CYTOKINETICS INC Q1 FY2026 earnings call

Product Launch - myCORSO

• Launched in the U.S. on January 27th, with net product revenue of $4.8 million in Q1. Exceeding internal expectations.
• HCP prescribing started within days, over 80% of treating ACPs aware of prescribing info.
• Sales teams reached over 90% of high-volume CMI writers in Q1.
• European Commission approved myCORSO for OHCM, planning first launch in Germany in Q2.

Clinical Trial Results - Acacia HCM

• Positive top-line results from Phase III trial in non-obstructive HCM, improving symptoms and exercise capacity with no new safety signals.
• Plan to meet with regulatory authorities to submit supplemental NDA.
• SNDA for maple HCM accepted by FDA with PDUFA date of November 14, 2026. Submitted MAA for Afikante in OHCM in Switzerland, and marketing app under review in Canada.

Clinical Development Programs

• Advancing trials for afikamptin in obstructive and non-obstructive HCM, including Camellia HCM and Japanese cohort of Acacia HCM.
• Heart failure trials: Common HF (confirmatory phase III) progressing, Amber HFPEF (Phase II) expanding enrollment.

Total revenues for the first quarter were $19.4 million. Net product revenues for myCORSO were $4.8 million. Collaboration revenue was $2.6 million. There was a milestone revenue of $11.9 million. R&D expenses were $95.5 million. SG&A expense was $104.9 million. Cost of goods sold was $0.2 million. Collaboration cost of revenues was $2.4 million. Net loss was $206 million. myCORSO had net product revenue of $4.8 million in the first quarter, contributing a significant portion to total revenues. The revenue contribution % isn't explicitly calculated but the $4.8 million is a key component of the $19.4 million total revenues.

Maintaining full year 2026 financial guidance with GAAP combined R&D and SG&A expense expected to be between $830 million and $870 million. Stock-based compensation included is expected to be between $120 million and $130 million. Excluding stock-based compensation, range is $700 million to $750 million. Will update on impact of Acacia HCM results on financial guidance in future. Milestones for 2026 include meeting with regulators about Acacia HCM results, launching myCORSO in Germany in Q2, potentially FDA approval of Maple HCM supplemental NDA in Q4, completing enrollment in adolescent cohort of CDER HCM in Q4, potential approval from Health Canada in H2 2026, continuing enrollment in Common HF through 2026, completing enrollment in cohort one of Amber HFPEF in H2 2026, and beginning second phase one study for CK089.