Free cash flow remains structurally negative at -$151.4 million in 2026Q1, with capital expenditures rising to 30.6% of revenue as the firm builds out its commercial infrastructure.
| 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 |
|---|
| Cash from Operations | -523.85M | -510.01M | -395.89M | -414.33M | -299.52M | -142.52M | 8.94M | -90.91M | -101.22M | -101.76M | 36.98M | 4.88M | -44.84M | -7.72M | -33.44M | -45.59M | -44.83M | 8.42M | -61.33M | -3M | -47.17M | -39.48M | -34.03M | -30.51M | -22.3M |
| Operating CF Margin % | - | -579.3% | -2142.96% | -5502.43% | -316.65% | -202.37% | 16.02% | -338.35% | -321.31% | -761.21% | 34.76% | 17.04% | -95.53% | -25.18% | -442.36% | -1139.88% | -1739.62% | 10.32% | -493.78% | -22.06% | -1508.47% | -443.04% | -253.18% | -288.48% | -195.71% |
| Operating CF Growth % | -163.11% | -28.83% | 4.45% | -38.33% | -110.15% | -1693.67% | 109.84% | 10.18% | 0.53% | -375.16% | 657.36% | 110.89% | -481.02% | 76.92% | 26.66% | -1.71% | -632.68% | 113.72% | -1940.87% | 93.63% | -19.47% | -16.02% | -11.53% | -36.81% | - |
| Net Income | -829.61M | -784.96M | -589.53M | -526.24M | -388.95M | -215.31M | -127.29M | -121.69M | -106.29M | -127.79M | 16.45M | -37.5M | -14.65M | -33.72M | -40.37M | -47.86M | -49.29M | 24.54M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | -32.69M | -23.08M |
| Depreciation & Amortization | 11.2M | 10.13M | 9.53M | 11.89M | 5.81M | 2.28M | 1.83M | 1.29M | 1.24M | 1.92M | 741K | 589K | 490K | 433K | 591K | 1.3M | 1.9M | 2.02M | 2.46M | 2.83M | 2.93M | 3.06M | 3.28M | 3.18M | 2.85M |
| Stock-Based Compensation | 88.63M | 0 | 97.84M | 72.06M | 47.85M | 26.83M | 17.62M | 10.76M | 9.76M | 9.03M | 7.15M | 4.57M | 3.33M | 3.6M | 3.78M | 3.07M | 4.02M | 4.91M | 5.61M | 4.64M | 4.64M | 1.43M | 1.88M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 2.84M | -573K | 0 | 0 | -67K | -18K | -21K | -3.34M | -3.68M | -2K | 47.86M | 49.29M | -40K | -5.6M | -4.63M | -4.65M | -1.43M | -1.88M | 0 | 0 |
| Other Non-Cash Items | 236.36M | 300.45M | 50.6M | 24.86M | 60.48M | 32.38M | 28.24M | 22.62M | 17.01M | 14.66M | 534K | 3K | 3.33M | 3.6M | -56K | -47.67M | -49.28M | 1.7M | 6.22M | 5.77M | 4.84M | 1.6M | 1.98M | 1.21M | -168K |
| Working Capital Changes | -30.43M | -35.63M | 35.66M | 3.09M | -24.7M | 8.46M | 89.12M | -3.89M | -22.94M | 487K | 12.13M | 37.25M | -34.01M | 22.05M | 2.62M | -2.3M | -1.48M | -24.71M | -13.63M | 37.28M | 2.18M | -1.9M | -2.09M | -2.22M | -1.9M |
| Change in Receivables | -4.82M | -1.11M | -15.37M | -1.14M | 56.67M | -47.4M | 743K | 1.62M | -1.12M | -1.09M | -12K | 46.63M | -46.64M | 0 | 10K | 32K | 134K | 41K | -145K | -41.52M | -41.52M | -544K | 74K | 0 | 0 |
| Change in Inventory | -3.57M | 0 | 0 | 0 | 0 | 0 | 1.48M | 0 | 4.91M | -1.4M | 8.24M | 2.6M | -2.59M | 0 | -67.54M | -49.04M | -67.25M | -1.35M | -1.37M | 83.24M | 2.35M | -68.76M | -100.31M | 0 | -342K |
| Change in Payables | 8.76M | 2.66M | -4.48M | -3.48M | 4.52M | 1.05M | -110K | 4.4M | -1.49M | 1.46M | 1.7M | 755K | -2.18M | 1.51M | 828K | 162K | -536K | 334K | -6K | 852K | 852K | -191K | 113K | 0 | 0 |
| Cash from Investing | 56.2M | 16.67M | -553.1M | 239.25M | -262.13M | -147.78M | -196.51M | -74.71M | 5.13M | -65.83M | -52.08M | 16.06M | -4.05M | -1.52M | -28.82M | 25.3M | 34.24M | -53.48M | -9.97M | 45.46M | -13.68M | 34.49M | -65.51M | -15.12M | 22.58M |
| Capital Expenditures | -25.07M | -24.81M | -3.91M | -1.42M | -11.34M | -48.87M | -11.05M | -2.62M | -889K | -2.88M | -1.6M | -562K | -1.1M | -542K | -125K | -443K | -493K | -550K | -658K | -2.56M | -5.37M | -1.47M | -1.4M | -3.05M | -6.57M |
| CapEx % of Revenue | 23.7% | 28.18% | 21.14% | 18.8% | 11.98% | 69.39% | 19.8% | 9.75% | 2.82% | 21.52% | 1.5% | 1.96% | 2.35% | 1.77% | 1.65% | 11.07% | 19.13% | 0.67% | 5.3% | 18.82% | 171.73% | 16.44% | 10.42% | 28.85% | 57.65% |
| Acquisitions | 0 | 0 | 0 | 0 | 250.8M | 98.91M | 185.46M | 0 | 14K | 0 | 33K | 1K | 0 | 0 | 2K | 3K | 14K | 74K | 0 | 0 | 6K | 20K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -5M | 0 | 0 | -250.8M | -98.91M | -185.46M | 0 | 14K | -62.95M | 33K | 1K | -2.94M | 13K | 196K | 592K | 886K | 1.11M | 2.55M | 996K | -799K | 1.27M | 1.11M | 5.91M | -7.62M |
| Cash from Financing | 527.47M | 524.46M | 930.61M | 221.32M | 516.17M | 319.98M | 234.12M | 159.79M | 13.13M | 225.92M | 16.89M | 23.91M | 48.95M | 14.49M | 58.33M | 21.61M | 2.55M | 28.81M | -3.45M | 34.72M | 86.72M | 5.45M | 102.32M | 40.24M | 4.87M |
| Debt Issued (Net) | 493.83M | 490.95M | -9.62M | -858K | 334.66M | 0 | 0 | 135.57M | 9.9M | 1.26M | 15M | 14.89M | 0 | 0 | -152K | -833K | -11.82M | 8.16M | -4.05M | -2.15M | 1.47M | -1.13M | 410K | 58K | 4.85M |
| Equity Issued (Net) | 28.33M | 35.98M | 706.84M | 164.23M | 17.54M | 312.05M | 225.11M | 36.21M | 0 | 119.78M | 0 | 8.67M | 48.97M | 7.45M | 55.99M | 20.02M | 425K | 13.77M | 599K | 36.87M | 85.25M | 1.03M | 7.91M | 40.18M | 66K |
| Dividends Paid | 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 |
| Share Repurchases | 32.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K | -25K | -20K | 0 | -2K |
| Other Financing | 5.32M | -2.47M | 233.38M | 57.94M | 163.96M | 7.93M | 9.02M | -11.99M | 3.23M | 104.87M | 1.9M | 352K | -22K | 7.04M | 2.48M | 2.42M | 13.94M | 6.87M | 0 | 0 | 0 | 5.55M | 94M | 0 | -50K |
| Net Change in Cash | 58.9M | 30.4M | -18.17M | 46.22M | -45.48M | 29.68M | 46.55M | -5.82M | -82.95M | 58.33M | 1.8M | 44.86M | 57K | 5.25M | -3.93M | 1.32M | -8.05M | -16.26M | -74.75M | 77.18M | 25.87M | 454K | 2.78M | -5.4M | 5.14M |
| Free Cash Flow | -548.92M | -534.82M | -399.8M | -415.75M | -310.85M | -191.39M | -2.11M | -93.53M | -102.1M | -104.64M | 35.39M | 4.32M | -45.95M | -8.26M | -33.56M | -46.04M | -45.32M | 7.87M | -61.99M | -5.57M | -52.54M | -40.95M | -35.43M | -33.56M | -28.87M |
| FCF Margin % | -518.76% | -607.48% | -2164.1% | -5521.24% | -328.64% | -271.76% | -3.78% | -348.09% | -324.13% | -782.73% | 33.26% | 15.08% | -97.88% | -26.95% | -444.01% | -1150.95% | -1758.75% | 9.65% | -499.08% | -40.88% | -1680.2% | -459.48% | -263.59% | -317.33% | -253.36% |
| FCF Growth % | -34.1% | -33.77% | 3.84% | -33.75% | -62.41% | -8975.11% | 97.75% | 8.4% | 2.42% | -395.7% | 718.93% | 109.4% | -456.26% | 75.39% | 27.1% | -1.58% | -676.19% | 112.69% | -1013.25% | 89.4% | -28.31% | -15.57% | -5.57% | -16.25% | - |
| FCF per Share | -4.45 | -4.45 | -3.57 | -4.31 | -3.46 | -2.49 | -0.03 | -1.62 | -1.88 | -2.12 | 0.83 | 0.11 | -1.29 | -0.30 | -1.85 | -3.90 | -4.24 | 0.81 | -7.53 | -0.70 | -8.61 | -8.60 | -10.75 | -105.36 | -99.45 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.65x | 0.67x | 0.79x | 0.77x | 0.66x | -0.07x | 0.75x | 0.95x | 0.80x | 2.25x | -0.13x | 3.06x | 0.23x | 0.80x | 0.95x | 0.91x | 0.34x | 1.09x | 0.06x | 0.83x | 0.93x | 0.91x | 0.93x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 10.29M | 0 | 0 | 0 | 4.06M | 2.88M | 2.13M | 1.9M | 94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Regulatory Approval Risk
According to recent financial disclosures, the company consistently reports operating cash outflows that are significantly lower than net losses, with an OCF/NI ratio of 0.71 in 2026Q1, suggesting that non-cash charges and stock-based compensation are masking the true magnitude of the underlying cash burn.
The persistent divergence between net income and operating cash flow indicates that the company relies heavily on non-cash accounting adjustments to mitigate the appearance of its operational deficit. Investors should interpret this as a signal that the cash-based cost of maintaining the current R&D pipeline is more severe than the headline net loss figures imply.
As reported in quarterly filings, the company’s free cash flow remains deeply negative, reaching -$151.4 million in 2026Q1, which underscores a structural inability to self-fund operations through current milestone-based revenue streams while simultaneously scaling infrastructure for potential commercialization of the aficamten asset.
The trajectory of free cash flow shows no signs of stabilization, as the company continues to prioritize aggressive clinical development over cash preservation. This trend suggests that the firm remains entirely dependent on external capital markets or future partnership milestones to sustain its current operational burn rate.
Based on reported figures, capital expenditures have spiked to 30.6% of revenue in 2026Q1, a significant increase from historical levels, which appears to reflect the company's strategic decision to invest in internal commercial infrastructure ahead of potential regulatory approval for its lead cardiovascular candidate.
This elevated capital intensity suggests that management is front-loading costs to ensure readiness for a commercial launch. While this may be necessary for market entry, it further strains the company's liquidity position and increases the pressure for a successful, timely regulatory outcome.
Analysis of recent cash flow statements reveals erratic working capital movements, including a $51.1 million outflow in 2025Q2 followed by a $22.5 million inflow in 2025Q3, indicating that the timing of milestone-related receivables and payables creates significant, unpredictable fluctuations in the company's quarterly liquidity.
The lack of consistency in working capital management suggests that the company's cash position is highly sensitive to the specific terms and timing of partnership agreements. This volatility warrants further investigation into the underlying contractual obligations that dictate these cash inflows and outflows.
Based on the provided data, stock-based compensation has remained a consistent feature of the company's expense profile, reaching $30.4 million in 2026Q1, which effectively serves as a non-cash substitute for salary expenses that would otherwise further deplete the company's dwindling cash reserves.
While this practice preserves cash in the short term, it creates a persistent dilutive effect on existing shareholders that is not fully captured in the operating cash flow statement. Analysts should view this as a hidden cost of operations that effectively subsidizes the company's high-burn R&D model.
Quick answers to the most common questions about buying CYTK stock.
Cytokinetics, Incorporated (CYTK) generated $-510.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cytokinetics, Incorporated (CYTK) reported negative free cash flow of $534.8M in 2025, indicating capital requirements exceeded cash from operations.
Cytokinetics, Incorporated (CYTK) spent $24.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.