Cytokinetics Q3 2026 Earnings Call Transcript

Cytokinetics (NASDAQ:CYTK) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.

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View the webcast at https://events.q4inc.com/attendee/695657078

Summary

Cytokinetics reported strong Q3 performance, with MyCorzo generating $44.5 million in net revenue, a 76% increase from Q2.

The company is expanding MyCorzo’s geographical presence, with successful launches in Germany and upcoming launches in the UK and other countries by 2027.

Cytokinetics is preparing for the submission of a supplemental NDA for aficamten for non-obstructive HCM and expects a PDUFA decision for MAPLE-HCM in November.

The company ended Q3 with $1.6 billion in cash and investments, reaffirming full-year 2026 expense guidance.

Management highlighted the potential for MyCorzo to become a first-choice therapy with dual indications for obstructive and non-obstructive HCM, pending approvals.

Full Transcript

OPERATOR

And all participants are in a listen-only mode. After the speakers’ remarks, we will open the call to questions. We will allow for one question per participant. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Diane Weiser, Cytokinetics Senior Vice President of Corporate Affairs.

Please go ahead.

Diane Weiser (Senior Vice President of Corporate Affairs)

Good afternoon and thanks for joining us on the call today. The slides accompanying today’s webcast can be found on the Investors and Media section of our website at cytokinetics.com along with today’s press release. Robert Blum, President and Chief Executive Officer, will begin with an overview of the quarter and recent developments. Andrew Callos, EVP and Chief Commercial Officer, will discuss the commercial launch of MyCorzo in the US and Europe.

Patty Malik, EVP of R&D, will provide updates related to aficamten. Steve Heitner, SVP and Chief Medical Officer, will provide updates related to our ongoing clinical development programs. Sun Li, EVP and Chief Financial Officer, will provide a financial overview for the quarter. And finally, Robert will make closing remarks. As you can see on this slide, today’s discussion will include forward-looking statements which are subject to risks and uncertainties. Please refer to our SEC filings for a discussion of these factors. And now I will turn the call over to Robert.

Robert Blum (President & CEO)

Thank you, Diane, and thanks to all for joining us on the call today. The third quarter was another period of strong execution for Cytokinetics as we continue to build a leading muscle-focused specialty cardiology company. In Q3 we made progress on each of our priorities underlying that strategy. Nearly nine months in, the launch of MyCorzo continues to exceed our expectations. In the third quarter MyCorzo generated $44.5 million in net revenue, up 76% from Q2.

As Andrew will describe, the number of prescribers, prescribing per physician, and patients dispensed all increased. We believe these trends reflect the differentiated profile of MyCorzo and we see significant room for continued growth outside the United States. Our launch in Germany is off to a strong start and we continue to secure approvals in additional geographies, including recently in Canada and the United Kingdom. We expect to launch in the UK this quarter and in additional countries in 2027.

We’re also looking forward to the PDUFA date for data relating to MAPLE-HCM, which is November 14th. Beyond oHCM, we’re working diligently to bring aficamten to more patients living with HCM. In August, we presented the full results from ACACIA-HCM in a hotline session at ESC with simultaneous publication in the New England Journal of Medicine. In fact, the presentation was included in the opening plenary session for ESC, a clear sign of enthusiasm from the cardiology community, which today has no approved therapy that addresses the underlying disease for nHCM.

We also presented additional results at ESC from prespecified analyses from ACACIA-HCM that further underscore the potential of aficamten in nHCM. These results bring us closer to the potential commercial availability of a treatment for the full spectrum of symptomatic HCM patients. Based on these results, we’re on track to submit a supplemental NDA to FDA this quarter and an application to the EMA in early 2027. At the same time, pending regulatory approval, we’re preparing for the potential launch in nHCM, building on the commercial foundation we’ve established with MyCorzo in oHCM.

Andrew will share more on our commercial readiness in a moment. And beyond aficamten we continue to advance our pipeline. During the quarter, our later-stage clinical trials for Omicamten, McArbo and Eula Campton continued to make progress and earlier in our pipeline we achieved a preclinical milestone in our collaboration with Accutar, which is focused on targeted protein degraders for muscle-related diseases. Taken all together, our third quarter results demonstrate the progress we’re making towards our Vision 2030.

Looking ahead, our priorities are clear: submit the sNDA in nHCM, prepare for a potential nHCM launch, expand MyCorzo into additional geographies and, importantly, continue our commercial momentum in oHCM while advancing our pipeline, all while staying disciplined to how we deploy capital. And with that I’ll now turn the call over to Andrew.

Andrew Callos (EVP and Chief Commercial Officer)

Thank you, Robert. MyCorzo delivered another quarter of strong growth and the launch continues to exceed our expectations. In Q3 we are pleased to see growth across prescribing, patient demand and market access, all while the CMI category itself continued to expand. These trends show that MyCorzo is on a strong trajectory in the first year and we’re focused on building that momentum into 2027. As we committed at launch, we continue to measure performance using three key metrics: breadth of prescribing, depth of prescribing, and patient volume.

In the third quarter we saw continued growth across all three, driven by an expanding prescriber base. By the end of the third quarter, nearly 1,100 unique healthcare providers in the US had prescribed MyCorzo, up from more than 700 at the end of Q2. On average, these HCPs have prescribed MyCorzo to nearly four of their patients, up from three last quarter. Among high-volume CMI writers, the figure is seven patients, up from five in the second quarter.

We believe this increase in prescribing reflects growing physician confidence in MyCorzo. Turning to patient demand, by the end of the third quarter MyCorzo had been dispensed to more than 2,800 patients, up approximately 86% from 1,500 at the end of Q2. While syndicated data has limitations, our internal analysis suggests that new-to-brand Rx share for MyCorzo in the CMI category is continuing to grow and approaching 45% in the third quarter, up from approximately 40% in the second quarter. Our launch strategy was to focus on high-volume CMI prescribers and our NBRx share is highest among these HCPs, approaching 50%, a leading indicator of future growth.

We remain committed to our goal of achieving greater than 50% new-to-brand Rx share by year end, which would represent a strong result for the second entrant in less than a year of launch. Beyond capturing new-to-brand share, MyCorzo is also helping to expand the CMI category. Q3.26 versus Q3.25 new-to-brand prescriptions grew 56%. When comparing year-to-date growth for the same period in ’25, the CMI market has grown 45% since the introduction of MyCorzo and there is still significant room to grow. Of approximately 120,000 eligible oHCM patients in the U.S., only about 28,000 are treated with a CMI today. That leaves over 75% of CMI-eligible patients who could benefit from therapy, and that’s where our launch continues to be focused.

As we said prior to our launch, prescribing was concentrated among high-volume CMI prescribers who historically accounted for approximately 80% of CMI volume. By the end of Q3, our sales team had reached more than 95% of these HCPs since launch. As we’ve continued to grow share among high-volume prescribers, adoption has also broadened beyond this core group. Specifically, low-volume CMI prescribers now represent 30% of all MyCorzo prescribers, while prescribers naive to CMI represent another 35%.

Importantly, in Q3 we estimate that the CMI-naive prescriber segment accounted for approximately 70% of total CMI growth since Q2. We continue to expand access, and at the end of the third quarter we had over 60% of commercial lives covered, up from 50% of lives covered at the end of Q2, while continuing to maintain a consistent level of Medicare coverage throughout 2026. In Q3 we continued to achieve over 80% of paid prescriptions, showing continued success in access and our ability to manage the payer appeal process. Outside the United States, our launch in Germany is continuing to gain traction.

By the end of August, MyCorzo had already captured more than 50% of new CMI patient starts. We also recently received approval in Canada and we expect to launch in the UK this quarter and in additional countries in 2027. As a result, we expect MyCorzo to be available in all key European markets in 2027. At the same time, as we move towards our planned sNDA submission for nHCM this quarter, we’re preparing for a potential commercial launch in that indication in 2027. Our field force was designed from the start to reach the physicians who treat both obstructive and non-obstructive patients, so the infrastructure is already in place. We’re also building disease awareness through unbranded education and our payer account teams are preparing to engage payers in compliant preapproval information exchange in preparation for coverage discussions.

In the US we estimate that over 200,000 patients have been diagnosed with nHCM and over 120,000 are symptomatic and eligible for treatment. Recent market research reacting to ACACIA-HCM suggests that if MyCorzo is approved for the treatment of symptomatic patients with nHCM, physicians see a meaningful role for therapy, particularly among patients with greater symptom burden or persistent functional limitations where unmet need is highest. Importantly, physicians indicated that patients with the greatest symptom burden may be the most likely to receive treatment, potentially driving higher utilization within this segment.

Moreover, a dual-indication label could further strengthen MyCorzo’s position in oHCM, as physicians gain broader experience and confidence with MyCorzo across both obstructive and non-obstructive HCM. Ultimately, we hope MyCorzo will be approved to address this important unmet need. Overall, we are very encouraged by the performance in our launch markets. It reflects the differentiated profile of MyCorzo and the execution of our colleagues across the US and Europe. Together, this progress is building a strong foundation for continued growth, and with that I’ll turn the call over to Fady.

Fady Malik

Thanks, Andrew. The third quarter was an important period for further differentiating the clinical profile of aficamten. In August, we presented the full results from ACACIA-HCM, our pivotal Phase 3 clinical trial of aficamten in patients with symptomatic nHCM, in a Hot Line session at the European Society of Cardiology. These results were published at the same time in the New England Journal of Medicine. As we previously reported, aficamten met both dual primary endpoints, with statistically significant improvements versus placebo in patient-reported health status as measured by KCCQ, and in exercise capacity as measured by peak VO2.

Aficamten also achieved significance on three of five key secondary endpoints, including NYHA class and NT-proBNP. Importantly, the treatment effect was consistent across all prespecified subgroups, including patients on beta blockers, those with intracavitary obstruction, and across genotype-positive and -negative patients. The response from the cardiology community at ESC was quite positive. Leading HCM experts called the results a transformative moment for patients with non-obstructive HCM, a population where there are currently no approved treatments. Since ESC, we’ve seen strong engagement from the HCM community, including Centers of Excellence, patient advocacy groups, and physicians who treat these patients every day. With no approved therapies that address the underlying disease in nHCM, we believe these results have the potential to meaningfully change how HCM is treated.

We also presented additional analyses from ACACIA-HCM at ESC and HFSA that further characterize the treatment effect and safety of aficamten in nHCM. At ESC, we presented data showing that aficamten significantly improved diastolic function—meaning how well the heart relaxes and fills—and reduced left ventricular wall thickness, effects that strengthen with longer treatment. These findings related to the mechanism of aficamten help elucidate the underlying effects on the heart that lead to improvements in symptoms and exercise capacity.

At the Heart Failure Society of America meeting in October, we presented data showing that aficamten improved global exercise performance across multiple domains of the cardiopulmonary exercise test in addition to peak VO2. In a second presentation of a responder analysis, 53% of patients on aficamten achieved a clinically meaningful response in three or more domains, compared with 13% on placebo, which puts the mean treatment effect in a clinical context.

With respect to safety, an analysis from ACACIA-HCM shows that heart failure events occurred early during titration, often after a triggering event such as atrial fibrillation or infection, and generally resolved with standard therapy. Importantly, in an open-label extension, where patient judgment guides dose titration and more closely reflects clinical practice, these events have been rare. The view of leading HCM experts is that these events are manageable in clinical practice, and it gives us confidence in how aficamten can be used in the real world.

On the regulatory front, our supplemental NDA based on ACACIA-HCM remains on track for submission to FDA this quarter. As Robert mentioned, we’re also preparing to submit to the European Medicines Agency in early 2027. In oHCM, our sNDA based on MAPLE-HCM remains under review with a PDUFA date of November 14th. We continue to engage constructively with FDA and look forward to its decision. Taken together, this progress reinforces our conviction in the potential of aficamten to become the first cardiac myosin inhibitor to treat the full spectrum of HCM, with Mycorzo available for adults with symptomatic oHCM and ACACIA-HCM supporting a potential expansion into nHCM. We see a substantial opportunity to reach a broader population of patients in the US and around the world, and with that I’ll hand it over to Steve.

Steve Heitner (SVP and Chief Medical Officer)

Thank you, Fadi. In the third quarter we made meaningful progress across our clinical development programs. Starting with aficamten, we continue to strengthen its evidence base. We recently began ASPEN-HCM, a real-world study of Mycorzo in obstructive HCM. We believe that this data will help us better understand real-world safety, clinical effectiveness, and healthcare resource impact of Mycorzo in routine clinical practice, and will help inform future discussions with regulators, particularly with respect to the REMS.

We also completed the adolescent cohort of CEDAR-HCM, a Phase 3 clinical trial evaluating the efficacy, pharmacokinetics, and safety of aficamten in a pediatric population with symptomatic obstructive hypertrophic cardiomyopathy, and we expect to share the top-line results in early 2027. Additionally, our partner Bayer completed the main study treatment period of CAMELLIA-HCM, a Phase 3 clinical trial of aficamten in Japanese patients with obstructive HCM, and we recently completed the conduct of the Japan cohort of ACACIA-HCM.

Beyond aficamten, we continue to advance our late-stage cardiovascular pipeline. For omecamtiv mecarbil, enrollment continued in COMET-HF, a confirmatory Phase 3 clinical trial in patients with heart failure with severely reduced ejection fraction. Enrollment has now accelerated as expected, now that all sites are active, and we expect enrollment to continue through 2027. Even on standard of care, these patients remain poorly served, with about a 35% re-hospitalization rate within a year.

In GALACTIC-HF, the benefit of omecamtiv mecarbil was greatest in patients with the most severely reduced ejection fraction, and COMET-HF is specifically designed to enroll exactly those patients. The baseline characteristics we’ve collected so far indicate that we are matching the patient population we intended to enroll. This gives us confidence in the trial and the potential to address the significant unmet need with omecamtiv mecarbil. For eulocamten, enrollment continued in Cohort 1 of AMBER-HFpEF, a Phase 2 study in patients with heart failure with preserved ejection fraction. We remain on track to complete enrollment this quarter. With this trial’s focus, we’re generating data to help define the potential role of a cardiac myosin inhibitor in HFpEF. We’re pleased with our execution across a promising later-stage pipeline, and we look forward to several important milestones ahead.

With that, I’ll turn it over to Sung.

Sung Lee (Executive Vice President and Chief Financial Officer)

Thanks, Steve. Beginning with revenue, total revenues for the third quarter were $47.6 million, compared with $1.9 million in the same period in 2025. Net product revenues for Mycorzo were $44.5 million, representing 76% growth quarter over quarter. US net product revenues were $43.1 million, driven by robust demand. Europe contributed $1.4 million to net product revenues in the third quarter following the launch in the second quarter, which was comprised of initial inventory build in Germany.

Collaboration revenue was $3.1 million in the third quarter, compared with $1.9 million in the same period in 2025. Turning to operating expenses, R&D expenses for the third quarter were $99.3 million, compared with $97.3 million in the same period in 2025. The increase was primarily driven by higher clinical trial activity and personnel-related costs. SG&A expenses for the third quarter were $113.1 million, compared with $69.5 million in the same period in 2025. The increase was primarily driven by external costs associated with the commercial launch of Mycorzo, as well as higher personnel-related costs, including stock-based compensation.

Cost of goods sold for Mycorzo in the third quarter was a credit of $0.5 million, primarily reflecting a credit related to drug supply optimization activities. Collaboration cost of revenues, which primarily reflects partner costs for which the company is reimbursed, was $2.7 million in the third quarter, compared with $1.9 million in the same period in 2025. Net loss for the third quarter was $190.1 million, or $1.37 per share, compared with a net loss of $306.2 million, or $2.55 per share, in the same period in 2025.

Turning to the balance sheet, we ended the third quarter with approximately $1.6 billion in cash and investments, compared with $1.7 billion at the end of the second quarter of 2026. Turning to financial guidance, we are reaffirming our full-year 2026 GAAP combined R&D and SG&A expense guidance of $860 million to $890 million. Our expectation for stock-based compensation, which is included in our GAAP combined R&D and SG&A expense guidance, is also unchanged at $130 million to $140 million.

With that, I’ll turn the call back over to Robert.

Robert Blum (President & CEO)

Thank you, Sung. Before we open up the call to questions, I’d like to highlight how far we’ve come this year and what’s ahead. Since launching Mycorzo, we’ve built a strong commercial foundation with nearly 1,100 US prescribers, a growing presence in Europe, and approvals across four additional regions. ACACIA-HCM became the first positive Phase 3 clinical trial in non-obstructive HCM, and we continue to advance our later-stage pipeline, which we expect to drive longer-term growth beyond aficamten.

Now we’re focused on finishing the year strong with several significant milestones ahead. Next week, we expect an FDA decision relating to MAPLE-HCM. Before year-end, we plan to submit our sNDA relating to results from ACACIA-HCM. We expect to launch Mycorzo in the UK in this quarter and complete enrollment in Cohort 1 of AMBER-HFpEF. And in early 2027, we expect to submit our application relating to the results of ACACIA-HCM in the EU and launch in additional countries in 2027, as well as share top-line results from the adolescent cohort of CEDAR-HCM.

We’re pursuing all of this from a position of financial strength, with a strong balance sheet that supports our launch activities as well as our pipeline advancement and our longer-term value creation. We believe we’re well positioned to drive continued growth and to execute on our priorities as guided by our Vision 2030, and with that, operator, we’d like to now open up the call to questions, please.

OPERATOR

We will now begin the question-and-answer session. A reminder that we are only taking one question per participant. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Carter Gold with Cantor Fitzgerald. Your line is open. Please go ahead.

Carter Gold (Analyst)

Great. Good afternoon. Thanks. Hey, Robert. Good afternoon. Thanks for taking the question. Robert and Andrew, appreciate all the metrics. Trying to square some of the implied sequential growth at the market level with some of your commentary there. It seems to sort of indicate a step-up of around 400 to 500 incremental patients at the CMI level, quarter on quarter. I guess to some extent I’m asking you to bless that math, but also maybe comment if you think that sort of is a sustainable step-up as we think about the quarters going forward, or are there governors at the site level that may tamp down the ability for that to step up sequentially?

Thank you.

Robert Blum (President & CEO)

Sure. I’ll ask Andrew to comment, please.

Andrew Callos (EVP and Chief Commercial Officer)

Sure, Carter. So yeah, we are seeing sequential growth. To your point, the number is probably more like the 300 range in terms of prescriptions. If you factor in free drug, you might get up to a higher number. But I think the math is probably closer to a little over 3,000 patients for the category, which is up around 300 from the second quarter. In terms of sustained growth, as we mentioned in the remarks earlier, there’s nearly 80% of the market still available. If we continue to see these—what we called naive, meaning they didn’t prescribe a CMI before our launch—if we continue to see the good growth of new prescribers for the category, that certainly is what fueled most of the growth, as I mentioned in Q3. And our expectation is we will continue to see that. So you’ll continue to see growth in the category.

Robert Blum (President & CEO)

Thank you, Carter. I might add a comment. What’s especially encouraging is where that growth is coming from. It’s coming not just simply from the velocity accounts, but also from a broader foundation of new-to-the-category prescribing. So not only should we expect sequentially sustained growth, but at some point that may hopefully translate into a higher velocity growth as well.

OPERATOR

Your next question comes from the line of Tess Romero with J.P. Morgan. Your line is open. Please go ahead.

Tess Romero (Analyst)

Hi Robert and team, thanks so much for taking our question. Will you be providing longer-term guidance for MyCorzo at our small conference in January, or is that something that will be farther out for Cytokinetics? And then just to double click on Carter’s question, Andrew, is north of 3,000 adds the right way to think about the run rate for this category? Thanks.

Robert Blum (President & CEO)

So regarding your first question, I’ll mention we’re still discussing how we’re going to approach 2027 and what we’re going to speak to in the way of guidance. And certainly over the longer term you can expect that we’ll speak to where we see this ultimately going for the benefit of the company. But it’s premature, I think, to comment on that today. Andrew, do you want to address the comment about 3,000?

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So if you look at kind of year to date, factoring in, you know, an estimate for free drug, we’re close to around 9,000 patients in our estimate for the category through the end of the third quarter, with that growth factored in. So yeah, I certainly feel that 3,000 plus per quarter moving on. And obviously when nHCM comes on board, the HCM categories should certainly grow even more than that.

Tess Romero (Analyst)

Thank you.

Robert Blum (President & CEO)

Put that in context of where we were a year ago. Substantial growth in the category year over year.

Tess Romero (Analyst)

Thank you both.

OPERATOR

Your next question comes from the line of Akash Tiwari with Jefferies. Your line is open. Please go ahead.

Akash Tiwari (Analyst)

Hey, thanks so much. So I wonder if you were going to comment on, you know, Edgewise is proposing kind of a phase redesign without echo-guided dose adjustments, more of a kind of symptomatic paradigm. How much have you engaged with the FDA on improving the REMS you have with your titration with MyCorzo? Could we get into a symptomatic paradigm for your drug? I know only about, I think 1.3% of your patients even had a LVEF-mandated change in your titration during SEQUOIA. So it seems like it’s at least possible to do. And what long-term data do you have to submit to the FDA to get that done?

Thank you.

Robert Blum (President & CEO)

Thanks, Akash. So before I turn it over to Fady, I’ll just make the following comment. There’s nothing that any fast follower is contemplating that we haven’t been discussing here at Cytokinetics already for quite some time. And we do believe that it’ll be incumbent upon us, with real-world evidence, to demonstrate where we can go with a potentially relaxed or even removed REMS over time. But that does require, based on our intuitions and communications with regulatory authorities, some evidence of real-world evidence that will come with what will ultimately be thousands of patients, but certainly within line of sight to what we expect to be able to accomplish here over a period of time. I’ll ask Fady to comment on where we could go with these potential strategies.

Fady Malik

Thanks, Robert. You know, I think first of all there’s certainly the ability to simplify the titration protocol, and there are things that we can do—I’m not going to lay out any specifics at the moment—that can enable more flexible use of echoes during titration or different starting doses, things like that. I think Robert’s point is a strong one, which is that any new drug in the market is not likely going to have its safety profile informed by a few hundred patients treated for a couple dozen weeks.

In fact, it’s clear the FDA wants to see real-world data from thousands of patients treated over many, many months or years. Even so, I would anticipate in the two- to three-year time frame, as we see data coming out of the REMS, out of our real-world evidence experiences, that it will reinforce the safety we’ve already observed with aficamten and enable us strategies by which to simplify the REMS. I might also add that even our real-world experience now suggests that the majority of patients are entering the maintenance phase with treatment of 5 or 10 milligrams of aficamten.

That suggests that physicians and patients feel those doses are effective in reducing their symptoms. That’s for them to judge as they integrate both symptom assessment as well as biomarkers and LVOT assessments. And ultimately, the question of simplifying dose titration may frankly take care of itself if patients are doing fine on a starting dose or one dose later.

Robert Blum (President & CEO)

And hopefully to underscore, Cytokinetics believes very strongly in the credibility and integrity of how we engage around these matters. And we believe the best way to enable achieving those outcomes, including a relaxed or removal of REMS, is to do what we’ve already been doing—pioneer and lead in this space. And that speaks to what will come from real-world evidence as we already have a strategy in place.

OPERATOR

Your next question comes from the line of Corey Kasimov with Evercore ISI. Your line is open. Please go ahead.

Josh (Analyst at Evercore ISI)

Hi, this is Josh on for Cory. Can you help characterize the size of the EU opportunity in relation to the US and when do you expect to see a significant step up here? Thanks.

Robert Blum (President & CEO)

Sure. So I’m going to ask both Andrew and Sung to speak to that question. Starting with Andrew, please.

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So thanks for the question. As mentioned, we’ve launched Germany. Germany is the largest market overall. We’re expecting Europe to be around 15% of revenue when Europe’s mature, when the US is mature. Europe does take a little longer to get going. Germany, you can launch at approval while you’re negotiating price. The other major markets you need to, after you get regulatory approval, submit to a health technology assessment body to get reimbursement, which generally takes 12 to 18 months after the approval.

So you’ll see more meaningful revenue probably in the 2028, 2029 time frame. And I’ll turn over to Sung if he has any additional comments.

Sung Lee (Executive Vice President and Chief Financial Officer)

Yeah, Josh, and I’ll just simply add, when you look at Europe, it’s not just for us but across our industry, it’s generally characterized with long, gradual, steady launches, especially as you go through the HTA process. For each country you have staggered launches. So I think you have to keep that in perspective. And in the end this is a long game for us and we expect meaningful contributions from Europe. As Andrew said, it could be 15% of our total MyCorzo net product sales.

Josh (Analyst at Evercore ISI)

Thank you.

Robert Blum (President & CEO)

Thank you.

OPERATOR

Your next question comes from the line of Maxwell with Morgan Stanley. Your line is open. Please go ahead.

Maxwell (Analyst)

Great, thank you very much for taking my question. Could you expand a bit more on the profile of potentially eligible nHCM patients? For example, what share of those diagnosed would meet ACACIA’s entry criteria and is that kind of the right starting point for sizing the market? Thank you.

Robert Blum (President & CEO)

Thank you. I’ll ask Steve to comment on that, please.

Steve Heitner (SVP and Chief Medical Officer)

Hi Max, thanks for the question. So, the criteria that we implemented in ACACIA really, simply put, are patients with symptomatic non-obstructive HCM, and the data that we presented at the ESC, with particular reference to that forest plot, did not show any heterogeneity of the treatment effect according to the prespecified subgroups that we looked at. So age and sex and whether they had particular ejection fraction or preexistent atrial fibrillation—none of those seemed to impact.

The way we would foresee this being implemented, should we achieve regulatory approval, would be that patients would come in and, if they had any symptoms and a diagnosis of non-obstructive HCM and an ejection fraction above, you know, 55 or 60%, those patients would be eligible for a treatment trial at least of aficamten.

Maxwell (Analyst)

Great, thank you.

Robert Blum (President & CEO)

Thank you.

OPERATOR

Your next question comes from the line of Salim Syed with Mizuho. Your line is open. Please go ahead.

Salim Syed (Analyst)

Good afternoon, Robert. Thanks for the question. Congrats on the progress, guys. One from us: actually, I know McCamtis, McCarbill, so I think on the commentary on the call you mentioned you’ve accelerated enrollment, but the press release now lists continuing enrollment through 2027, if I’m not mistaken, versus in the 2Q it was through 2026. So I’m just wondering if you could just square those dynamics. What exactly is happening with enrollment for you to change the language on when you expect enrollment to go through in 2027 versus 2026?

Thank you.

Robert Blum (President & CEO)

Sure. So I’m going to ask Patty to comment on that, please.

Patty Malik (EVP of R&D)

Yeah. Saleem, you know, the language in the prior release has just referred to what was happening in 2026. As you look through our milestones, it basically says what we’re planning for 2026, and enrollment was continuing through 2027 rather than through 2026. We didn’t expect enrollment to conclude in 2026, otherwise we would have said that in that guidance. So, obviously enrollment won’t conclude in 2026. It’ll conclude sometime in 2027, and we’ll give guidance to that matter when we give guidance to the rest of 2027.

Salim Syed (Analyst)

Okay, got it. Thanks so much.

OPERATOR

Your next question comes from the line of Rowana Ruiz with Leerink Partners. Your line is open. Please go ahead.

Rowana Ruiz (Analyst)

Hey everyone. Good afternoon. I was curious about the MyCorzo-naive prescribers. Are they more in the community hospitals rather than large academic centers, or more of a mix? And in terms of greater penetration into that group, how are you thinking about driving breadth and depth and maybe converting some of them to high-volume prescribers?

Robert Blum (President & CEO)

Andrew, can you take that please?

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So, thanks for the question. Yes, the vast majority of those are community cardiologists. The depth of those prescribers right now is one to two scripts. Generally we see with each, I think, one, they do have fewer patients that they see as compared to the academic centers, so we’re not expecting that same level of demand driven. But as they get more experience, what we’re learning is when a physician’s treating three or four patients, they’ve got experience with the REMS, they’ve got experience with MyCorzo, they have experience with the market access, that they generally then get on board.

But it does take a little bit of time, and we are expecting depth of prescribing in that group and continued expansion. One of the things that I mentioned around nHCM: on average, you’re really doubling the patient population for every one of those prescribers if nHCM is approved. And there’s certainly the ability to leverage oHCM and nHCM as kind of the dual indication to give you even more opportunity for that experience to increase depth.

Rowana Ruiz (Analyst)

Got it. Thanks.

Andrew Callos (EVP and Chief Commercial Officer)

Sure. Thanks for the question.

OPERATOR

Your next question comes from the line of Eric Joseph. Your line is open. Please go ahead.

Eric Joseph (Analyst)

Good evening. Thanks for taking the questions. Just from your discussions with the cardiology community with the full ACACIA-HCM data, can you talk a little bit about the feedback you may have received regarding the titration scheme in the study? I’m just wondering, kind of going into your planned sNDA submission, whether you might be proposing a scheme that varies a bit from the protocol, focused more on positive symptom or symptom improvement rather than, you know, safety-driven stopping rules.

Robert Blum (President & CEO)

Sure. As you know, we’re both looking at the data from ACACIA-HCM as well as FOREST-HCM and I’ll ask both Fady and Steve to comment, please.

Fady Malik

Eric. Yeah, thanks for the question. So, as Robert kind of alluded, if you think back to how we approached the obstructive HCM titration schedule, we used data from both the randomized clinical trials for SEQUOIA HCM and complemented that with the experience from FOREST-HCM. And, you know, that’s part of the plan that we’re implementing for the sNDA for the non-obstructive cohort, and the feedback that we’ve gotten so far—and it’s more than feedback, it’s evidence that has been generated and actually we showed this at the investor meeting that we had after the presentation of the data in Munich—was that the implementation of the dosing schedule that was designed in FOREST appeared to be easier, firstly for physicians and patients, due to the flexibility, and also associated with fewer adverse events than had been seen in the clinical trial.

So I think the feedback that we’re getting is, please, can we do our very best to get that sort of titration regimen implemented in the real world, which also would actually harmonize nicely with what’s already in the real world for obstructive HCM. Hope that answers your question.

Eric Joseph (Analyst)

It does. Great. Thanks for taking it and congrats on a good quarter.

OPERATOR

Your next question comes from the line of Ashwani Verma with UBS. Your line is open. Please go ahead.

Ashwani Verma (Analyst at UBS)

Great. Yeah, thanks for taking a question. So maybe just wanted to get your thoughts on the competitive assertions here that not having an echo monitoring requirement during titration can create a significant advantage in oHCM. And it seems like Edgewise has talked about this publicly, that they proposed one baseline and one end-of-study echo. Just curious to hear your perspective if you think that this can actually change favorably when we see the finalized Phase 3 trial design in the near term.

Robert Blum (President & CEO)

So I don’t want to spend too much time talking about speculation relating to another company’s development program, but what I will say is that FDA can be permitting of you to do any sort of thing in a clinical trial and ultimately it’ll be post availability of data and upon review of an NDA that the FDA may consider what ultimately it wants to see in a potential approval and labeling. We’ve experienced that firsthand. As you may recall, in SEQUOIA HCM we saw no dose terminations relating to EF excursions and it would not have been thought necessary to even have other kinds of regulatory restrictions on dose titration and echos based on those data, but for the fact that FDA upon review thought it prudent, until such time as it had real-world evidence, to put in place the REMS requirements. We complied and that’s what we have now for MyCorza. I might ask Fady to comment on, in the course of a regulatory review, who gets involved in making these decisions because it may not always be obvious to those on this call.

Fady Malik

Yeah, in assessing these things, there are more than one division of the FDA that’s involved, not just the Cardio-Renal Division which generally reviews protocols and, you know, efficacy and safety clinical trials, but also if a question about whether REMS are or are not necessary, the Division of Risk Management gets involved. They can often have a very different view than the Division of Cardiology. In fact, you can read our publicly released documents around the approval of apicamtin and see such a discussion between the division and the Division of Risk Management.

So it’s hard to know what you’ll see from a protocol and how that ultimately translates into a REMS or not a REMS and what the structure of it will be. And I think, you know, we probably should wait until we see data before we have a discussion again.

Robert Blum (President & CEO)

Yeah, I might ask Steve also to weigh in here.

Steve Heitner (SVP and Chief Medical Officer)

So I just wanted to add from a clinician’s perspective, it’s not that echos are in themselves necessarily burdensome or not indicated in these paths. In fact, in the setting of obstructive HCM, if you speak to cardiologists, that’s the tool that they go to in order to evaluate the effectiveness of any treatment. So I think that it is presumptuous to assume that, you know, you’re going to take a patient with obstructive HCM and never get another echo on.

It’s the ability to be flexible as to when you need that echo and ultimately how many echos that patient is going to require. And as Fady alluded to earlier on, what we’re seeing in the clinic is that many patients are seeing their providers and exiting the titration phase with just 5 or 10 milligrams being sufficient. That’s in the real world. And that’s a similar story to what was seen with the EXPLORER-HCM clinical trial and what subsequently occurred with Kenzias in the real world, where lower doses were actually seen as being the required ultimate dose for patients.

So you might imagine that patients in the current environment only need one or two echos on an annual basis with MyCorza, and it’s hard to beat that, especially when you put in context the fact that those echos are already flexible in their requirement based on the REMS program that we have.

Robert Blum (President & CEO)

Hopefully that helps. I think, put succinctly, we do believe, again, as a pioneer and a leader in this space, as we will leverage real-world evidence, we’re in a good position to ensure we continue to be the innovator in this space, even as it may relate to frequency of echos.

OPERATOR

Your next question comes from the line of James Kundulis with Stifel. Your line is open. Please go ahead.

Mark (Analyst at Stifel)

Hey, thanks for taking our question. It’s Mark on for James. Quick one from us on the nHCM launch. So, you know, do you think the kinetics or cadence of the nHCM rollout will follow the obstructive launch? You know, basically, is oHCM the right analog here for how we should be thinking about the overall nHCM uptake or trajectory? And then in general, do you expect anything with respect to the REMS or monitoring to change with the label expansion?

Robert Blum (President & CEO)

So before I turn it over to Andrew, I’ll just underscore, if approved in nHCM, MyCorza will be the first and only. And in that regard, there needs to be some education, awareness, market development and other activities to occur, even as we will be building on the base of already a strong business and launch momentum in oHCM. But then, Andrew, do you want to add anything to that?

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So, yeah, we’ve actually, you know, thought about this a good bit, done some research, and I guess the key finding is we do expect faster uptake for existing MyCorza writers because they’re familiar with MyCorza, they’ve used it, they’re familiar with the REMS, they’re familiar with the dosing and the echo requirements. So, you know, we will expect faster uptake with a subset and that subset is those that are kind of experienced CMI users.

Robert Blum (President & CEO)

You also asked about REMS and maybe I’ll ask Fady to comment on how we may be approaching REMS for the sNDA relating to nHCM.

Fady Malik

Right. So, I mean, the things that you monitor in nHCM are the same things that you monitor for in oHCM. As the patients have gone into FOREST, they essentially follow the same timing, the same cutoffs for whether they down-titrate or they have to interrupt drug and things like that. So we would hope that there would be minimum changes to the way the REMS is currently implemented. But of course that’ll require some discussion and negotiation with FDA.

OPERATOR

Your next question comes from the line of Cripa Devarakonda with Truist Securities. Your line is open. Please go ahead.

Alex (Analyst)

Hi, thanks for taking our question. This is Alex on for Kripa. We wanted to know ahead of the launches in the additional ex-US markets next year, can you provide any color on the discussions that you’ve had with prescribers and how would you classify the physician appetite for MyCorza versus how much additional physician education may be needed to drive growth in the market? Thanks.

Robert Blum (President & CEO)

Your question relates to Europe specifically?

Alex (Analyst)

Yes. Yeah. As we look to Europe.

Robert Blum (President & CEO)

Okay. Andrew, do you want to take that on as we are approaching launches sequentially country by country?

Andrew Callos (EVP and Chief Commercial Officer)

Certainly. So we’ve submitted every dossier in all the major countries in Europe. We’re expecting, as we said, to launch in every major market. We’ve spent more time on the major markets—you know, think Italy, Spain, France, UK, Germany—although we’ve certainly spent time on the Western European markets. We have teams in place in Europe—medical colleagues that are field-based. We have our general management teams, our marketing teams. We’ve done market research.

So we’re expecting uptake similar to what we see in Germany. You know, Germany in five or six months for new-to-brand are market leaders and doing very well. You have to also remember that in Europe there is not a REMS program associated with launch. There’s not patient support. Once you get payer access, there generally isn’t that much of a barrier from an access point of view. That’s why you do negotiation. So it is a country-by-country launch. The price is lower but we are expecting good uptake and we are seeing from our research physicians seeing a clear differentiator like we’re seeing in Germany.

Hopefully that answers your question.

Alex (Analyst)

Thanks for all the additional color.

OPERATOR

Your next question comes from the line of Alethea Young with William Blair. Your line is open. Please go ahead.

Alethea Young (Analyst)

Hey guys, thanks for taking my question. I think that’s on all the progress, you know, with MyCorza. I just wanted to dig a little bit more into how, when we’re thinking about kind of the opportunity, how broad it can be for perhaps in the second half of the year the benefit of potential first-line use and having that label. Just talk a little bit about how you think that will frame for doctors and also just ultimately when you get to a broader label, potentially non-obstructive, I mean, do you think that’s kind of what doctors are looking for is a one-stop shop answer?

Robert Blum (President & CEO)

Yeah. So Andrew can comment on some of the market research that he’s done in and around this area and what the addition of nHCM may mean both across oHCM and nHCM. Andrew, please.

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So you’re saying the second half, are you referring to the fourth quarter or are you talking about next year? I just want to make sure I’m clear on your question.

Alethea Young (Analyst)

Next year non-obstructive. Fourth quarter for first line.

Andrew Callos (EVP and Chief Commercial Officer)

I see. Okay. So if we’re not obstructive, you know, as I mentioned, it’s the same size of market overall as oHCM. Although obviously there’s two players in the market today for non-obstructive. If we’re approved, we would be the first and only. And you know from our research, yes, especially in the community physicians are looking for more of a one-stop shop. They did talk about faster uptake, they did talk about having experience, and with a dual indication both for O and N to drive share on the MAPLE side of things.

We’re not looking for a monotherapy or a first-line therapy. We’re really looking to generate evidence from what is in the guidelines today and what most community cardiologists consider, that metoprolol, a specific beta blocker, really has been the standard of care, and showing them the difference in data as well as educating patients that are taking metoprolol that there’s potentially something better, assuming we get that in the label and everything this year.

So I think both of those are going to be a lift. Obviously the nHCM is a much broader lift from a revenue opportunity. You know, MAPLE, the direct really just extends our differentiation and I think gives us some good data to educate community cardiologists on. Thanks for the question.

OPERATOR

Your next question comes from the line of Yasmin Rahimi with Piper Sandler. Your line is open. Please go ahead.

Yasmin Rahimi (Analyst)

Hi team. Thank you so much for all the updates. Maybe would love to understand, with MAPLE coming onto the label, how soon it could actually change the payer’s views on actually removing the requirement of being on a beta blocker and making ICORSA as the first choice and therefore could increase the potential TAM of patients and uptake. Would appreciate your color.

Robert Blum (President & CEO)

Sure. So certainly as we hope the MAPLE data will be reflected in an expanded label, that’s one step towards the objective that you mentioned. But payers may have their own agenda and I’ll ask Andrew to comment on what may factor into payer decisions, including as ultimately may be enabled by changes in guidelines.

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So we’re not—thanks for the question. Yes, we’re not expecting, nor are we pushing, first line. You know, beta blockers are going to have a place. I think every prior auth criteria I’m aware of from a payer point of view, beta blocker use or prior beta blocker use is required. So we’re not looking to change that. We’re really looking to accelerate use of Mycorzo. We’re looking to help inform guidelines. I think that’ll have a bigger influence both on community cardiology and perhaps payers over time.

But it really just adds to the body of evidence. It really adds to a rationale for a community cardiologist to better understand the use of a CMI as compared to something they’ve been doing a long time. It helps inform guidelines which then creates this greater demand. And that’s really what we’re after from a MAPLE point of view. MAPLE also allows us to then communicate to patients, which we don’t do today, about maybe what they’re taking is a beta blocker today and there could be something better for them.

So I think they’re the kinds of things we think about strategically from a commercial point of view. But looking at first-line therapy is probably not a realistic thing in the next couple of years.

Robert Blum (President & CEO)

Thank you. Still have meaningful voice in this conversation, of course. But what it may translate into is faster step edits time through beta blockers. That’s perhaps more practical in the near term.

OPERATOR

Your next question comes from the line of Josh Brewer with RBC Capital Market. Your line is open. Please go ahead.

Sean (Analyst at RBC Capital Markets)

Hey Josh, Sean for Leo Timoshev here. Thanks for taking my question, guys. I was wondering, how should we think about expectations for the HFpEF data for ula Campton in ’27 and how do you plan to share those data across the cohorts? Thanks so much.

Robert Blum (President & CEO)

Certainly. So obviously this is early in a development process program for eulacamtin in HFpEF and we’re very interested in understanding in this first Phase 2 study what that might look like from a PK and PD standpoint. Maybe I’ll turn it over to Fady to speak about Cohort 1 and what we may be communicating.

Fady Malik

Yeah, I think in 2027 we will have data from Cohort 1. You know, Cohort 1 is really a dose-finding exercise and understanding safety and tolerability. So the data from that may just be summarized in one of our calls as we describe progress. Ultimately, you know, we always try to get those data out into the public domain, but we don’t have a specific timeline or plan for that.

Sean (Analyst at RBC Capital Markets)

All right, thanks. Thank you.

OPERATOR

Your next question comes from the line of Yanan Ju with Wells Fargo. Your line is open. Please go ahead.

Yanan Ju (Analyst at Wells Fargo)

Great. Thanks for taking the OHCM launch. Now that you are getting close to the 50% goal for year end in terms of new-to-brand share, I was wondering, looking into 2027, is there any expectations for this metric and is there any reason why this couldn’t be further increased substantially? And then, so that’s on the new-to-brand side of things. In terms of switching, could you give any color in terms of the percentage of prescriptions this quarter that are switching patients?

Thank you.

Robert Blum (President & CEO)

Sure. So I’ll start and turn it over to Andrew. Obviously it was already very bold statement we made earlier this year that we would be committing to a goal of north of 50% of new-to-brand share and at the same time experiencing such significant category growth. Andrew, do you want to comment on what may be our objectives from this point forward?

Andrew Callos (EVP and Chief Commercial Officer)

Sure. So, I mean, we’re very focused on the new-to-brand share of, you know, greater than 50%. I think a good leading indicator—our share, if you look at the different segments—our share among the highest writers, what we call velocity accounts, you know, that was historically 80% of the business. We’re pretty close to 50 already with that group. So I think that’s a good leading indicator given that’s the majority of the volume. So when you look into 2027, I think we’re really going to be looking at establishing a stronger foothold, growing that 50 to, you know, beyond 50.

But at the same time that expanded