Revenue remains highly erratic and milestone-dependent, with quarterly figures fluctuating between $0.25 million and $66.8 million, while operating margins remain deeply negative at -9.5% 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 |
|---|
| Sales/Revenue | 105.81M | 88.04M | 18.47M | 7.53M | 94.59M | 70.43M | 55.83M | 26.87M | 31.5M | 13.37M | 106.41M | 28.66M | 46.94M | 30.65M | 7.56M | 4M | 2.58M | 81.54M | 12.42M | 13.62M | 3.13M | 8.91M | 13.44M | 10.58M | 11.4M |
| Revenue Growth % | 450.6% | 376.56% | 145.34% | -92.04% | 34.3% | 26.15% | 107.79% | -14.71% | 135.64% | -87.44% | 271.3% | -38.95% | 53.16% | 305.45% | 88.98% | 55.22% | -96.84% | 556.51% | -8.82% | 335.63% | -64.91% | -33.7% | 27.09% | -7.19% | - |
| Cost of Goods Sold | 10.22M | 10.13M | 339.41M | 330.12M | 240.81M | 159.94M | 96.95M | 86.13M | 89.14M | 90.3M | 64.4M | 46.4M | 44.43M | 49.45M | 35.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 11.5% | 1837.22% | 4384.1% | 254.59% | 227.09% | 173.66% | 320.55% | 282.96% | 675.46% | 60.52% | 161.9% | 94.64% | 161.35% | 471.53% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 95.6M | 77.91M | -320.93M | -322.59M | -146.22M | -89.51M | -41.12M | -59.26M | -57.63M | -76.93M | 42.01M | -17.74M | 2.51M | -18.8M | -28.08M | 4M | 2.58M | 81.54M | 12.42M | 13.62M | 3.13M | 8.91M | 13.44M | 10.58M | 11.4M |
| Gross Margin % | 90.34% | 88.5% | -1737.22% | -4284.1% | -154.59% | -127.09% | -73.66% | -220.55% | -182.96% | -575.46% | 39.48% | -61.9% | 5.36% | -61.35% | -371.53% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 124.28% | 0.51% | -120.61% | -63.36% | -117.66% | 30.6% | -2.82% | 25.08% | -283.12% | 336.81% | -805.65% | 113.37% | 33.05% | -802.1% | 55.22% | -96.84% | 556.51% | -8.82% | 335.63% | -64.91% | -33.7% | 27.09% | -7.19% | - |
| Operating Expenses | 735.84M | 690.17M | 215.31M | 173.61M | 177.98M | 96.8M | 52.82M | 39.61M | 31.28M | 36.47M | 23.32M | 19.67M | 17.27M | 15.09M | 12.37M | 50.77M | 52.21M | 55.47M | 69.03M | 70.11M | 64.47M | 53.55M | 51.88M | 43.17M | 35.38M |
| OpEx % of Revenue | - | 783.94% | 1165.5% | 2305.6% | 188.16% | 137.45% | 94.61% | 147.42% | 99.3% | 272.8% | 21.92% | 68.63% | 36.79% | 49.24% | 163.59% | 1269.3% | 2026.08% | 68.02% | 555.76% | 514.67% | 2061.56% | 600.82% | 385.92% | 408.12% | 310.43% |
| Selling, General & Admin | 331.8M | 284.27M | 215.31M | 173.61M | 177.98M | 96.8M | 52.82M | 39.61M | 31.28M | 36.47M | 27.82M | 19.67M | 17.27M | 15.09M | 11.72M | 13.59M | 14.2M | 15.63M | 15.08M | 16.72M | 15.24M | 12.97M | 11.99M | 9.16M | 6.95M |
| SG&A % of Revenue | - | 322.89% | 1165.5% | 2305.6% | 188.16% | 137.45% | 94.61% | 147.42% | 99.3% | 272.8% | 26.15% | 68.63% | 36.79% | 49.24% | 155.01% | 339.75% | 550.99% | 19.16% | 121.38% | 122.75% | 487.37% | 145.59% | 89.21% | 86.63% | 61.01% |
| Research & Development | 408.85M | 405.9M | 339.41M | 330.12M | 240.81M | 159.94M | 96.95M | 86.13M | 89.14M | 90.3M | 59.9M | 46.4M | 44.43M | 49.45M | 35.64M | 37.18M | 38.01M | 39.84M | 53.95M | 53.39M | 49.23M | 40.57M | 39.88M | 34M | 28.42M |
| R&D % of Revenue | - | 461.05% | 1837.22% | 4384.1% | 254.59% | 227.09% | 173.66% | 320.55% | 282.96% | 675.46% | 56.29% | 161.9% | 94.64% | 161.35% | 471.53% | 929.55% | 1475.09% | 48.86% | 434.38% | 391.92% | 1574.19% | 455.23% | 296.72% | 321.49% | 249.42% |
| Other Operating Expenses | -1.84M | 0 | -339.41M | -330.12M | -240.81M | -159.94M | -96.95M | -86.13M | -89.14M | -90.3M | -64.4M | -46.4M | -44.43M | -49.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -640.25M | -612.26M | -536.25M | -496.2M | -324.2M | -186.31M | -93.94M | -98.87M | -88.92M | -113.4M | 18.69M | -37.41M | -14.75M | -33.89M | -39.1M | -47.96M | -49.63M | 26.09M | -59.08M | -56.49M | -61.34M | -44.63M | -38.43M | -32.59M | -23.98M |
| Operating Margin % | -605.06% | -695.44% | -2902.72% | -6589.71% | -342.75% | -264.54% | -168.27% | -367.97% | -282.26% | -848.26% | 17.56% | -130.53% | -31.43% | -110.59% | -517.29% | -1199.1% | -1926.08% | 32% | -475.68% | -414.67% | -1961.56% | -500.82% | -285.92% | -308.12% | -210.43% |
| Operating Income Growth % | - | -14.17% | -8.07% | -53.05% | -74.01% | -98.33% | 4.98% | -11.19% | 21.59% | -706.82% | 149.96% | -153.54% | 56.47% | 13.32% | 18.48% | 3.37% | -290.21% | 144.17% | -4.59% | 7.91% | -37.43% | -16.13% | -17.93% | -35.9% | - |
| EBITDA | -632.6M | -602.57M | -526.72M | -484.31M | -315.8M | -176.68M | -92.11M | -97.57M | -87.68M | -111.5M | 19.43M | -36.82M | -14.26M | -33.46M | -38.51M | -46.67M | -47.73M | 28.12M | -56.62M | -53.66M | -58.41M | -41.57M | -35.16M | -29.41M | -21.13M |
| EBITDA Margin % | -597.84% | -684.44% | -2851.13% | -6431.78% | -333.87% | -250.86% | -164.99% | -363.16% | -278.33% | -834.05% | 18.26% | -128.47% | -30.39% | -109.18% | -509.47% | -1166.67% | -1852.35% | 34.48% | -455.9% | -393.91% | -1867.96% | -466.46% | -261.55% | -278.05% | -185.43% |
| EBITDA Growth % | -13.75% | -14.4% | -8.76% | -53.36% | -78.75% | -91.81% | 5.6% | -11.29% | 21.36% | -673.89% | 152.77% | -158.12% | 57.37% | 13.11% | 17.48% | 2.24% | -269.78% | 149.65% | -5.53% | 8.14% | -40.51% | -18.24% | -19.55% | -39.17% | - |
| D&A (Non-Cash Add-back) | 7.64M | 9.69M | 9.53M | 11.89M | 8.4M | 9.64M | 1.83M | 1.29M | 1.24M | 1.9M | 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 |
| EBIT | -756.61M | -784.96M | -503.01M | -468.58M | -337.8M | -185.98M | -88.61M | -94.33M | -84.72M | -110.79M | 14.19M | -37.25M | -14.65M | -33.72M | -40.37M | -47.82M | -49.3M | 25.1M | -55.88M | -56.49M | -61.34M | -44.63M | -38.43M | -32.59M | -23.98M |
| Net Interest Income | -46.2M | -55.45M | -34.98M | -30.04M | -39.81M | -29M | -33.35M | -22.82M | -17.37M | -14.39M | -2.23M | -94K | 108K | 177K | 87K | 104K | 172K | 184K | 2.7M | 7.59M | 4.22M | 2.38M | 1.24M | -95K | 901K |
| Interest Income | 34.72M | 48.42M | 51.53M | 27.63M | 11.34M | 331K | 5.33M | 4.54M | 4.19M | 2.6M | 0 | 0 | 108K | 177K | 89K | 104K | 335K | 593K | 3.2M | 8.29M | 4.75M | 2.92M | 1.78M | 2.4M | 2.23M |
| Interest Expense | 66.4M | 103.87M | 86.51M | 57.67M | 51.16M | 29.33M | 38.68M | 27.36M | 21.56M | 17M | 2.23M | 94K | 0 | 0 | 2K | 0 | 163K | 409K | 491K | 699K | 523K | 535K | 549K | 2.49M | 1.33M |
| Other Income/Expense | -189.37M | -172.7M | -53.28M | -30.04M | -64.75M | -29M | -33.35M | -22.82M | -17.37M | -14.39M | -2.23M | -94K | 108K | 177K | 87K | 104K | 172K | -1.4M | 232K | 7.59M | 4.22M | 2.38M | 1.24M | 0 | 0 |
| Pretax 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 | -39.02M | -47.86M | -49.46M | 24.69M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | 0 | 0 |
| Pretax Margin % | -784.02% | -891.6% | -3191.11% | -6988.63% | -411.21% | -305.72% | -228% | -452.93% | -337.41% | -955.94% | 15.46% | -130.86% | -31.2% | -110.01% | -516.14% | -1196.5% | -1919.4% | 30.29% | -453.9% | -358.93% | -1826.51% | -474.1% | -276.73% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209K | -176K | 150K | -232K | 0 | 0 | 0 | 0 | 95K | -901K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.44% | 0.36% | 0.61% | 0.41% | 0% | 0% | 0% | 0% | - | - |
| 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 | -41.68M | -47.86M | -49.29M | 24.54M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | -32.69M | -23.08M |
| Net Margin % | -784.02% | -891.6% | -3191.11% | -6988.63% | -411.21% | -305.72% | -228% | -452.93% | -337.41% | -955.94% | 15.46% | -130.86% | -31.2% | -110.01% | -551.36% | -1196.5% | -1912.57% | 30.1% | -453.9% | -358.93% | -1826.51% | -474.1% | -276.73% | -309.02% | -202.53% |
| Net Income Growth % | -34.84% | -33.15% | -12.03% | -35.3% | -80.65% | -69.15% | -4.6% | -14.49% | 16.83% | -876.7% | 143.87% | -156.05% | 56.56% | 19.1% | 12.92% | 2.9% | -300.81% | 143.54% | -15.3% | 14.39% | -35.18% | -13.59% | -13.81% | -41.62% | - |
| Net Income (Continuing) | -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 | 0 | -47.86M | -49.29M | 24.54M | -56.37M | -48.89M | -57.12M | -42.25M | -37.2M | -32.69M | -23.08M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | -6.73 | -6.54 | -5.26 | -5.45 | -4.33 | -2.80 | -1.97 | -2.59 | -1.95 | -2.59 | 0.39 | -0.97 | -0.41 | -1.24 | -2.15 | -4.06 | -4.61 | 2.52 | -6.85 | -6.16 | -9.36 | -8.87 | -11.28 | -102.60 | -79.49 |
| EPS Growth % | -29.06% | -24.33% | 3.49% | -25.87% | -54.64% | -42.13% | 23.94% | -32.82% | 24.71% | -764.1% | 140.21% | -136.59% | 66.94% | 42.33% | 47.04% | 11.93% | -282.94% | 136.79% | -11.2% | 34.19% | -5.52% | 21.37% | 89.01% | -29.07% | - |
| EPS (Basic) | - | -6.54 | -5.26 | -5.45 | -4.33 | -2.80 | -1.97 | -2.59 | -1.95 | -2.59 | 0.41 | -0.97 | -0.41 | -1.24 | -2.15 | -4.06 | -4.61 | 2.58 | -6.85 | -6.16 | -9.36 | -8.87 | -11.28 | -102.62 | -79.49 |
| Diluted Shares Outstanding | 123.27M | 120.1M | 111.98M | 96.52M | 89.83M | 76.89M | 64.52M | 57.58M | 54.42M | 49.4M | 42.56M | 38.81M | 35.71M | 27.27M | 18.11M | 11.8M | 10.69M | 9.66M | 8.23M | 7.93M | 6.1M | 4.76M | 3.3M | 318.57K | 290.33K |
| Basic Shares Outstanding | 123.27M | 120.02M | 111.98M | 96.52M | 89.83M | 76.89M | 64.52M | 57.58M | 54.42M | 49.4M | 39.94M | 38.66M | 35.71M | 27.27M | 18.11M | 11.8M | 10.69M | 9.57M | 8.23M | 7.93M | 6.1M | 4.76M | 3.3M | 318.5K | 290.33K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Regulatory Approval Risk
As indicated by the company's historical income statements, top-line growth remains highly erratic, characterized by sporadic milestone payments rather than consistent commercial sales, with quarterly revenue fluctuating from as low as $0.25 million to a peak of $66.8 million over the last ten reported periods.
The revenue trajectory is entirely dependent on the timing of partnership-related milestones, which obscures the underlying commercial viability of the pipeline. Investors should interpret these spikes as non-recurring events that do not signal a sustainable or predictable growth trend in the absence of a launched product.
Based on reported financial data, gross margins exhibit extreme volatility, swinging from a negative 318.7% in 2024Q2 to a positive 96.6% in 2025Q2, reflecting the accounting treatment of R&D-heavy milestone recognition rather than the economics of a stable, scalable product manufacturing process.
The lack of consistent positive gross margins suggests that the company has yet to achieve the operational scale required to absorb its fixed cost base. This margin profile is typical of pre-commercial biotech firms and warrants caution regarding the company's ability to maintain profitability once commercialization begins.
According to recent SEC filings, the company's cost structure is dominated by heavy R&D spending, which consistently exceeds $90 million per quarter, while SG&A expenses have trended upward to $104.9 million in 2026Q1, indicating a significant ramp-up in infrastructure ahead of potential product launches.
The persistent increase in SG&A suggests that management is aggressively building out commercial capabilities, which places additional pressure on the cash runway. This high fixed-cost structure implies that any delay in regulatory approval could lead to a rapid depletion of liquidity without a corresponding revenue offset.
As reported in financial statements, the company consistently utilizes stock-based compensation, with quarterly charges reaching as high as $30.7 million, which significantly masks the true economic cost of operations and dilutes existing shareholders while the company remains in a deep net loss position.
The reliance on equity-based incentives to manage cash burn suggests that the company is prioritizing talent retention at the expense of shareholder dilution. Analysts should monitor the relationship between these non-cash charges and the company's actual cash burn to assess the sustainability of the current compensation strategy.
Based on the provided income statement data, the company's operating losses have remained consistently deep, with quarterly operating income reaching -$183.6 million in 2026Q1, raising serious questions about the long-term sustainability of the current funding model without a successful, near-term commercial product launch.
The persistent negative operating margins suggest that the company is highly vulnerable to capital market conditions. If the anticipated commercialization of aficamten faces regulatory hurdles, the current burn rate may necessitate further dilutive financing, which could significantly impair the value proposition for current equity holders.
Quick answers to the most common questions about buying CYTK stock.
For fiscal year 2025, Cytokinetics, Incorporated (CYTK) reported total revenue of $88.0M. This represents a 672.5% increase compared to $11.4M in 2002.
Cytokinetics, Incorporated (CYTK) reported a net loss of $785.0M for the fiscal year ending 2025.
Cytokinetics, Incorporated (CYTK) reported an operating income of $-612.3M, resulting in an operating profit margin of -695.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Cytokinetics, Incorporated (CYTK) generated $77.9M in gross profit for the year, representing a gross profit margin of 88.5%. This demonstrates the company's core pricing power and production efficiency.