Selected Financial Data
since 2005
Income Statement
Cytokinetics Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 94,588) | (324,202) | (388,955) |
| Dec 31, 2021 | 70,428) | (186,313) | (215,314) |
| Dec 31, 2020 | 55,828) | (93,943) | (127,290) |
| Dec 31, 2019 | 26,868) | (98,867) | (121,692) |
| Dec 31, 2018 | 31,501) | (88,916) | (106,289) |
| Dec 31, 2017 | 13,368) | (113,396) | (127,790) |
| Dec 31, 2016 | 106,407) | 18,687) | 16,453) |
| Dec 31, 2015 | 28,658) | (37,407) | (37,501) |
| Dec 31, 2014 | 46,940) | (14,754) | (14,646) |
| Dec 31, 2013 | 30,648) | (33,894) | (33,717) |
| Dec 31, 2012 | 7,559) | (40,457) | (40,370) |
| Dec 31, 2011 | 4,000) | (47,964) | (47,860) |
| Dec 31, 2010 | 2,577) | (49,635) | (49,287) |
| Dec 31, 2009 | 81,538) | 26,095) | 24,544) |
| Dec 31, 2008 | 12,420) | (59,079) | (56,374) |
| Dec 31, 2007 | 13,622) | (56,487) | (48,894) |
| Dec 31, 2006 | 3,127) | (61,338) | (57,115) |
| Dec 31, 2005 | 8,912) | (44,633) | (42,252) |
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).
The financial performance from 2005 to 2022 is characterized by extreme revenue volatility and a sustained trend of operational losses. While the entity achieved isolated periods of profitability, the overall trajectory demonstrates a significant expansion of net losses, particularly in the most recent five-year period.
- Revenue Trends
- Revenue displays a highly inconsistent pattern, suggesting a reliance on non-recurring income streams such as milestone payments or licensing agreements. Notable peaks occurred in 2009 (US$ 81.5 million), 2016 (US$ 106.4 million), and 2022 (US$ 94.6 million), contrasted by sharp declines in 2010 (US$ 2.6 million) and 2017 (US$ 13.4 million).
- Operating Performance
- Operating losses were persistent for the majority of the period, with the exception of 2009 and 2016. Between 2005 and 2015, operating losses generally fluctuated between US$ 14.8 million and US$ 61.3 million. However, a sharp downward shift occurred after 2016, with operating losses escalating from US$ 113.4 million in 2017 to a peak of US$ 324.2 million in 2022.
- Net Income Trajectory
- Net losses closely mirror the operating loss trend but show a more aggressive acceleration in the latter years. The net loss grew from US$ 127.3 million in 2019 to US$ 389.0 million in 2022. This indicates that the cost of operations and financial obligations have scaled significantly faster than the company's ability to generate revenue.
- Profitability Analysis
- Profitability has been an anomaly rather than a trend, appearing only in 2009 and 2016. The inability to maintain positive net income despite periodic revenue spikes suggests that the underlying cost structure is not supported by the current revenue model, leading to a substantial increase in the annual burn rate as of 2022.
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Balance Sheet: Assets
Cytokinetics Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 795,186) | 1,014,775) |
| Dec 31, 2021 | 535,672) | 841,319) |
| Dec 31, 2020 | 474,221) | 533,803) |
| Dec 31, 2019 | 233,752) | 289,814) |
| Dec 31, 2018 | 207,674) | 211,178) |
| Dec 31, 2017 | 274,295) | 294,810) |
| Dec 31, 2016 | 158,633) | 170,142) |
| Dec 31, 2015 | 113,107) | 115,237) |
| Dec 31, 2014 | 131,131) | 132,968) |
| Dec 31, 2013 | 79,338) | 83,188) |
| Dec 31, 2012 | 76,427) | 77,551) |
| Dec 31, 2011 | 51,140) | 52,773) |
| Dec 31, 2010 | 73,498) | 77,992) |
| Dec 31, 2009 | 116,921) | 122,599) |
| Dec 31, 2008 | 58,910) | 87,454) |
| Dec 31, 2007 | 122,016) | 155,370) |
| Dec 31, 2006 | 153,621) | 169,516) |
| Dec 31, 2005 | 78,864) | 91,461) |
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).
The asset profile of the organization exhibits two distinct phases: a period of volatility and contraction between 2005 and 2011, followed by a period of sustained and aggressive expansion from 2012 through 2022.
- Total Asset Growth Trajectory
- Total assets experienced a significant long-term increase, growing from 91,461 thousand USD in 2005 to 1,014,775 thousand USD by 2022. A notable nadir occurred in 2011, when total assets fell to 52,773 thousand USD, representing the lowest valuation in the analyzed period. Following this low point, the balance sheet entered a trajectory of consistent growth, particularly accelerating after 2016.
- Current Asset Trends and Liquidity
- Current assets have consistently comprised the vast majority of the total asset base. After fluctuating between 51,140 thousand USD and 158,633 thousand USD from 2005 to 2016, current assets grew rapidly to 795,186 thousand USD by 2022. This indicates a substantial increase in liquid resources over the final six years of the period.
- Asset Composition Analysis
- The relationship between current and total assets suggests shifts in the company's capital structure. In 2011, current assets represented approximately 97% of total assets. By 2021, this proportion shifted as total assets reached 841,319 thousand USD while current assets stood at 535,672 thousand USD, indicating a rise in non-current assets. By 2022, however, the proportion of current assets returned to a dominant position, accounting for approximately 78% of the total asset base.
- Expansion Acceleration (2019–2022)
- A period of exponential growth is observed beginning in 2019. Total assets increased from 289,814 thousand USD in 2019 to over 1 billion USD in 2022. This rapid escalation in both current and total assets suggests significant capital infusions or large-scale asset acquisitions during this four-year window.
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Balance Sheet: Liabilities and Stockholders’ Equity
Cytokinetics Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Debt | Stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2022 | 84,617) | 1,122,675) | 609,618) | (107,900) |
| Dec 31, 2021 | 71,860) | 597,456) | 142,838) | 243,863) |
| Dec 31, 2020 | 31,199) | 420,420) | 135,713) | 113,383) |
| Dec 31, 2019 | 26,023) | 300,751) | 129,257) | (10,937) |
| Dec 31, 2018 | 22,194) | 185,244) | 42,413) | 25,934) |
| Dec 31, 2017 | 32,444) | 184,968) | 31,777) | 109,842) |
| Dec 31, 2016 | 33,258) | 75,781) | 29,881) | 94,361) |
| Dec 31, 2015 | 31,649) | 46,647) | 14,639) | 68,590) |
| Dec 31, 2014 | 23,855) | 40,904) | —) | 92,064) |
| Dec 31, 2013 | 26,704) | 28,746) | —) | 54,442) |
| Dec 31, 2012 | 7,105) | 7,466) | —) | 70,085) |
| Dec 31, 2011 | 4,592) | 4,595) | 152) | 48,178) |
| Dec 31, 2010 | 7,324) | 7,476) | 985) | 70,516) |
| Dec 31, 2009 | 20,186) | 21,171) | 2,601) | 101,428) |
| Dec 31, 2008 | 22,877) | 37,688) | 4,640) | 49,766) |
| Dec 31, 2007 | 26,448) | 55,454) | 8,689) | 99,916) |
| Dec 31, 2006 | 26,393) | 63,203) | 10,835) | 106,313) |
| Dec 31, 2005 | 11,264) | 17,900) | 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).
The financial trajectory of the company from 2005 to 2022 is characterized by a dramatic escalation in total liabilities and significant volatility in stockholders' equity, indicating a shift in capital structure and funding strategies over time.
- Liability Growth and Composition
- Total liabilities remained relatively contained below 100 million USD between 2005 and 2012. However, a period of rapid expansion began in 2013, with liabilities increasing from 28.7 million USD to over 1.12 billion USD by the end of 2022. This growth is most pronounced between 2020 and 2022, where total liabilities nearly tripled in two years.
- Debt Trends
- Debt levels were minimal or nonexistent for a significant portion of the early period, dropping to as low as 152 thousand USD in 2011. A strategic shift toward debt financing became evident after 2015. Debt increased steadily until 2021, followed by a massive surge to 609.6 million USD in 2022, representing the primary driver of the overall increase in total liabilities.
- Current Obligations
- Current liabilities exhibited moderate fluctuations for over a decade, generally staying below 34 million USD. A sharp upward trend emerged in 2021, with obligations rising to 71.8 million USD and further increasing to 84.6 million USD in 2022, suggesting an increase in short-term financial pressure or operational requirements.
- Equity and Solvency
- Stockholders' equity demonstrated instability, fluctuating between approximately 48 million USD and 110 million USD for most of the observed period. A deficit was first recorded in 2019 at -10.9 million USD, followed by a temporary recovery peaking at 243.8 million USD in 2021. By 2022, the equity position shifted back to a substantial deficit of -107.9 million USD, coinciding with the peak in total debt and liabilities.
The convergence of a record-high debt load and a significant stockholders' equity deficit in 2022 suggests a period of high financial leverage and potential insolvency risks, contrasting sharply with the more conservative balance sheet maintained between 2005 and 2012.
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Cash Flow Statement
Cytokinetics Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | (299,516) | (262,134) | 516,166) |
| Dec 31, 2021 | (142,522) | (147,777) | 319,980) |
| Dec 31, 2020 | 8,943) | (196,515) | 234,124) |
| Dec 31, 2019 | (90,907) | (74,707) | 159,791) |
| Dec 31, 2018 | (101,215) | 5,133) | 13,132) |
| Dec 31, 2017 | (101,759) | (65,828) | 225,919) |
| Dec 31, 2016 | 36,982) | (52,076) | 16,892) |
| Dec 31, 2015 | 4,883) | 16,063) | 23,915) |
| Dec 31, 2014 | (44,843) | (4,049) | 48,949) |
| Dec 31, 2013 | (7,718) | (1,519) | 14,488) |
| Dec 31, 2012 | (33,438) | (28,815) | 58,327) |
| Dec 31, 2011 | (45,595) | 25,301) | 21,613) |
| Dec 31, 2010 | (44,830) | 34,237) | 2,546) |
| Dec 31, 2009 | 8,416) | (53,480) | 28,806) |
| Dec 31, 2008 | (61,328) | (9,966) | (3,451) |
| Dec 31, 2007 | (3,005) | 45,462) | 34,720) |
| Dec 31, 2006 | (47,170) | (13,682) | 86,724) |
| Dec 31, 2005 | (39,484) | 34,492) | 5,446) |
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).
The financial trajectory from 2005 to 2022 is characterized by a sustained reliance on external financing to offset significant operational losses and expanding investment expenditures. A systemic pattern of negative cash flow from operations is observed, which has accelerated in magnitude during the latter portion of the period.
- Operating Activities
- Cash flows from operating activities remained predominantly negative throughout the analyzed period, reflecting a persistent cash burn. While intermittent periods of positive cash flow occurred in 2009, 2015, 2016, and 2020, these were outliers against a broader trend of operational deficits. A notable escalation in cash consumption is evident starting in 2017, with annual outflows exceeding 100 million US dollars in most subsequent years, culminating in a peak deficit of approximately 299.5 million US dollars in 2022.
- Investing Activities
- Investing cash flows demonstrate high volatility, transitioning from a mix of inflows and outflows in the first decade to substantial outflows in recent years. From 2005 to 2018, investing activities fluctuated, frequently providing net cash inflows. However, starting in 2019, there is a clear shift toward aggressive capital deployment, with net cash used in investing activities reaching 196.5 million US dollars in 2020 and 262.1 million US dollars in 2022.
- Financing Activities
- Financing activities have served as the primary engine for liquidity, providing consistent net inflows to support the company's capital requirements. Financing inflows remained relatively modest until 2017, after which they increased substantially. A period of rapid acceleration in capital raising is observed between 2019 and 2022, with financing inflows growing from 159.8 million US dollars in 2019 to a high of 516.2 million US dollars in 2022.
The overall financial profile indicates a high-growth or research-intensive phase where operational self-sufficiency has not yet been achieved. The correlation between the widening deficits in operating and investing activities and the exponential increase in financing inflows suggests a strategic dependence on equity or debt markets to fund expanding expenditures and sustain ongoing operations.
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Per Share Data
Cytokinetics Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | -4.33 | -4.33 | 0.00 |
| Dec 31, 2021 | -2.80 | -2.80 | 0.00 |
| Dec 31, 2020 | -1.97 | -1.97 | 0.00 |
| Dec 31, 2019 | -2.11 | -2.11 | 0.00 |
| Dec 31, 2018 | -1.95 | -1.95 | 0.00 |
| Dec 31, 2017 | -2.59 | -2.59 | 0.00 |
| Dec 31, 2016 | 0.41 | 0.39 | 0.00 |
| Dec 31, 2015 | -0.97 | -0.97 | 0.00 |
| Dec 31, 2014 | -0.41 | -0.41 | 0.00 |
| Dec 31, 2013 | -1.24 | -1.24 | 0.00 |
| Dec 31, 2012 | -2.30 | -2.30 | 0.00 |
| Dec 31, 2011 | -4.30 | -4.30 | 0.00 |
| Dec 31, 2010 | -4.61 | -4.61 | 0.00 |
| Dec 31, 2009 | 2.57 | 2.54 | 0.00 |
| Dec 31, 2008 | -6.84 | -6.84 | 0.00 |
| Dec 31, 2007 | -6.18 | -6.18 | 0.00 |
| Dec 31, 2006 | -9.36 | -9.36 | 0.00 |
| Dec 31, 2005 | -8.88 | -8.88 | 0.00 |
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), 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, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a long-term pattern of negative earnings per share, characterized by intermittent periods of volatility and two brief instances of profitability.
- Earnings Per Share (EPS) Trends
- Between 2005 and 2008, significant losses were sustained, with basic earnings per share ranging from -8.88 to -6.18. A notable positive deviation occurred in 2009, where basic earnings reached 2.57, although this was followed by a return to deficits in 2010. From 2010 to 2014, a trend of narrowing losses was observed, with the deficit reaching a minimum of -0.41 in 2014. Following another brief period of profitability in 2016 (0.41), a consistent downward trend emerged from 2017 through 2022, with losses widening to -4.33 by the end of the period.
- Dilution Impact
- Diluted earnings per share mirror basic earnings per share almost identically throughout the observation period. Minor variances appear only during years of positive earnings, specifically in 2009 and 2016, where diluted figures were marginally lower than basic figures. In all years reflecting a net loss, the basic and diluted values are identical, suggesting that dilutive securities had no material impact on the reported loss per share.
- Dividend Distribution
- No dividends per share were recorded at any point between 2005 and 2022. This indicates a lack of a dividend payout policy, consistent with a company prioritizing capital retention or facing insufficient distributable earnings.
The overall trajectory of the per share data indicates a recurring cycle of net losses, with a recent trend showing an acceleration in the magnitude of those losses per share.
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