Cytokinetics Reports First Quarter 2018 Financial Results

Cytokinetics (Nasdaq:CYTK) reported financial results for the first quarter of 2018. Net loss for the first quarter was $30.3 million, or $0.56 per share, compared to a net loss for the first quarter of 2017 of $25.9 million, or $0.62 per share. Cash, cash equivalents and investments totaled $255.5 million at March 31, 2018.

As quoted in the press release:

“In the first quarter of 2018 we made progress advancing our muscle biology directed drug candidates in mid- and late-stage clinical trials across diseases and conditions of impaired muscle function,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “We completed enrollment of our Phase 2 clinical study of reldesemtiv in patients with spinal muscular atrophy and look forward to data from that study in the second quarter which may inform future development of reldesemtiv under our collaboration with Astellas. In addition, we made further preparations to initiate the second Phase 3 clinical trial of omecamtiv mecarbil in patients with heart failure under our collaboration with Amgen. We also continued preclinical development activities with the objective of advancing two drug candidates into Phase 1 trials.”

Click here to read the full press release.