Cyclerion Therapeutics, Inc.
CYCN evidence brief
What we can confirm
- BioSniper Score:
- 4.9 / 10
- Market Cap:
- $15.7M
- Lead Asset:
- cyc-126 (Preclinical)
What it means
What to watch
Prepared research question
What matters most for CYCN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CYCN
Cyclerion Therapeutics, Inc. (CYCN) is a biopharmaceutical company developing CYC-126, an individualized therapy for treatment-resistant depression, and has recently merged with Korsana Biosciences, which will result in a name change and a new ticker symbol.
Key risk: Pre-revenue stage
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$15.7M
Cash Runway
—
Lead Asset
cyc-126 (Preclinical)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Cyclerion Therapeutics, Inc..
Similar companies
Cyclerion Therapeutics, Inc. (CYCN) is a biopharmaceutical company developing CYC-126, an individualized therapy for treatment-resistant depression, and has recently merged with Korsana Biosciences, which will result in a name change and a new ticker symbol.
- Cyclerion's foundational development program is CYC-126, an individualized therapy for treatment-resistant depression (TRD) [sec_mda · as of 2026-08-04].
- The company entered into a license agreement with MIT in September 2025 for intellectual property supporting the TRD program [sec_mda · as of 2026-08-04].
- In January 2026, Cyclerion entered a collaboration and option-to-license agreement with Medsteer SAS for anesthesia delivery and monitoring technologies [sec_mda · as of 2026-08-04].
- As of June 30, 2026, the company reported cash and equivalents of $1.4M, net income of -$1.8M, and shareholders' equity of $5.1M [sec].
- A merger with Korsana Biosciences closed in September 2026, with the combined entity expected to trade under ticker 'KRSA' and have approximately $475 million in cash [news · published 2026-09-08].
What works
- Cyclerion has secured a license from MIT and a collaboration with Medsteer, providing intellectual property and technical expertise for its lead TRD program [sec_mda · as of 2026-08-04].
- The company received positive pre-IND written feedback from the FDA for CYC-126, supporting its path to a Phase 2 proof-of-concept study [news · published 2026-02-17].
- The merger with Korsana Biosciences provides a strong financial position with approximately $475 million in cash, expected to fund operations into 2029 [news · published 2026-09-08].
What to weigh
- Cyclerion reported a net loss of -$1.8M for the six months ended June 30, 2026, with cash and equivalents of only $1.4M prior to the merger [sec].
- The company's lead program, CYC-126, is still in the pre-clinical/early clinical stage, with the Phase 2 study not yet initiated as of early 2026 [news · published 2026-02-17].
- The merger with Korsana Biosciences shifts the company's focus to Korsana's lead program KRSA-028, with Cyclerion's original pipeline assets (e.g., olinciguat, praliciguat) being out-licensed or partnered [pipeline].
From the filings
Quoted directly from source documents.
Cyclerion's foundational program is CYC-126 for TRD.
“ized CYC-126, an individualized therapy for TRD as our foundational development program.”
SEC MD&A · August 4, 2026
Cyclerion received positive pre-IND feedback from the FDA for CYC-126.
“Received Positive Pre-Investigational New Drug (“IND”) Written Feedback from the U.S. Food and Drug Administration (“FDA”)”
News · February 17, 2026
The merger with Korsana Biosciences closed in September 2026.
“Korsana Biosciences Completes Closing of Merger with Cyclerion Therapeutics and Previously Announced Private Placement of $380 Million”
News · September 8, 2026
Post-merger cash and equivalents are approximately $475 million.
“Strong financial position with post-transaction cash and cash equivalents of approximately $475 million1 expected to fund operations into 2029”
News · September 8, 2026
Risks & what to watch (3)›
Key risks
- Pre-revenue stage — Cyclerion has no approved products and reported a net loss of -$1.8M as of June 30, 2026 [sec].
- Pipeline dependency on merger — The merger shifts focus to Korsana's KRSA-028, making Cyclerion's original pipeline (CYC-126, olinciguat) secondary [news · published 2026-09-08].
- Clinical trial execution risk — CYC-126 Phase 2 POC study initiation is planned for H2 2026 but has not yet started as of Feb 2026 [news · published 2026-02-17].
What to watch
- Initiation of CYC-126's Phase 2 proof-of-concept study in treatment-resistant depression, planned for the second half of 2026 [news · published 2026-02-17].
- Korsana Biosciences' lead program KRSA-028 advancing toward the clinic, with Phase 1 data expected mid-2027 [news · published 2026-09-08].
- The company's cash runway post-merger, with approximately $475 million expected to fund operations into 2029 [news · published 2026-09-08].
Sources: News · Pipeline · SEC MD&A · Generated October 6, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.36 · 0% dilution
Lead: Preclinical
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Short Interest
as of May 20, 2026- % of float
- 1.6%
- Days to cover
- 0.0
- Shares short
- 56,618
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CYCN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cyclerion Therapeutics, Inc.?
Cyclerion Therapeutics, Inc. (CYCN) is a biopharmaceutical company developing CYC-126, an individualized therapy for treatment-resistant depression, and has recently merged with Korsana Biosciences, which will result in a name change and a new ticker symbol.
What is Cyclerion Therapeutics, Inc.'s lead drug candidate?
Cyclerion Therapeutics, Inc.'s most advanced tracked candidate is cyc-126 (Preclinical) for treatment-resistant depression.
Who is the CEO of Cyclerion Therapeutics, Inc.?
Dr. Regina M. Graul Ph.D. is the chief executive officer of Cyclerion Therapeutics, Inc. (CYCN).
Where is Cyclerion Therapeutics, Inc. headquartered?
Cyclerion Therapeutics, Inc. (CYCN) is headquartered in Cambridge, MA, United States.
What therapeutic areas does Cyclerion Therapeutics, Inc. focus on?
Cyclerion Therapeutics, Inc. develops therapies across Neurology, Cardiovascular, Nephrology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.