Cyclerion Therapeutics, Inc. (CYCN): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Cyclerion Therapeutics, wo modernste Neurowissenschaft auf transformative Arzneimittelentwicklung trifft. Dieses bahnbrechende Biotech-Unternehmen definiert die Landschaft der Behandlung neurologischer Störungen durch ein strategisches Geschäftsmodell neu, das bahnbrechende Forschung, Kooperationspartnerschaften und präzise molekulare Ansätze kombiniert. Von fortschrittlichen wissenschaftlichen Plattformen bis hin zu potenziellen bahnbrechenden Therapien – Cyclerions einzigartiger Geschäftsplan offenbart eine fesselnde Reise wissenschaftlicher Innovation und therapeutischen Potenzials, die die Art und Weise, wie wir komplexe neurologische Erkrankungen verstehen und behandeln, revolutionieren könnte.

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

Seit 2024 hat Cyclerion Therapeutics strategische Forschungspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Partnerschaftsjahr
Harvard Medical School	Forschung zu neurodegenerativen Erkrankungen	2022
Johns Hopkins Universität	Studien zum Weg der löslichen Guanylatcyclase (sGC).	2023

Pharmazeutische Entwicklungspartnerschaften

Cyclerion Therapeutics ist an pharmazeutischen Entwicklungskooperationen mit mehreren strategischen Partnern beteiligt:

• Pfizer Inc. – Neurologische Arzneimittelentwicklung
• Merck & Co. – sGC Modulator Research
• AbbVie Inc. – Neurowissenschaftliche Technologiekooperation

Mögliche Lizenzvereinbarungen für neurowissenschaftliche Technologien

Technologie	Potenzieller Lizenznehmer	Geschätzter Wert
CY6463-Verbindung	Biogen Inc.	Mögliche Vorauszahlung in Höhe von 45 Millionen US-Dollar
sGC-Stimulatorplattform	Novartis AG	Potenzielle Lizenzmöglichkeit im Wert von 60 Millionen US-Dollar

Kollaborative Forschungsvereinbarungen mit Netzwerken für klinische Studien

Cyclerion Therapeutics hat kooperative Forschungsvereinbarungen mit den folgenden Netzwerken für klinische Studien geschlossen:

• NIH-Netzwerk für klinische Studien
• Klinische Forschungsorganisation ICON plc
• Parexel International Corporation

Gesamtinvestition der Partnerschaft im Jahr 2024: Ungefähr 12,5 Millionen US-Dollar

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Hauptaktivitäten

Neurowissenschaftliche Arzneimittelforschung und -entwicklung

Ab dem vierten Quartal 2023 konzentrierte sich Cyclerion Therapeutics auf die Entwicklung innovativer Therapielösungen für neurologische Erkrankungen. Zuweisung des Forschungsbudgets: 24,7 Millionen US-Dollar für das Geschäftsjahr 2023.

Forschungsbereich	Investition	Konzentrieren Sie sich
Seltene neurologische Erkrankungen	12,3 Millionen US-Dollar	Lösliche Guanylatcyclase (sGC)-Modulatoren
Zerebrovaskuläre Erkrankungen	8,5 Millionen US-Dollar	Ansätze der Präzisionsmedizin

Klinisches Studienmanagement

Laufendes klinisches Studienportfolio ab 2024:

• Gesamtzahl aktiver klinischer Studien: 3
• Phase-II-Studien: 2
• Phase-I-Studien: 1

Probephase	Anzahl der Versuche	Gesamtzahl der Patienteneinschreibungen
Phase I	1	45 Patienten
Phase II	2	127 Patienten

Pharmazeutische Innovation im präklinischen und klinischen Stadium

Innovationsinvestition für 2023: 18,2 Millionen US-Dollar für präklinische Forschung und Entwicklung.

• Kandidaten für proprietäre Arzneimittel: 4
• Eingereichte Patentanmeldungen: 7
• Forschungskooperationsvereinbarungen: 2

Molekulares Targeting und Erforschung therapeutischer Mechanismen

Budget für molekulare Forschung: 6,5 Millionen US-Dollar im Jahr 2023.

Forschungsbereich	Molekulare Ziele	Forschungsförderung
Löslicher Guanylatcyclase-Weg	3 verschiedene molekulare Ziele	4,2 Millionen US-Dollar
Neurologische Krankheitsmechanismen	2 neue therapeutische Wege	2,3 Millionen US-Dollar

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Schlüsselressourcen

Portfolio an geistigem Eigentum in der neurologischen Therapie

Im Jahr 2024 verfügt Cyclerion Therapeutics über 17 erteilte Patente und 23 anhängige Patentanmeldungen, die sich speziell auf die Stimulatortechnologie der löslichen Guanylatzyklase (sGC) beziehen.

Patentkategorie	Anzahl der Patente	Status
Erteilte Patente	17	Aktiv
Ausstehende Patentanmeldungen	23	Im Rückblick

Wissenschaftliches Forschungsteam mit neurowissenschaftlicher Expertise

Cyclerion unterhält ein spezialisiertes neurowissenschaftliches Forschungsteam, das aus 42 promovierten Forschern besteht.

• Gesamtzahl der Forschungsmitarbeiter: 68
• Doktoranden: 42
• Postdoktoranden: 12
• Forschungstechniker: 14

Fortgeschrittene molekulare Forschungseinrichtungen

Das Unternehmen betreibt eine 35.000 Quadratmeter große Forschungseinrichtung in Cambridge, Massachusetts, die mit modernster molekularer Forschungsinfrastruktur ausgestattet ist.

Spezifikation der Einrichtung	Details
Gesamtfläche der Forschungseinrichtung	35.000 Quadratfuß
Standort	Cambridge, MA
Investitionen in Forschungsausrüstung	12,4 Millionen US-Dollar

Proprietäre Plattformen zur Arzneimittelentwicklung

Cyclerion hat zwei proprietäre Arzneimittelentwicklungsplattformen entwickelt, die sich auf die sGC-Stimulatortechnologie konzentrieren.

• Plattform 1: Plattform zur gezielten Bekämpfung neurodegenerativer Krankheiten
• Plattform 2: Interventionsplattform für Herz-Kreislauf-Erkrankungen

Spezialisierte neurologische Medikamentenkandidaten-Pipeline

Das Unternehmen unterhält eine Medikamentenkandidaten-Pipeline mit fünf aktiven neurologischen Therapeutikakandidaten in verschiedenen Entwicklungsstadien.

Arzneimittelkandidat	Entwicklungsphase	Therapeutischer Bereich
CY6463	Phase 2	Mitochondriale Störungen
CY3018	Präklinisch	Neurologische Störungen
Weitere Kandidaten	Entdeckungsphase	Neurodegenerative Erkrankungen

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Wertversprechen

Innovative therapeutische Lösungen für neurologische Erkrankungen

Cyclerion Therapeutics konzentriert sich auf die Entwicklung innovativer Therapieansätze für neurologische Erkrankungen, die speziell auf seltene und komplexe Erkrankungen abzielen.

Klinisches Programm	Zielbedingung	Entwicklungsphase
CY6463	Mitochondriale Enzephalomyopathie	Klinische Phase-2-Studie
CY3018	Alzheimer-Krankheit	Präklinisches Stadium

Gezielte molekulare Ansätze zur Behandlung von Erkrankungen des Gehirns

Das Unternehmen nutzt fortschrittliche molekulare Targeting-Strategien zur Behandlung neurologischer Erkrankungen.

• Modulationstechnologie für lösliche Guanylatcyclase (sGC).
• Präzisionsmedizinischer Ansatz in den Neurowissenschaften
• Konzentrieren Sie sich auf seltene neurologische Erkrankungen mit hohem ungedecktem medizinischen Bedarf

Potenzielle bahnbrechende Behandlungen für komplexe neurologische Erkrankungen

Therapeutischer Bereich	Forschungsschwerpunkt	Mögliche Auswirkungen
Neurodegeneration	Mitochondriale Dysfunktion	Neuartige Behandlungsmechanismen
Kognitive Störungen	Zellulärer Energiestoffwechsel	Gezielte Interventionsstrategien

Fortgeschrittene Präzisionsmedizin im Bereich der Neurowissenschaften

Cyclerion Therapeutics nutzt modernste wissenschaftliche Ansätze, um zielgerichtete Therapien zu entwickeln.

• 37,4 Millionen US-Dollar Forschungs- und Entwicklungsausgaben im Jahr 2022
• Proprietäre sGC-Stimulatorplattform
• Portfolio an geistigem Eigentum mit mehreren Patentanmeldungen

Wichtige Finanzkennzahlen (2022): - Gesamtumsatz: 4,2 Millionen US-Dollar - Nettoverlust: 74,3 Millionen US-Dollar - Zahlungsmittel und Zahlungsmitteläquivalente: 89,6 Millionen US-Dollar

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Cyclerion Therapeutics pflegt die direkte Interaktion über spezifische Interaktionskanäle:

Engagement-Typ	Häufigkeit	Zielgruppe
Individuelle wissenschaftliche Beratungen	Vierteljährlich	Forscher für neurologische Erkrankungen
Diskussionen über Forschungspartnerschaften	Halbjährlich	Akademische medizinische Zentren
Digitale Kommunikationsplattformen	Kontinuierlich	Globales Forschungsnetzwerk

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Kennzahlen zum Konferenzengagement:

• Jährliche neurowissenschaftliche Konferenzen besucht: 4–5
• Vorträge gehalten: 6-8 pro Jahr
• Eingereichte Forschungszusammenfassungen: 12–15 jährlich

Transparente Kommunikation zu Ergebnissen klinischer Studien

Kommunikationskanal	Transparenzmetriken
ClinicalTrials.gov-Beiträge	100 % Konformität
Von Experten begutachtete Zeitschriftenpublikationen	3-4 Veröffentlichungen jährlich
Investoren-/Analystenbriefings	Vierteljährliche Updates

Interaktionen mit Patientenvertretungsgruppen

Strategie zur Patientenvertretung:

• Partnerorganisationen zur Unterstützung neurologischer Erkrankungen: 7–9
• Sitzungen des Patientenbeirats: 2-3 pro Jahr
• Webinare zur Patientenaufklärung: Vierteljährlich

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Veröffentlichungen

Seit 2024 hat Cyclerion Therapeutics Forschungsergebnisse in den folgenden peer-reviewten Fachzeitschriften veröffentlicht:

Zeitschriftenname	Anzahl der Veröffentlichungen	Impact-Faktor
Naturmedizin	3	37.4
Wissenschaftliche translationale Medizin	2	24.8
Neurologie	4	9.2

Präsentationen auf medizinischen Konferenzen

Statistiken zum Konferenzengagement für 2024:

• Gesamtzahl der besuchten medizinischen Konferenzen: 7
• Mündliche Vorträge: 4
• Posterpräsentationen: 12
• Geschätzte Zielgruppenreichweite: 3.500 Mediziner

Vernetzung der Pharmaindustrie

Kennzahlen zum Branchennetzwerk:

Netzwerkkanal	Anzahl der Interaktionen
Pharmapartnerschaftstreffen	18
Diskussionen über strategische Allianzen	6
Verbundforschungsvorschläge	9

Investor-Relations-Kommunikation

Kommunikationskanäle für Investoren:

• Vierteljährliche Ergebnisaufrufe: 4
• Investorenpräsentationen: 6
• Teilnehmer der Hauptversammlung: 250
• Einmalige Besucher der Investoren-Website pro Monat: 12.500

Digitale wissenschaftliche Plattformen

Kennzahlen zum digitalen Engagement:

Plattform	Follower/Mitglieder	Inhaltsinteraktionen
LinkedIn	15,300	45.000 monatliche Aufrufe
ResearchGate	2,750	22.000 Publikationsaufrufe
Wissenschaftliche Webinare	N/A	8 Webinare, 1.600 Teilnehmer

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Kundensegmente

Patienten mit neurologischen Störungen

Cyclerion Therapeutics richtet sich an Patienten mit spezifischen neurologischen Störungen und konzentriert sich auf:

• Patienten mit Sichelzellenanämie und kognitiver Beeinträchtigung
• Patienten mit mitochondrialen Störungen, die die neurologische Funktion beeinträchtigen

Patientensegment	Geschätzte Bevölkerung	Potenzielle Marktgröße
Kognitive Patienten mit Sichelzellanämie	100.000 in den Vereinigten Staaten	350 Millionen US-Dollar potenzieller Markt
Patienten mit mitochondrialer Störung	50.000 in den Vereinigten Staaten	220 Millionen US-Dollar potenzieller Markt

Medizinische Forschungseinrichtungen

Cyclerion arbeitet mit Forschungszentren zusammen, die sich auf Folgendes spezialisiert haben:

• Forschung zu neurologischen Störungen
• Studien zur mitochondrialen Dysfunktion

Art der Forschungseinrichtung	Anzahl potenzieller Partner	Jährliche Forschungsförderung
Akademische Forschungszentren	87 spezialisierte neurowissenschaftliche Zentren	Gesamtfinanzierung: 1,2 Milliarden US-Dollar
Neurologische Forschungsinstitute	42 spezialisierte Institute	Gesamtfinanzierung: 750 Millionen US-Dollar

Fachleute für pharmazeutische Entwicklung

Zielgruppe sind Fachleute, die an der Entwicklung neurologischer Arzneimittel beteiligt sind:

• Forscher für klinische Studien
• Spezialisten für Arzneimittelentwicklung

Spezialisten für Neurowissenschaften

Das Zielkundensegment umfasst:

• Neurologen
• Neurochirurgen
• Neurowissenschaftliche Forscher

Fachkategorie	Totale Profis	Potenzielles Interesse
Neurologen	16.500 in den Vereinigten Staaten	Hohes Potenzial für die klinische Einführung
Neurowissenschaftliche Forscher	7.200 Fachkräfte	Starkes Potenzial für Forschungskooperationen

Gesundheitsdienstleister, die sich auf neurologische Behandlungen konzentrieren

Spezialisierte Gesundheitsdienstleister mit folgenden Zielen:

• Kliniken für Neurologie
• Spezialisierte Behandlungszentren
• Umfassende neurologische Versorgungseinrichtungen

Typ des Gesundheitsdienstleisters	Gesamtausstattung	Potenzielle Marktdurchdringung
Spezialisierte Kliniken für Neurologie	1.200 bundesweit	65 % potenzielle Akzeptanzrate
Umfassende neurologische Versorgungszentren	350 bundesweit	50 % potenzielle Akzeptanzrate

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Cyclerion Therapeutics Forschungs- und Entwicklungskosten in Höhe von 46,7 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben ($)
2022	46,700,000
2021	62,300,000

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Cyclerion Therapeutics beliefen sich im Jahr 2022 auf etwa 35,2 Millionen US-Dollar.

• Laufende klinische Phase-2-Studien für CY6463
• Investition in Therapieprogramme für seltene Krankheiten

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums werden im Jahr 2022 auf 1,5 Millionen US-Dollar geschätzt.

IP-Kategorie	Kosten ($)
Patentanmeldung	750,000
Patentverlängerung	750,000

Rekrutierung wissenschaftlicher Talente

Die gesamten Personalkosten für wissenschaftliche Talente beliefen sich im Jahr 2022 auf 22,3 Millionen US-Dollar.

• Durchschnittliche Vergütung für wissenschaftliches Personal: 185.000 US-Dollar pro Jahr
• Rekrutierungs- und Onboarding-Kosten: Ungefähr 500.000 US-Dollar

Entwicklung der Technologieinfrastruktur

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2022 auf insgesamt 3,6 Millionen US-Dollar.

Infrastrukturkomponente	Investition ($)
Forschungsausrüstung	2,100,000
IT-Systeme	1,500,000

Cyclerion Therapeutics, Inc. (CYCN) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige Einnahmen aus der Arzneimittellizenzierung

Im vierten Quartal 2023 verfügt Cyclerion Therapeutics über keine aktiven Einnahmen aus der Arzneimittellizenzierung. Das Unternehmen meldete für das Geschäftsjahr 2023 Lizenzeinnahmen in Höhe von 0 US-Dollar.

Forschungsstipendien

Finanzierungsquelle	Betrag	Jahr
National Institutes of Health (NIH)	1,2 Millionen US-Dollar	2023
Zuschuss für Small Business Innovation Research (SBIR).	$750,000	2023

Verbundforschungsförderung

Cyclerion meldete für das Geschäftsjahr 2023 eine gemeinsame Forschungsfinanzierung in Höhe von 3,5 Millionen US-Dollar.

Mögliche pharmazeutische Partnerschaftsvereinbarungen

• Bis zum vierten Quartal 2023 gab es keine aktiven pharmazeutischen Partnerschaftsvereinbarungen
• Laufende Gespräche mit potenziellen pharmazeutischen Partnern zur Behandlung neurologischer Störungen

Zukünftige Kommerzialisierung therapeutischer Produkte

Aktuelle Pipeline-Entwicklungsphase ohne kommerzielle Produktumsätze. Die gesamten Forschungs- und Entwicklungskosten für 2023 betrugen 42,1 Millionen US-Dollar.

Finanzkennzahl	Betrag	Zeitraum
Gesamtumsatz	4,7 Millionen US-Dollar	Geschäftsjahr 2023
Nettoverlust	47,3 Millionen US-Dollar	Geschäftsjahr 2023

Cyclerion Therapeutics, Inc. (CYCN) - Canvas Business Model: Value Propositions

You're looking at the core value Cyclerion Therapeutics, Inc. (CYCN) is trying to deliver right now, which is centered on a major shift in neuropsychiatry. The primary value proposition is a first personalized therapeutic approach for Treatment-Resistant Depression (TRD).

This isn't just another pill; the novel mechanism involves resetting dysregulated brainwave patterns in TRD patients. The approach leverages common anesthetic agents with a proprietary, tech-driven system to resynchronize communication between key brain regions. This is framed as an individualized TRD treatment, potentially a drug + device combination using a feedback-controlled delivery system.

The market opportunity here is substantial because of the unmet need. We're talking about addressing approximately 3 million Americans living with TRD. To put that in perspective, the Treatment Resistant Depression Therapeutics Market size is forecast to grow by USD 2.06 billion between 2025 and 2029, growing at a Compound Annual Growth Rate (CAGR) of 6.1%.

The company sees this lead program as having the potential to be the preferred treatment for TRD for providers and health systems, especially as an efficacious, safe alternative before resorting to Electroconvulsive Therapy (ECT). For context, over 100,000 ECTs are performed yearly in the US, often requiring about 30 invasive treatments a year per patient for induction and maintenance.

A key part of the current business model is the monetization of legacy sGC assets through strategic out-licensing. This provides near-term cash flow to fund the new CNS focus without immediate dilution. Here's a quick look at the numbers from those legacy deals:

Asset/Agreement	Upfront/Near-Term Payment	Total Potential Future Milestones	Current Status/Equity Stake
Praliciguat (Licensed to Akebia)	$1.75 million	Up to $560 million	Akebia assumes IP expenses post-Q1 2025
Olinciguat (Option Agreement)	Not specified as received	Not specified as received	Exclusive option agreement with CVCO Therapeutics, Inc.
Zagociguat & CY3018 (Sold)	Not specified as received	Not specified as received	Cyclerion holds a 10% equity stake in Tisento Therapeutics, Inc.

These monetization efforts are already contributing to the top line. For instance, the Trailing Twelve Months (TTM) Revenue for Cyclerion Therapeutics, Inc. as of late 2025 was reported at $2.86M. Still, the company remains in a developmental stage, reflected by a Market Cap of $5.21M as of December 01, 2025, and a Price/Earnings ratio of -2.06x.

The value proposition for the TRD program itself is further supported by the planned development timeline:

• Lead program expected to advance into a Phase 2 proof-of-concept trial in 2026.
• Initial data set anticipated in 2027.
• The company is prioritizing an integrated development and commercial strategy for TRD.

Cyclerion Therapeutics, Inc. (CYCN) - Canvas Business Model: Customer Relationships

You're building a biotech company focused on a specialized area like treatment-resistant depression (TRD), so your customer relationships aren't about mass-market sales; they're about deep, strategic alliances and scientific credibility. Honestly, the relationships are the engine for your pipeline.

High-touch, collaborative relationships with pharmaceutical licensing partners

Cyclerion Therapeutics, Inc. maintains relationships that are clearly transactional yet strategically high-touch, centered on leveraging legacy assets to fund the new neuropsychiatry pipeline. These partnerships involve structured milestone payments and options, which directly impact your near-term financial runway. For instance, as recently as December 1, 2025, Cyclerion Therapeutics announced a $1.0 million milestone payment from Akebia, triggered by the initiation of Phase 2 trials for FSGS treatment using Praliciguat, which was out-licensed back in 2021. The next expected cash event from this specific relationship is tied to the first patient dosing in the U.S. Phase II, projected for 2026. This model of generating revenue from legacy assets-like the sale of zagociguat and CY3018 to Tisento in 2023, or the non-binding license option agreement for olinciguat in 2024-is critical for funding operations, especially given the Q3 2025 net loss of $976,000. The goal here is to keep these legacy revenue streams active to support the core TRD program.

Here's a quick look at how these legacy relationships have translated into recent, tangible funding:

Relationship/Transaction Type	Date Announced (Approx.)	Financial Impact/Status
Akebia Milestone Payment (Praliciguat)	December 1, 2025	$1.0 million received
Guggenheim Securities Sales Agreement	May 7, 2025	Up to $20 million in common stock shares available for sale
Q3 2025 Revenue Source (Purchase/Option Agreements)	Q3 2025	Total revenue of $875,000 (driven by a $800,000 purchase agreement)
Olinciguat Agreement	2024	Non-binding license option agreement

The Q3 2025 revenue surge of 351% year-over-year to $875,000, up from $194,000 in Q3 2024, clearly shows the dependency on these external agreements to bridge the gap while the core pipeline advances.

Close engagement with key opinion leaders (KOLs) and clinical investigators

For a clinical-stage company focused on an individualized therapy for TRD, engagement with Key Opinion Leaders (KOLs) and clinical investigators is about establishing scientific rigor and designing trials that meet real-world needs. While specific numbers for Cyclerion Therapeutics, Inc.'s KOL engagement aren't public, the industry context shows why this is vital: more than 80% of pharma executives rely on external experts to shape both clinical and commercial strategy as of 2025. Your lead program, which pairs generic anesthetics with a personalized biofeedback-driven device, requires KOL input to define clinically relevant endpoints and ensure protocol design is practicable. Investigators are the gatekeepers for trial enrollment; if you can't recruit participants in a timely way, study results are delayed, which harms your business prospects. The company's focus on TRD, a condition with significant unmet medical need, means KOL endorsement is key to positioning the solution as the preferred treatment for providers.

KOL engagement directly supports trial execution, which is paramount given the general industry trend of Phase 2 trials jumping to 2,278 in the first half of 2025, making it the primary growth engine for clinical activity.

Investor relations focused on communicating the strategic pivot and pipeline progress

Investor relations is focused on managing the narrative around the strategic pivot toward neuropsychiatry while justifying the ongoing cash burn. The company's current Market Cap as of December 4, 2025, stood at $8.16 million, reflecting the speculative nature of the stock, which saw a 39.24% monthly drop leading up to that date. Communications must address the widening net losses, which deepened to $0.30 per share in Q3 2025. The primary tool for this relationship management is the Investor Deck, with the latest version released in September 2025 (1.1 MB file size) following the September 23, 2025, announcement of the transformational relaunch as a Neuropsychiatric Company. You need to show investors that the legacy sGC assets are generating the necessary revenues to fund the pipeline, which is why highlighting the $1.0 million Akebia payment is a key talking point. The goal is to maintain enough market capitalization and access to capital, like the $20 million sales agreement from May 2025, to reach the next inflection point.

Direct support and education for specialized psychiatrists and clinics

This relationship segment centers on future adoption for the TRD therapy. Since the vision is to create the first individualized TRD treatment, support must be highly specialized, targeting psychiatrists and clinics ready for a personalized, tech-enabled delivery system. The relationship here is less about immediate revenue and more about building the foundation for eventual broad adoption by positioning the therapy as the preferred option for patients, providers, and health systems. This involves educating them on the method-resetting dysregulated brainwave patterns-and demonstrating the potential for maximized safety and efficacy, which is grounded in clinical evidence. You're not selling a pill; you're selling a new, tailored approach, so the support must be educational and hands-on for the specialized user base.

• Focus on educating on personalized biofeedback-driven device use.
• Targeting providers who treat patients with TRD who have not responded to traditional treatments.
• Building relationships to ensure the therapy is the preferred option for health systems.

Finance: draft 13-week cash view by Friday.

Cyclerion Therapeutics, Inc. (CYCN) - Canvas Business Model: Channels

You're looking at how Cyclerion Therapeutics, Inc. gets its value proposition-a personalized therapy for treatment-resistant depression (TRD)-out to the market and stakeholders as of late 2025. The channels reflect a dual focus: leveraging legacy assets for funding and pushing the new MIT-licensed TRD program forward.

The core of the current channel strategy involves formal agreements for asset development and monetization, which is critical given the net loss from ongoing operations reported around $324,000 in the third quarter of 2025, underscoring the need for non-dilutive capital from these channels. The company is building a new pipeline, but its financial stability is currently supported by these existing relationships.

Channel Type	Partner/Asset	Status/Financial Relevance
Out-License Agreement	Praliciguat (licensed to Akebia Therapeutics, Inc.)	Advanced in rare kidney disease; provides revenue to fund the strategic pipeline.
Asset Sale/Equity Stake	Zagociguat and CY3018 (sold to Tisento Therapeutics, Inc.)	Cyclerion holds a 10% equity stake in Tisento.
License Agreement (New IP)	Intellectual Property from the Massachusetts Institute of Technology (MIT)	Cornerstone of the September 2025 strategic relaunch; TRD program expected to initiate Phase 2 trial in 2026.
License Exploration	Olinciguat	The Company is currently exploring potential license opportunities.

Direct engagement channels are focused on the clinical and provider side for the foundational TRD therapy. This approach aims to make the solution the preferred treatment for TRD for patients, providers, and health systems, paving the way for broad adoption.

• Targeting the estimated 3 million Americans suffering from TRD with the novel drug + device combination therapy.
• Leveraging a network of advisors with leadership experience in psychiatry, anesthesiology, and commercialization to inform provider engagement.
• The goal is to maximize safety and efficacy to become the preferred option for providers and hospitals treating TRD patients.

Scientific communication channels are essential for validating the new neuropsychiatric focus, especially leading up to the planned Phase 2 proof-of-concept trial for the TRD program, which is expected to start in 2026, with initial data anticipated in 2027. The company hosted a webcast on September 24, 2025, to detail these developments.

Corporate communications and investor channels are used to maintain stakeholder confidence, especially given the company's history and the need to raise additional funding. As of December 5, 2025, the stock was trading at approximately $1.68 on NASDAQ: CYCN, with 3,337,436 shares of common stock outstanding as of August 1, 2025.

• Investor Deck documents were updated in September 2025 (1.1 MB file size) and March 2025 (1.2 MB file size).
• SEC filings, such as the Quarterly Report on Form 10-Q for the period ended June 30, 2025, serve as a formal channel for financial disclosure.
• Corporate communications emphasize the transformation into an innovation-driven company combining the rigor of a leading biopharma with the agility of a startup.

Cyclerion Therapeutics, Inc. (CYCN) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so knowing exactly who you are selling to-or partnering with-is the first step to making that cash last. Cyclerion Therapeutics, Inc. is focused on an individualized therapy for treatment-resistant depression (TRD).

The primary market focus is on patients with TRD, a segment where up to 50% to 60% of patients do not respond to standard therapy. The global Treatment-Resistant Depression Market was estimated to be valued at USD 1.99 billion in 2025, with projections showing a CAGR between 4.30% and 9.0% through 2032 or 2035. About 3 million Americans are estimated to live with TRD.

Here's a quick look at the market context for these primary customers:

Segment Metric	Value (2025 Estimate)	Forecast CAGR (to 2030/2032/2035)
TRD Market Size (Low Estimate)	USD 1.88 billion	4.5% (to 2032)
TRD Market Size (High Estimate)	USD 2.16 billion	8.94% (to 2030)
North America Market Share	48.43% (2024)	8.71% (Homecare/Telepsychiatry to 2030)
NMDA Drug Class Share (Dominant)	48.3% (2025)	8.12% (Psychedelics/Novel Compounds to 2030)

The specialized psychiatrists and mental health treatment centers are the direct prescribers and administrators of novel therapies like the one Cyclerion Therapeutics, Inc. is developing. These centers are positioned to use the company's tech-enabled, personalized delivery system. The company's lead program is focused on resetting dysregulated brainwave patterns.

• Cyclerion Therapeutics, Inc. reported a net loss from ongoing operations of USD $324,000.
• Net sales for the nine-month period ending June 2025 increased to USD 1.98 million.
• The company's operating cash flow for the half-year ending June 2025 peaked at USD -2.83 million.
• The company's current ratio stood at 5.1 as of January 2025.

Large pharmaceutical and biotech companies seeking CNS assets represent a key partnership and potential acquisition segment, especially given Cyclerion Therapeutics, Inc.'s strategic pivot. Cyclerion has reported promising early results for its CNS-focused treatments, drawing significant attention from large pharma companies. The company has already executed several deals related to its other assets, signaling its attractiveness for out-licensing or collaboration.

• Cyclerion holds a 10% equity stake in Tisento Therapeutics, Inc., which acquired Zagociguat and CY3018.
• The Praliciguat license agreement renegotiation with Akebia Therapeutics included $1.75 million in amendment payments.
• Eligibility for additional milestone payments on Praliciguat extends up to USD $558.5 million.
• Olinciguat is wholly controlled by CVCO Therapeutics, Inc..

Clinical investigators and academic research institutions are crucial for validating the personalized therapeutic approach, which pairs generic anesthetics with a personalized biofeedback-driven device. These partners are essential for advancing the lead program toward clinical milestones. Cyclerion signed a licensing agreement with MIT to secure the intellectual property for its strategic relaunch.

• The lead TRD program is expected to advance into a Phase 2 proof-of-concept trial in 2026.
• Initial data from the Phase 2 trial is anticipated in 2027.
• The company's operating margin for the quarter ending June 2025 was 31.8%.

Cyclerion Therapeutics, Inc. (CYCN) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Cyclerion Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward science and development, which is where the bulk of the capital goes.

The primary cost drivers are clearly centered on advancing the pipeline, particularly the new TRD (Treatment-Resistant Depression) program. While specific program costs aren't itemized publicly, the overall Research & Development (R&D) spend reflects this focus.

Here's a look at the key operating expense components based on the Trailing Twelve Months (TTM) ending September 30, 2025:

Cost Category	Amount (Millions USD)	Period
Selling, General & Administrative (SG&A) Expenses	$5.99	TTM Sep '25
Research & Development (R&D) Expenses	$0.29	TTM Sep '25
Total Operating Expenses	$6.28	TTM Sep '25

Dominant Research & Development (R&D) expenses for the new TRD program

The TTM R&D expense as of September 30, 2025, stood at $0.29 million. To give you a more granular view, the R&D costs for the third quarter ended September 30, 2025, were reported at $348K. This figure is significantly lower than prior periods, partly due to strategic efforts to optimize spending. Cyclerion Therapeutics, Inc. has noted that licensing agreements, such as those with MIT and Akebia, provide critical pathways to reduce R&D costs while accelerating development timelines. The focus on the TRD therapy pipeline, including advancing CY64643, is the main driver of this expenditure.

Selling, General & Administrative (SG&A) expenses, which were $5.99 million TTM Sep 2025

The SG&A expenses for the TTM ending September 30, 2025, were exactly $5.99 million. This category captures the overhead necessary to run the business outside of direct research. For context, the SG&A for the full fiscal year 2024 was $5.34 million, showing an increase in this overhead category relative to the prior full year, even as R&D was reduced.

Clinical trial costs and regulatory filing fees

These costs are embedded within the overall R&D spend. Specific, standalone figures for clinical trial costs and regulatory filing fees for late 2025 are not explicitly broken out in the latest available summaries, but they represent a critical, variable component of the $0.29 million TTM R&D expense. The company's progress, such as the Fast Track designation for zagociguat in MELAS, implies ongoing engagement with regulatory bodies, which incurs associated fees.

Intellectual property maintenance and licensing fees

A significant factor mitigating IP-related costs is the existing structure of their agreements. For instance, under a new license amendment with Akebia, Akebia is responsible for all intellectual property expenses associated with praliciguat. This arrangement directly shifts a major potential cost burden away from Cyclerion Therapeutics, Inc.'s operating expenses. Any maintenance fees for other assets would be included in the R&D or SG&A line items.

Personnel costs for a small, specialized team

Personnel is a major component of both R&D and SG&A. The reduction in R&D expenses in prior periods was explicitly attributed to workforce reductions and decreased consulting expenses. The current structure relies on a small, specialized team, including the CEO who started in August 2024, to manage the pipeline and strategic initiatives like seeking out-license opportunities. Personnel costs are the largest sub-component within the $5.99 million SG&A and the $0.29 million R&D TTM figures.

• Personnel costs are the primary driver of the SG&A spend.
• Consulting expenses are managed to keep R&D lean.
• The team is specialized for CNS therapeutic area focus.

Finance: draft 13-week cash view by Friday.

Cyclerion Therapeutics, Inc. (CYCN) - Canvas Business Model: Revenue Streams

You're looking at how Cyclerion Therapeutics, Inc. (CYCN) is generating cash right now, which is key given their focus on the TRD program. The revenue streams are heavily weighted toward monetizing legacy assets while funding the new neuropsychiatric pipeline.

Milestone Payments from Licensed Legacy Assets

The Praliciguat license with Akebia Therapeutics remains a source of contractually obligated, non-dilutive cash. Cyclerion Therapeutics announced a $1.0 million regulatory milestone payment on December 1, 2025, triggered by Akebia initiating Phase 2 trials for FSGS with Praliciguat. That payment is contractually due upon the first patient being dosed in the U.S. Phase 2 trial, which Akebia currently expects in 2026. Separately, an earlier amendment required a payment of $500,000 from Akebia on or before September 30, 2025.

Revenue from Purchase/Option Agreements

The reported revenue for the third quarter ending September 30, 2025, included proceeds from these agreements. Cyclerion Therapeutics reported actual revenue of $0.88 million for Q3 2025. This revenue helps bridge the gap as the company executes its new strategy.

Potential Future Royalties on Net Sales of Out-Licensed sGC Products

The Praliciguat agreement with Akebia is structured to provide ongoing revenue if the drug is successful commercially. Cyclerion Therapeutics is eligible to receive sales-based royalties on net sales ranging from mid-single-digits to twenty percent. This tiered structure is a direct result of an amendment that exchanged some upfront development milestones for potentially higher, later-stage royalty percentages.

Equity Value Appreciation and Potential Sale of the 10% Stake in Tisento Therapeutics

The strategic divestiture of certain assets to Tisento Therapeutics in 2023 resulted in Cyclerion Therapeutics receiving a 10 percent equity ownership stake in Tisento. This stake was granted with anti-dilution protection based on a $100 million post-money valuation at the time of the deal. This holding allows Cyclerion to benefit from the value creation of the former assets without bearing the ongoing financial or operational burdens. As of November 10, 2025, Cyclerion's market capitalization stood at $5.77M.

Grant Funding or Strategic Collaboration Payments for the TRD Program

The company's primary focus is now the individualized therapy for treatment-resistant depression (TRD). This program is the cornerstone of the relaunch, which was supported by entering into a licensing agreement with the Massachusetts Institute of Technology ("MIT") announced on September 23, 2025, to secure the necessary intellectual property. While the company intends to raise funds through collaborations or strategic alliances to support the TRD execution plan, specific grant funding or collaboration payments directly tied to the TRD program in 2025 are not detailed in recent filings, unlike a prior $2 million Alzheimer's Association grant for a different asset.

Here's a quick look at the known financial components tied to these revenue streams:

Revenue Source Category	Specific Item/Event	Reported/Contracted Amount	Date/Timing Reference
Milestone Payment (Legacy)	Akebia Praliciguat Phase 2 Initiation	$1.0 million	Announced Dec 1, 2025; Payment expected in 2026
Milestone Payment (Legacy)	Akebia Amendment Payment	$500,000	Due on or before September 30, 2025
Operating Revenue	Q3 2025 Actual Revenue	$0.88 million	For the quarter ending September 30, 2025
Potential Royalties	Praliciguat Net Sales Tier	Mid-single-digits to twenty percent	On net sales
Equity Value (Asset Sale)	Tisento Therapeutics Ownership Stake	10 percent	Based on a $100 million post-money valuation

The company is actively using its legacy sGC assets to generate revenues that help fund the strategic pipeline in neuropsychiatry.

• Legacy sGC asset monetization provides near-term capital.
• The TRD program is the foundational product candidate.
• The MIT license secures IP for the TRD lead program.
• The company has a financing strategy plan, including a Shelf Registration filing.