Cytokinetics (CYTK) Q1 2026 earnings summary

Executive summary

• MYQORZO received FDA approval in December 2025 and launched commercially in the U.S. in Q1 2026, generating $4.8 million in net product revenue and exceeding internal expectations with strong prescriber engagement and rapid patient uptake.

• European Commission approved MYQORZO for oHCM, with the first German launch planned for Q2 2026; approvals also received in China.

• Positive topline Phase 3 ACACIA-HCM results for aficamten in non-obstructive HCM, meeting both primary endpoints, were announced in May 2026.

• Multiple regulatory submissions and approvals for aficamten and MYQORZO in the U.S., Europe, Canada, Switzerland, Asia, and China.

• Supplemental NDA for MAPLE-HCM accepted by FDA with PDUFA date set for November 14, 2026.

Financial highlights

• Q1 2026 total revenues were $19.4 million, up from $1.6 million in Q1 2025, driven by $4.8 million in MYQORZO product sales and $11.9 million in milestone revenue.

• Net loss for Q1 2026 was $206 million ($1.67/share), compared to $161.4 million ($1.36/share) in Q1 2025, reflecting increased SG&A and launch costs.

• R&D expenses were $95.5 million (down from $98.3 million YoY); SG&A expenses rose to $104.9 million (from $57.4 million YoY).

• Cash, cash equivalents, and investments totaled $1.1 billion as of March 31, 2026, down $144 million from December 31, 2025.

• Total borrowings stood at $1.33 billion, including term loans and convertible notes.

Outlook and guidance

• Maintaining full-year 2026 GAAP R&D and SG&A expense guidance of $830–$870 million, with $120–$130 million in non-cash stock-based compensation.

• Excluding stock-based compensation, expense guidance is $700–$750 million.

• SG&A expenses expected to increase significantly in 2026 due to U.S. and European commercialization.

• Research and development expenses projected to be flat or decline in 2026 as major trials conclude.

• Existing cash and investments expected to fund operations for at least the next 12 months.