Cytokinetics Q1 2023 Earnings Report
Key Takeaways
Cytokinetics reported its Q1 2023 financial results, with a net loss of $131.3 million, or $1.38 per share. The company's cash, cash equivalents, and investments totaled $704.4 million as of March 31, 2023. They are reducing their spending to maintain over two years of cash runway.
SEQUOIA-HCM nearing completion of enrollment with results expected in Q4 2023.
Additional data from Cohort 4 of REDWOOD-HCM to be presented at European Society of Cardiology Heart Failure 2023 Congress.
Company to reduce spending by more than 10% in 2023 to maintain over 2 years of cash runway.
Revenue increased due to recognizing a $2.5 million milestone from Ji Xing Pharmaceuticals.
Cytokinetics
Cytokinetics
Forward Guidance
Cytokinetics anticipates completing patient enrollment in SEQUOIA-HCM in Q2 2023, with results expected in Q4 2023. They also plan to begin MAPLE-HCM in Q2 2023 and a Phase 3 trial of aficamten in non-obstructive HCM in 2H 2023. The company expects to advance CK-586 into a first-in-human study in Q2 2023 and expects single ascending dose data from the Phase 1 study of CK-136 in 2H 2023.
Positive Outlook
- Complete patient enrollment in SEQUOIA-HCM in Q2 2023, with results expected in Q4 2023.
- Begin MAPLE-HCM, the second Phase 3 clinical trial of aficamten as monotherapy compared to metoprolol in patients with obstructive HCM, in Q2 2023.
- Begin a Phase 3 clinical trial of aficamten in non-obstructive HCM in 2H 2023.
- Advance U.S. go-to-market strategy for aficamten.
- Expect to advance CK-586 into a first-in-human study in Q2 2023.
Challenges Ahead
- Conclude clinical trial conduct and complete majority of close-out activities for COURAGE-ALS in Q2 2023.
- Complete majority of close-out activities for COURAGE-ALS in Q2 2023; expect to share results from COURAGE-ALS in 2H 2023.
- Continue to pursue potential international approvals for omecamtiv mecarbil in Europe and China.
- Expect single ascending dose data from the Phase 1 study of CK-136 in 2H 2023.
- The company will conclude study conduct and plans to discontinue treatment with reldesemtiv in all patients, including those in the open-label extension study, COURAGE-ALS OLE.