What caused CYTK's EPS to drop sharply in Q2 2024?

The drop in Cytokinetics' EPS in Q2 2024 can be attributed to **increased R&D expenses**.

1. **R&D Expenses Increase**: Cytokinetics' R&D expenses for Q2 2024 rose to $81.6 million, up from $79.4 million in the same period the previous year. This increase is primarily due to the company's ongoing investments in research and development.
2. **Milestone Payments and Collaboration Revenues**: The decrease in revenues was also influenced by the fact that milestone revenue of $2.5 million received from Ji Xing Pharmaceuticals for the start of ACACIA-HCM was recognized in the previous year. Additionally, higher collaboration revenues in 2023 contributed to the revenue decline in 2024.

In summary, the drop in Cytokinetics' EPS in Q2 2024 is primarily due to increased R&D expenses and a decrease in revenues related to milestone payments and collaboration revenues.