Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Cytokinetics Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Current income tax provision	—)	—)	—)	—)	—)
Deferred income tax provision	—)	—)	—)	—)	—)
Income tax provision	—)	—)	—)	—)	—)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Download chart

Item	Description	The company
Current income tax provision	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.
Deferred income tax provision	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.
Income tax provision	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Cytokinetics Inc., effective income tax rate (EITR) reconciliation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Tax at federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
State tax, net of federal benefits	1.00%	0.00%	1.00%	3.00%	0.00%
Change in state effected rates	0.00%	-1.00%	-2.00%	4.00%	-4.00%
Tax credits, net	4.00%	3.00%	3.00%	3.00%	1.00%
Change in valuation allowance	-26.00%	-24.00%	-23.00%	-30.00%	-17.00%
Stock-based compensation	2.00%	2.00%	1.00%	-1.00%	-1.00%
Other	-2.00%	-1.00%	-1.00%	0.00%	0.00%
Effective tax rate	0.00%	0.00%	0.00%	0.00%	0.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Download chart

Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Cytokinetics Inc., components of deferred tax assets and liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net operating loss carryforwards	202,459)	181,977)	162,514)	143,228)	121,748)
Tax credits	98,292)	77,366)	71,976)	67,892)	64,797)
Liability related to sale of future royalties	68,366)	38,302)	36,989)	35,213)	26,294)
Reserves and accruals	23,950)	15,409)	10,876)	8,690)	5,772)
Capitalized R&D	48,047)	1,115)	2,370)	3,949)	4,614)
Long-term lease liability	28,901)	26,223)	718)	1,674)	—)
Deferred revenue	—)	18,608)	—)	—)	—)
Depreciation and amortization	—)	—)	746)	722)	586)
Other	—)	—)	—)	58)	—)
Noncurrent deferred tax assets	470,015)	359,000)	286,189)	261,426)	223,811)
Valuation allowance	(443,914)	(327,397)	(274,779)	(245,884)	(221,109)
Noncurrent deferred tax assets, less valuation allowance	26,101)	31,603)	11,410)	15,542)	2,702)
Depreciation and amortization	(7,909)	(7,664)	—)	—)	—)
Accounting method change	—)	—)	(927)	(2,047)	(2,682)
Operating lease right-of-use assets	(18,192)	(15,643)	(651)	(1,484)	—)
Convertible notes	—)	(8,296)	(9,832)	(12,011)	—)
Other	—)	—)	—)	—)	(20)
Noncurrent deferred tax liabilities	(26,101)	(31,603)	(11,410)	(15,542)	(2,702)
Net deferred tax assets (liabilities)	—)	—)	—)	—)	—)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Download chart

Item	Description	The company
Noncurrent deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Cytokinetics Inc. noncurrent deferred tax assets increased from 2020 to 2021 and from 2021 to 2022.
Noncurrent deferred tax assets, less valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Cytokinetics Inc. noncurrent deferred tax assets, less valuation allowance increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.

Cytokinetics Inc., adjustments to financial statements

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Adjustment to Stockholders’ Equity (deficit)
Stockholders’ equity (deficit) (as reported)	(107,900)	243,863)	113,383)	(10,937)	25,934)
Less: Net deferred tax assets (liabilities)	—)	—)	—)	—)	—)
Stockholders’ equity (deficit) (adjusted)	(107,900)	243,863)	113,383)	(10,937)	25,934)
Adjustment to Net Loss
Net loss (as reported)	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Add: Deferred income tax expense (benefit)	—)	—)	—)	—)	—)
Net loss (adjusted)	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Cytokinetics Inc., Financial Data: Reported vs. Adjusted

Download chart

Cytokinetics Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net Profit Margin
Reported net profit margin	-411.21%	-305.72%	-228.00%	-452.93%	-337.41%
Adjusted net profit margin	-411.21%	-305.72%	-228.00%	-452.93%	-337.41%
Financial Leverage
Reported financial leverage	—	3.45	4.71	—	8.14
Adjusted financial leverage	—	3.45	4.71	—	8.14
Return on Equity (ROE)
Reported ROE	—	-88.29%	-112.27%	—	-409.84%
Adjusted ROE	—	-88.29%	-112.27%	—	-409.84%
Return on Assets (ROA)
Reported ROA	-38.33%	-25.59%	-23.85%	-41.99%	-50.33%
Adjusted ROA	-38.33%	-25.59%	-23.85%	-41.99%	-50.33%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Cytokinetics Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Cytokinetics Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Cytokinetics Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Revenues	94,588)	70,428)	55,828)	26,868)	31,501)
Profitability Ratio
Net profit margin¹	-411.21%	-305.72%	-228.00%	-452.93%	-337.41%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Revenues	94,588)	70,428)	55,828)	26,868)	31,501)
Profitability Ratio
Adjusted net profit margin²	-411.21%	-305.72%	-228.00%	-452.93%	-337.41%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Net profit margin = 100 × Net loss ÷ Revenues
= 100 × -388,955 ÷ 94,588 = -411.21%

² Adjusted net profit margin = 100 × Adjusted net loss ÷ Revenues
= 100 × -388,955 ÷ 94,588 = -411.21%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Cytokinetics Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Total assets	1,014,775)	841,319)	533,803)	289,814)	211,178)
Stockholders’ equity (deficit)	(107,900)	243,863)	113,383)	(10,937)	25,934)
Solvency Ratio
Financial leverage¹	—	3.45	4.71	—	8.14
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Total assets	1,014,775)	841,319)	533,803)	289,814)	211,178)
Adjusted stockholders’ equity (deficit)	(107,900)	243,863)	113,383)	(10,937)	25,934)
Solvency Ratio
Adjusted financial leverage²	—	3.45	4.71	—	8.14

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 1,014,775 ÷ -107,900 = —

² Adjusted financial leverage = Total assets ÷ Adjusted stockholders’ equity (deficit)
= 1,014,775 ÷ -107,900 = —

Download chart

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Stockholders’ equity (deficit)	(107,900)	243,863)	113,383)	(10,937)	25,934)
Profitability Ratio
ROE¹	—	-88.29%	-112.27%	—	-409.84%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Adjusted stockholders’ equity (deficit)	(107,900)	243,863)	113,383)	(10,937)	25,934)
Profitability Ratio
Adjusted ROE²	—	-88.29%	-112.27%	—	-409.84%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ ROE = 100 × Net loss ÷ Stockholders’ equity (deficit)
= 100 × -388,955 ÷ -107,900 = —

² Adjusted ROE = 100 × Adjusted net loss ÷ Adjusted stockholders’ equity (deficit)
= 100 × -388,955 ÷ -107,900 = —

Download chart

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Total assets	1,014,775)	841,319)	533,803)	289,814)	211,178)
Profitability Ratio
ROA¹	-38.33%	-25.59%	-23.85%	-41.99%	-50.33%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net loss	(388,955)	(215,314)	(127,290)	(121,692)	(106,289)
Total assets	1,014,775)	841,319)	533,803)	289,814)	211,178)
Profitability Ratio
Adjusted ROA²	-38.33%	-25.59%	-23.85%	-41.99%	-50.33%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ ROA = 100 × Net loss ÷ Total assets
= 100 × -388,955 ÷ 1,014,775 = -38.33%

² Adjusted ROA = 100 × Adjusted net loss ÷ Total assets
= 100 × -388,955 ÷ 1,014,775 = -38.33%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Cytokinetics Inc. adjusted ROA deteriorated from 2020 to 2021 and from 2021 to 2022.

Cytokinetics Inc. (NASDAQ:CYTK)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Adjustments to Financial Statements: Removal of Deferred Taxes

Cytokinetics Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Cytokinetics Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)