Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Cytokinetics Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Non-cash interest expense on liabilities related to revenue participation right purchase agreement	31,858)	13,004)	22,792)	20,737)	17,767)
Stock-based compensation expense	47,853)	26,832)	17,620)	10,759)	9,761)
Non-cash lease expense	2,585)	7,361)	4,221)	3,552)	—)
Impairment of right-of-use assets	—)	2,844)	—)	—)	—)
Depreciation of property and equipment	5,814)	2,276)	1,831)	1,293)	1,239)
(Gain) loss on investment, net	107)	—)	(573)	—)	—)
Interest receivable and amortization on investments	(4,710)	4,894)	(1,194)	(2,587)	(1,677)
Non-cash interest expense related to debt	5,697)	7,125)	6,640)	919)	920)
Loss on extinguishment of debt	2,693)	—)	—)	—)	—)
Loss on inducement of convertible debt	22,246)	—)	—)	—)	—)
Accounts receivable	56,672)	(47,399)	743)	(2,932)	(1,119)
Contract assets	—)	—)	—)	4,554)	5,154)
Prepaid and other assets	(7,414)	(7,381)	(5,162)	(3,862)	1,817)
Accounts payable	4,524)	1,055)	(110)	4,396)	(1,490)
Accrued and other liabilities	10,844)	15,060)	7,117)	(2,168)	(2,063)
Contract liabilities	—)	—)	—)	—)	(18,750)
Deferred revenue	(87,000)	—)	87,000)	—)	(6,485)
Operating lease liabilities	1,728)	43,472)	(4,692)	(3,876)	—)
Other non-current liabilities	(4,058)	3,649)	—)	—)	—)
Changes in operating assets and liabilities	(24,704)	8,456)	84,896)	(3,888)	(22,936)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities	89,439)	72,792)	136,233)	30,785)	5,074)
Net cash provided by (used in) operating activities	(299,516)	(142,522)	8,943)	(90,907)	(101,215)
Purchases of investments	(855,393)	(525,042)	(435,825)	(277,883)	(240,224)
Maturities of investments	604,594)	422,837)	247,301)	202,599)	246,232)
Sales of investments	—)	3,300)	3,061)	3,196)	—)
Purchases of property and equipment	(11,335)	(48,872)	(11,052)	(2,619)	(889)
Sales of property and equipment	—)	—)	—)	—)	14)
Net cash (used in) provided by investing activities	(262,134)	(147,777)	(196,515)	(74,707)	5,133)
Repayment of finance lease liabilities	(944)	—)	—)	—)	—)
Repayment of term loan	(47,651)	—)	—)	—)	—)
Debt extinguishment costs	(2,409)	—)	—)	—)	—)
Repayment of convertible debt	(140,330)	—)	—)	—)	—)
Proceeds from issuance of convertible debt, net	523,586)	—)	—)	133,860)	—)
Proceeds from public offerings of common stock, net of discounts, commissions and offering cost	—)	296,905)	188,883)	—)	—)
Proceeds from private placement, net	—)	15,144)	36,225)	—)	—)
Proceeds from 2022 RPI Transactions, net	149,581)	—)	—)	—)	—)
Proceeds from issuance of common stock under equity incentive and stock purchase plans	17,543)	12,380)	9,120)	1,393)	3,234)
Taxes paid related to net share settlement of equity awards	(9,602)	(4,449)	(2,255)	—)	—)
Claims settlement under Section 16(b)	—)	—)	2,151)	—)	—)
Cash settlement of capped call options associated with 2026 Notes	26,392)	—)	—)	—)	—)
Net proceeds from long-term debt, net of debt discount and issuance costs	—)	—)	—)	1,710)	9,898)
Issuance of common stock under at-the-market offering, net of issuance costs	—)	—)	—)	36,214)	—)
Purchase of capped call options associated with convertible notes	—)	—)	—)	(13,386)	—)
Net cash provided by financing activities	516,166)	319,980)	234,124)	159,791)	13,132)
Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents	(45,484)	29,681)	46,552)	(5,823)	(82,950)
Cash, cash equivalents, and restricted cash equivalents, beginning of period	112,666)	82,985)	36,433)	42,256)	125,206)
Cash, cash equivalents, and restricted cash equivalents, end of period	67,182)	112,666)	82,985)	36,433)	42,256)

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).

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Cash flow statement item	Description	The company
Net cash provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Cytokinetics Inc. net cash provided by (used in) operating activities decreased from 2020 to 2021 and from 2021 to 2022.
Net cash (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Cytokinetics Inc. net cash (used in) provided by investing activities increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net cash provided by financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Cytokinetics Inc. net cash provided by financing activities increased from 2020 to 2021 and from 2021 to 2022.

Cytokinetics Inc. (NASDAQ:CYTK)

Cash Flow Statement