Cytokinetics (CYTK) Q1 2026 earnings summary

Executive summary

• MYQORZO achieved first commercial launch in the U.S. for symptomatic oHCM in Q1 2026, generating $4.8 million in net product revenue and exceeding internal expectations with strong prescriber engagement and rapid patient uptake.

• MYQORZO received approvals in the U.S., EU, and China, with the first European launch in Germany planned for Q2 2026 and ongoing regulatory submissions in Canada and Switzerland.

• Positive topline Phase 3 results from ACACIA-HCM for aficamten in non-obstructive HCM, meeting both primary endpoints with no new safety signals identified.

• Supplemental NDA for MAPLE-HCM accepted by FDA with PDUFA date set for November 14, 2026.

• Specialty cardiology pipeline advancing with multiple ongoing clinical trials and muscle-directed therapies.

Financial highlights

• Q1 2026 total revenues were $19.4 million, up from $1.6 million in Q1 2025, driven by $4.8 million in MYQORZO product sales and $11.9 million in license/milestone revenue.

• Collaboration revenue was $2.6 million; net loss for Q1 2026 was $206 million ($1.67/share), compared to $161.4 million ($1.36/share) in Q1 2025.

• R&D expenses were $95.5 million (down from $98.3 million YoY); SG&A expenses rose to $104.9 million (from $57.4 million YoY).

• Cash, cash equivalents, and investments totaled ~$1.1 billion as of March 31, 2026, down $144 million from December 31, 2025.

• Operating expenses rose to $203 million from $157.2 million YoY, mainly due to higher SG&A for commercialization.

Outlook and guidance

• Maintaining full-year 2026 GAAP R&D and SG&A expense guidance of $830–$870 million, including $120–$130 million in non-cash stock-based compensation.

• Excluding stock-based compensation, expense guidance is $700–$750 million.

• Management expects SG&A expenses to increase significantly in 2026 due to U.S. and European commercialization of MYQORZO.

• Research and development expenses are projected to be flat or decline in 2026 as major trials conclude.

• Launch in Germany and Health Canada decision anticipated in 2H 2026; will update guidance as ACACIA-HCM results are further assessed.