Cytokinetics Records $89M Q2 Sales On Deferred Mavacamten Revenues, Forecasts FY22 Cash Of Over $800M - Cytokinetics (NASDAQ:CYTK)

Cytokinetics Inc CYTK reported Q2 sales of $88.96 million compared to $2.84 million a year ago, primarily due to the recognition of $87 million deferred revenue for sales royalties of mavacamten as a result of the extinguishment of royalty obligations.
The analysts estimated sales of $3.63 million.
The company reported an EPS loss of $(0.23), down from $(0.86) a year ago.
In June, the company received an FDA notice on plans to convene an Advisory Committee meeting to review the omecamtiv mecarbil marketing application. The meeting is currently scheduled for December 13.
The agency has also extended the Prescription Drug User Fee Act (PDUFA) date for omecamtiv mecarbil to February 28, 2023, due to additional pharmacokinetic analyses provided to the FDA upon request.
The company held a cash balance of $596.7 million at the end of Q2.
The company said that it is planning for a second Phase 3 trial of aficamten.
Guidance: Cytokinetics revised its financial guidance related to a reduction in expected operating expenses due to the three-month extension of the PDUFA date for omecamtiv mecarbil.
The company anticipates FY22 operating expenses of $375 - $385 million, and net cash utilization of approximately $360 - $365 million.
The company expects to end 2022 with more than $800 million in cash.
Price Action: CYTK shares traded 0.47% lower at $46.50 during premarket trading on Friday.