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SOUTH SAN FRANCISCO - Cytokinetics , Incorporated (NASDAQ:CYTK) reported fourth quarter 2024 financial results that exceeded revenue expectations but fell short on earnings per share. The biopharmaceutical company, focused on muscle biology, also provided financial guidance for 2025.
Cytokinetics reported a Q4 loss of $1.26 per share, $0.04 worse than analyst estimates of a $1.22 loss. However, revenue for the quarter came in at $16.93 million, significantly beating the consensus estimate of $1.95 million. The revenue boost was largely due to a $15 million upfront payment from Corxel related to the assignment of rights to develop aficamten in Greater China to Sanofi (NASDAQ:SNY).
For the full year 2024, Cytokinetics reported total revenues of $18.5 million, compared to $7.5 million in 2023. The company ended the year with approximately $1.2 billion in cash, cash equivalents and investments.
Looking ahead, Cytokinetics provided 2025 financial guidance, projecting GAAP operating expenses between $670 million and $710 million. This includes anticipated investments for commercial readiness as the company prepares for the potential approval and launch of aficamten for obstructive hypertrophic cardiomyopathy (HCM) patients.
Robert I. Blum, Cytokinetics’ President and CEO, stated, "With regulatory submissions on file in the U.S., Europe and China for aficamten and regulatory review activities underway, we are approaching a key inflection point, and our commercial readiness activities are on track to support planned launch activities."
The company expects topline results from its MAPLE-HCM trial in Q2 2025 and is preparing for a potential U.S. launch of aficamten in the second half of 2025, subject to FDA approval.
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