Cytokinetics Launches Myqorzo in U.S., Entering High-Stakes Battle Against Camzyos Amid Financial Strain

What happened

Cytokinetics announced that Myqorzo (aficamten) is now commercially available in the U.S. for treating symptomatic obstructive hypertrophic cardiomyopathy, following its FDA approval in December 2025. This launch places the drug directly against Bristol Myers' entrenched Camzyos, which had over 12,500 U.S. patients on therapy by mid-2025, making rapid market share gains a formidable challenge. The DeepValue report underscores that Cytokinetics operates with negative equity of -$521 million, persistent cash burn, and a complex capital structure burdened by royalties and debt, limiting financial flexibility. Investors are now focused on whether Myqorzo can achieve early sales traction, as the base-case scenario assumes ~$120 million in 2026 revenue against aggressive market expectations. Upcoming catalysts, including ACACIA nHCM Phase 3 data in Q2 2026, will further test the company's viability in a crowded and bullish investor landscape.

Implication

With Myqorzo now on the market, Cytokinetics must quickly capture prescriptions to justify its ~$7.7 billion valuation, but Camzyos' dominance and recent label simplification narrow Myqorzo's differentiation. Early sales metrics over the next quarters are critical; failure to approach a $100 million run-rate by year-end would signal competitive weakness and heighten downside risk. The company's negative equity and ~$100 million quarterly cash burn mean that underperformance may force dilutive financings, eroding shareholder value further. Upcoming binary events, like ACACIA nHCM data in mid-2026, add pressure, as success is partially priced in but failure could collapse the multi-indication platform narrative. Given crowded bullish positioning and insider sales near highs, investors should remain cautious until concrete evidence of commercial traction emerges, aligning with the DeepValue report's 'POTENTIAL SELL' rating.

Thesis delta

The launch announcement confirms the expected commercial timeline but does not materially shift the investment thesis, which remains skeptical due to entrenched competition and financial vulnerabilities. Any positive delta would require Myqorzo to exceed base-case sales assumptions of ~$120 million in 2026, while downside risks persist from potential launch hiccups or ACACIA failure in the coming months.