Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Cytokinetics Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Accounts payable
- The proportion of accounts payable relative to total liabilities and stockholders’ equity showed fluctuations over the period. It increased from 1.78% in 2018 to 2.82% in 2019, decreased to 1.51% in 2020, and then rose again to stabilize around 2.5% in 2021 and 2022.
- Clinical and preclinical costs
- Clinical and preclinical costs as a percentage of total liabilities and stockholders’ equity declined sharply from 4.08% in 2018 to 0.76% in 2019. Thereafter, it experienced a gradual increase, reaching 1.65% by 2021 and slightly declining to 1.59% in 2022.
- Compensation related
- This category showed a downward trend from 2.90% in 2018 to 1.77% in 2021, before experiencing a moderate rebound to 2.15% in 2022.
- Other accrued expenses
- Other accrued expenses remained relatively low and stable, fluctuating between 0.26% and 0.66% across the years, with a slight increase in 2021 followed by a small decline in 2022.
- Accrued liabilities
- Accrued liabilities declined notably from 7.46% in 2018 to 3.62% in 2020, then gradually increased to 4.35% by 2022, indicating a partial recovery in accrued obligations.
- Current liabilities
- The total current liabilities decreased from 10.51% in 2018 to a low of 5.84% in 2020, then rose again to 8.54% in 2021 before slightly decreasing to 8.34% in 2022, showing some volatility but a general reduction compared to 2018.
- Term loan, net, excluding current portion
- Long-term term loans steadily declined from 18.85% in 2018 to 5.63% in 2021, followed by a minor increase to 6.29% in 2022, suggesting a reduction in long-term debt obligations over the period.
- Convertible notes, net
- Convertible notes were absent in 2018, introduced at a significant 29.05% in 2019, then decreased to 16.77% in 2020 and 11.35% in 2021, before sharply rising to 53.79% in 2022, indicating a notable increase in this form of financing in the latest year.
- Liabilities related to revenue participation right purchase agreements, net
- This liability item showed a consistent decreasing trend from 58.00% in 2018 to 21.28% in 2021, with a slight increase to 29.61% in 2022, reflecting a significant reduction followed by partial reaccumulation.
- Long-term deferred revenue
- Long-term deferred revenue appeared in 2020 at 16.30%, then declined to 10.34% in 2021 and was absent in 2022, indicating a reduction in deferred revenue liabilities by the end of the period.
- Operating lease liabilities (short-term and long-term)
- Short-term operating lease liabilities fluctuated between 0.52% and 1.77%, peaking in 2021 and declining in 2022. Long-term operating lease liabilities rose sharply from negligible values in 2019 and 2020 to 13.34% in 2021 and slightly decreased to 12.50% in 2022, suggesting increased lease commitments over the latter years.
- Other non-current liabilities
- These liabilities were minimal and showed inconsistent reporting, with a small presence in 2018 and 2021 but zero in 2022, implying a reduction or reclassification.
- Non-current liabilities
- Non-current liabilities peaked at 94.79% in 2019, then declined steadily to 62.47% by 2021, before surging to 102.29% in 2022, indicating increased long-term obligations relative to total capitalization in the most recent year.
- Total liabilities
- Total liabilities followed a similar pattern, rising to 103.77% in 2019, decreasing to 71.01% in 2021, then increasing significantly to 110.63% in 2022, which suggests an overall increase in leverage or obligations exceeding total equity in the last period.
- Common stock and additional paid-in capital
- Common stock remained minimal and stable around 0.01-0.03%. Additional paid-in capital showed a marked decline year-over-year from a high of 364.01% in 2018 to 146.00% in 2022, indicating reduced equity contributions or accumulated capital over time.
- Accumulated other comprehensive income (loss)
- This metric was positive but declining slightly through 2020, becoming negative in 2021 (-0.10%) and further decreasing to -0.35% in 2022, reflecting increasing comprehensive losses.
- Accumulated deficit
- The accumulated deficit decreased in absolute negative terms from -351.99% in 2018 to -143.54% in 2021, indicating a reduction in cumulative losses. However, it increased slightly to -156.29% in 2022, suggesting some reversal in this improvement.
- Stockholders’ equity (deficit)
- Stockholders’ equity transitioned from positive 12.28% in 2018 to a negative deficit of -3.77% in 2019. It recovered strongly to positive 21.24% in 2020 and 28.99% in 2021 before declining sharply again to -10.63% in 2022, demonstrating significant volatility and a deterioration in shareholder net value in the latest year.
- Total liabilities and stockholders’ equity (deficit)
- By definition, this remained constant at 100% each year, serving as the basis for ratio calculations.