Common-Size Balance Sheet: Assets
Quarterly Data
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Cytokinetics Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Cytokinetics Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets showed considerable fluctuation over the analyzed periods. Initially high at 41.09% in early 2018, the ratio generally declined to a low of 6.46% by March 2023, with intermittent peaks such as 42.36% in September 2020. This indicates variability in liquidity management, with a trend toward lower cash holdings relative to assets in recent quarters.
- Short-term Investments
- Short-term investments consistently constituted a significant portion of total assets, ranging mostly between approximately 42% and 79%. Highest values occurred in the 2018-2019 period, peaking near 79% in late 2018, before declining somewhat to around 59-63% by late 2023. This suggests that the company maintains a substantial investment in liquid financial instruments, albeit with some decrease in recent years.
- Accounts Receivable
- Accounts receivable as a percentage of total assets remained very low throughout the periods, mostly under 1%, except for brief increases such as 3.98% in September 2018 and 6.16% in December 2021. The generally low values point to minimal revenue recognition from credit sales or limited exposure to receivable risk, while the intermittent spikes may indicate temporary changes in sales or collection timing.
- Contract Assets
- The data for contract assets are largely missing after mid-2019, but early values show a declining trend from 6.63% in March 2018 to less than 1% by June 2019. This reduction likely reflects decreased recognition of unbilled revenue or a strategic shift in contract accounting.
- Prepaid Expenses and Other Current Assets
- Prepaid expenses and other current assets remained a small but somewhat variable portion of total assets, fluctuating between approximately 0.5% and 2.6%. The data exhibit moderate volatility but no clear upward or downward trend, indicating stable but minor levels of such assets relative to the total.
- Current Assets
- The percentage of current assets relative to total assets was mostly high, initially near or above 97% in early 2018, but showed a decline beginning in late 2019. It decreased significantly to around 59.81% by September 2021 before partially rebounding to about 75-78% by late 2023. This pattern indicates a strategic shift toward a higher composition of non-current assets in certain years, with some reversion more recently.
- Long-term Investments
- Long-term investments exhibited considerable variability, increasing sharply from a negligible amount in early periods to peaks near 23% by December 2021. Thereafter, the values decreased back to below 3% by late 2023. This suggests episodes of significant long-term investment accumulation followed by partial divestment or reclassification.
- Property and Equipment, Net
- Property and equipment as a portion of total assets increased steadily from about 1.13% in early 2018 to values around 10% by late 2023. This indicates a gradual expansion of fixed asset holdings over the observed timeframe.
- Operating Lease Right-of-Use Assets
- This asset category appears in the data only from the fourth quarter of 2020 onward, with a notable share rising rapidly to over 13% in early 2021, followed by fluctuating values around 7-11% thereafter. This reflects adoption and ongoing recognition of lease assets under new accounting standards.
- Other Assets
- Other assets consistently remained a very small fraction of total assets, mostly under 1.5%, with minor fluctuations over the periods. This indicates limited impact on the overall asset structure from miscellaneous or less material asset categories.
- Non-current Assets
- Non-current assets saw an overall increase from a low base around 1.22% in mid-2018 to a peak exceeding 40% by late 2021, followed by a decline to approximately 24% by late 2023. The rise corresponds with increases in long-term investments, property and equipment, and lease assets, indicating a strategic shift toward long-term resource investment, before partial normalization in recent quarters.