7 billion, signaling a trajectory of increasing financial strain despite recent asset-level clinical progress.
The consistent expansion of the accumulated deficit suggests that the company is consuming capital at a rate that outpaces its ability to generate milestone-based revenue. Investors should monitor whether this trend of negative equity persists, as it may eventually limit the company's flexibility in securing non-dilutive financing.
Based on reported figures, total debt has climbed to $1.0 billion as of 2026Q1, reflecting a strategic reliance on external financing to bridge the gap between R&D-heavy clinical development and the eventual commercialization of the aficamten asset, which warrants close scrutiny regarding future debt service obligations.
The reliance on debt in the absence of recurring commercial revenue indicates that the company is financing its operational burn through leverage rather than internal cash generation. This structure increases the sensitivity of the balance sheet to interest rate fluctuations and potential refinancing hurdles if clinical milestones are delayed.
According to recent SEC filings, the company's cash position dropped significantly to $129.8 million in 2026Q1 from $882.2 million in 2025Q4, indicating a rapid depletion of liquidity that may necessitate further capital raises to sustain the current high-burn R&D and commercial infrastructure build-out.
While the current ratio of 4.21 appears healthy on the surface, the rapid decline in absolute cash levels suggests that the company's liquidity buffer is shrinking faster than anticipated. This trend implies that the company may face a liquidity crunch if it does not secure additional funding or achieve significant milestone payments in the near term.
Based on the provided data, the absence of goodwill and the reliance on debt to fund operations suggest that the company's balance sheet is highly sensitive to binary clinical outcomes, as there are no tangible assets to support the valuation if the lead pipeline candidate fails regulatory review.
The lack of goodwill indicates that the company has not engaged in significant M&A, keeping the balance sheet focused on internal R&D, which concentrates all risk on the success of aficamten. Investors should be aware that the current debt load represents a senior claim on future cash flows that may be difficult to satisfy if commercialization timelines slip.
Quick answers to the most common questions about buying CYTK stock.
As of 2025, Cytokinetics, Incorporated (CYTK) had total assets of $1.42B including $917.0M in current assets.
Cytokinetics, Incorporated (CYTK) carries total debt of $1.28B, offset by $882.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cytokinetics, Incorporated (CYTK) has total shareholders' equity (book value) of $-659.6M ($-5.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cytokinetics, Incorporated (CYTK) reported a current ratio of 4.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.