Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement (quarterly data)
US$ in thousands
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).
The company's quarterly financial data reveal several notable trends in revenues, expenses, and profitability over the analyzed periods.
- Revenues
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Research and development revenues demonstrated considerable volatility, peaking in September 2018 at 8.7 million USD, followed by a decline and intermittent fluctuations in subsequent quarters. License revenues appeared irregular, with spikes notably in March 2020 and June 2021, registering 36.5 million USD and 54.8 million USD respectively, and gaps in other quarters. Milestone revenues were sporadic, with significant one-off inflows such as 2.8 million USD in December 2020 and 5 million USD in March 2021. An exceptional increase in revenues occurred due to the realization of revenue participation right purchase agreements, reaching 87 million USD in March 2022. Overall revenue exhibited sharp quarter-to-quarter variability, driven primarily by licensing, milestones, and revenue participation agreements rather than consistent operational sales.
- Operating Expenses
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Research and development expenses consistently represented a substantial and growing outflow, increasing from approximately 22 million USD per quarter in 2018 to a peak exceeding 82 million USD in the third quarter of 2023. General and administrative expenses similarly trended upward from around 9 million USD in early 2018 to near 40 million USD by the end of 2023, exhibiting occasional pronounced spikes, notably in late 2021. Total operating expenses mirrored these increases, moving from approximately 31 million USD in early 2018 to over 122 million USD per quarter by 2023, reflecting significant cost escalation over time.
- Operating Income (Loss)
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The company persistently recorded operating losses each quarter, with the magnitude widening over time. Early periods showed losses in the range of 18 to 30 million USD, while later quarters exhibited particularly severe losses, surpassing 120 million USD consistently from mid-2021 onward. Exceptionally, a positive operating income of approximately 5.2 million USD appeared in September 2020, likely related to the spike in license revenues in the same period. However, this instance was isolated and did not alter the overall negative trend.
- Interest and Related Expenses
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Interest expenses showed an increasing trend, starting near 0.9 million USD in early 2018 and peaking above 7 million USD in the years after 2021. The non-cash interest expense related to revenue participation liabilities also rose steadily, indicating increased financing costs associated with these agreements. Losses on settlement of debt appeared sporadically, notably a significant 22 million USD loss in September 2022, further impacting financial results.
- Net Loss
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Consistent net losses were recorded throughout all quarters, with a growing severity corresponding to escalating operating expenses and interest costs. The losses widened from approximately 22–30 million USD per quarter in 2018 to over 120 million USD per quarter from 2021 onwards. The largest net loss noted was 142 million USD in the first quarter of 2022, demonstrating heightened financial challenges during that period.
- Income Tax Provision
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No income tax provisions were reported in any quarters, reflecting sustained net losses and likely absence of taxable income during the periods analyzed.
In summary, the data illustrate a company experiencing highly variable and episodic revenue streams largely dependent on licensing, milestone payments, and revenue participation agreements rather than stable operating income. Concurrently, operating and administrative expenses have escalated markedly, contributing to ongoing and increasing net losses. Financing expenses have also increased, further exacerbating the net loss situation. The financial pattern suggests significant cash burn and dependency on external revenue events to offset recurring high expenditures.