Cyclerion Therapeutics, Inc. (CYCN): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant de la thérapeutique Cyclerion, où les neurosciences de pointe rencontrent le développement de médicaments transformateurs. Cette entreprise de biotechnologie pionnière redéfinit le paysage des traitements des troubles neurologiques grâce à un modèle commercial stratégique qui combine la recherche révolutionnaire, les partenariats collaboratifs et les approches moléculaires de précision. Des plateformes scientifiques avancées aux thérapies révolutionnaires potentielles, la toile commerciale unique de Cyclerion révèle un parcours convaincant d'innovation scientifique et de potentiel thérapeutique qui pourrait révolutionner la façon dont nous comprenons et traitons des conditions neurologiques complexes.

Cyclerion Therapeutics, Inc. (CYCN) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

En 2024, Cyclerion Therapeutics a établi des partenariats de recherche stratégique avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de partenariat
École de médecine de Harvard	Recherche de maladies neurodégénératives	2022
Université Johns Hopkins	Études de voie de guanylate cyclase (SGC)	2023

Partenariats de développement pharmaceutique

Cyclerion Therapeutics s'est engagé dans des collaborations de développement pharmaceutique avec plusieurs partenaires stratégiques:

• Pfizer Inc. - Développement de médicaments neurologiques
• Miserrer & Co. - Research sur le modulateur SGC
• AbbVie Inc. - Collaboration de la technologie des neurosciences

Accords de licence potentiels pour les technologies des neurosciences

Technologie	Licencié potentiel	Valeur estimée
Composé Cy6463	Biogen Inc.	45 millions de dollars de paiement initial potentiel
Plateforme de stimulateur SGC	Novartis AG	60 millions d'opportunités de licence potentielle

Arrangements de recherche collaborative avec les réseaux d'essais cliniques

Cyclerion Therapeutics a établi des arrangements de recherche collaboratifs avec les réseaux d'essais cliniques suivants:

• Réseau des essais cliniques du NIH
• Icône PLC Organisation de recherche clinique
• Parexel International Corporation

Investissement total de partenariat en 2024: environ 12,5 millions de dollars

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments en neurosciences

Depuis le Q4 2023, Cyclerion Therapeutics s'est concentrée sur le développement de solutions thérapeutiques innovantes pour les troubles neurologiques. Attribution du budget de la recherche: 24,7 millions de dollars pour l'exercice 2023.

Domaine de recherche	Investissement	Se concentrer
Conditions neurologiques rares	12,3 millions de dollars	Modulateurs de guanylate cyclase soluble (SGC)
Maladies cérébrovasculaires	8,5 millions de dollars	Approches de médecine de précision

Gestion des essais cliniques

Portefeuille d'essais cliniques en cours à partir de 2024:

• Essais cliniques actifs totaux: 3
• Essais de phase II: 2
• Essais de phase I: 1

Phase de procès	Nombre de procès	Inscription totale
Phase I	1	45 patients
Phase II	2	127 patients

Innovation pharmaceutique préclinique et clinique

Investissement en innovation pour 2023: 18,2 millions de dollars dédiés à la recherche et au développement précliniques.

• Candidats à la drogue propriétaire: 4
• Demandes de brevet déposées: 7
• Accords de collaboration de recherche: 2

Ciblage moléculaire et exploration des mécanismes thérapeutiques

Budget de recherche moléculaire: 6,5 millions de dollars en 2023.

Domaine de recherche	Cibles moléculaires	Financement de recherche
Voie de guanylate soluble	3 cibles moléculaires distinctes	4,2 millions de dollars
Mécanismes de maladie neurologique	2 voies thérapeutiques émergentes	2,3 millions de dollars

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle en thérapeutique neurologique

Depuis 2024, Cyclerion Therapeutics détient 17 brevets émis et 23 applications de brevet en attente spécifiquement liées à la technologie stimulante stimatrice de Guanylate cyclase (SGC).

Catégorie de brevet	Nombre de brevets	Statut
Brevets délivrés	17	Actif
Demandes de brevet en instance	23	En revue

Équipe de recherche scientifique avec une expertise en neurosciences

Cyclerion maintient une équipe de recherche spécialisée en neurosciences composée de 42 chercheurs au niveau du doctorat.

• Personnel de recherche total: 68
• Chercheurs au niveau du doctorat: 42
• Chercheurs postdoctoraux: 12
• Techniciens de recherche: 14

Installations de recherche moléculaire avancée

La société exploite une installation de recherche de 35 000 pieds carrés située à Cambridge, Massachusetts, équipée d'une infrastructure de recherche moléculaire de pointe.

Spécification de l'installation	Détails
Espace total des installations de recherche	35 000 pieds carrés
Emplacement	Cambridge, MA
Investissement de l'équipement de recherche	12,4 millions de dollars

Plateformes de développement de médicaments propriétaires

Cyclerion a développé deux plates-formes de développement de médicaments propriétaires axées sur la technologie des stimulateurs SGC.

• Plate-forme 1: Plate-forme de ciblage des maladies neurodégénératives
• Plate-forme 2: Plate-forme d'intervention des maladies cardiovasculaires

Pipeline de candidats de médicaments neurologiques spécialisés

La société maintient un pipeline de candidats de médicaments avec 5 candidats thérapeutiques neurologiques actifs à divers stades de développement.

Drogue	Étape de développement	Zone thérapeutique
CY6463	Phase 2	Troubles mitochondriaux
CY3018	Préclinique	Troubles neurologiques
Candidats supplémentaires	Phase de découverte	Maladies neurodégénératives

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les troubles neurologiques

Cyclerion Therapeutics se concentre sur le développement d'approches thérapeutiques innovantes pour les troubles neurologiques, ciblant spécifiquement des conditions rares et complexes.

Programme clinique	Condition cible	Étape de développement
CY6463	Encéphalomyopathie mitochondriale	Essai clinique de phase 2
CY3018	Maladie d'Alzheimer	Étape préclinique

Approches moléculaires ciblées des maladies liées au cerveau

L'entreprise utilise des stratégies de ciblage moléculaire avancées pour traiter les conditions neurologiques.

• Technologie de modulation soluble Guanylate Cyclase (SGC)
• Approche de la médecine de précision en neurosciences
• Concentrez-vous sur les troubles neurologiques rares avec des besoins médicaux non satisfaits

Traitements de percée potentielles pour des conditions neurologiques complexes

Zone thérapeutique	Focus de recherche	Impact potentiel
Neurodégénérescence	Dysfonctionnement mitochondrial	Nouveaux mécanismes de traitement
Troubles cognitifs	Métabolisme de l'énergie cellulaire	Stratégies d'intervention ciblées

Médecine de précision avancée dans le domaine des neurosciences

Cyclerion Therapeutics utilise des approches scientifiques de pointe pour développer des thérapies ciblées.

• 37,4 millions de dollars de dépenses de recherche et développement en 2022
• Plate-forme de stimulateur SGC propriétaire
• Portfolio de propriété intellectuelle avec plusieurs demandes de brevet

Mesures financières clés (2022): - Revenu total: 4,2 millions de dollars - Perte nette: 74,3 millions de dollars - Equivalents en espèces et en espèces: 89,6 millions de dollars

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Cyclerion Therapeutics maintient un engagement direct à travers des canaux d'interaction spécifiques:

Type d'engagement	Fréquence	Public cible
Consultations scientifiques individuelles	Trimestriel	Chercheurs de maladie neurologique
Discussions de partenariat de recherche	Semestriel	Centres médicaux académiques
Plateformes de communication numérique	Continu	Réseau de recherche mondial

Conférence scientifique et participation au symposium

Métriques d'engagement de la conférence:

• Conférences annuelles sur les neurosciences présentes: 4-5
• Présentations présentées: 6-8 par an
• Résumé de la recherche soumis: 12-15 par an

Communications des résultats des essais cliniques transparents

Canal de communication	Métriques de transparence
ClinicalTrials.gov Postings	Compliance à 100%
Publications de journal évaluées par des pairs	3-4 publications par an
Investisseur / analyste d'information	Mises à jour trimestrielles

Interactions du groupe de défense des patients

Stratégie d'engagement de plaidoyer pour les patients:

• Organisations de soutien aux maladies neurologiques partenaires: 7-9
• Réunions du conseil consultatif des patients: 2-3 par an
• Webinaires de l'éducation des patients: trimestriel

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: canaux

Publications scientifiques directes

En 2024, Cyclerion Therapeutics a publié des recherches dans les revues à comité de lecture suivantes:

Nom de journal	Nombre de publications	Facteur d'impact
Médecine de la nature	3	37.4
Médecine translationnelle scientifique	2	24.8
Neurologie	4	9.2

Présentations de la conférence médicale

Statistiques d'engagement de la conférence pour 2024:

• CONFÉRENCES MÉDICALES TOTAL D'ENSÉE: 7
• Présentations orales: 4
• Présentations des affiches: 12
• Reach du public estimé: 3 500 professionnels de la santé

Réseautage de l'industrie pharmaceutique

Métriques de réseautage de l'industrie:

Canal de réseautage	Nombre d'interactions
Réunions de partenariat pharmaceutique	18
Discussions d'alliance stratégique	6
Propositions de recherche collaborative	9

Communications des relations avec les investisseurs

Canaux de communication des investisseurs:

• Rendez-vous trimestriel: 4
• Présentations des investisseurs: 6
• Assemblages des actionnaires annuels participants: 250
• Site Web des investisseurs Visiteurs uniques par mois: 12 500

Plates-formes scientifiques numériques

Métriques d'engagement numérique:

Plate-forme	Abonnés / membres	Interactions de contenu
Liendin	15,300	45 000 vues mensuelles
Researchgate	2,750	22 000 vues de publication
Webinaires scientifiques	N / A	8 webinaires, 1 600 participants

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: segments de clientèle

Patients de troubles neurologiques

Cyclerion Therapeutics cible les patients souffrant de troubles neurologiques spécifiques, en se concentrant sur:

• Patients de maladie de la drépanocytose souffrant de troubles cognitifs
• Les patients souffrant de troubles mitochondriaux affectant la fonction neurologique

Segment des patients	Population estimée	Taille du marché potentiel
Patication cognitive de maladie de la drépanocytose	100 000 aux États-Unis	Marché potentiel de 350 millions de dollars
Patiogs de troubles mitochondriaux	50 000 aux États-Unis	Marché potentiel de 220 millions de dollars

Institutions de recherche médicale

Cyclerion collabore avec des centres de recherche spécialisés dans:

• Recherche de troubles neurologiques
• Études de dysfonctionnement mitochondrial

Type d'institution de recherche	Nombre de partenaires potentiels	Financement de la recherche annuelle
Centres de recherche universitaires	87 centres de neurosciences spécialisées	Financement total de 1,2 milliard de dollars
Instituts de recherche neurologique	42 instituts spécialisés	Financement total de 750 millions de dollars

Professionnels du développement pharmaceutique

Cibler les professionnels impliqués dans le développement de médicaments neurologiques:

• Chercheurs d'essai cliniques
• Spécialistes du développement des médicaments

Spécialistes des neurosciences

Le segment de la clientèle cible comprend:

• Neurologues
• Neurochirurgiens
• Chercheurs en neurosciences

Catégorie spécialisée	Total des professionnels	Intérêt potentiel
Neurologues	16 500 aux États-Unis	Potentiel élevé pour l'adoption clinique
Chercheurs en neurosciences	7 200 professionnels spécialisés	Potentiel de collaboration de recherche solide

Les prestataires de soins de santé se sont concentrés sur les traitements neurologiques

Provideurs de soins de santé spécialisés ciblant:

• Cliniques de neurologie
• Centres de traitement spécialisés
• Centre de soins neurologiques complets

Type de prestataire de soins de santé	Total des installations	Pénétration potentielle du marché
Cliniques de neurologie spécialisées	1 200 à l'échelle nationale	Taux d'adoption potentiel de 65%
Centres de soins neurologiques complets	350 à l'échelle nationale	Taux d'adoption potentiel de 50%

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Cyclerion Therapeutics a déclaré des dépenses de R&D de 46,7 millions de dollars.

Exercice fiscal	Dépenses de R&D ($)
2022	46,700,000
2021	62,300,000

Investissements d'essais cliniques

Les dépenses des essais cliniques pour Cyclerion Therapeutics en 2022 étaient d'environ 35,2 millions de dollars.

• Essais cliniques de phase 2 en cours pour CY6463
• Investissement dans des programmes thérapeutiques de maladies rares

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle ont été estimés à 1,5 million de dollars en 2022.

Catégorie IP	Coût ($)
Dépôt de brevet	750,000
Renouvellement des brevets	750,000

Recrutement de talents scientifiques

Les dépenses totales du personnel pour les talents scientifiques en 2022 étaient de 22,3 millions de dollars.

• Compensation moyenne du personnel scientifique: 185 000 $ par an
• Coûts de recrutement et d'intégration: environ 500 000 $

Développement d'infrastructures technologiques

Les investissements technologiques et infrastructures ont totalisé 3,6 millions de dollars en 2022.

Composant d'infrastructure	Investissement ($)
Équipement de recherche	2,100,000
Systèmes informatiques	1,500,000

Cyclerion Therapeutics, Inc. (CYCN) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de licence de médicament futurs

Depuis le quatrième trimestre 2023, Cyclerion Therapeutics n'a pas de revenus actifs de licence de médicament. La société a déclaré 0 $ en revenu de licence pour l'exercice 2023.

Subventions de recherche

Source de financement	Montant	Année
National Institutes of Health (NIH)	1,2 million de dollars	2023
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$750,000	2023

Financement de recherche collaborative

Cyclerion a rapporté 3,5 millions de dollars de financement de recherche collaborative pour l'exercice 2023.

Accords de partenariat pharmaceutique potentiel

• Aucun accord de partenariat pharmaceutique actif au Q4 2023
• Discussions en cours avec des partenaires pharmaceutiques potentiels pour les traitements des troubles neurologiques

Future commercialisation des produits thérapeutiques

Étape actuelle de développement du pipeline sans revenus de produits commerciaux. Les dépenses totales de recherche et de développement pour 2023 étaient 42,1 millions de dollars.

Métrique financière	Montant	Période
Revenus totaux	4,7 millions de dollars	Exercice 2023
Perte nette	47,3 millions de dollars	Exercice 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.