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Jun 30, 2021
Cytokinetics Q2 2021 Earnings Report
Reported financial results for the second quarter of 2021 and provided an update on pipeline progress and financial guidance.
Key Takeaways
Cytokinetics reported a net loss of $61.6 million for the second quarter of 2021. The company is progressing with its late-stage muscle biology-directed pipeline and preparing for its first NDA submission. Following a recent financing, they have more than three years of cash runway.
Submission of NDA for Omecamtiv Mecarbil on track to occur in 2H 2021
Positive Results from REDWOOD-HCM Support Progression of Aficamten (CK-274) to Pivotal Phase 3 Trial in Patients with Obstructive Hypertrophic Cardiomyopathy Expected to Start in Q4
Pivotal Phase 3 Trial of Reldesemtiv in Patients with ALS Now Enrolling
More than Three Years of Cash Runway Following Recent Financing and Updated 2021 Guidance
Cytokinetics
Cytokinetics
Forward Guidance
Cytokinetics updated its financial guidance for 2021.
Positive Outlook
- Revenues for 2021 will be in the range of $23 million to $28 million
- Includes receipt of $45 million under our funding agreement with RTW Investments, LP
- Expect to start a Phase 3 clinical trial of aficamten in patients with obstructive HCM in Q4 2021
- More than three years of cash runway
- Ended the second quarter with $424 million cash
Challenges Ahead
- Operating expenses will be in the range of $230 million to $250 million
- Net cash utilization will be in the range of $195 million to $215 million
- Includes non-recurring new building construction costs of approximately $35 million
- Net loss for the second quarter was $61.6 million, or $0.86 per share
- Changes in revenues are due to changes in reimbursable collaborative activities with Amgen and Astellas.