At a glance
Cytokinetics Inc is worth $8.52B. Revenue grew 376.6% to $88.0M in fiscal 2025, at a loss; over 5 years it has grown 9.5% a year. It pays no dividend. The stock returned −1.1% over the past year with dividends reinvested and +11.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.4% in the 2020 crash (S&P 500: 33.7%) and 35.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 5 months after the lows.
The business in plain English
Cytokinetics develops drugs that act on muscle to treat heart and neuromuscular diseases. Its only approved product is MYQORZO (aficamten), a tablet for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). This is an inherited condition in which thickened heart muscle blocks blood leaving the heart. The drug eases the heart's excess squeezing. The FDA approved it in December 2025 with a required safety program because of a heart failure risk. It became available to prescribe around January 27, 2026. It is also approved in China and by the European Commission.
Fiscal 2025 revenue, earned before MYQORZO went on sale, was $88.0 million. About 90% ($79.4 million) was license and milestone revenue, meaning payments from partners for drug rights and for reaching agreed goals. The rest ($8.7 million) was collaboration revenue. In the U.S., the company markets MYQORZO through its own sales team. That team targets the roughly 10,000 cardiologists who diagnose and start treatment for most HCM patients. The company planned a European launch starting in Germany and licensed aficamten to Sanofi in China and Bayer in Japan.
Behind MYQORZO are drugs still in testing. They include aficamten for non-obstructive HCM (the ACACIA-HCM trial) and omecamtiv mecarbil for heart failure with severely reduced pumping (COMET-HF). Growth beyond oHCM depends on those results.
Price history
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CYTK -1.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| License And Milestone Revenues | $79.4M | 90.1% |
| Collaboration Revenues | $8.7M | 9.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $28.6M, down 57.1% from a year earlier, and net income was $-198.8M.
- For fiscal 2025, revenue was $88.0M (+376.6% year over year; +9.5% a year from FY2020 to FY2025) with a -891.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.5% good |
|---|---|
| Operating margin | -695.4% weak |
| Free cash flow margin | -607.5% weak |
| Return on assets (FY2025) | -55.1% weak |
| Net cash (cash minus debt) | $1.43B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $55.8M | $-127.3M | $-2.1M |
| FY2021 | $70.4M | $-215.3M | $-191.4M |
| FY2022 | $94.6M | $-389.0M | $-310.9M |
| FY2023 | $7.5M | $-526.2M | $-415.7M |
| FY2024 | $18.5M | $-589.5M | $-399.8M |
| FY2025 | $88.0M | $-785.0M | $-534.8M |
Valuation snapshot
| Market value | $8.52B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Cytokinetics’s market value went from $492.3M at the end of 2016 to $8.52B on Oct 28, 2026, about 17.3 times as much; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.52B | +9.7% |
| 2025 | $7.77B | +39.9% |
| 2024 | $5.55B | -32.2% |
| 2023 | $8.19B | +88.8% |
| 2022 | $4.34B | +13.4% |
| 2021 | $3.82B | +161.0% |
| 2020 | $1.47B | +133.7% |
| 2019 | $626.9M | +81.3% |
| 2018 | $345.8M | -21.3% |
| 2017 | $439.2M | -10.8% |
| 2016 | $492.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CYTK price data to Oct 28, 2026 | -3.6% | -1.1% | +24.5% | +11.3% | +20.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.6% |
| 2025 | +35.1% |
| 2024 | -43.7% |
| 2023 | +82.2% |
| 2022 | +0.5% |
| 2021 | +119.3% |
| 2020 | +95.8% |
| 2019 | +67.9% |
| 2018 | -22.4% |
| 2017 | -32.9% |
| 2016 | +16.2% |
| 2015 | +30.6% |
| 2014 | +23.2% |
| 2013 | +67.4% |
| 2012 | -31.3% |
| 2011 | -54.1% |
| 2010 | -28.2% |
| 2009 | +2.1% |
| 2008 | -39.8% |
| 2007 | -36.8% |
| 2006 | +14.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70% over that stretch · deepest drop along the way 76.8%, back to its old high 151.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.1% over that stretch · deepest drop along the way 44.4%, back to its old high 1.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.3% over that stretch · deepest drop along the way 35.3%, back to its old high 4.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 19 sales ($14.3M), 19 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 15, 2026 | Robert I Blum President & CEO, Director | sell (plan) | $6.8M |
| Jul 30, 2026 | Andrew Callos EVP, Chief Commercial Officer | sell (plan) | $1.1M |
| Aug 31, 2026 | Andrew Callos EVP, Chief Commercial Officer | sell (plan) | $702K |
| Jul 27, 2026 | Robert I Blum President & CEO, Director | sell (plan) | $607K |
| Aug 10, 2026 | Robert I Blum President & CEO, Director | sell (plan) | $576K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Investment Management, Inc. | 14.5% | Dec 31, 2025 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| Wellington Management Group LLP | 5.1% | Jun 30, 2026 |
| STATE STREET CORPORATION | 4.7% | Sep 30, 2025 |
| FMR LLC | 3.9% | Jun 30, 2026 |
ETFs with the most weight in CYTK
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.57% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.31% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.26% |
| BKSE BNY Mellon US Small Cap Core Equity ETF | 0.25% |
| STXK Strive Small-Cap ETF | 0.25% |
| TCAF T. Rowe Price Capital Appreciation Equity ETF | 0.21% |
| ISCG iShares Morningstar Small-Cap Growth ETF | 0.21% |
| VBK Vanguard Small Cap Growth ETF | 0.21% |
What could go wrong
- Business rests on one new drug. MYQORZO is the only approved product. If doctors, patients or insurers are slow to accept it, or the patient pool is smaller than the company estimates, revenue may stay small.
- Competing heart drugs could limit sales. Doctors may stick with rival heart-muscle drugs that reached the market first. Competitors could also develop cheaper, safer or more effective treatments, shrinking MYQORZO's share of patients.
- Key trials could fail. Expanding beyond oHCM hinges on studies such as ACACIA-HCM and COMET-HF. If they fail to show a drug is safe and effective, approvals could be delayed or never come.
- Heavy losses, debt and possible dilution. Cytokinetics lost $785.0 million in fiscal 2025 and says it will need substantial additional capital. Its loan terms restrict its operations, and issuing new shares or converting debt into stock could shrink owners' stakes.
- Relies on single-source outside manufacturers. Cytokinetics has no factories of its own. It relies on single-source contract manufacturers for MYQORZO and trial drugs, so a problem at one supplier could interrupt sales or studies.
- Insurers and pricing laws could cap revenue. Sales depend on insurers and government programs covering MYQORZO. Laws such as the Inflation Reduction Act may make Medicare coverage harder to win and limit the prices the company can charge.
Recent events
- Other company announcement
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- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Other company announcement
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- Executive or board change
For income and retirement investors
Cytokinetics pays no dividend and made no share repurchases from fiscal 2021 through fiscal 2025. For an income investor, that means no regular payouts. The only way to draw cash from the holding is to part with shares. There are no profits to pay out: the company lost $785.0 million in fiscal 2025, and free cash flow (cash from operations minus capital spending) was negative $534.8 million. The share count rose about 66% between November 2021 and August 2026, spreading ownership more thinly.
The stock has also fallen hard in downturns. It dropped 76.8% from October 2007 to March 2009 and did not regain that peak until October 2021. It fell 44.4% in the 2020 COVID crash but recovered by late April 2020. It lost 35.3% in January 2022 before recovering in June 2022. Through October 28, 2026, its worst drop on record was 94.5%. Single stocks, especially those of one-drug companies, carry more risk than diversified funds.
Questions investors ask
Does Cytokinetics pay a dividend?
No. Cytokinetics paid no dividends and made no share repurchases from fiscal 2021 through fiscal 2025. The company is not profitable. It lost $785.0 million in fiscal 2025 while launching MYQORZO and funding research, and it has said it will need substantial additional capital. Returns depend entirely on the share price, so the stock offers no income stream for retirees who rely on regular payouts.
How does Cytokinetics make money?
Through fiscal 2025, almost entirely from partners. That year's revenue of $88.0 million was about 90% license and milestone payments and 10% collaboration revenue. Its first product, the heart drug MYQORZO, became available to prescribe around January 27, 2026. In the U.S., the company markets it with its own sales team aimed at about 10,000 cardiologists. It planned a European launch starting in Germany and licensed the drug to Sanofi for China and Bayer for Japan.
What is MYQORZO (aficamten)?
MYQORZO is Cytokinetics' first approved medicine, a tablet for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). In HCM the heart muscle thickens, and in the obstructive form it blocks blood leaving the heart. MYQORZO is a cardiac myosin inhibitor, meaning it reduces the heart's excess squeezing force. The FDA approved it in December 2025 with a required safety program because of a heart failure risk. China's regulator approved it in December 2025 and the European Commission in February 2026.
Is Cytokinetics profitable?
No. Cytokinetics lost money in every year from fiscal 2020 through fiscal 2025, including a net loss of $785.0 million on revenue of $88.0 million in fiscal 2025. In the quarter ended June 30, 2026, it lost $198.8 million on revenue of $28.6 million. On that date it held $1.70 billion in cash and investments against $275.6 million of debt. Even so, shareholders' equity was negative $173.5 million, because total liabilities exceeded total assets of $1.92 billion.
How has Cytokinetics stock performed?
Strongly over 10 years, but with big swings. As of October 28, 2026, the share price returned about 20.2% a year over 10 years, 11.3% a year over five years and 24.5% a year over three years, but fell 1.1% over one year. Calendar years swung from a 119.4% gain in 2021 to a 43.7% loss in 2024, then a 35.1% gain in 2025. In the three years to that date, the shares fell as much as 72.4% from a peak.