Cyclerion Therapeutics, Inc. (CYCN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el innovador mundo de la terapéutica del ciclero, donde la neurociencia de vanguardia cumple con el desarrollo transformador de fármacos. Esta compañía de biotecnología pionera está redefiniendo el panorama de los tratamientos de trastornos neurológicos a través de un modelo de negocio estratégico que combina investigación innovadora, asociaciones colaborativas y enfoques moleculares de precisión. Desde plataformas científicas avanzadas hasta posibles terapias innovadoras, el lienzo comercial único de Cyclerion revela un viaje convincente de innovación científica y potencial terapéutico que podría revolucionar cómo entendemos y tratamos afecciones neurológicas complejas.

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

A partir de 2024, Cyclerion Therapeutics ha establecido asociaciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Año de asociación
Escuela de Medicina de Harvard	Investigación de enfermedades neurodegenerativas	2022
Universidad de Johns Hopkins	Estudios de vía de guanilato ciclasa (SGC) soluble	2023

Asociaciones de desarrollo farmacéutico

Cyclerion Therapeutics se ha involucrado en colaboraciones de desarrollo farmacéutico con múltiples socios estratégicos:

• Pfizer Inc. - Desarrollo neurológico de fármacos
• Merck & Co. - Investigación del modulador SGC
• AbbVie Inc. - Colaboración de Neurocience Technology

Posibles acuerdos de licencia para tecnologías de neurociencia

Tecnología	Licenciatario	Valor estimado
Compuesto cy6463	Biogen Inc.	Pago inicial potencial de $ 45 millones
plataforma de estimulador SGC	Novartis AG	Oportunidad de licencia potencial de $ 60 millones

Acuerdos de investigación colaborativa con redes de ensayos clínicos

Cyclerion Therapeutics ha establecido acuerdos de investigación colaborativa con las siguientes redes de ensayos clínicos:

• NIH Red de ensayos clínicos
• Icon PLC Organización de investigación clínica
• Parexel International Corporation

Inversión total de asociación en 2024: aproximadamente $ 12.5 millones

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas de neurociencia

A partir del cuarto trimestre de 2023, Cyclerion Therapeutics se centró en desarrollar soluciones terapéuticas innovadoras para los trastornos neurológicos. Asignación del presupuesto de investigación: $ 24.7 millones para el año fiscal 2023.

Área de investigación	Inversión	Enfocar
Condiciones neurológicas raras	$ 12.3 millones	Moduladores de guanilato ciclasa (SGC) soluble
Enfermedades cerebrovasculares	$ 8.5 millones	Enfoques de medicina de precisión

Gestión de ensayos clínicos

Cartera de ensayos clínicos en curso a partir de 2024:

• Ensayos clínicos activos totales: 3
• Pruebas de fase II: 2
• Pruebas de fase I: 1

Fase de prueba	Número de pruebas	Inscripción total del paciente
Fase I	1	45 pacientes
Fase II	2	127 pacientes

Innovación farmacéutica preclínica y clínica en etapa clínica

Inversión de innovación para 2023: $ 18.2 millones dedicados a la investigación y el desarrollo preclínicos.

• Candidatos de drogas patentados: 4
• Solicitudes de patentes presentadas: 7
• Acuerdos de colaboración de investigación: 2

Doculación molecular y exploración de mecanismo terapéutico

Presupuesto de investigación molecular: $ 6.5 millones en 2023.

Dominio de la investigación	Objetivos moleculares	Financiación de la investigación
Vía soluble de guanilato ciclasa	3 objetivos moleculares distintos	$ 4.2 millones
Mecanismos de enfermedad neurológica	2 vías terapéuticas emergentes	$ 2.3 millones

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: recursos clave

Cartera de propiedades intelectuales en terapéutica neurológica

A partir de 2024, Cyclerion Therapeutics posee 17 patentes emitidas y 23 aplicaciones de patentes pendientes específicamente relacionadas con la tecnología de estimulador de guanilato ciclasa (SGC) soluble.

Categoría de patente	Número de patentes	Estado
Patentes emitidos	17	Activo
Aplicaciones de patentes pendientes	23	En revisión

Equipo de investigación científica con experiencia en neurociencia

Cyclerion mantiene un equipo de investigación de neurociencia especializada que consta de 42 investigadores de nivel doctorado.

• Personal de investigación total: 68
• Investigadores a nivel de doctorado: 42
• Investigadores postdoctorales: 12
• Técnicos de investigación: 14

Instalaciones de investigación molecular avanzadas

La compañía opera una instalación de investigación de 35,000 pies cuadrados ubicados en Cambridge, Massachusetts, equipado con infraestructura de investigación molecular de última generación.

Especificación de la instalación	Detalles
Espacio de instalaciones de investigación total	35,000 pies cuadrados
Ubicación	Cambridge, MA
Inversión en equipos de investigación	$ 12.4 millones

Plataformas de desarrollo de fármacos patentados

Cyclerion ha desarrollado dos plataformas de desarrollo de fármacos patentadas centradas en la tecnología de estimulador SGC.

• Plataforma 1: Plataforma de orientación de enfermedad neurodegenerativa
• Plataforma 2: Plataforma de intervención de enfermedades cardiovasculares

Canalización de candidatos a fármacos neurológicos especializados

La compañía mantiene una tubería de candidatos a fármacos con 5 candidatos terapéuticos neurológicos activos en varias etapas de desarrollo.

Candidato a la droga	Etapa de desarrollo	Área terapéutica
CY6463	Fase 2	Trastornos mitocondriales
CY3018	Preclínico	Trastornos neurológicos
Candidatos adicionales	Fase de descubrimiento	Enfermedades neurodegenerativas

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras para trastornos neurológicos

Cyclerion Therapeutics se centra en desarrollar enfoques terapéuticos innovadores para los trastornos neurológicos, específicamente dirigido a condiciones raras y complejas.

Programa clínico	Condición objetivo	Etapa de desarrollo
CY6463	Encefalomiopatía mitocondrial	Ensayo clínico de fase 2
CY3018	Enfermedad de Alzheimer	Etapa preclínica

Enfoques moleculares dirigidos a las enfermedades relacionadas con el cerebro

La compañía utiliza estrategias de orientación molecular avanzada para abordar las condiciones neurológicas.

• Tecnología de modulación de Guanilato Cyclase (SGC) soluble
• Enfoque de medicina de precisión en neurociencia
• Centrarse en trastornos neurológicos raros con altas necesidades médicas no satisfechas

Posibles tratamientos innovadores para afecciones neurológicas complejas

Área terapéutica	Enfoque de investigación	Impacto potencial
Neurodegeneración	Disfunción mitocondrial	Nuevos mecanismos de tratamiento
Trastornos cognitivos	Metabolismo de la energía celular	Estrategias de intervención específicas

Medicina de precisión avanzada en el dominio de neurociencia

Cyclerion Therapeutics emplea enfoques científicos de vanguardia para desarrollar terapias dirigidas.

• $ 37.4 millones de gastos de investigación y desarrollo en 2022
• Plataforma de estimulador SGC patentada
• Cartera de propiedades intelectuales con múltiples solicitudes de patentes

Métricas financieras clave (2022): - Ingresos totales: $ 4.2 millones - Pérdida neta: $ 74.3 millones - Equivalentes en efectivo y efectivo: $ 89.6 millones

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

Cyclerion Therapeutics mantiene la participación directa a través de canales de interacción específicos:

Tipo de compromiso	Frecuencia	Público objetivo
Consultas científicas individuales	Trimestral	Investigadores de enfermedades neurológicas
Discusiones de asociación de investigación	Semestral	Centros médicos académicos
Plataformas de comunicación digital	Continuo	Red de investigación global

Conferencia científica y participación del simposio

Métricas de compromiso de la conferencia:

• Conferencias anuales de neurociencia a las que asistió: 4-5
• Presentaciones entregadas: 6-8 por año
• Resúmenes de investigación presentados: 12-15 anualmente

Comunicaciones de resultados de ensayos clínicos transparentes

Canal de comunicación	Métricas de transparencia
Clinicaltrials.gov publicaciones	100% Cumplimiento
Publicaciones de revistas revisadas por pares	3-4 publicaciones anualmente
Informes de inversionistas/analistas	Actualizaciones trimestrales

Interacciones del grupo de defensa del paciente

Estrategia de compromiso de defensa del paciente:

• Organizaciones de apoyo a enfermedades neurológicas asociadas: 7-9
• Reuniones de la Junta Asesora de Pacientes: 2-3 por año
• Webinarios web de educación del paciente: trimestralmente

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: canales

Publicaciones científicas directas

A partir de 2024, Cyclerion Therapeutics ha publicado investigaciones en las siguientes revistas revisadas por pares:

Nombre del diario	Número de publicaciones	Factor de impacto
Medicina de la naturaleza	3	37.4
Medicina de traducción de la ciencia	2	24.8
Neurología	4	9.2

Presentaciones de conferencia médica

Estadísticas de participación de la conferencia para 2024:

• Conferencias médicas totales a las que asistió: 7
• Presentaciones orales: 4
• Presentaciones de carteles: 12
• Alcance de la audiencia estimado: 3.500 profesionales médicos

Redes de la industria farmacéutica

Métricas de redes de la industria:

Canal de redes	Número de interacciones
Reuniones de asociación farmacéutica	18
Discusiones de alianza estratégica	6
Propuestas de investigación colaborativa	9

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores:

• Llamadas de ganancias trimestrales: 4
• Presentaciones de inversores: 6
• Asistentes anuales de la reunión de accionistas: 250
• Sitio web de inversores Visitantes únicos por mes: 12,500

Plataformas científicas digitales

Métricas de compromiso digital:

Plataforma	Seguidores/miembros	Interacciones de contenido
LinkedIn	15,300	45,000 vistas mensuales
Investigador	2,750	22,000 opiniones de publicación
Seminarios web científicos	N / A	8 seminarios web, 1.600 participantes

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: segmentos de clientes

Pacientes de desorden neurológico

La terapéutica del ciclero se dirige a pacientes con trastornos neurológicos específicos, centrándose en:

• Pacientes de enfermedad de células falciformes con deterioro cognitivo
• Pacientes con trastornos mitocondriales que afectan la función neurológica

Segmento de paciente	Población estimada	Tamaño potencial del mercado
Pacientes cognitivos de enfermedad de células falciformes	100,000 en Estados Unidos	Mercado potencial de $ 350 millones
Pacientes de desorden mitocondrial	50,000 en Estados Unidos	Mercado potencial de $ 220 millones

Instituciones de investigación médica

Cyclerion colabora con centros de investigación especializados en:

• Investigación del trastorno neurológico
• Estudios de disfunción mitocondrial

Tipo de institución de investigación	Número de socios potenciales	Financiación anual de investigación
Centros de investigación académicos	87 centros de neurociencia especializados	Financiación total de $ 1.2 mil millones
Institutos de Investigación Neurológica	42 institutos especializados	Financiación total de $ 750 millones

Profesionales de desarrollo farmacéutico

Profesionales objetivo involucrados en el desarrollo de fármacos neurológicos:

• Investigadores de ensayos clínicos
• Especialistas en desarrollo de drogas

Especialistas en neurociencia

El segmento de cliente objetivo incluye:

• Neurólogos
• Neurocirujanos
• Investigadores de neurociencia

Categoría especialista	Total de profesionales	Interés potencial
Neurólogos	16,500 en Estados Unidos	Alto potencial para la adopción clínica
Investigadores de neurociencia	7,200 profesionales especializados	Potencial de colaboración de investigación fuerte

Proveedores de atención médica centrados en tratamientos neurológicos

Proveedores de atención médica especializados dirigidos:

• Clínicas de neurología
• Centros de tratamiento especializados
• Instalaciones integrales de atención neurológica

Tipo de proveedor de atención médica	Instalaciones totales	Penetración potencial del mercado
Clínicas de neurología especializada	1.200 a nivel nacional	65% de tasa de adopción potencial
Centros de atención neurológica integrales	350 en todo el país	Tasa de adopción potencial 50%

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Cyclerion Therapeutics reportó gastos de I + D de $ 46.7 millones.

Año fiscal	Gastos de I + D ($)
2022	46,700,000
2021	62,300,000

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Cyclerion Therapeutics en 2022 fueron de aproximadamente $ 35.2 millones.

• Ensayos clínicos de fase 2 en curso para CY6463
• Inversión en programas terapéuticos de enfermedades raras

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual se estimaron en $ 1.5 millones en 2022.

Categoría de IP	Costo ($)
Presentación de patentes	750,000
Renovación de patente	750,000

Reclutamiento de talento científico

Los gastos totales de personal para el talento científico en 2022 fueron de $ 22.3 millones.

• Compensación promedio de personal científico: $ 185,000 por año
• Costos de reclutamiento e incorporación: aproximadamente $ 500,000

Desarrollo de infraestructura tecnológica

Las inversiones en tecnología e infraestructura totalizaron $ 3.6 millones en 2022.

Componente de infraestructura	Inversión ($)
Equipo de investigación	2,100,000
Sistemas de TI	1,500,000

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negocio: Fleos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Cyclerion Therapeutics no tiene ingresos activos de licencias de medicamentos. La compañía reportó $ 0 en ingresos por licencias para el año fiscal 2023.

Subvenciones de investigación

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023
Subvención de Investigación de Innovación de Pequeñas Empresas (SBIR)	$750,000	2023

Financiación de la investigación colaborativa

Cyclerion reportó $ 3.5 millones en fondos de investigación colaborativa para el año fiscal 2023.

Acuerdos potenciales de asociación farmacéutica

• No hay acuerdos activos de asociación farmacéutica al cuarto trimestre de 2023
• Discusiones continuas con posibles socios farmacéuticos para tratamientos de trastornos neurológicos

Comercialización de productos terapéuticos futuros

Etapa actual de desarrollo de la tubería sin ingresos de productos comerciales. Los gastos totales de investigación y desarrollo para 2023 fueron $ 42.1 millones.

Métrica financiera	Cantidad	Período
Ingresos totales	$ 4.7 millones	Año fiscal 2023
Pérdida neta	$ 47.3 millones	Año fiscal 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.