Cyclerion Therapeutics, Inc. (CYCN): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Cyclerion Therapeutics, Inc. is structuring its business right now, post-pivot into neuropsychiatry. Honestly, their model is a classic biotech two-step: aggressively fund the future-a personalized therapy for Treatment-Resistant Depression (TRD)-by systematically monetizing the past, like the recent $1.0 million milestone payment from Akebia for legacy assets. This setup, balancing heavy Research & Development expenses against licensing cash (which contributed to $875,000 in Q3 2025 revenue), defines their near-term play. Dive below to see the full nine blocks of their current strategic blueprint, showing precisely where their value and costs lie.

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

You're mapping out Cyclerion Therapeutics, Inc.'s (CYCN) strategic alliances, which are defintely the engine for monetizing legacy assets while funding the pivot to CNS. The structure relies heavily on these external entities to carry the development and commercialization load, shifting risk away from Cyclerion's balance sheet.

The relationship with Akebia Therapeutics centers on Praliciguat, an oral soluble guanylate cyclase (sGC) stimulator. Akebia's recent initiation of Phase 2 clinical trials for focal segmental glomerulosclerosis (FSGS) on December 1, 2025, triggers a specific payment event. Cyclerion is eligible to receive a $1.0 million regulatory milestone payment upon the first patient dosing in the U.S. trial, which Akebia currently expects in 2026. This is a key near-term liquidity event for the company. Remember, the original June 2021 agreement set the total potential future development, regulatory, and commercialization milestone payments up to $585 million, plus tiered royalties. A December 2024 amendment adjusted the structure, making Cyclerion eligible for up to approximately $560 million in future payments, with royalties ranging from mid-single-digits to twenty percent.

For the sGC assets Zagociguat and CY3018, the partnership is an outright sale to Tisento Therapeutics, Inc., which closed on July 28, 2023. Cyclerion received $8.0 million upfront, plus $2.4 million as reimbursement for expenses, totaling $10.4 million in cash. Crucially, Cyclerion Therapeutics received a 10% equity ownership stake in Tisento, protected by anti-dilution rights through a $100 million post-money valuation. This stake allows Cyclerion to benefit from Tisento's future value creation without taking on operational risk for those specific assets.

Cyclerion has also set up an exclusive license option agreement for its vascular sGC stimulator, Olinciguat, with an entity wholly controlled by CVCO Therapeutics, Inc.. Under this arrangement, the potential partner has exclusive rights to evaluate Olinciguat during the option period. The key financial benefit here is that the grantee has assumed responsibility for all ongoing intellectual property-related expenses associated with Olinciguat during that evaluation time.

A major recent addition to the partnership structure is the Patent License Agreement with the Massachusetts Institute of Technology (MIT), effective September 19, 2025. This deal secures the intellectual property for Cyclerion's strategic relaunch into neuropsychiatric disorders, starting with treatment-resistant depression (TRD). Cyclerion agreed to pay MIT a nominal upfront payment, but the potential upside involves up to $4.4 million tied to specific development, regulatory, and sales milestones. Furthermore, MIT is eligible to receive tiered royalties in the low single digits based on future net sales of the licensed products.

The execution of the MIT license sets the stage for clinical work, which requires external support. Cyclerion plans to launch a Phase 2 proof-of-concept trial for its lead program in 2026.

• Clinical research organizations (CROs) and academic institutions are essential for executing the planned Phase 2 trial in 2026.
• The company is evaluating opportunities to extend its reach into other neuropsychiatric conditions beyond TRD.

Here's a quick look at the financial structure of the major asset partnerships as of late 2025:

Also, regarding the Praliciguat deal, Cyclerion is eligible for tiered, sales-based royalties ranging from mid-single-digits up to twenty percent. The MIT agreement includes tiered royalties in the low single digits. Finance: draft 13-week cash view by Friday.

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

Research and development (R&D) for the individualized TRD therapy program

Cyclerion Therapeutics' key activity centers on advancing its individualized therapy for treatment-resistant depression (TRD), a condition affecting an estimated 3 million Americans. The R&D effort focuses on pairing generic anesthetics with a proprietary, tech-enabled, personalized biofeedback-driven device designed to reset dysregulated brainwave patterns. The company expects to confirm the proof-of-concept trial design, complete its pre-IND submission with the FDA, and finalize a working prototype of the device by year-end 2025. For context on operational spending, Research and Development Expense for Q3 2024 was reported as $0.056 million, which represented a 47% decrease from the prior period due to a reduction in professional consulting fees. The overall financial health, as of early 2025, showed a current ratio of 5, signaling short-term liquidity for R&D investment. The EBIT margin was reported at -96.6%, reflecting the high-cost nature of early-stage development.

Managing and advancing the lead TRD product candidate into Phase 2 trials

The management activity is heavily focused on the transition to human trials for the lead TRD program. Cyclerion Therapeutics plans to initiate a Phase 2 randomized double-blind proof-of-concept study in 2026, with initial data readouts anticipated in 2027. The trial design includes two parts: Part A for safety and pharmacodynamics, and Part B for safety and efficacy. Treatment delivery is planned for 3 times per week for 3 weeks, with follow-up extending up to 6 months to assess durability. Pre-clinical evidence supporting this advancement includes a study in 15 geriatric patients where 2 carefully controlled infusions resulted in a 67% response rate. The company is also actively exploring expansion into other neuropsychiatric diseases beyond TRD.

Out-licensing and managing legacy sGC stimulator assets

Cyclerion Therapeutics actively manages its legacy soluble guanylate cyclase (sGC) stimulator assets to generate non-dilutive revenue to fund the TRD pipeline build. This activity has yielded concrete financial results:

The company also secured the assumption of all IP expenses for praliciguat by Akebia after Q1 2025. Total Revenue for Q3 2025 was $875,000, which included $75,000 from an option agreement, representing a 351% year-over-year surge from Q3 2024's $194,000.

Securing and maintaining intellectual property (IP) rights

A core activity is the establishment and defense of the IP estate, particularly for the new TRD platform and legacy assets. Cyclerion Therapeutics entered a licensing agreement with MIT to secure the foundational IP for its TRD relaunch. Regarding the sGC portfolio, as of the March 4, 2025 10-K filing, the company held:

• 20 issued U.S. patents.
• 11 pending U.S. patent applications.
• Numerous foreign patents and pending applications.

The praliciguat portfolio specifically included 13 U.S. issued patents. One key U.S. patent, US 9,481,689, is directed to praliciguat and is set to expire in 2034, with eligibility for patent term extension.

Clinical trial design, execution, and data analysis

This activity is intrinsically linked to the TRD program advancement. The design for the Phase 2 trial is focused on a specific treatment regimen and control structure. The trial will randomize patients across 2 specific general anesthesia states, one deeper and one sham control arm. The company expects to finalize the trial design by the end of 2025. Data analysis milestones are set for 2027 for initial safety and pharmacodynamic data, leading to safety and efficacy data later that year. By 2028, Cyclerion plans to have full Phase II data and meet with the FDA to align on advancing into pivotal trials. The company's leadership includes experts with experience spanning from early research through late-stage commercialization, supporting rigorous execution.

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

You're looking at the core assets Cyclerion Therapeutics, Inc. uses to run its business model, especially after its strategic pivot. These aren't just line items; they are the foundation for their new focus on neuropsychiatry. Honestly, the company has streamlined its operations to be quite capital-light, relying heavily on these specific, high-value resources.

Core Intellectual Property Licensed from MIT for the TRD Program

The most critical resource for the current strategy is the intellectual property secured from the Massachusetts Institute of Technology (MIT). This license is the cornerstone for the relaunch, specifically targeting treatment-resistant depression (TRD), a condition affecting approximately 3 million Americans. The lead program leverages common anesthetic agents combined with a proprietary, tech-driven system designed to restore functional connectivity between key brain regions. The plan is aggressive: initiate a Phase 2 proof-of-concept trial in 2026, with initial data expected in 2027. This IP is what fuels the company's near-term value creation story.

Cash and Equivalents, Bolstered by a Strong Current Ratio

Liquidity is managed tightly, reflecting the externalized business model. While the prompt mentioned a ratio around 5.1, the latest official filing data provides a clearer picture of their working capital strength as of the end of 2024, though the cash position is more current. You need to watch these numbers closely, as they fund the R&D pipeline.

Here's the quick math: a current ratio of 5.83 suggests Cyclerion Therapeutics, Inc. has over five dollars in current assets for every dollar in current liabilities, which is definitely a sign of strong short-term liquidity coverage. Still, remember that this is a clinical-stage company; cash burn is the real metric to track against this buffer.

Legacy sGC Pharmacology Expertise and Data

The company's historical strength in soluble guanylate cyclase (sGC) pharmacology remains a valuable, albeit partially monetized, asset. This expertise was the basis for the assets sold to Tisento Therapeutics, which launched with an $81 million Series A financing. This transaction was key to extending the runway into 2025.

• Equity stake received in Tisento Therapeutics: 10 percent
• Tisento post-money valuation for anti-dilution protection: $100 million
• Total cash received from Tisento transaction: $10.4 million (including an $8 million upfront payment)

Experienced Executive Team and Scientific Advisory Board

The leadership structure is built to execute a focused, externalized strategy. The team's experience is crucial for navigating the clinical and regulatory pathways for the new TRD program and managing the remaining portfolio.

• CEO Regina Graul, Ph.D., assumed leadership in August 2024.
• Chairperson of the Board, Dr. Errol DeSouza, has experience advancing treatments for Central Nervous Disorders.
• Board member Steven Hyman is the Director of the Program in Brain Health at the Broad Institute.

Financial Assets, Including the 10% Equity Stake in Tisento Therapeutics

The equity stake in Tisento Therapeutics represents a non-operational financial asset that offers potential upside without requiring further capital or operational commitment from Cyclerion Therapeutics, Inc. This stake is a direct result of the strategic divestiture of the systemic sGC assets. The value of this asset is tied to Tisento's success in developing zagociguat for mitochondrial diseases, protected by the $100 million post-money valuation cap.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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:

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:

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:

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.