Cytokinetics Q2 net loss widens to $128.6M; cuts 2023 spend by 15%, completes SEQUOIA-HCM enrollment

CYTOKINETICS INC

2023-Q2 EPS reported -$2.72 revenue$5,480,000

Net loss of $128.6M ($1.34 loss per share) vs $19.8M ($0.23 loss) in Q2 2022.
Revenue fell to $0.9M from $89.0M, primarily due to no mavacamten royalty revenue in 2023.
Cash, equivalents and investments $592.6M at June 30, 2023.
Completed enrollment in SEQUOIA-HCM with 282 patients; topline results expected by end of 2023.
Revised 2023 operating expense guidance to $390-410M; net cash utilization ~$310-320M, saving ~15%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CYTOKINETICS INC updated its second quarter of 2023 guidance (reaffirmed).

Period: second quarter of 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On August 3, 2023, Cytokinetics, Incorporated (the "Registrant") announced its financial results for the second quarter ended June 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CYTOKINETICS INC updated its 2023 guidance (lowered).

Period: 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

The company today revised its financial guidance due to the reduction in expected operating expenses following the receipt of a CRL from the FDA regarding the New Drug Application for omecamtiv mecarbil and the discontinuation of COURAGE-ALS, the Phase 3 trial of reldesemtiv. The company anticipates operating expenses for 2023 will be in the range of $390 to $410 million

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Source: SEC EDGAR

accession 0000950170-23-037924

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