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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.

Debt to Equity
since 2005

Microsoft Excel

Calculation

Cytokinetics Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Debt1 ÷ Stockholders’ equity (deficit)1
Dec 31, 2022 — = 609,618 ÷ (107,900)
Dec 31, 2021 0.59 = 142,838 ÷ 243,863
Dec 31, 2020 1.20 = 135,713 ÷ 113,383
Dec 31, 2019 — = 129,257 ÷ (10,937)
Dec 31, 2018 1.64 = 42,413 ÷ 25,934
Dec 31, 2017 0.29 = 31,777 ÷ 109,842
Dec 31, 2016 0.32 = 29,881 ÷ 94,361
Dec 31, 2015 0.21 = 14,639 ÷ 68,590
Dec 31, 2014 0.00 = — ÷ 92,064
Dec 31, 2013 0.00 = — ÷ 54,442
Dec 31, 2012 0.00 = — ÷ 70,085
Dec 31, 2011 0.00 = 152 ÷ 48,178
Dec 31, 2010 0.01 = 985 ÷ 70,516
Dec 31, 2009 0.03 = 2,601 ÷ 101,428
Dec 31, 2008 0.09 = 4,640 ÷ 49,766
Dec 31, 2007 0.09 = 8,689 ÷ 99,916
Dec 31, 2006 0.10 = 10,835 ÷ 106,313
Dec 31, 2005 0.13 = 9,362 ÷ 73,561

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in thousands

The financial trajectory from 2005 to 2022 reveals a fundamental shift in the capital structure, transitioning from a low-leverage profile to a high-debt position characterized by significant balance sheet volatility.

Debt Accumulation Trends
Between 2005 and 2011, total debt exhibited a consistent downward trend, decreasing from 9.36 million to 152 thousand. Following a period of minimal debt, a gradual increase began in 2015, reaching 31.78 million by 2017. A sharp escalation in borrowing occurred starting in 2018, with debt levels rising to 129.26 million in 2019 and culminating in a substantial increase to 609.62 million by December 31, 2022.
Stockholders' Equity Volatility
Equity remained relatively stable and positive from 2005 through 2017, though it experienced fluctuations. A critical shift occurred in 2019 when equity transitioned into a deficit of 10.94 million. While a significant recovery was observed in 2020 and 2021, peaking at 243.86 million, this was followed by a severe decline in 2022, resulting in a stockholders' deficit of 107.90 million.
Debt to Equity Ratio Analysis
The debt to equity ratio remained negligible or very low (below 0.32) from 2005 through 2017, indicating a conservative reliance on debt. A spike to 1.64 in 2018 signaled a pivot toward higher leverage. In 2019 and 2022, the ratio became uncalculable or omitted due to the presence of negative stockholders' equity. The ratio fluctuated between 1.20 and 0.59 during the 2020-2021 recovery period before the equity deficit returned in 2022.

The correlation between the exponential increase in debt and the recurring equity deficits suggests an increasing reliance on external financing and potential financial instability in the latter years of the observed period.

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Comparison to Competitors

Cytokinetics Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Cytokinetics Inc. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Eli Lilly & Co. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
Dec 31, 2022 — 3.67 10.64 1.27 0.39 1.52 1.19 0.52 0.67 0.37 0.12 0.78 0.03
Dec 31, 2021 0.59 4.98 4.97 1.24 0.49 1.88 1.27 0.46 0.87 0.50 0.14 0.85 0.06
Dec 31, 2020 1.20 6.58 3.51 1.34 0.53 2.94 1.73 0.56 1.26 0.63 0.24 0.63 0.07
Dec 31, 2019 — — 3.09 0.91 0.72 5.88 1.09 0.47 1.02 0.83 0.06 0.60 0.09
Dec 31, 2018 1.64 — 2.71 0.52 0.35 1.30 1.28 0.51 0.94 0.66 0.08 0.69 0.13
Dec 31, 2017 0.29 7.33 1.40 0.68 0.40 1.18 1.64 0.57 0.71 0.60 0.11 0.83 0.29
Dec 31, 2016 0.32 7.95 1.16 0.41 0.53 0.74 1.39 0.39 0.62 0.71 0.11 0.77 0.71
Dec 31, 2015 0.21 8.03 1.12 0.47 0.54 0.55 1.20 0.28 0.59 0.60 0.10 0.59 0.86
Dec 31, 2014 0.00 8.62 1.19 0.53 0.15 0.52 0.80 0.27 0.44 0.51 0.18 0.71 0.75
Dec 31, 2013 0.00 3.28 1.45 0.55 0.16 0.30 0.58 0.25 0.50 0.48 0.26 0.62 0.36
Dec 31, 2012 0.00 4.66 1.39 0.54 0.28 0.37 0.88 0.25 0.39 0.46 0.37 0.46 0.68
Dec 31, 2011 0.00 — 1.13 0.34 0.31 0.52 1.13 0.34 0.32 0.47 0.90 0.47 0.58
Dec 31, 2010 0.01 — 0.56 0.35 0.21 0.56 0.59 0.30 0.33 0.50 0.31 0.14 1.07
Dec 31, 2009 0.03 — 0.47 0.43 0.25 0.70 0.18 0.29 0.30 0.54 0.27 0.14 0.14
Dec 31, 2008 0.09 — 0.50 0.55 0.27 1.55 0.31 0.28 0.33 0.30 0.00 0.14 1.20
Dec 31, 2007 0.09 — 0.63 0.59 0.41 0.37 0.38 0.22 0.32 0.20 0.43 0.15 0.07
Dec 31, 2006 0.10 — 0.48 0.74 0.37 0.34 0.77 0.17 0.39 0.11 0.92 0.19 0.24
Dec 31, 2005 0.13 — 0.19 0.77 0.21 0.60 0.10 0.07 0.45 0.27 1.75 0.21 0.75

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Cytokinetics Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Cytokinetics Inc. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2022 — 0.80
Dec 31, 2021 0.59 0.93
Dec 31, 2020 1.20 1.12
Dec 31, 2019 — 1.09
Dec 31, 2018 1.64 0.93
Dec 31, 2017 0.29 0.87
Dec 31, 2016 0.32 0.79
Dec 31, 2015 0.21 0.68
Dec 31, 2014 0.00 0.55
Dec 31, 2013 0.00 0.52
Dec 31, 2012 0.00 0.51
Dec 31, 2011 0.00 0.46
Dec 31, 2010 0.01 0.40
Dec 31, 2009 0.03 0.39
Dec 31, 2008 0.09 0.37
Dec 31, 2007 0.09 0.30
Dec 31, 2006 0.10 0.25
Dec 31, 2005 0.13 0.29

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Cytokinetics Inc., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Cytokinetics Inc. Health Care
Dec 31, 2022 — 0.72
Dec 31, 2021 0.59 0.80
Dec 31, 2020 1.20 0.92
Dec 31, 2019 — 0.90
Dec 31, 2018 1.64 0.80
Dec 31, 2017 0.29 0.82
Dec 31, 2016 0.32 0.77
Dec 31, 2015 0.21 0.69
Dec 31, 2014 0.00 0.54
Dec 31, 2013 0.00 0.50
Dec 31, 2012 0.00 0.54
Dec 31, 2011 0.00 0.47
Dec 31, 2010 0.01 0.43
Dec 31, 2009 0.03 0.42
Dec 31, 2008 0.09 0.42
Dec 31, 2007 0.09 0.36
Dec 31, 2006 0.10 0.32
Dec 31, 2005 0.13 0.30

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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).