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Cytokinetics , Incorporated (NASDAQ:CYTK) announced Tuesday that its board of directors has appointed James M. Daly to serve as a Class III director, filling a vacant board seat. Daly will also join the board’s compliance committee. His initial term will run until the company’s 2028 annual meeting of stockholders.
According to the company’s statement, Daly’s appointment was recommended by the board’s nominating and governance committee and became effective August 19. The board determined that Daly is independent under the company’s corporate governance guidelines, U.S. Securities and Exchange Commission requirements, and Nasdaq listing standards. The company reported that there are no arrangements or understandings with any other persons regarding Daly’s selection, and no transactions requiring disclosure under SEC regulations.
Daly will participate in Cytokinetics’ non-employee director compensation program. This includes an annual retainer of $50,000 for board service and an additional $7,500 for service on the compliance committee, both pro-rated for any partial period of service. Daly will also receive an annual equity grant of restricted stock units and stock options with a combined grant date fair value of $440,000. The stock options vest monthly over a period ending on the earlier of the one-year anniversary of the grant date or the next annual meeting of stockholders, while the restricted stock units vest in one installment on the earlier of those same dates, subject to continuous board service.
On August 19, Daly was granted an option to purchase 27,450 shares of Cytokinetics common stock, with a grant date fair value of $700,000. This initial grant will vest monthly over three years, contingent on his continued board service. The company also entered into its standard indemnification agreement with Daly.
This information is based on a press release statement contained in a filing with the U.S. Securities and Exchange Commission.
In other recent news, Cytokinetics reported its second quarter 2025 earnings, showcasing a significant revenue beat and a narrower-than-expected loss per share. The company announced a net loss of $134.4 million, or $1.12 per share, which was better than the analyst projections of a $1.42 loss per share. Revenue surged to $66.76 million, far exceeding the forecast of $2.01 million. Additionally, Cytokinetics appointed James M. Daly to its Board of Directors, effective August 19, 2025. Daly brings over 30 years of experience in the biopharmaceutical industry, having previously served as Chief Commercial Officer at Incyte (NASDAQ:INCY) Corporation. His expertise in commercialization is expected to strengthen Cytokinetics’ strategic direction. These developments are part of the company’s ongoing efforts to enhance its leadership team and financial performance.
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