Cytokinetics Anticipates 2024 Revenue Of $3M-$5M; Approximately 2 Years Of Cash Runway
Portfolio Pulse from Benzinga Newsdesk
Cytokinetics projects 2024 revenue between $3M-$5M, with operating expenses of $420M-$450M and net cash utilization of $390M-$420M. After raising $83M through ATM equity and considering available long-term debt from Royalty Pharma, the company estimates a two-year cash runway.
February 27, 2024 | 10:49 pm
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Cytokinetics anticipates 2024 revenues of $3M-$5M against operating expenses of $420M-$450M, with a two-year cash runway after raising $83M and leveraging Royalty Pharma's debt.
The projected revenue against the high operating expenses suggests a challenging financial situation for Cytokinetics, but the two-year cash runway provides some stability. The impact on the stock price is neutral short term as investors may have mixed reactions to the high expenses versus the strategic financial planning.
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