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Cytokinetics Reports First Quarter 2023 Financial Results
SEQUOIA-HCM Nearing Completion of Enrollment; On Track for Results in Q4 2023 Additional Data from Cohort 4 of REDWOOD-HCM to be Presented in Late-Breaking
About this update from Cytokinetics, Incorporated
[{"type":"text","content":"SEQUOIA-HCM Nearing Completion of Enrollment; On Track for Results in Q4 2023 Additional Data from Cohort 4 of REDWOOD-HCM to be Presented in Late-Breaking Clinical Trial Session at European Society of Cardiology Heart Failure 2023 Congress Company to Reduce Spending by More Than 10% in 2023 to Maintain Over 2 Years of Cash Runway SOUTH SAN FRANCISCO, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) reported financial results for the first quarter of 2023. Net loss for the first quarter was $131.3 million, or $1.38 per share, compared to net loss for the first quarter of 2022 of $89.4 million, or $1.05 per share. Cash, cash equivalents and investments totaled $704.4 million at March 31, 2023. “In the first quarter we continued to prioritize the broad development program for aficamten for the potential treatment of obstructive and non-obstructive HCM and with focus to SEQUOIA-HCM, our pivotal Phase 3 clinical trial in obstructive HCM. We expect to complete patient enrollment in the coming weeks and read out the results later this year,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “In parallel, we continue to deepen our specialty cardiology pipeline with the advancement of CK-136 and CK-586 in earlier phase clinical trials. Finally, as good stewards of shareholder capital, we are reducing our spending to ensure we maintain over two years of cash runway.” Q1 and Recent Highlights Cardiac Muscle Programs aficamten (cardiac myosin inhibitor) Presented data from Cohort 4 of REDWOOD-HCM (Randomized Evaluation of Dosing With CK-274 in Obstructive Outflow Disease in HCM), a Phase 2 clinical trial of aficamten in patients with non-obstructive hypertrophic cardiomyopathy, at the American College of Cardiology 72nd Annual Scientific Session (ACC.23), showing that treatment with aficamten resulted in significant improvements in heart failure symptoms as measured by New York Heart Association (NYHA) Class, as well as in NT-proBNP and high-sensitivity troponin I, cardiac biomarkers. Presented 48-week data from FOREST-HCM (Follow-up, Open-Label, Research Evaluation of Sustained Treatment with Aficamten in HCM) at ACC.23 showing that long-term treatment with aficamten was associated with sustained treatment effect, well-tolerated with no treatment-related serious adverse events, and...