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Cytokinetics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$125M in Q3 2026 · −$589M over twelve months

Operating cash flow−$124M
Capital spending−$700K
Free cash flow−$125M

Analysis

In Q3 2026, Cytokinetics generated −$124M of operating cash flow and spent $700K on capital projects, leaving free cash flow of −$125M. That is $7.9M less than in Q3 2025 (−$117M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$572M; the largest uses were operating cash flow ($572M), other investing ($348M), capital spending ($16.6M); besides operations, cash came from other financing ($859M), shares issued ($76.4M); the cash balance fell by $22.1M.

Operating cash flow was −$124M against net income of −$190M. The largest differences: stock-based pay +$34.7M, accrued liabilities +$25.1M, receivables −$9.5M.

Free cash flow

Cytokinetics: free cash flow by quarterCytokinetics: free cash flow by quarter−$66.9MQ4 2024−$137MQ1 2025−$132MQ2 2025−$117MQ3 2025−$148MQ4 2025−$151MQ1 2026−$164MQ2 2026−$125MQ3 2026
Operating cash flow less capital spending.
Cytokinetics: operating cash flow against capital spendingCytokinetics: operating cash flow against capital spendingOperating cash flowCapital spending−$65.6M$1.3MQ4 2024−$132M$5.7MQ1 2025−$128M$4.1MQ2 2025−$108M$9.4MQ3 2025−$143M$5.6MQ4 2025−$145M$5.9MQ1 2026−$160M$4.3MQ2 2026−$124M$700KQ3 2026
Latest (Q3 2026): Operating cash flow −$124M, Capital spending $700K.

Capital allocation, year by year

Cytokinetics: where the cash came from (up) and went (down), by fiscal yearCytokinetics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$143MFY2021: Shares issued $12.4MFY2021: Capital spending −$48.9M$12.4MFY2021FY2022: Operating cash flow −$300MFY2022: Net borrowing $475MFY2022: Shares issued $17.5MFY2022: Capital spending −$11.3M$493MFY2022FY2023: Operating cash flow −$414MFY2023: Net borrowing −$858KFY2023: Shares issued $183MFY2023: Capital spending −$1.4M$183MFY2023FY2024: Operating cash flow −$396MFY2024: Net borrowing −$9.6MFY2024: Shares issued $53.0MFY2024: Capital spending −$3.9M$53.0MFY2024FY2025: Operating cash flow −$510MFY2025: Net borrowing $718MFY2025: Shares issued $36.0MFY2025: Capital spending −$24.8M$754MFY2025
Over these 5 years operating cash flow totalled −$1.8B; the largest uses were operating cash flow ($1.8B) and capital spending ($90.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$1.0B
Net cash$128M
Due within a year$38.0M
Cash runway23 months

Cytokinetics is burning cash: its operations consume cash, a free cash flow of −$589M a year at the current rate against $1.1B of cash and investments: a runway of about 23 months; $38.0M of debt also comes due within a year, which the cash covers before any new financing.

Cytokinetics: debt maturities by year (FY2025)Cytokinetics: debt maturities by year (FY2025)$38.0MYear 1$159MYear 2$13.1MYear 3$13.1MYear 4$13.1MYear 5$763MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

Cytokinetics: sources (+) and uses (−) of cash, Q3 2026Cytokinetics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$124MOther investing$68.6MCash drawn (+) / kept (−)$51.8MShares issued$12.4MNet borrowing (+) / repaid (−)−$5.4MOther financing−$1.3MTaxes on employees’ shares−$915KCapital spending−$700KExchange rates−$559K
Cytokinetics: sources (+) and uses (−) of cash, TTM to Q3 2026Cytokinetics: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$859MOperating cash flow−$572MOther investing−$348MShares issued$76.4MCash drawn (+) / kept (−)$22.1MCapital spending−$16.6MNet borrowing (+) / repaid (−)−$14.5MTaxes on employees’ shares−$4.5MExchange rates−$1.4M

From profit to cash

Cytokinetics: net income to operating cash flow, Q3 2026Cytokinetics: net income to operating cash flow, Q3 2026Net income−$190MDepreciation & amortization$3.6MStock-based pay$34.7MReceivables−$9.5MInventory−$9.3MPayables$5.2MAccrued liabilities$25.1MPrepaid and other assets−$5.1MOther liabilities−$6.4MOperating cash flow−$124M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$124M−$700K−$5.4M$12.4M$51.8M−$125M
Q2 2026−$160M−$4.3M−$3.6M$38.0M−$125M−$164M
Q1 2026−$145M−$5.9M−$2.7M$11.3M−$7.3M−$151M
Q4 2025−$143M−$5.6M−$2.7M$14.6M$103M−$148M
Q3 2025−$108M−$9.4M−$2.7M$6.9M−$152M−$117M
Q2 2025−$128M−$4.1M−$2.7M$6.7M−$2.5M−$132M
Q1 2025−$132M−$5.7M−$2.9M$7.7M$21.2M−$137M
Q4 2024−$65.6M−$1.3M−$2.9M$6.5M−$48.0M−$66.9M

Cytokinetics: income statement and cash flow

Cytokinetics, Q3 2026: revenue $47.6M (25× year over year), operating margin -351.3%. The chart follows the revenue to costs, profit and cash.

Cytokinetics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.