third quarter of 2026
Filed Nov 4, 2026Cytokinetics Reports Third Quarter 2026 Financial Results and Provides Business Update
MYQORZO generated $44.5 million in net product revenue and total revenue reached $47.6 million, while operating costs increased and the company reported a $190.1 million net loss. Management reaffirmed full-year 2026 combined GAAP R&D and SG&A expense guidance and highlighted planned regulatory submissions and international launches.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 net product revenueGAAP | $44.51M | – | – |
| Nine months ended September 30, 2026 net product revenueGAAP | $74.63M | – | – |
| Q3 2026 collaboration revenuesGAAP | $3.05M | – | – |
| Nine months ended September 30, 2026 collaboration revenuesGAAP | $8.98M | – | – |
| Q3 2026 license and milestone revenuesGAAP | - (in thousands) | – | – |
| Nine months ended September 30, 2026 license and milestone revenuesGAAP | $11.93M | – | – |
| Q3 2026 total revenuesGAAP | $47.56M | – | – |
| Nine months ended September 30, 2026 total revenuesGAAP | $95.54M | – | – |
| Q3 2026 research and development expenseGAAP | $99.28M | – | – |
| Nine months ended September 30, 2026 research and development expenseGAAP | $292.6M | – | – |
| Q3 2026 R&D non-cash stock-based compensation expenseGAAP | $15.1M | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | $113.1M | – | – |
| Nine months ended September 30, 2026 selling, general and administrative expenseGAAP | $322.4M | – | – |
| Q3 2026 SG&A non-cash stock-based compensation expenseGAAP | $19.6M | – | – |
| Q3 2026 cost of goods soldGAAP | ($454) (in thousands) | – | – |
| Nine months ended September 30, 2026 cost of goods soldGAAP | $2.44M | – | – |
| Q3 2026 collaboration cost of revenuesGAAP | $2.67M | – | – |
| Nine months ended September 30, 2026 collaboration cost of revenuesGAAP | $7.92M | – | – |
| Q3 2026 total operating expensesGAAP | $214.6M | – | – |
| Nine months ended September 30, 2026 total operating expensesGAAP | $625.4M | – | – |
| Q3 2026 operating lossGAAP | ($167,088) (in thousands) | – | – |
| Nine months ended September 30, 2026 operating lossGAAP | ($529,878) (in thousands) | – | – |
| Q3 2026 interest and other expense, netGAAP | ($14,842) (in thousands) | – | – |
| Nine months ended September 30, 2026 interest and other expense, netGAAP | ($44,015) (in thousands) | – | – |
| Q3 2026 non-cash interest expense on liabilities related to revenue participation right purchase agreementsGAAP | ($23,642) (in thousands) | – | – |
| Nine months ended September 30, 2026 non-cash interest expense on liabilities related to revenue participation right purchase agreementsGAAP | ($62,635) (in thousands) | – | – |
| Q3 2026 interest and other income, netGAAP | $15.90M | – | – |
| Nine months ended September 30, 2026 interest and other income, netGAAP | $40.87M | – | – |
| Q3 2026 change in fair value of derivative liabilitiesGAAP | ($600) (in thousands) | – | – |
| Nine months ended September 30, 2026 change in fair value of derivative liabilitiesGAAP | ($200) (in thousands) | – | – |
| Q3 2026 change in fair value of liabilities related to RPI TransactionsGAAP | $200K | – | – |
| Nine months ended September 30, 2026 change in fair value of liabilities related to RPI TransactionsGAAP | $1M | – | – |
| Q3 2026 debt conversion expenseGAAP | — (in thousands) | – | – |
| Nine months ended September 30, 2026 debt conversion expenseGAAP | — (in thousands) | – | – |
| Q3 2026 net lossGAAP | ($190,069) (in thousands) | – | – |
| Nine months ended September 30, 2026 net lossGAAP | ($594,862) (in thousands) | – | – |
| Q3 2026 net loss per share, basic and dilutedGAAP | $(1.37) | – | – |
| Nine months ended September 30, 2026 net loss per share, basic and dilutedGAAP | $(4.52) | – | – |
| Q3 2026 weighted-average number of shares used in computing net loss per share, basic and dilutedGAAP | 139,045 | – | – |
| Nine months ended September 30, 2026 weighted-average number of shares used in computing net loss per share, basic and dilutedGAAP | 131,526 | – | – |
| Cash, cash equivalents and investments as of September 30, 2026other | approximately $1.6 billion | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MYQORZO net product revenueInclusive of $43.1 million from the U.S. and $1.4 million from Europe reflecting product revenue in Germany. | $44.5M | – | – |
| MYQORZO U.S. net product revenueMYQORZO launch momentum, growing adoption across a broadening base of prescribers, and nearly 1,100 unique healthcare providers having prescribed MYQORZO year-to-date as of September 30, 2026. | $43.1M | – | – |
| MYQORZO Europe net product revenueReflecting product revenue in Germany. | $1.4M | – | – |
| Collaboration revenueCollaboration revenue was reported for the third quarter of 2026. | $3.1M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Operating expensesGAAP combined R&D and SG&A Expense $860 million to $890 million
- NoteNon-cash stock-based compensation expense included in GAAP combined R&D and SG&A Expense $140 million to $130 million
What drove it
- MYQORZO net product revenue was $44.5 million in the third quarter of 2026.
- Nearly 1,100 unique healthcare providers had prescribed MYQORZO year-to-date as of September 30, 2026.
- Over 2,800 patients had been dispensed MYQORZO year-to-date as of September 30, 2026.
- MYQORZO received authorization from Health Canada and marketing authorization across the United Kingdom.
- The company presented positive primary results from the Phase 3 ACACIA-HCM trial in symptomatic non-obstructive hypertrophic cardiomyopathy.
- The cost of goods sold credit reflected drug supply optimization activities.
Concerns
- SG&A expense increased primarily due to external costs associated with the commercial launch of MYQORZO and higher personnel-related costs, including stock-based compensation.
- R&D expense increased primarily due to higher clinical trial activity and higher personnel-related costs.
- The company reported a Q3 2026 operating loss of ($167,088) (in thousands) and net loss of ($190,069) (in thousands).
- The company disclosed outstanding indebtedness and payment obligations, including under agreements with entities affiliated with Royalty Pharma.
- Regulatory, reimbursement, market-acceptance, competition, manufacturing, clinical-development and funding risks are identified in the filing.
What to watch
- Submission of the Supplemental NDA for aficamten in non-obstructive HCM in Q4 2026.
- Submission of a Type II Variation in the European Union in early 2027.
- Expected MYQORZO launch in the United Kingdom in Q4 2026 and additional countries in 2027.
- Expected completion of patient enrollment in Cohort 1 of AMBER-HFpEF in Q4 2026.
- Expected presentation of topline data from the adolescent cohort of CEDAR-HCM in early 2027.
- COMET-HF enrollment, which the company expects to continue through 2027.
- Execution against full-year 2026 GAAP combined R&D and SG&A expense guidance.
Balance sheet and cash flow
- Cash and short term investments: $1,130,021 (in thousands) as of September 30, 2026; $882,221 (in thousands) as of December 31, 2025.
- Long-term investments: $453,631 (in thousands) as of September 30, 2026; $335,048 (in thousands) as of December 31, 2025.
- Current portion of convertible and long-term debt: $174,399 (in thousands) as of September 30, 2026; $41,181 (in thousands) as of December 31, 2025.
- Term loan, net: $244,332 (in thousands) as of September 30, 2026; $246,384 (in thousands) as of December 31, 2025.
- Convertible notes, net: $732,771 (in thousands) as of September 30, 2026; $869,597 (in thousands) as of December 31, 2025.
- Liabilities related to revenue participation right purchase agreements, net: $579,564 (in thousands) as of September 30, 2026; $520,559 (in thousands) as of December 31, 2025.
- Total assets: $1,824,780 (in thousands) as of September 30, 2026; $1,424,537 (in thousands) as of December 31, 2025.
- Total liabilities: $2,145,951 (in thousands) as of September 30, 2026; $2,084,162 (in thousands) as of December 31, 2025.
- Total stockholders' deficit: ($321,171) (in thousands) as of September 30, 2026; ($659,625) (in thousands) as of December 31, 2025.
Analysis
Third-quarter revenue was $47,557 (in thousands), consisting principally of $44,507 (in thousands) of MYQORZO net product revenue and $3,050 (in thousands) of collaboration revenue. The product launch was supported by nearly 1,100 unique healthcare providers having prescribed MYQORZO and over 2,800 patients having been dispensed the medicine year-to-date as of September 30, 2026. The reported MYQORZO revenue included $43.1 million from the U.S. and $1.4 million from Europe, reflecting product revenue in Germany.
The expense profile remained elevated as Cytokinetics commercializes MYQORZO and advances its pipeline. Q3 R&D expense was $99,285 (in thousands), with the company citing higher clinical trial activity and higher personnel-related costs. SG&A expense was $113,144 (in thousands), with the increase attributed to MYQORZO launch-related external costs and higher personnel-related costs, including stock-based compensation. Cost of goods sold was ($454) (in thousands), reflecting a credit from drug supply optimization activities.
The company reported a Q3 operating loss of ($167,088) (in thousands) and net loss of ($190,069) (in thousands), or $(1.37) per basic and diluted share. Interest and other expense, net, non-cash interest expense on liabilities related to revenue participation right purchase agreements, and changes in fair values of derivative and RPI-related liabilities remained material items in the income statement. Cash, cash equivalents and investments were approximately $1.6 billion as of September 30, 2026, compared with $1.7 billion at June 30, 2026.
Cytokinetics reaffirmed full-year 2026 GAAP combined R&D and SG&A expense guidance of $860 million to $890 million. Operational milestones ahead include a planned Q4 2026 Supplemental NDA submission for aficamten in non-obstructive HCM, a planned early-2027 European Union Type II Variation, an expected Q4 2026 MYQORZO launch in the United Kingdom, and expected early-2027 topline data from the adolescent cohort of CEDAR-HCM. The filing also notes continued COMET-HF enrollment through 2027 and expected Q4 2026 completion of enrollment in Cohort 1 of AMBER-HFpEF.
Management, verbatim
Our third quarter results demonstrate continued strong execution as Cytokinetics enters its next phase of growth as a global specialty cardiology biopharmaceutical company.
Robert I. Blum, President and Chief Executive Officer
In the U.S., the launch of MYQORZO continued to build solid momentum and increased velocity with growing adoption across a broadening base of prescribers.
Robert I. Blum, President and Chief Executive Officer
Now, with our having presented and published the primary results from ACACIA-HCM, the first positive Phase 3 clinical trial in nHCM, we believe aficamten has the potential to become the first and only cardiac myosin inhibitor approved across the full spectrum of HCM.
Robert I. Blum, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Gross profit was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Tax rate was not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Prior-quarter income-statement comparatives were not reported.
- Non-GAAP financial measures, including non-GAAP EPS, were not reported.
- Revenue guidance was not reported.
- Prior outlook was not provided, so no comparison of actual results with prior guidance is available.
- CFO commentary was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.