Name: Cytokinetics Inc. (NASDAQ:CYTK) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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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Cytokinetics Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Research and development revenues	378)	867)	2,113)	1,957)	2,515)	968)	1,148)	744)	437)	2,843)	6,548)	3,922)	5,187)	3,593)	3,825)	5,212)	6,055)	7,137)	8,464)	9,377)	8,726)	4,680)	3,585)
License revenues	—)	—)	—)	—)	—)	—)	—)	54,856)	—)	—)	—)	—)	36,501)	—)	—)	—)	—)	—)	—)	—)	1,915)	1,535)	1,683)
Milestone revenues	—)	—)	2,500)	—)	—)	1,000)	—)	—)	5,000)	—)	—)	2,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Realization of revenue participation right purchase agreement	—)	—)	—)	—)	—)	87,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Revenues	378)	867)	4,613)	1,957)	2,515)	88,968)	1,148)	55,600)	5,437)	2,843)	6,548)	6,722)	41,688)	3,593)	3,825)	5,212)	6,055)	7,137)	8,464)	9,377)	10,641)	6,215)	5,268)
Research and development	(82,532)	(83,194)	(79,421)	(75,018)	(62,734)	(57,126)	(45,935)	(43,498)	(48,436)	(36,443)	(31,561)	(29,221)	(24,202)	(21,790)	(21,738)	(18,334)	(20,229)	(24,017)	(23,545)	(24,027)	(21,391)	(21,582)	(22,135)
General and administrative	(40,111)	(39,722)	(49,665)	(53,969)	(48,222)	(42,716)	(33,070)	(33,806)	(26,202)	(21,197)	(15,598)	(13,908)	(12,302)	(14,161)	(12,449)	(10,584)	(9,753)	(9,836)	(9,437)	(6,808)	(7,164)	(8,046)	(9,264)
Operating expenses	(122,643)	(122,916)	(129,086)	(128,987)	(110,956)	(99,842)	(79,005)	(77,304)	(74,638)	(57,640)	(47,159)	(43,129)	(36,504)	(35,951)	(34,187)	(28,918)	(29,982)	(33,853)	(32,982)	(30,835)	(28,555)	(29,628)	(31,399)
Operating income (loss)	(122,265)	(122,049)	(124,473)	(127,030)	(108,441)	(10,874)	(77,857)	(21,704)	(69,201)	(54,797)	(40,611)	(36,407)	5,184)	(32,358)	(30,362)	(23,706)	(23,927)	(26,716)	(24,518)	(21,458)	(17,914)	(23,413)	(26,131)
Interest expense	(7,136)	(7,045)	(6,961)	(7,057)	(6,804)	(2,807)	(2,746)	(4,218)	(4,161)	(4,073)	(3,988)	(4,018)	(3,976)	(3,892)	(4,077)	(2,731)	(1,345)	(1,377)	(1,170)	(1,169)	(867)	(898)	(863)
Loss on settlement of debt	—)	—)	—)	—)	(22,246)	—)	(2,693)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Non-cash interest expense on liabilities related to revenue participation right purchase agreements	(6,860)	(6,322)	(6,280)	(9,212)	(8,963)	(7,003)	(6,564)	(4,271)	(2,955)	(2,871)	(2,795)	(5,651)	(5,461)	(5,912)	(5,689)	(5,533)	(5,321)	(5,064)	(4,819)	(4,741)	(4,559)	(4,338)	(4,129)
Interest and other income, net	6,839)	6,779)	6,425)	5,919)	4,144)	864)	415)	(377)	231)	187)	290)	2,146)	1,078)	1,382)	723)	1,330)	1,020)	1,044)	1,141)	900)	1,323)	1,126)	842)
Loss, before income tax provision	(129,422)	(128,637)	(131,289)	(137,380)	(142,310)	(19,820)	(89,445)	(30,570)	(76,086)	(61,554)	(47,104)	(43,930)	(3,175)	(40,780)	(39,405)	(30,640)	(29,573)	(32,113)	(29,366)	(26,468)	(22,017)	(27,523)	(30,281)
Income tax provision	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net loss	(129,422)	(128,637)	(131,289)	(137,380)	(142,310)	(19,820)	(89,445)	(30,570)	(76,086)	(61,554)	(47,104)	(43,930)	(3,175)	(40,780)	(39,405)	(30,640)	(29,573)	(32,113)	(29,366)	(26,468)	(22,017)	(27,523)	(30,281)

The financial trajectory is characterized by a significant expansion in operating expenditures coupled with highly volatile and largely non-recurring revenue streams. While total revenues show occasional spikes, the underlying trend for core research and development revenues is downward, leading to an widening gap between income and expenses.

Revenue Composition and Trends: A steady decline in research and development revenues is observed, falling from a peak of approximately 9.38 million US$ in December 2018 to 378 thousand US$ by September 2023. Total revenue figures are distorted by intermittent, large-scale inflows from license revenues and milestone payments. Notable spikes occurred in September 2020 (41.69 million US$), December 2021 (55.60 million US$), and June 2022 (88.97 million US$), the latter being driven primarily by the realization of a revenue participation right purchase agreement. These events provide temporary liquidity but do not represent a sustainable growth in operational revenue.
Operating Expense Growth: Operating expenses have escalated dramatically over the analyzed period. Research and development spending increased from approximately 22.14 million US$ in March 2018 to 82.53 million US$ in September 2023, indicating a substantial acceleration in development activities. General and administrative expenses similarly trended upward, rising from 9.26 million US$ in March 2018 to 40.11 million US$ in September 2023. This combined increase has pushed total quarterly operating expenses from roughly 31.40 million US$ to over 122.64 million US$.
Profitability and Net Loss Analysis: The company has operated at a consistent loss, with the magnitude of these losses increasing in tandem with operating expenses. Operating losses remained relatively stable between 2018 and 2020 but widened significantly starting in 2021. From March 2022 through September 2023, net losses stabilized at a high plateau, consistently exceeding 120 million US$ per quarter. A brief period of operating profitability was recorded in September 2020, which was exclusively attributable to a spike in license revenues.
Non-Operating Financial Items: Interest expenses have trended upward, while non-cash interest expenses related to revenue participation right purchase agreements remained a consistent drag on the bottom line, typically ranging between 4 million and 9 million US$ per quarter. Debt settlement losses were recorded in March 2022 (2.69 million US$) and September 2022 (22.25 million US$). Conversely, interest and other income, net, showed a marked increase in 2022 and 2023, rising to approximately 6.84 million US$ by September 2023, which partially offset the increasing operating losses.

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Cytokinetics Inc. (NASDAQ:CYTK)

Income StatementQuarterly Data

Income Statement
Quarterly Data