Cytokinetics, Incorporated
CYTK Healthcare Biotechnology
Cytokinetics, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $88.0 million, up 376.6% from fiscal 2024. In the quarter to June 2026, revenue fell 57.1%, EPS fell 33.9%, free cash flow fell 24.0% and total debt rose 57.7%, each against the same quarter a year earlier.
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Cytokinetics, Incorporated (CYTK) Beneish M-score
Cytokinetics, Incorporated's Beneish M-score for fiscal 2025 is −0.44; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.44 | (2.79) |
| FY2024 | 2.34 | (91.63) |
| FY2023 | 93.98 | 98.36 |
| FY2022 | −4.38 | (10.58) |
| FY2021 | 6.19 | 9.36 |
| FY2020 | −3.17 | (51.47) |
| FY2019 | 48.31 | 50.20 |
| FY2018 | −1.89 | (335.14) |
| FY2017 | 333.25 | 328.82 |
| FY2016 | 4.43 | 9.98 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.22 | — | 0.21 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.85 | — | 0.75 | |
| Sales growth index | 4.77 | — | 4.25 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 0.28 | — | −0.05 | |
| Total accruals to total assets | (0.19) | — | −0.90 | |
| Leverage index | 1.57 | — | −0.51 | |
| Beneish M-score | Flagged by the model | −0.44 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PTGX Protagonist Therapeutics, Inc. compare | −7.2× |
| CAI Caris Life Sciences,�Inc. compare | −2.7× |
| AXSM Axsome Therapeutics, Inc. compare | −2.5× |
| KRYS Krystal Biotech, Inc. compare | −2.3× |
| CYTK Cytokinetics, Incorporated | −0.4× |
| TGTX TG Therapeutics, Inc. compare | 0.8× |
| KYMR Kymera Therapeutics, Inc. compare | — |
| ABVX Abivax SA Sponsored ADR compare | — |
| ARWR Arrowhead Pharmaceuticals, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI