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Cytokinetics Reports Second Quarter 2023 Financial Results
Completed Enrollment in SEQUOIA-HCM, Pivotal Phase 3 Trial of Aficamten in Obstructive HCM; On Track for Topline Results by the End of the Year Initiated
About this update from Cytokinetics, Incorporated
[{"type":"text","content":"Completed Enrollment in SEQUOIA-HCM, Pivotal Phase 3 Trial of Aficamten in Obstructive HCM; On Track for Topline Results by the End of the Year Initiated Enrollment in MAPLE-HCM, a Phase 3 Clinical Trial Comparing Aficamten and Metoprolol in Obstructive HCM ACACIA-HCM, a Pivotal Phase 3 Clinical Trial of Aficamten in Non-Obstructive HCM, Expected to Start in September 2023 Company Reduces Projected Spending by Approximately 15% and Revises 2023 Financial Spending Guidance SOUTH SAN FRANCISCO, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) reported financial results for the second quarter of 2023. Net loss for the second quarter was $128.6 million, or $1.34 per share, compared to net loss for the second quarter of 2022 of $19.8 million, or $0.23 per share. Cash, cash equivalents and investments totaled $592.6 million at June 30, 2023. “In the second quarter we made substantial progress across our pipeline, with notable advancements in the development program of aficamten, including our completing enrollment in SEQUOIA-HCM, with 282 patients, making it the largest randomized trial of an investigational therapy in HCM. We are pleased with ongoing study conduct and expect topline results from SEQUOIA-HCM by year end,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “During the quarter we also started a second Phase 3 clinical trial of aficamten in obstructive HCM, MAPLE-HCM, furthered preparations for ACACIA-HCM, our Phase 3 clinical trial in non-obstructive HCM expected to start next month and began a Phase 1 study of CK-586, a cardiac myosin inhibitor, that we plan to develop for the potential treatment of heart failure with preserved ejection fraction. Finally, in the second quarter, we prioritized company activities and reduced expected operating expenses for 2023 by approximately 15 percent in order to further extend our cash runway through key corporate milestones.” Q2 and Recent Highlights Cardiac Muscle Programs aficamten (cardiac myosin inhibitor) Completed patient enrollment in SEQUOIA-HCM (Safety, Efficacy, and Quantitative Understanding of Obstruction Impact of Aficamten in HCM), the first Phase 3 trial of aficamten in obstructive hypertrophic cardiomyopathy (HCM), enrolling a total of 282 patients.Announced the start of MAPLE-HCM (Metoprolol vs Aficamten in ...