Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
or
For the transition period from to
Commission file number:
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading symbol
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Name of each exchange on which registered
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Number of shares of common stock, $0.001 par value, outstanding as of August 2, 2022:
Table of Contents
CYTOKINETICS, INCORPORATED
TABLE OF CONTENTS FOR FORM 10-Q
FOR THE three and six months ended June 30, 2022
2
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CYTOKINETICS, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data) (Unaudited)
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June 30, 2022 |
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December 31, 2021 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term investments |
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Accounts receivable |
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Prepaid expenses and other current assets |
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Total current assets |
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Long-term investments |
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Property and equipment, net |
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Operating lease right-of-use assets |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Accrued liabilities |
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Short-term operating lease liabilities |
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Other current liabilities |
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Total current liabilities |
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Term loan, net |
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Convertible notes, net |
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Liabilities related to revenue participation right purchase agreements, net |
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Long-term deferred revenue |
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Long-term operating lease liabilities |
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Other non-current liabilities |
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Total liabilities |
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Stockholders’ equity: |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
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Accumulated deficit |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
CYTOKINETICS, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data) (Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, 2022 |
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June 30, 2021 |
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June 30, 2022 |
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June 30, 2021 |
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Revenues: |
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Research and development revenues |
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$ |
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$ |
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$ |
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$ |
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Milestone revenues |
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Realization of revenue participation right purchase agreement |
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Total revenues |
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Operating expenses: |
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Research and development |
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General and administrative |
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Total operating expenses |
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Operating loss |
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Interest expense |
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Loss on extinguishment of debt |
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Non-cash interest expense on liabilities related to revenue participation right purchase agreements |
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Interest and other income, net |
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Net loss |
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$ |
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$ |
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$ |
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$ |
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Net loss per share — basic and diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted-average number of shares used in computing net loss per share — basic and diluted |
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Other comprehensive loss: |
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Unrealized loss on available-for-sale securities, net |
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( |
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Comprehensive loss |
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$ |
( |
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$ |
( |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Table of Contents
CYTOKINETICS, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ Equity
(In thousands, except share data) (Unaudited)
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Common Stock |
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Additional |
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Accumulated |
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Accumulated |
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Total |
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Shares |
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Amount |
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Capital |
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Loss |
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Deficit |
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Equity |
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Balance, December 31, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
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ASU 2020-06 adoption |
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— |
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— |
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Exercise of stock options |
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Vesting of restricted stock units, |
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Stock-based compensation |
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— |
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Other comprehensive loss |
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— |
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Net loss |
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— |
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Balance, March 31, 2022 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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Exercise of stock options |
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Vesting of restricted stock units, |
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Issuance of common stock under |
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Exercise of warrants |
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Stock-based compensation |
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— |
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Other comprehensive loss |
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— |
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Net loss |
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— |
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Balance, June 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Common Stock |
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Additional |
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Accumulated |
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Accumulated |
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Total |
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Shares |
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Amount |
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Capital |
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(Loss) Income |
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Deficit |
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Equity |
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Balance, December 31, 2020 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Exercise of stock options |
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Vesting of restricted stock units, |
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( |
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( |
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Net share settlement |
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— |
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( |
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( |
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Stock-based compensation |
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— |
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Other comprehensive loss |
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— |
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( |
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( |
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Net loss |
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— |
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( |
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Balance, March 31, 2021 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Exercise of stock options |
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Issuance of common stock under |
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Stock-based compensation |
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— |
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Other comprehensive loss |
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— |
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( |
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( |
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Net loss |
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— |
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( |
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Balance, June 30, 2021 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Table of Contents
CYTOKINETICS, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
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Six Months Ended |
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June 30, 2022 |
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June 30, 2021 |
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Cash flows from operating activities: |
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Net loss |
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$ |
( |
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$ |
( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Non-cash interest expense on liabilities related to revenue participation right purchase agreements |
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Stock-based compensation expense |
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Non-cash lease expense |
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Depreciation and amortization of property and equipment |
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Interest receivable and amortization on investments |
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Non-cash interest expense related to debt |
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Loss on extinguishment of debt |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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Prepaid and other assets |
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( |
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Accounts payable |
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