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1. Company Snapshot

1.a. Company Description

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases.The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.Its drug candidates include omecamtiv mecarbil, a novel cardiac myosin activator that is in Phase III clinical trial in patients with heart failure; and reldesemtiv, a skeletal muscle troponin activator, which is in Phase III clinical trial to treat amyotrophic lateral sclerosis and spinal muscular atrophy.


The company also develops CK-136, a novel cardiac troponin activator that is in Phase I clinical trial; aficamten, a novel cardiac myosin inhibitor, which is in Phase III clinical trial for the treatment of patients with symptomatic obstructive hypertrophic cardiomyopathy; and CK-3772271, a small molecule cardiac myosin inhibitor that is in Phase I clinical trial.Cytokinetics, Incorporated has a strategic alliance with Astellas Pharma Inc.The company was incorporated in 1997 and is headquartered in South San Francisco, California.

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1.b. Last Insights on CYTK

Cytokinetics, Incorporated's recent performance has been driven by optimism over FDA approval prospects for aficamten, with shares surging to a 52-week high. The company's Q3 2025 earnings call highlighted progress in its research and development, particularly with aficamten. Additionally, institutional investors such as Hantz Financial Services Inc. have increased their stake in the company, growing its holdings by 2,872.7%. Despite a quarterly loss of $1.54 per share, the company's revenue and pipeline developments have buoyed investor sentiment.

1.c. Company Highlights

2. Cytokinetics' Q3 2025 Earnings: A Strong Foundation for Aficamten Launch

Cytokinetics reported a net loss of $306.2 million or $2.55 per share in Q3 2025, with an actual EPS of -$1.54, beating estimates of -$1.59. The company's cash and investments balance stood at approximately $1.25 billion. R&D expenses increased to $99.2 million, primarily due to advancing clinical trials and higher personnel-related costs. G&A expenses also rose to $69.5 million, mainly due to investments in commercial readiness and higher personnel-related costs.

Publication Date: Nov -11

📋 Highlights
  • FDA Progress:: Completed late-cycle FDA meeting with no GCP inspection observations, aiming for differentiated label and potential 2026 US/EU approval.
  • Clinical Trial Success:: MAPLE-HCM trial showed aficamten’s superiority over metoprolol, with CMI penetration projected to rise from 15-20% to 20% by 2026.
  • Financial Strength:: $1.25 billion in cash, $327 million from convertible notes, and $100 million from Royalty Pharma, supporting $680–700 million GAAP operating expense range.
  • Commercial Readiness:: Preparing for 2026 launch with a 650-prescriber focus, 50%+ projected compliance, and pricing near mavacamten with 2-3 week conversion timelines.

Financial Flexibility and Capital Structure

The company's convertible note offering provided additional capital and financial flexibility, with proceeds of $327 million. Cytokinetics also received $100 million from the Tranche 5 loan provided by Royalty Pharma, further bolstering its financial position. With a debt conversion expense of $121.2 million, the company's financials reflect a strategic approach to managing its capital structure.

Aficamten Progress and Commercial Readiness

Cytokinetics made significant progress towards potential FDA approval of aficamten for obstructive hypertrophic cardiomyopathy (oHCM), completing a late-cycle meeting with the FDA and discussing the proposed REMS program and label. The company is preparing for a potential commercial launch in the US, with a strong and experienced cardiovascular sales team and patient support services. Aficamten's pricing is expected to be in proximity to mavacamten, with some flexibility to go higher.

Pipeline Development and Clinical Trials

The company's pipeline includes ongoing clinical trials for omecamtiv mecarbil and ulacamten, with enrollment progressing in the COMET-HF and AMBER-HFpEF trials. Cytokinetics expects to continue patient enrollment in COMET-HF into 2026 and complete cohorts 1 and 2 in AMBER-HFpEF in 2026. The company is also making progress with site activation for omecamtiv mecarbil, with 75% of sites in North America and Europe activated.

Valuation and Growth Expectations

With a P/S Ratio of 84.86 and an expected revenue growth of 70.5% next year, Cytokinetics' valuation reflects a high growth premium. The company's ROE is 232.87%, indicating a strong return on equity. As Cytokinetics advances towards the potential launch of aficamten and continues to progress its pipeline, its financial performance and valuation will be closely watched by investors.

3. NewsRoom

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Cytokinetics, Incorporated $CYTK Shares Acquired by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Nov -24

Source: defenseworld.net

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Cytokinetics: A Heavily Mispriced Cardiovascular Platform

Nov -19

Source: seekingalpha.com

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Cytokinetics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Nov -18

Source: globenewswire.com

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CYTK Deadline: CYTK Investors Have Opportunity to Lead Cytokinetics, Inc. Securities Fraud Lawsuit

Nov -18

Source: prnewswire.com

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CYTK LAWSUIT ALERT: Levi & Korsinsky Notifies Cytokinetics, Incorporated Investors - Lead Plaintiff Deadline November 17, 2025

Nov -17

Source: newsfilecorp.com

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Investors in Cytokinetics, Incorporated Should Contact Levi & Korsinsky Before November 17, 2025 to Discuss Your Rights – CYTK

Nov -17

Source: globenewswire.com

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CYTK DEADLINE: ROSEN, GLOBAL INVESTOR RIGHTS COUNSEL, Encourages Cytokinetics, Inc. Investors to Secure Counsel Before Important November 17 Deadline in Securities Class Action - CYTK

Nov -17

Source: newsfilecorp.com

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CYTK Investors Have Opportunity to Lead Cytokinetics, Incorporated Securities Fraud Lawsuit with the Schall Law Firm

Nov -17

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Muscle Activators

Expected Growth: 9.27%

Cytokinetics' Muscle Activators, with 9.27% growth, is driven by increasing adoption in rare muscle disorders, strong clinical trial results, and expanding partnerships. Growing demand for novel treatments in neuromuscular diseases, such as spinal muscular atrophy and amyotrophic lateral sclerosis, also contributes to this growth.

7. Detailed Products

Omnecartil

Omnecartil is a cardiac myosin activator that increases cardiac contractility and is being developed for the treatment of heart failure.

CK-3773274

CK-3773274 is a next-generation cardiac myosin inhibitor that reduces cardiac contractility and is being developed for the treatment of hypertrophic cardiomyopathy (HCM).

CK-274

CK-274 is a cardiac myosin inhibitor that reduces cardiac contractility and is being developed for the treatment of hypertrophic cardiomyopathy (HCM).

CK-136

CK-136 is a cardiac troponin activator that increases cardiac contractility and is being developed for the treatment of heart failure.

CK-107

CK-107 is a fast skeletal muscle troponin activator that increases muscle force and is being developed for the treatment of spinal muscular atrophy (SMA) and other neuromuscular diseases.

8. Cytokinetics, Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Cytokinetics, Incorporated has a moderate threat of substitutes due to the availability of alternative treatments for cardiovascular and muscle disorders.

Bargaining Power Of Customers

Cytokinetics, Incorporated has a low bargaining power of customers due to the lack of negotiating power of individual patients and the high demand for effective treatments.

Bargaining Power Of Suppliers

Cytokinetics, Incorporated has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and the company's dependence on a few key suppliers.

Threat Of New Entrants

Cytokinetics, Incorporated has a high threat of new entrants due to the attractiveness of the pharmaceutical industry and the ease of entry for new companies with innovative technologies.

Intensity Of Rivalry

Cytokinetics, Incorporated operates in a highly competitive industry with many established players, leading to a high intensity of rivalry among companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 255.14%
Debt Cost 7.56%
Equity Weight -155.14%
Equity Cost 7.56%
WACC 7.56%
Leverage -164.46%

11. Quality Control: Cytokinetics, Incorporated passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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SpringWorks Therapeutics

A-Score: 5.1/10

Value: 6.2

Growth: 4.4

Quality: 5.0

Yield: 0.0

Momentum: 9.5

Volatility: 5.3

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BioMarin Pharmaceutical

A-Score: 4.9/10

Value: 4.3

Growth: 8.4

Quality: 8.0

Yield: 0.0

Momentum: 1.0

Volatility: 7.7

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Agios Pharmaceuticals

A-Score: 4.4/10

Value: 6.7

Growth: 4.1

Quality: 7.2

Yield: 0.0

Momentum: 4.0

Volatility: 4.3

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Cytokinetics

A-Score: 3.5/10

Value: 8.0

Growth: 0.4

Quality: 4.9

Yield: 0.0

Momentum: 6.0

Volatility: 1.7

1-Year Total Return ->

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Sarepta Therapeutics

A-Score: 3.2/10

Value: 6.4

Growth: 7.9

Quality: 4.2

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Crinetics Pharmaceuticals

A-Score: 2.5/10

Value: 6.4

Growth: 1.1

Quality: 3.9

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

65.67$

Current Price

65.67$

Potential

-0.00%

Expected Cash-Flows