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Cytokinetics Inc. (NASDAQ:CYTK)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Cytokinetics Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 2.52 2.51 1.51 2.82 1.78
Clinical and preclinical costs 1.59 1.65 1.15 0.76 4.08
Compensation related 2.15 1.77 2.21 2.88 2.90
Other accrued expenses 0.61 0.66 0.26 0.54 0.48
Accrued liabilities 4.35% 4.09% 3.62% 4.18% 7.46%
Current portion of term loan 0.00 0.00 0.00 0.00 1.23
Short-term operating lease liabilities 1.26 1.77 0.52 1.59 0.00
Short-term finance lease liabilities 0.10 0.06 0.00 0.00 0.00
Other current liabilities 0.11 0.12 0.20 0.39 0.03
Current liabilities 8.34% 8.54% 5.84% 8.98% 10.51%
Term loan, net, excluding current portion 6.29 5.63 8.66 15.55 18.85
Convertible notes, net 53.79 11.35 16.77 29.05 0.00
Liabilities related to revenue participation right purchase agreements, net 29.61 21.28 31.11 49.44 58.00
Long-term deferred revenue 0.00 10.34 16.30 0.00 0.00
Long-term operating lease liabilities 12.50 13.34 0.08 0.76 0.00
Long-term finance lease liabilities 0.10 0.10 0.00 0.00 0.00
Other non-current liabilities 0.00 0.43 0.00 0.00 0.37
Non-current liabilities 102.29% 62.47% 72.91% 94.79% 77.21%
Total liabilities 110.63% 71.01% 78.76% 103.77% 87.72%
Preferred stock, $0.001 par value; issued and outstanding: none 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.01 0.01 0.01 0.02 0.03
Additional paid-in capital 146.00 172.62 207.09 294.44 364.01
Accumulated other comprehensive income (loss) -0.35 -0.10 0.03 0.23 0.24
Accumulated deficit -156.29 -143.54 -185.89 -298.47 -351.99
Stockholders’ equity (deficit) -10.63% 28.99% 21.24% -3.77% 12.28%
Total liabilities and stockholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The balance sheet structure reveals a heavy reliance on long-term financing, characterized by significant volatility in total liabilities and stockholders' equity. Total liabilities fluctuated markedly over the five-year period, reaching a peak of 110.63% in 2022, which indicates a state where total obligations exceeded total assets, resulting in a stockholders' equity deficit.

Long-Term Debt Composition
A strategic shift in the funding mix is evident. Liabilities related to revenue participation right purchase agreements, which constituted the largest liability at 58.00% in 2018, trended downward to 21.28% by 2021 before rising to 29.61% in 2022. Simultaneously, convertible notes transitioned from zero in 2018 to becoming the dominant liability in 2022, representing 53.79% of the total balance sheet. Term loans showed a consistent downward trend, decreasing from 18.85% in 2018 to 6.29% in 2022.
Current Liability Trends
Current liabilities remained relatively low and stable, fluctuating between 5.84% and 10.51% of the total balance sheet. Accrued liabilities were the primary driver within this category, though they decreased from a high of 7.46% in 2018 to 4.35% in 2022. Other current obligations, including accounts payable and compensation-related costs, remained minimal, typically staying below 3% each.
Equity and Solvency Position
The equity position exhibited significant instability, alternating between positive and negative values. Stockholders' equity was positive in 2018, 2020, and 2021, but deficit positions were recorded in 2019 (-3.77%) and 2022 (-10.63%). This volatility is driven by a massive accumulated deficit that, while improving from -351.99% in 2018 to -156.29% in 2022, continues to heavily offset additional paid-in capital. Additional paid-in capital itself showed a steady decline as a percentage of the total balance sheet, falling from 364.01% in 2018 to 146.00% in 2022.
Non-Current Liability Volatility
Non-current liabilities have been the primary driver of balance sheet expansion, peaking at 102.29% in 2022. A notable increase in long-term operating lease liabilities occurred between 2020 (0.08%) and 2021 (13.34%), maintaining a high level of 12.50% in 2022, suggesting an expansion in leased operational infrastructure.

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