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Investing.com -- Cytokinetics , Incorporated (NASDAQ:CYTK) reported first quarter financial results that fell short of analyst expectations on the revenue front, sending shares down 2.6% in after-hours trading.
The biopharmaceutical company posted revenue of $1.6 million for the quarter, significantly below the consensus estimate of $3.6 million. However, adjusted earnings per share came in at -$1.36, slightly better than the -$1.37 analysts were expecting.
Cytokinetics ended the quarter with approximately $1.1 billion in cash and investments, down from $1.2 billion at the end of 2024. The company’s cash position declined by about $132.2 million during Q1.
"In the first quarter, we made progress towards commercial readiness and advanced our specialty cardiology pipeline," said Robert I. Blum, Cytokinetics’ President and CEO. He noted the FDA recently extended the PDUFA date for aficamten in obstructive hypertrophic cardiomyopathy (HCM) to December 26, 2025 to review a REMS submission.
The company expects to report topline results from its MAPLE-HCM trial of aficamten this month. It also completed enrollment in the primary cohort of its ACACIA-HCM trial ahead of schedule, with topline results expected in the first half of 2026.
For the full year 2025, Cytokinetics maintained its guidance for GAAP operating expenses of $670 million to $710 million.
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