Common-Size Income Statement
Quarterly Data
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- 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 income statement (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).
- Revenue Composition Trends
- The percentage of research and development (R&D) revenues relative to total revenues shows considerable variability across quarters. Initially, R&D revenue percentages range mostly between 68% and 100%, highlighting a dominant contribution. Notably, in late 2020 and 2021, the R&D revenue percentage exhibits sharp declines to as low as approximately 1% to 8%, before rebounding to near 100% in some quarters of 2023. License revenues as a share of total revenues decline over time, with initial values near 32% dropping to near zero by 2021 and becoming largely absent from the reported data subsequently. Milestone revenues sporadically appear, peaking notably around late 2020 and early 2021, indicating occasional substantial one-time contributions. The realization of revenue participation right purchase agreement revenues emerges distinctly in late 2022 at nearly 98% and is not reported for earlier periods.
- Research and Development Expenses
- R&D expenses relative to revenues consistently reflect significant negative values, indicating high expenditure levels. There is an overall increasing trend in R&D expense magnitude, with periods in 2021 and especially in 2022 and 2023 showing exceptionally large negative percentages, reaching a peak loss surpassing -21,800% in late 2023. Some quarters demonstrate abrupt spikes (e.g., -4001% in early 2022 and -9595% in mid-2023), implying extraordinary charges or adjustments in R&D spending during these periods.
- General and Administrative Expenses
- General and administrative expenses show a similar pattern of sizable negative values increasing over time, albeit at lower magnitudes compared to R&D costs. The values generally deepen from around -176% in early 2018 to a significant low exceeding -10,600% by late 2023. Sharp increases in expenses are notable in 2021 and onwards, indicating elevated administrative costs during these recent years.
- Operating Expenses and Operating Income (Loss)
- Operating expenses closely track the combined trends of R&D and administrative expenses, showing a steep downward trajectory from around -596% of revenues in early 2018 to a drastic -32,400% by late 2023. Correlatively, operating losses deepen consistently, expanding from approximately -496% in early 2018 to an extreme operating loss magnitude exceeding -32,300% in late 2023. There are brief anomalies around late 2020 when operating income shows a positive percentage of 12.44%, potentially reflecting accounting adjustments or non-recurring items.
- Interest Expenses and Related Charges
- Interest expense values demonstrate a steady increase in absolute magnitude over time, rising from roughly -16% to -1,900% by late 2023. A notable loss on settlement of debt appears sporadically in late 2022 with a significant negative figure near -235% and -885%, indicating one-off debt restructuring impacts. Non-cash interest expenses tied to revenue participation right purchase agreements also increase considerably over the period, worsening to nearly -1,815% by late 2023.
- Interest and Other Income, Net
- This item shows a generally increasing trend, beginning at modest positive percentages (~16%) and surging dramatically in later periods, reaching as high as 1,800% by the latter part of 2023. This suggests that despite high interest expenses, some offsetting income streams have grown substantially.
- Net Loss and Loss Before Income Tax
- The net loss consistently mirrors the trends in loss before income tax provision, indicating no significant tax effects during the periods analyzed. Losses intensify sharply over time, expanding from roughly -575% of revenues in early 2018 to an extremely elevated loss ratio exceeding -34,200% by late 2023. This trajectory reflects mounting challenges in controlling operating, financing, and other related costs.
- Summary of Financial Trends
- The data reveals a persistent and growing imbalance between revenues and expenses, with escalating R&D and administrative expenditures driving operating losses to unprecedented levels. While certain revenue categories such as license and milestone revenues show intermittent or declining contributions, R&D revenue percentage oscillations suggest dependence on cyclical or project-tied income. Interests and non-cash financing expenses compound the financial burden, although increasing interest and other income offer partial mitigation. Overall, the financial indicators signal intensifying operational and financial pressures throughout the observed quarters.