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 analysis of the annual financial data reveals notable volatility across revenues, operating income, and net income over the examined period.
- Revenues
- Revenues exhibit significant fluctuations throughout the years. Initial revenue started relatively moderate in 2005, reaching a low in 2006, followed by a peak in 2009. After this peak, revenues declined sharply in 2010 but then generally trended upward with some irregularities. Notably, there is a substantial increase in 2016 and a further consistent rise from 2019 through 2022, culminating at the highest recorded revenue in 2022. This suggests periods of both rapid growth and contraction, indicating possible product or market challenges and recoveries.
- Operating Income (Loss)
- Operating income demonstrates a predominantly negative trend with significant losses in most years. The pattern shows deep operating losses from 2005 through 2008, a brief positive swing in 2009, followed by another cycle of losses through 2015, except for a positive anomaly in 2012. Post-2015 losses sharply intensify, peaking at an extreme negative value in 2022. The intermittent positive operating results appear isolated and short-lived, indicating ongoing operational challenges and potentially rising expenses relative to revenues.
- Net Income (Loss)
- Net income follows a trend similar to operating income, with persistent losses across most years. There are two notable years, 2009 and 2016, where net income turns positive, coinciding with the years of positive operating income, suggesting a close relation between core operations and overall profitability. However, subsequent years reflect deepening net losses, with a progressive decline culminating in the most severe loss in 2022. This trend indicates increasing financial strain or high non-operating costs impacting net profitability even as revenues recover.
Overall, the data reflect a company facing significant profitability challenges despite variable revenue streams. Although revenues have shown periods of strong growth, these have not translated into sustained operating or net profitability. The widening operating and net losses in recent years highlight increased pressures, possibly from higher operational costs, investments, or other financial factors impacting the company's bottom line.
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 observed financial data reflects notable fluctuations and an overall upward trend in both current assets and total assets over the analyzed period.
- Current Assets
- Current assets displayed significant volatility in the initial years, beginning at 78,864 thousand US dollars in 2005 and rising sharply to 153,621 thousand in 2006. This was followed by a decline to 58,910 thousand in 2008 before recovering and fluctuating moderately until 2014. From 2014 onwards, a strong growth trend is evident, with current assets increasing from 131,131 thousand in 2014 to a peak of 795,186 thousand by 2022. This trend indicates improved liquidity and possibly enhanced operational capacity or cash reserves over the latter years.
- Total Assets
- Total assets mirrored a similar pattern to current assets, initially increasing from 91,461 thousand in 2005 to 169,516 thousand in 2006, with some fluctuations and a dip in 2008 to 87,454 thousand. Between 2008 and 2014, total assets experienced moderate changes, remaining within the range of approximately 82,000 to 133,000 thousand. From 2014 onward, total assets showed marked growth, doubling to 533,803 thousand in 2020, continuing upward to reach 1,014,775 thousand by 2022. This substantial increase suggests significant investment, asset acquisition, or capital expansion in recent years.
- Comparative Insights
- Throughout the period, current assets consistently comprised a significant portion of total assets, indicating a substantial proportion of liquid or short-term assets within the asset base. The parallel upward movement in both measures since 2014 points to improved financial stability and scaling of the company’s asset base.
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).
- Current liabilities
- Current liabilities showed a fluctuating trend over the observed period. Initial growth was observed from 11,264 thousand USD in 2005, peaking at approximately 26,448 thousand USD in 2007. A subsequent decline followed, reaching a low of 4,592 thousand USD in 2011. From 2012 onwards, current liabilities generally increased, culminating in a significant rise to 84,617 thousand USD by 2022. This late surge indicates increased short-term obligations or liabilities coming due within a year in recent periods.
- Total liabilities
- Total liabilities experienced considerable volatility, growing sharply from 17,900 thousand USD in 2005 to a pronounced peak of nearly 63,203 thousand USD in 2006. After a decline and stabilization phase, there was a marked upward trend starting around 2013, accelerating dramatically from 184,968 thousand USD in 2017 to 1,122,675 thousand USD in 2022. This represents a substantial increase in the company’s total obligations, indicating increased financial leverage or borrowing over time.
- Debt
- Debt figures were relatively low and somewhat stable from 2005 through 2011, ranging between 985 thousand and 10,835 thousand USD. Data are missing for some intermediate years, but from 2014 there was a notable increase, with debt rising substantially to 609,618 thousand USD by 2022. This sharp increase in debt corresponds with the spike in total liabilities, suggesting a rising dependence on borrowed funds in recent years.
- Stockholders’ equity (deficit)
- Stockholders’ equity fluctuated over time, initially increasing from 73,561 thousand USD in 2005 to a high of 106,313 thousand USD in 2006. Subsequent years showed volatility, with equity diminishing sharply to 25,934 thousand USD in 2017 and turning negative in 2019 at -10,937 thousand USD. A partial recovery occurred in 2020 and 2021, reaching 243,863 thousand USD. However, by 2022, shareholders’ equity experienced a sharp decline to -107,900 thousand USD, indicating a substantial equity deficit and potential financial distress or accumulated losses.
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 analysis of the financial activity trends over the years reveals significant fluctuations in the three areas of operating, investing, and financing cash flows.
- Net cash provided by (used in) operating activities
-
This metric exhibits considerable volatility. Initially, there is a substantial negative cash flow starting at -39,484 thousand USD in 2005, deepening to -61,328 thousand USD in 2008. A notable positive spike occurs in 2009 with 8,416 thousand USD, contrasting sharply with preceding years. Following this, the cash flow remains largely negative and fluctuates significantly, with another positive outcome in 2014 and 2016, then again negative by a large margin in 2017 and 2018. The period from 2021 to 2022 shows pronounced negative cash flows, -142,522 thousand USD and -299,516 thousand USD respectively, suggesting intensified operational outflows.
- Net cash (used in) provided by investing activities
-
The investing cash flow reflects an inconsistent pattern with sizable swings between positive and negative cash flows. The year 2005 starts with a positive inflow of 34,492 thousand USD, followed by negative cash flow in 2006, then alternating signs in subsequent years. Several years show substantial outflows, such as 2009, 2016, 2017, 2019, and continuing through 2022 with the largest negative amount of -262,134 thousand USD. Occasional inflows in certain years, such as 2010 and 2014, indicate episodic investment profits or asset disposals but do not establish a lasting trend.
- Net cash provided by (used in) financing activities
-
This cash flow category demonstrates an overall trend toward increasing positive cash inflows over time. After a modest beginning in 2005 of 5,446 thousand USD, there is a consistent upward trajectory, with some fluctuations, culminating in a dramatic rise from 2017 onward. The cash inflows peak in 2022 at 516,166 thousand USD, more than tenfold the amount at the start of the period analyzed. This pattern suggests increased financing activities, such as debt issuance or equity raising, used potentially to support operational and investing cash flow deficits.
In summary, the operating and investing activities reflect a high degree of variability and predominantly negative cash flows in recent years, highlighting challenges in generating cash internally and from investments. Conversely, financing activities have steadily increased in magnitude and turned markedly positive, likely compensating for the cash outflows in operating and investing activities and indicating a heavy reliance on external financing sources to sustain the company’s financial needs during the period under review.
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 over the period from 2005 to 2022 for the specified earnings metrics reveals notable fluctuations and a consistent negative trend in earnings per share (EPS).
- Basic Earnings per Share (EPS)
- The basic EPS demonstrates considerable volatility throughout the years. Starting at a significant loss of -8.88 US$ in 2005, the loss deepened slightly to -9.36 US$ in 2006 before improving to -6.18 US$ in 2007. The figure remained negative through most of the period but showed some fluctuation, including an unusual positive spike to 2.57 US$ in 2009. This positive value is an outlier in the overall pattern of losses.
- From 2010 onward, the basic EPS generally remained negative but showed some improvement toward less negative values especially around 2012 and 2013 (reaching -2.30 US$ and -1.24 US$, respectively). However, after 2014, the losses deepened again somewhat, with values around -2.59 US$ in 2017 and increasing to -4.33 US$ in 2022. This indicates a general trend of sustained losses over the period despite intermittent improvements.
- Diluted Earnings per Share
- The diluted EPS follows a nearly identical pattern to basic EPS, suggesting the effects of potential dilution on share earnings were minimal or consistent over the reported period. The variations and trend mirror those described in the basic EPS, confirming steady losses overall with a brief positive anomaly in 2009.
- Dividend per Share
- No dividends per share were issued or recorded throughout the entire period. The absence of dividend payments may reflect the company's ongoing losses, a strategic decision to reinvest earnings, or a lack of profitability sufficient to support dividend distribution.
In summary, the company has experienced a long-term pattern of negative earnings with few exceptions. The lack of dividends aligns with this trend, indicating limited capacity or decision to return value to shareholders via dividends. The data suggests ongoing financial challenges marked by persistent losses and occasional minor recoveries.