Good morning, and welcome, ladies and gentlemen, to the Cytokinetics 2019 Annual Stockholders Meeting. At this time, I would like to inform you that this meeting is being recorded and that all participants are in a listen only mode. I will now turn the meeting over to Pat Gage, the Chairman of Phytokinetics' Board of Directors. Please go ahead.
Good morning, everyone. My name is Patrick Age, and I am the Chairman of the Board of Directors, Cytokinetics. It's my pleasure to welcome you to the 2019 Annual Meeting of Stockholders. Meeting is now called to order. I've asked Mark Schlosberg, our Senior Vice President and General Counsel and Corporate Secretary to record the minutes.
Before proceeding to the formal business, I will introduce the members of the Cytokinetics Board of Directors and Management who are here with us today. Robert Blum, who is our President and Chief Executive Officer and will also provide us with an overview of the company and our plans for 2019 after our formal meeting. Independent directors who are here are John Henderson, Sandy Costa, Sandy Smith, Ed Kaye and Lynn Parshall. Joining us from the company's management are Doctor. Fady Malik, Executive VP of Research and Development Jing Zha, Executive VP and Chief Financial Officer Pete Ratti, Senior Vice President and Chief Accounting Officer, who will be retiring at the end of May, and we want to thank Pete for his service to the company at this time.
Robert Wong, Vice President and Chief Accounting Officer, who will be serving as our Chief Accounting Officer following Pete's retirement Diane Weiser, Vice President of Corporate Communications and Investor Relations Dan Katz, Vice President, Medical Affairs Joanna Siegel, Manager, Corporate Communications and Investor Relations and David Craig, Chief Human Resources and Administration Officer. Also joining us today are Rich Ramko, partner from Ernst and Young Carlton Fleming, our outside counsel for the company from Cooley LLP and Dan Spengel from Computershare, who will be acting Inspector of Elections for today's meeting. Now, I'd like to turn the meeting over to Mark Schlosber to conduct the formal business of today's meeting and to set forth in your notice of annual meeting and proxy statement. After the formal part of the meeting, Robert Blum, our CEO, will review the company's recent business activities and provide you with an opportunity to ask questions. Thank
you.
Thank you, Pat. I have proof by affidavit that the notice of this meeting has been duly given and so notice of annual meeting of stockholders, proxy statement and proxy were mailed commencing on April 5, 2019 to all stockholders of record at the close of business on March 26, 2019. The affidavit together with copies of the notice, proxy statement and proxy will be filed with the minutes of the meeting. In addition, the Inspector of Elections has signed his oath of office. The Oath of Inspector of Elections will be filed with the minutes of this meeting.
The Inspector of Elections has advised me that we have present in person and by proxy a sufficient number of shares to constitute a quorum. So the meeting is duly constituted. We will vote by proxy and written ballot today. If you have turned in a proxy and you do not intend to change your vote, then it is not necessary for you to vote, because we will count your proxy. Those of you who did not turn in a proxy or who wish to change your vote, we have your proxy card and you have your proxy card with you, you should raise your hand.
Are there any additional proxies to be submitted at this time? Is there anyone present whether or not you have already submitted a proxy who now wants to vote in person? The polls are now open for voting this May 15, 2019 at 10:35 a. M. Pacific Time.
The polls will be closed to voting after we go through the matters to be voted on. First item of business, proposal 1, is the nomination and election of directors. The following 3 directors are nominated by the Board of Directors as Class 3 directors of the company to serve into our 2022 Annual Meeting. Santo J. Costa John Henderson, MB CHB and Lynn Parshall, Esquire.
Class I and Class II directors recommend that the stockholders vote for the Class 3 nominees. The second item of business, proposal 2, is the approval of the amendment and restatement of the company's amended and restated 2,004 Equity Incentive Plan to increase the number of authorized shares reserved for issuance under such plan by 4,100,000 shares. The Board of Director recommends that the stockholders vote for the approval of this proposal. The 3rd item of business, proposal 3, is the ratification of the selection by the Audit Committee of our independent auditor. The Audit Committee of the Board of Directors has selected Ernst and Young LLP to serve as our independent registered accounting firm for the fiscal year ending December 31, 2019.
The Board of Directors recommend that stock coders vote for the ratification of this selection. 4th and final item of business, proposal 4, is the approval on an advisory basis of the compensation of the named executive officers as disclosed in the company's proxy statement for the 2019 Annual Meeting of Stockholders. The Board of Directors recommend that the stockholders vote for this advisory proposal. Are there any questions regarding any of the proposals? With no questions, this concludes the formal business of the meeting.
If you have voted today, would you please pass your proxy card to the right of your aisle and we will have them collected and recorded by the Inspector of Elections. It is now 10:37 am Pacific Time and the polls for each matter to be voted on at this meeting are now closed. No additional ballots, proxies or votes and no changes or repercussions will be accepted. At this time, I would like to report on the results of the voting as tabulated by the Inspector of Elections. Thank you, Mr.
Sping. There were present and in person 51,000,000 793,009 100 and 31 shares of common stock voted representing 93.54% of the total shares eligible to be cast constituting a majority. Regarding proposal 1, the election of directors, each of Santo Costa, Doctor. Henderson and Lynn Parcel have been elected as a Class III Director. Proposal 2, the approval and amendment of the restatement of the company's 2014 EIP plan, the 2004 EIP has been amended and increased the number of authorized shares for issuance by 4,100,000 shares.
Regarding proposal 3, the ratification of Ernst and Young LLP as the company's independent registered accounting firm, Earnest and Young has been ratified as the company's independent registered accounting firm for fiscal year ending December 31, 2019. Regarding proposal 4, the company has approved the compensation of the named executive officers as disclosed in the company's proxy statement for the 2019 Annual Meeting of Stockholders. We expect to report our voting results on the current report on Form 8 ks to be filed with the SEC within 4 business days after the end of this meeting. This concludes the formal business of the Annual Stockholder Meeting. We would now like to begin our report to stockholders.
Before we begin and following the discussion and presentation, including Q and A containing forward looking statements and Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those projected in these statements. Factors that could cause our actual results to differ materially are contained in our SEC filings, including our most recent Annual Report on Form 10 ks, quarterly reports on Form 10 Q and current reports on Form 8 ks. Copies of these documents may be obtained from the SEC or by visiting the Investor Relations section of our website. These forward looking statements speak only as of today.
You should not rely on them as representing our views in the future, and we undertake no obligation to update these statements. I will now turn the meeting over to Robert Blum, our President and Chief Executive Officer.
Thank you, Mark. In my role as President and CEO, I'm pleased to be addressing you at Cytokinetics' 14th Annual Stockholder Meeting. I'm happy to see that we have several of our stockholders here in person with us today And also like to welcome those of you who are dialed into this meeting. In 2018, Cytokinetics celebrated its 20th year of operations and in many ways we returned to our scientific roots. During the year, we advanced 3 new compounds arising from our research into development for the potential treatment of people suffering from devastating diseases of muscle dysfunction and conditions of muscle weakness.
With 5 muscle directed compounds advancing in various phases of development, 2018 was a positive year for our company characterized by productivity, progress and promise. Our research engine was especially productive in 2018 as we significantly expanded our cardiovascular pipeline and we architected a plan to expand our discovery platform in muscle biology beyond that of muscle contractility to also encompass muscle growth, muscle metabolism and the energetics of muscle. In 2018, we submitted an investigational new drug application or IND to the U. S. FDA for CK-two seventy four, our wholly owned cardiac myosin inhibitor and we subsequently began a Phase 1 study of CK-two seventy four to elaborate on its potential best in class properties for the treatment of hypertrophic cardiomyopathies.
And in addition, we and Amgen submitted an IND to the FDA for AMG 594, our jointly discovered cardiac troponin activator and together we prepared a Phase 1 study of AMG 594 in healthy volunteers, which began earlier this year. Also under our collaboration with Amgen, GALACTIC HF, the global Phase 3 outcomes clinical trial of omecamtiv mecarbil, our cardiac myosin activator continued enrollment towards the 8,000 patients expected to participate in this important clinical trial. That trial, amongst the largest ever conducted in heart failure, is designed to determine if Omecamtiv mecarbil when added to standard of care can reduce the risk of cardiovascular death or heart failure events in patients with high risk heart failure. During the Q1 of 2019, we passed through the first planned interim analysis of GALACTIC HF, which was designed to test for the potential of futility. And we look forward to the conduct of the 2nd interim analysis for that trial expected in the first half of twenty twenty.
GALACTIC HF is being conducted by Amgen in collaboration with Cytokinetics. In addition, during 2018, we prepared for the initiation of METEORIC HF, the 2nd Phase 3 clinical trial of omecamtiv mecarbil, which is designed to evaluate the effective treatment with omecamtiv mecarbil on exercise capacity in patients with heart failure. METEORIC HF which recently opened to enrollment of patients is being conducted by Cytokinetics in collaboration with Amgen. With 26,000,000 people suffering from heart failure worldwide and this disease representing 1 of the leading contributors to increasing Medicare costs, novel approaches to treatment are desperately needed to reduce symptoms as well as hospitalization and death associated with the diagnosis of heart failure, particularly given our aging demographics. In our neuromuscular programs, we demonstrated progress with reldesemtiv, our fast skeletal troponin muscle activator, which we are developing in collaboration with Astellas.
In 2018, we announced results from the Phase 2 clinical trial of reldesemtiv in patients with spinal muscular atrophy, which showed increases in the distance patients could walk in 6 minutes, a validated measure of endurance consistent with the mechanism of action in patients treated with reldesemtiv. We are encouraged with these data and receive feedback from the FDA that can inform planning for potential future clinical trials. And more recently, we presented results of FORTITUDE ALS, our Phase 2 clinical trial of reldesemtiv in patients with ALS. This international trial admittedly did not achieve statistical significance for a pre specified dose response relationship in its primary endpoint of change from baseline in slow vital capacity, a measure of breathing function, which in this trial was measured after 12 weeks of dosing. Similar analyses of the ALS functional rating scale, a 48 point patient reported and physician reported scale of physical activity as well as the slope of muscle strength mega score also did not reach conventional statistical significance.
However, to be clear, patients on all dose groups of reldesemtiv declined less than patients on placebo for SVC and ALSFRS as well as the muscle strength mega score with larger and clinically meaningful differences emerging over time. While the dose response analyses for the primary and secondary endpoints did not achieve statistical significance at the level of 0.05, In a post hoc analysis pooling doses together, patients who received reldesemtiv in FORTITUDE ALS declined less than patients who received placebo. The trial showed effects favoring reldesemtiv versus placebo across all dose levels and time points with clinically meaningful magnitudes of effect observed at 12 weeks for both primary and secondary endpoints. We're encouraged by these findings and I'll have more to say about next steps in a moment. But in 2018, we also continued joint research activities with Astellas and advanced into development CK-six zero one, a next generation fast skeletal troponin activator that may be moving forward into further clinical development.
I'll be making a more formal corporate presentation using slides here in a moment. And I plan to share specific data and highlights of the progress we achieved in 2018 as well as some of the more recent activities to which I just alluded relating to development programs. For those of you joining us now by webcast, you can find a PDF of that presentation and those slides under the Downloads tab in the webcast window. And with that, I'll begin this more formal update with these slides. I think this group is well aware of the company's vision.
We haven't departed from that vision. If anything, we're reinforced in our convictions and commitment that we're in the best position as a biopharmaceutical company to develop potential medicines that improve the health span of people living with devastating cardiovascular and neuromuscular diseases of impaired muscle function. And over time that may also translate into new products that could give benefit to patients suffering from conditions associated with muscle weakness. As I mentioned in 2018, we returned to our roots in science And from the beginning, we've been focused to cytoskeletal biology. And over the many years, this particular structure, the sarcomere, the fundamental unit of muscle contractility has served as the cornerstone of our drug discovery activities.
Under Fady Malik's supervision and with his vision, we've been mining this structure having screened approximately 18,000,000 compounds over the years looking for modulators of this structure that could give rise to potent and specific activators or inhibitors of the different proteins involved in different muscle systems, different isoforms of those that you see on this slide. We divide those principally into 2 verticals, those that modulate cardiac muscle on the left hand of this slide and those that modulate skeletal muscle on the right hand of this slide. And as we've advanced those into development, having conducted over the years over 50 clinical trials, Cytokinetics has demonstrated leadership in mid and late stage clinical trials advancing these 1st in class and next in class compounds towards objectives that we think matter to patients and ultimately will enable the registration and marketing authorization of these drug candidates as potential new medicines. Leading the way is omecamtiv mecarbil, a cardiac myosin activator that we're developing for the potential treatment of heart failure. It has been the subject already of 18 completed clinical trials published and peer reviewed and now is the subject of a clinical trials program that we are conducting with our partners since 2006, Amgen.
We're conducting 2 clinical trials, GALACTIC and METEORIC that I mentioned a moment ago and will elaborate now in a minute. Omecamtiv is the leading edge of our clinical portfolio in Phase 3 and gives rise to a potential new paradigm shift in the treatment of heart failure. But underneath the hood, if you will, of that program are 2 others in our cardiac vertical. 1 is AMG 594 also partnered with Amgen as a potential new compound for the treatment of heart failure. It's in Phase 1.
And CK-two seventy four wholly owned, not discovered or partnered with Amgen. And here's where we are together with scientists at the company contemplating moving this forward not only through Phase 1, but into Phase 2 this year. I'll have more to say about that in a minute. That's our cardiac muscle portfolio. Our skeletal muscle portfolio is led by reldesemtiv in Phase 2.
I mentioned a positive finding in an SMA study last year and more recent developments in ALS that give us optimism for moving that compound into Phase 3 and CK-six zero one which is following behind a next generation fast skeletal troponin activator both under our collaboration with Astellas. Our research continues with Astellas. As I've mentioned, we're working in the area of muscle activators with Astellas since 2013 as well as other programs in research that are not currently partnered. At this annual meeting over the last several years, we've underscored the tremendous unmet need in heart failure made worse by the aging demographics. Heart failure continues to be the number one reason why people in the United States are hospitalized, the number one reason why Medicare patients are hospitalized.
And as you can see in this newer figure on the right, here we're describing despite increasing prevalence that this is still a disease that is underappreciated for its mortality risk. A diagnosis of acute heart failure is accompanied by an unacceptably high risk of mortality, one that dwarfs that of most cancers, But yet it's not as well appreciated arguably as are those indications that are in cancer. What we have done at Cytokinetics is begun to shed a light on the problem here. It's an epidemic of both clinical and economic consequence. As a result of the fact that if you're diagnosed with acute heart failure, you have an unacceptably high risk of death and hospital readmission.
The 5 year mortality rate of patients diagnosed with acute heart failure is roughly 50%. In between index hospitalization in 5 years, these are patients who are frequent flyers in U. S. Hospitals, resulting in unacceptably high economic burden both to the hospitals and to Medicare as a reimbursement authority. At Cytokinetics, we set out a long time ago to discover and develop a new medicine, one that could address underlying defects in cardiac performance, but do so in a way that addresses the liabilities of commercially available inotropes.
And here's where I think we have in the course of our clinical research and development program demonstrated that omecamtiv mecarbil may have a unique profile relative to other drug candidates and we've been able to elaborate on that in clinical studies that set the table for advancement into Phase 3. Those Phase 1 and Phase 2 studies are described in this one slide. It's difficult to capture over 10 years of clinical research in a single slide, suffice it to say that we've conducted 18 clinical trials, most of these by cytokinetics, some by Amgen and most under our collaboration with Amgen. And over the course of these many studies, we've learned a lot about dose and dosage forms. We've learned a lot about patient types and how best to optimize the development of a new medicine in heart failure with respect to preserving safety and tolerability and understanding pharmacokinetics and pharmacodynamics of our drug candidate.
The COSMIC study may have been the penultimate study that set the stage for movement into Phase 3. And I'll remind you of these results that demonstrated that a pharmacokinetic guided dose titration strategy with omecamtiv mecarbil resulted in increased parameters of cardiac performance, increased systolic ejection time, increased stroke volume, increased ejection fraction and fractional shortening, but also a reduction in end systolic and end diastolic volumes and dimensions, a reduction in heart rate and a reduction in NT proBNP. In effect, we went 8 for 8 in the measures that we were evaluating in Phase 2 that are good predictors of what we would hope would be improvements of outcomes with omecamtiv mecarbil in a potential Phase 3 registration program. And hence, we and Amgen elected to proceed a few years ago to the conduct of GALACTIC, a study that is amongst the largest heart failure studies ever conducted and now nearing completion having already enrolled over 7 1,000 patients with high risk heart failure in about 35 countries around the world. We were very pleased to note that with the data monitoring committee having conducted an interim futility analysis earlier this year, they recommended we proceed to the conclusion of the study without alteration to its conduct.
That's suggestive of the fact that the drug is not causing harm in those patients, at least not based on the accrual of events that they had an opportunity to analyze. And with that, we are concluding enrollment in this trial in the next few months and looking forward to what could be the next interim analysis expected in the first half of twenty twenty. That interim analysis could provide for the early stopping of the study whether there were to be demonstrated futility or also potentially overwhelming efficacy, not something that we're banking on, but something we must be prepared for and hence we're moving forward with omecamtiv mecarbil towards that next important milestone. In the meantime, in recent months, cytokinetics began as mentioned before METEORIC HF. This is a second Phase 3 trial.
It's not in the critical path to the potential registration strategy, but we do think it's especially important for what could be meaningful outcomes relevant to patients who first notice their symptoms in terms of shortness of breath and decreased exercise performance, capacity and endurance. This is an opportunity to evaluate whether omecamtiv mecarbil in contrast to most drugs in heart failure could potentially get in its label claim, a indication for increased exercise stamina or performance as measured by cardiopulmonary exercise testing. This trial is underway now enrolling patients and we hope it could conclude and read out in approximately 2021. As I mentioned, we're collaborating with Amgen since 2006. And without going into this in great detail, I'll remind shareholders that we have a very unusual deal structured with Amgen.
It's one where they pay the majority of our costs of R and D, the majority of costs of commercialization, we earn upwards of $600,000,000 in milestone payments that are weighted approximately equally pre commercial and post commercial and we earn an increasing royalty on sales that starts in the teens and climbs over 20%. And a matter of fact, we sold a piece of that royalty to Royalty Pharma back in 2017. At that time, this royalty aggregator purchased a 4.5% royalty from us for approximately $100,000,000 between cash and equity. That was a very unusual move on their part when they did that because they're conventionally known as the buyer of commercial royalties, but it underscores how much promise they believe to be in the economics and the cash flows that may arise from omecamtiv, which could be commercialized in 2022 or thereabouts. With that deal and having sold that royalty, we still earn a royalty that can exceed 20% of sales and that could be quite meaningful for a heart failure with reduced ejection fraction is projected to generate about $3,000,000,000 to $5,000,000,000 annually in sales.
This is a slide that briefly describes AMG 594 in 2018. We are pleased with Amgen to advance it and in 2019 begin a Phase 1 study of this new mechanism treatment for heart failure. In the next year, we expect to have clarity from the Phase 1 study informing a potential path in Phase 2 and we look forward to updating shareholders about that. Perhaps more proximal is work we're doing with CK-two seventy four, our wholly owned cardiac myosin inhibitor, which we believe may have important relevance to the treatment of patients who are suffering from hypercontractile disorder, where zomicamtiv mecarbil is useful for patients who have impaired cardiac contractility to augment cardiac performance, CK-two seventy four is inhibiting cardiac myosin producing what we would hope to be a more relaxed cardiac sarcomere that could be beneficial in patients with hypertrophic cardiomyopathies, obstructive and non obstructive. And in this case, we believe that could benefit patients, especially to ensure that we reduce with this mechanism high left ventricular filling pressures.
Here we're advancing a compound that is not 1st in class despite the fact that our company scientists discovered that compound that is 1st in class, albeit which is being advanced by another company. In our case, we're advancing a 2nd generation compound that we think may have properties intrinsic to its chemistry and its biology that may give rise to a potential best in class profile. We believe that CK-two seventy four may have a selective allosteric binding site that may relate to distinct advantages that will be hopefully elaborated in further studies, but also it has a shorter half life as is bearing out in recent Phase 1 studies that we'll be announcing later this year. And we think therefore it may have easier dosing and flexibility potentially also a broader therapeutic window that could be advantageous to the advancement of this compound. We think that could be conferring advantages that we should elaborate on in a Phase 2 program.
With regard to advancement, CK-two seventy four is now concluding an ongoing Phase 1 study of single and multiple ascending doses and we're preparing for the potential advancement into Phase 2 in the second half of this year and we expect to have more to say about that over the next few months. So to speak to the milestones in our cardiac vertical, they're listed here, continue enrollment in METEORIC, complete patient screening and enrollment in GALACTIC in first half and second half of the year respectively. Expect data from a Phase 1 study of CK-two seventy four in Q3 and continue to conduct a Phase 1 study of AMG 594. Now switching to our skeletal muscle vertical. I mentioned in 2018, we announced data from a Phase 2 study of reldesemtiv in adults and adolescents with Type 2 and Type 3 SMA, a population that is underserved despite newly available therapeutics that are SMN directed treatments that look quite promising.
Here we looked at the potential for reldesemtiv in a dose dependent way to increase pharmacodynamic endpoints consistent with its mechanism. And we are particularly struck by effects observed on increasing change from baseline in 6 minute walk, the amount of distance that these SMA patients can walk in 6 minutes. And you can see here there is a very rapid and dose dependent effect on 6 minute walk that also we observed appeared durable even after study drug was concluded. We then proceeded to the conclusion of the FORTITUDE ALS trial described on this slide, which was a 12 week study looking at patients with ALS, 3 different doses, low, medium and high versus placebo. These results were just presented about 2 weeks ago at the American Academy of Neurology.
And as mentioned, this trial did not meet its pre specified efficacy analysis, albeit the trends are certainly encouraging. Here you can see we did not achieve a p less than 0.05 for the pre specified dose response in SVC. But however, the borderline nominal statistical significance of 0.11 for a Phase 2 study is nonetheless encouraging, especially when considered in the context of the other analyses that were performed. And as you can see here, we've included in this presentation a few of them. You can see pooled doses versus placebo for both the SVC change from baseline and the ALSFRS change from baseline.
Clinically meaningful magnitudes of effect that appear to be increasing over time and that are durable after the study drug infusion or study drug administration is stopped. That for us is a very encouraging sign demonstrating consistency of effects across time points and end points for all of the treatment arms. When also considered in the context of the subgroups, here you can see the forest plots showing patients receiving drug versus those placebo and not a single one of them favor placebo over drug and nearly all of them favoring drug versus placebo, some of them statistically significant, underscoring again and suggesting to us that there clear biologic and pharmacologic activity. And from these data, we believe there are strategies that can emerge that enable us to enrich and amplify the signal in order to be able to achieve a conventional p less than 0.05 in a potential registration study. The drug also was evaluated for its potential safety and tolerability and we're extremely encouraged to see that there appeared to be a balance in clinical adverse effects between drug and placebo patients, albeit there were some dose dependent increases in laboratory measures of kidney function and liver function that do require further elaboration and analysis, something that we will be delving deeply into in order to understand the implications of that for a potential Phase 3 program.
So here we have reldesemtiv with encouraging data in both SMA and ALS, 2 important neuromuscular indications and together with Astellas over the next several months, we'll probe these data more deeply, we'll discuss with regulatory authorities and payers and HTAs, Health Technology Assessment Authorities, what could be a potential path forward as we might begin the next stages of development unlikely in 2019, but more likely were to occur in 2020. And the deal we have with Astellas is further elaborated here. Suffice it to say, it's architected quite similar to the deal that I described with Amgen. They're paying for most of the R and D expenses, albeit I should mention if we were to proceed into Phase 3, we have an obligation to co fund in the area of ALS and an option to do that in the area of SMA and for which we also earn milestone payments, which could in effect cover most if not all of those development costs over the time frames in Phase 3 as well as sales based milestones and royalties that eclipse 20% of sales. So to recap milestones for the neuromuscular program, we want to continue to evaluate the results of FORTITUDE ALS and understand their implications for potential progression to Phase 3, which would occur most likely in 2020 and discuss those with Astellas.
And we'll be speaking to shareholders once we have clarity on what will be our commitments and plans. To conclude this presentation, I'd like to just underscore a few things. One is the corporate development strategy of Cytokinetics has been and remains to primarily rely on business development for sources of capital, both in terms of upfronts as well as sponsored research, sponsored development, preclinical, clinical and commercial milestones and royalties. We think we've set a relative high watermark amongst most peer group biopharmaceutical companies by dent of the fact that we don't rely on serial dilutive financings. We have been successful already in generating over 600,000,000 dollars in paid in capital from business development and that's roughly half of the total capital we've raised at the company both privately and publicly.
And on a going forward basis, we continue to want to rely principally on business development for what could be sources of non dilutive capital to advance our business. We recently reported last week with our Q1 earnings that we had about $177,000,000 on the balance sheet that still reflects over 24 months of cash given our guidance for 2019 and our net cash consumption in the range of $85,000,000 to $90,000,000 We reiterated that guidance on our Q1 earnings call. That's depicted on this last slide. And then just to finalize and to recap our milestones for this year, it's a continued execution on good progress and promise for our pipeline with GALACTIC completing enrollment this year with CK-two seventy four data expected from that trial CK-two seventy four in Q3 and moving into Phase 2 in the second half of the year. And we'll continue to evaluate results of FORTITUDE as well as pushing forward METEORIC and AMG 594 through 2019.
And with that, I'd like to conclude this portion of the presentation, my comments and the formal presentation and open up the floor today for any questions that you may have here in the room. So looking around, I don't see any questions here in the room. I invite anybody that's dialed in on the webcast to please, if you have questions, please communicate them to us by e mail or otherwise and we would hope to be able to respond to any comments or questions you have. I'd like to thank everybody for their attendance, for also those listening in on the conference call and for your continued support of the company. In 2019, we believe we're well positioned to execute on our business objectives.
We're well positioned, we believe, to deliver on the trust of our stockholders and all stakeholders. With 5 compounds advancing in development to potentially treat some of the most devastating diseases of muscle dysfunction as well as by our providing independent and collaborative research combined with our solid financial position, we believe there is a great promise and outlook for our future. We very much appreciate your continued support. We look forward to keeping you updated on Cytokinetics' progress throughout this year. And lastly, we're especially grateful for the privilege to serve patients and their caregivers who so much depend on our ultimate successes.
With that, I'll turn it back over to Pat Gage and thank you very much.
Thank you, Robert, for a very comprehensive update on important progress the company has made in its development programs. I won't summarize again all of these accomplishments, but just emphasize that we remain committed to the patients, caregivers and shareholders who count on us to deliver continued progress against our goal of improving lives and functionality of people living with diseases of impaired muscle function. I want to thank all of you who participated today in this stockholder meeting. Thank you.
Ladies and gentlemen, thank you for participating in today's conference. That concludes the call. You may now disconnect. Everyone have a wonderful day.