CYTOKINETICS INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
CYTK$56.18+1.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(In thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(784,955) | $(589,526) | $(526,244) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Non-cash interest expense on liabilities related to revenue participation right purchase agreement | 58,367 | 48,917 | 29,474 |
| Stock-based compensation expense | 112,286 | 97,840 | 72,065 |
| Non-cash lease expense | 5,648 | 4,314 | 3,750 |
| Loss on disposition of property and equipment | — | 45 | — |
| Depreciation of property and equipment | 10,125 | 9,531 | 11,892 |
| Change in fair value of derivative liabilities | (4,200) | (1,300) | — |
| Change in fair value of liabilities related to RPI Transactions | 200 | 19,600 | — |
| Realized (loss) gain on investment, net | (25) | (19) | 35 |
| Interest receivable and amortization on investments | (15,977) | (32,515) | (15,735) |
| Non-cash interest expense related to debt | 22,901 | 11,559 | 7,341 |
| Debt conversion expense | 121,249 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (1,114) | (15,367) | (1,136) |
| Prepaid and other assets | (2,933) | (2,438) | 1,596 |
| Accounts payable | 2,663 | (4,483) | (3,483) |
| Deferred revenue | (50,758) | 52,370 | — |
| Accrued and other liabilities | 33,603 | 14,182 | 17,103 |
| Operating lease liabilities | (10,839) | (7,244) | (1,406) |
| Other non-current liabilities | (6,250) | (1,356) | (9,585) |
| Net cash used in operating activities | (510,009) | (395,890) | (414,333) |
| Cash flows from investing activities: | |||
| Purchases of investments | (1,063,173) | (1,293,416) | (635,211) |
| Investment in non-marketable equity security | (5,000) | — | — |
| Maturities of investments | 1,103,645 | 744,225 | 870,905 |
| Sales of investments | 6,001 | — | 4,975 |
| Purchases of property and equipment | (24,807) | (3,906) | (1,416) |
| Net cash (used in) provided by investing activities | 16,666 | (553,097) | 239,253 |
| Cash flows from financing activities: | |||
| Repayment of finance lease liabilities | (204) | (939) | (858) |
| Repayment of term loans | (10,809) | (8,679) | — |
| Repayment of convertible debt | (402,500) | — | — |
| Proceeds from issuance of convertible debt, net | 729,460 | — | — |
| Proceeds from draw on RPI Multi Tranche Loan | 175,000 | 200,000 | 50,000 |
| Proceeds from issuance of common stock related to at-the-market offering, net of issuance costs | — | 93,640 | 164,233 |
| Proceeds from issuance of common stock related to public offering, net of issuance costs | — | 563,204 | — |
| Proceeds from issuance of common stock related to private placement, net of issuance costs | — | 50,000 | — |
| Proceeds from issuance of common stock under equity incentive and stock purchase plans | 35,979 | 53,016 | 18,459 |
| Taxes paid related to net share settlement of equity awards | (2,468) | (19,631) | (10,517) |
| Net cash provided by financing activities | 524,458 | 930,611 | 221,317 |
| Effect of exchange rate changes | (715) | 209 | (20) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | 30,400 | (18,167) | 46,217 |
| Cash, cash equivalents, and restricted cash, beginning of period | 95,232 | 113,399 | 67,182 |
| Cash, cash equivalents, and restricted cash, end of period | $125,632 | $95,232 | $113,399 |
| Supplemental cash flow disclosures: | |||
| Cash paid for interest | $22,914 | $25,970 | $10,295 |
| Non-cash investing and financing activities: | |||
| Right-of-use assets recognized in exchange for operating lease obligations | $6,255 | $481 | $— |
| Amounts unpaid for purchases of property and equipment | $2,650 | $3,345 | $— |
| Issuance of common stock in connection with repurchase of convertible note | $107,920 | $— | $— |
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