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CYTK Q1 Earnings Match Estimates, Revenues Beat on Myqorzo Launch
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Key Takeaways
Cytokinetics reported Q1 loss of $1.67 per share as SG&A rose with Myqorzo launch costs.
CYTK revenues jumped to $19.4M, driven by Myqorzo sales and a $11.9M Bayer milestone payment.
Cytokinetics highlighted strong early Myqorzo uptake and ongoing global regulatory expansion efforts.
Cytokinetics, Incorporated (CYTK - Free Report) reported a first-quarter 2026 loss of $1.67 per share, in line with the Zacks Consensus Estimate. In the year-ago quarter, the company reported a loss of $1.36 per share.
Loss widened year over year due to higher SG&A expenses tied to costs associated with the commercial launch of Myqorzo.
Revenues amounted to $19.4 million, up from $1.6 million reported in the year-ago quarter. The top line surpassed the Zacks Consensus Estimate of $7.0 million.
The quarter reflected CYTK’s transition into a commercial-stage story, supported by early Myqorzo launch traction and a sizable year-over-year step-up in total revenues.
Cytokinetics’ shares have surged 21.3% year to date against the industry’s 2.4% decline.
Image Source: Zacks Investment Research
CYTK’s Revenue Mix Jumps on Launch and Milestones
Net product revenues from Myqorzo were $4.8 million, reflecting approximately nine weeks of U.S. sales following its launch. In December 2025, the FDA approved Myqorzo (aficamten) for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM).
Through April, management noted that patients on therapy expanded to roughly 1,100, pointing to accelerating early demand. Commercial momentum is being paired with expanding regulatory and geographic scope. Myqorzo received European Commission approval for adults with symptomatic obstructive HCM, and Cytokinetics indicated it is moving toward its first European commercial launch in Germany in the second quarter of 2026.
Beyond product sales, quarterly revenues included $11.9 million tied to a milestone under the license agreement with Bayer (BAYRY - Free Report) , associated with the first commercial sale of Myqorzo in the United States. Collaboration revenues amounted to $2.6 million, up from $1.6 million in the year-ago quarter.
Cytokinetics Sees Spend Shift With Commercial Buildout
Operating expenses rose in line with a company funding its first launch. Selling, general and administrative expense climbed to $104.9 million from $57.4 million a year ago, driven by external costs related to Myqorzo commercialization, the U.S. sales force buildout and higher personnel-related costs, including stock-based compensation.
Research and development expense was $95.5 million, down from $98.3 million in the prior-year quarter. Management attributed the modest decline to higher clinical trial activity last year, partially offset by increased personnel-related costs in 2026.
CYTK Ends Q1 With $1.1B Cash, Maintains Expense Outlook
CYTK ended the first quarter with approximately $1.1 billion in cash, cash equivalents and investments, down from about $1.2 billion at the end of 2025. Cash and investments declined roughly $144 million during the quarter, reflecting ongoing investment in both commercialization and pipeline activities.
Management maintained its full-year 2026 projection for combined R&D and SG&A expenses in the band of $830-$870 million (on a GAAP basis).
CYTK’s Updates on Aficamten
On the clinical front, CYTK reported positive top-line results from ACACIA-HCM, its pivotal phase III study of aficamten in symptomatic non-obstructive hypertrophic cardiomyopathy. The trial met both dual primary endpoints, showing statistically significant improvements from baseline to week 36 in Kansas City Cardiomyopathy Questionnaire (KCCQ) Clinical Summary Score and peak VO2 compared with placebo.
CYTK is also working on a label expansion of Myqorzo. The FDA accepted its supplemental new drug application (sNDA) for MAPLE-HCM, a phase III study of aficamten as monotherapy compared with metoprolol as monotherapy in patients with oHCM. The regulatory body assigned a target action date of Nov. 14, 2026. A potential approval is expected in the fourth quarter of 2026.
Outside the United States, Cytokinetics submitted a marketing authorization application to Swissmedic and highlighted orphan drug designations from Japan’s Ministry of Health, Labour and Welfare for non-obstructive HCM in adults and oHCM in pediatric patients.
CAMELLIA-HCM, a phase III study of aficamten in Japanese patients with oHCM, is also ongoing. The study is being conducted by Bayer (BAYRY - Free Report) in collaboration with Cytokinetics to support potential marketing authorization in Japan.
Other studies include CEDAR-HCM, a clinical trial of aficamten in a pediatric population with symptomatic oHCM.
Cytokinetics’ Other Pipeline Candidates
Other pipeline candidates include omecamtiv mecarbil, a cardiac muscle activator, in patients with heart failure. A confirmatory phase III multi-center, double-blind, randomized, placebo-controlled trial, COMET-HF, to assess the efficacy and safety of omecamtiv mecarbil in patients with symptomatic heart failure with severely reduced ejection fraction is ongoing. Enrollment is expected to continue through 2026.
Following a recommendation from the dose level review committee, patient enrollment has been expanded in Cohort 1 of AMBER-HFpEF, a phase II study evaluating ulacamten in symptomatic heart failure with preserved ejection fraction (HFpEF) patients with left ventricular ejection fraction (LVEF) ≥ 60%. Enrollment in Cohort 1 is expected to be completed in the second half of 2026.
Our Take on CYTK’s Performance
The approval of Myqorzo is a significant boost for CYTK, given the market potential for the oHCM market.
The oHCM market represents a meaningful commercial opportunity, given the sizable population of symptomatic patients who have historically had limited pharmacologic options beyond beta-blockers, calcium channel blockers, or invasive procedures. The approval positions Cytokinetics as a key player in this growing specialty cardiology segment.
The initial uptake of the drug is encouraging and should boost the top line in the coming quarters.
However, Myqorzo will face competition from Camzyos (mavacamten), a first-in-class cardiac myosin inhibitor marketed by Bristol Myers Squibb (BMY - Free Report) .
BMY obtained FDA approval for the drug in 2022 for the treatment of adults with symptomatic New York Heart Association class II-III obstructive HCM to improve functional capacity and symptoms.
Camzyos has put up a stellar performance since its approval.
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CYTK Q1 Earnings Match Estimates, Revenues Beat on Myqorzo Launch
Key Takeaways
Cytokinetics, Incorporated (CYTK - Free Report) reported a first-quarter 2026 loss of $1.67 per share, in line with the Zacks Consensus Estimate. In the year-ago quarter, the company reported a loss of $1.36 per share.
Loss widened year over year due to higher SG&A expenses tied to costs associated with the commercial launch of Myqorzo.
Revenues amounted to $19.4 million, up from $1.6 million reported in the year-ago quarter. The top line surpassed the Zacks Consensus Estimate of $7.0 million.
The quarter reflected CYTK’s transition into a commercial-stage story, supported by early Myqorzo launch traction and a sizable year-over-year step-up in total revenues.
Cytokinetics’ shares have surged 21.3% year to date against the industry’s 2.4% decline.
Image Source: Zacks Investment Research
CYTK’s Revenue Mix Jumps on Launch and Milestones
Net product revenues from Myqorzo were $4.8 million, reflecting approximately nine weeks of U.S. sales following its launch.
In December 2025, the FDA approved Myqorzo (aficamten) for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM).
Through April, management noted that patients on therapy expanded to roughly 1,100, pointing to accelerating early demand.
Commercial momentum is being paired with expanding regulatory and geographic scope. Myqorzo received European Commission approval for adults with symptomatic obstructive HCM, and Cytokinetics indicated it is moving toward its first European commercial launch in Germany in the second quarter of 2026.
Beyond product sales, quarterly revenues included $11.9 million tied to a milestone under the license agreement with Bayer (BAYRY - Free Report) , associated with the first commercial sale of Myqorzo in the United States. Collaboration revenues amounted to $2.6 million, up from $1.6 million in the year-ago quarter.
Cytokinetics Sees Spend Shift With Commercial Buildout
Operating expenses rose in line with a company funding its first launch. Selling, general and administrative expense climbed to $104.9 million from $57.4 million a year ago, driven by external costs related to Myqorzo commercialization, the U.S. sales force buildout and higher personnel-related costs, including stock-based compensation.
Research and development expense was $95.5 million, down from $98.3 million in the prior-year quarter. Management attributed the modest decline to higher clinical trial activity last year, partially offset by increased personnel-related costs in 2026.
CYTK Ends Q1 With $1.1B Cash, Maintains Expense Outlook
CYTK ended the first quarter with approximately $1.1 billion in cash, cash equivalents and investments, down from about $1.2 billion at the end of 2025. Cash and investments declined roughly $144 million during the quarter, reflecting ongoing investment in both commercialization and pipeline activities.
Management maintained its full-year 2026 projection for combined R&D and SG&A expenses in the band of $830-$870 million (on a GAAP basis).
CYTK’s Updates on Aficamten
On the clinical front, CYTK reported positive top-line results from ACACIA-HCM, its pivotal phase III study of aficamten in symptomatic non-obstructive hypertrophic cardiomyopathy. The trial met both dual primary endpoints, showing statistically significant improvements from baseline to week 36 in Kansas City Cardiomyopathy Questionnaire (KCCQ) Clinical Summary Score and peak VO2 compared with placebo.
CYTK is also working on a label expansion of Myqorzo. The FDA accepted its supplemental new drug application (sNDA) for MAPLE-HCM, a phase III study of aficamten as monotherapy compared with metoprolol as monotherapy in patients with oHCM. The regulatory body assigned a target action date of Nov. 14, 2026. A potential approval is expected in the fourth quarter of 2026.
Outside the United States, Cytokinetics submitted a marketing authorization application to Swissmedic and highlighted orphan drug designations from Japan’s Ministry of Health, Labour and Welfare for non-obstructive HCM in adults and oHCM in pediatric patients.
CAMELLIA-HCM, a phase III study of aficamten in Japanese patients with oHCM, is also ongoing. The study is being conducted by Bayer (BAYRY - Free Report) in collaboration with Cytokinetics to support potential marketing authorization in Japan.
Other studies include CEDAR-HCM, a clinical trial of aficamten in a pediatric population with symptomatic oHCM.
Cytokinetics’ Other Pipeline Candidates
Other pipeline candidates include omecamtiv mecarbil, a cardiac muscle activator, in patients with heart failure. A confirmatory phase III multi-center, double-blind, randomized, placebo-controlled trial, COMET-HF, to assess the efficacy and safety of omecamtiv mecarbil in patients with symptomatic heart failure with severely reduced ejection fraction is ongoing. Enrollment is expected to continue through 2026.
Following a recommendation from the dose level review committee, patient enrollment has been expanded in Cohort 1 of AMBER-HFpEF, a phase II study evaluating ulacamten in symptomatic heart failure with preserved ejection fraction (HFpEF) patients with left ventricular ejection fraction (LVEF) ≥ 60%. Enrollment in Cohort 1 is expected to be completed in the second half of 2026.
Our Take on CYTK’s Performance
The approval of Myqorzo is a significant boost for CYTK, given the market potential for the oHCM market.
Cytokinetics, Incorporated Price and Consensus
Cytokinetics, Incorporated price-consensus-chart | Cytokinetics, Incorporated Quote
The oHCM market represents a meaningful commercial opportunity, given the sizable population of symptomatic patients who have historically had limited pharmacologic options beyond beta-blockers, calcium channel blockers, or invasive procedures. The approval positions Cytokinetics as a key player in this growing specialty cardiology segment.
The initial uptake of the drug is encouraging and should boost the top line in the coming quarters.
However, Myqorzo will face competition from Camzyos (mavacamten), a first-in-class cardiac myosin inhibitor marketed by Bristol Myers Squibb (BMY - Free Report) .
BMY obtained FDA approval for the drug in 2022 for the treatment of adults with symptomatic New York Heart Association class II-III obstructive HCM to improve functional capacity and symptoms.
Camzyos has put up a stellar performance since its approval.
CYTK’s Zacks Rank & Key Picks
Cytokinetics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.