Cytokinetics reports widening loss as Myqorzo commercial rollout accelerates
The biotechnology company reported a net loss of $198.8 million for the second quarter of 2026.
Cytokinetics (CYTK), the biotechnology company, reported a net loss of $198.8 million for the second quarter ended June 30, 2026. The result follows a period of transition as the company shifted focus toward the commercial scaling of its lead product.
Total revenues for the quarter were $28.6 million, a decrease from the $66.8 million reported in the second quarter of 2025. The decline was due to the absence of $64.4 million in license and milestone revenues that had bolstered the prior-year period.
Product performance for Myqorzo showed an upward trajectory. Net product revenue grew to $25.3 million in the second quarter, up from $4.8 million in the first quarter, which represented only a partial period. Commercial adoption expanded to over 700 unique prescribing healthcare providers and approximately 1,500 patients, compared to 275 providers and roughly 680 patients in the previous quarter.
The company also saw an improvement in reimbursement metrics. The percentage of patients on therapy with paid prescriptions rose to over 80% in the second quarter, up from over 70% in the first quarter.
Operating costs shifted as the company prioritized its commercial launch. Selling, general and administrative expenses rose to $104.4 million from $65.7 million in the second quarter of 2025, driven by personnel costs and launch expenses. Research and development expenses decreased to $97.8 million from $110.1 million in the same period last year.
Cytokinetics raised its full-year 2026 guidance for combined GAAP R&D and SG&A expenses to a range of $860 million to $890 million, up from the previous estimate of $830 million to $870 million. Investments in commercial readiness for a potential 2027 nHCM launch drove the increase. Guidance for non-cash stock-based compensation expense was also raised to between $130 million and $140 million.
Cash, cash equivalents, and investments totaled approximately $1.7 billion as of June 30, 2026, an increase from approximately $1.1 billion on March 31. The increase followed a public offering of common stock that netted approximately $760.1 million.