Cyclerion Therapeutics, Inc. (CYCN): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da terapêutica de ciclismo, onde a neurociência de ponta atende ao desenvolvimento transformador de medicamentos. Esta empresa pioneira em biotecnologia está redefinindo o cenário dos tratamentos neurológicos de transtorno por meio de um modelo de negócios estratégico que combina pesquisas inovadoras, parcerias colaborativas e abordagens moleculares de precisão. De plataformas científicas avançadas a possíveis terapias inovadoras, a tela comercial exclusiva da Cyclerion revela uma jornada atraente de inovação científica e potencial terapêutico que pode revolucionar como entendemos e tratamos condições neurológicas complexas.

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A partir de 2024, a Cyclerion Therapeutics estabeleceu parcerias de pesquisa estratégica com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Ano de parceria
Escola de Medicina de Harvard	Pesquisa de doenças neurodegenerativas	2022
Universidade Johns Hopkins	Estudos solúveis em guanilato ciclase (SGC)	2023

Parcerias de desenvolvimento farmacêutico

A Cyclerion Therapeutics se envolveu em colaborações de desenvolvimento farmacêutico com vários parceiros estratégicos:

• Pfizer Inc. - Desenvolvimento neurológico de medicamentos
• Merck & Co. - pesquisa do modulador SGC
• Abbvie Inc. - Colaboração de tecnologia de neurociência

Possíveis acordos de licenciamento para tecnologias de neurociência

Tecnologia	Licenciado potencial	Valor estimado
Composto Cy6463	Biogen Inc.	US $ 45 milhões em potencial pagamento inicial
Plataforma de estimulador SGC	Novartis AG	US $ 60 milhões em potencial oportunidade de licenciamento

Acordos de pesquisa colaborativa com redes de ensaios clínicos

A Cyclerion Therapeutics estabeleceu acordos de pesquisa colaborativa com as seguintes redes de ensaios clínicos:

• Rede de ensaios clínicos do NIH
• Organização de pesquisa clínica do ICON PLC
• Parexel International Corporation

Investimento total de parceria em 2024: aproximadamente US $ 12,5 milhões

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas em neurociência

A partir do quarto trimestre 2023, a Cyclerion Therapeutics se concentrou no desenvolvimento de soluções terapêuticas inovadoras para distúrbios neurológicos. Alocação de orçamento de pesquisa: US $ 24,7 milhões para o ano fiscal de 2023.

Área de pesquisa	Investimento	Foco
Condições neurológicas raras	US $ 12,3 milhões	Moduladores solúveis de guanilato ciclase (SGC)
Doenças Cerebrovasculares	US $ 8,5 milhões	As abordagens de medicina de precisão

Gerenciamento de ensaios clínicos

Portfólio de ensaios clínicos em andamento a partir de 2024:

• Ensaios clínicos ativos totais: 3
• Ensaios de Fase II: 2
• Ensaios de Fase I: 1

Fase de teste	Número de ensaios	Inscrição total do paciente
Fase I.	1	45 pacientes
Fase II	2	127 pacientes

Inovação farmacêutica pré -clínica e clínica

Investimento de inovação para 2023: US $ 18,2 milhões dedicados à pesquisa e desenvolvimento pré -clínicos.

• Candidatos a drogas proprietárias: 4
• Pedidos de patente arquivados: 7
• Acordos de colaboração de pesquisa: 2

Molecular direcionamento e exploração terapêutica do mecanismo

Orçamento de pesquisa molecular: US $ 6,5 milhões em 2023.

Domínio de pesquisa	Alvos moleculares	Pesquisa financiamento
Via solúvel de guanilato ciclase	3 alvos moleculares distintos	US $ 4,2 milhões
Mecanismos de doenças neurológicas	2 caminhos terapêuticos emergentes	US $ 2,3 milhões

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: Recursos -chave

Portfólio de propriedade intelectual em terapêutica neurológica

A partir de 2024, a Cyclerion Therapeutics possui 17 patentes emitidas e 23 pedidos de patentes pendentes especificamente relacionados à tecnologia estimuladora solúvel da guanilato ciclase (SGC).

Categoria de patentes	Número de patentes	Status
Patentes emitidas	17	Ativo
Aplicações de patentes pendentes	23	Em revisão

Equipe de pesquisa científica com experiência em neurociência

A Cyclerion mantém uma equipe especializada de pesquisa de neurociência, composta por 42 pesquisadores em nível de doutorado.

• Pessoal de Pesquisa Total: 68
• Pesquisadores no nível de doutorado: 42
• Pós -doutorado: 12
• Técnicos de pesquisa: 14

Instalações de pesquisa molecular avançada

A empresa opera uma instalação de pesquisa de 35.000 pés quadrados localizada em Cambridge, Massachusetts, equipada com infraestrutura de pesquisa molecular de última geração.

Especificação da instalação	Detalhes
Espaço total da instalação de pesquisa	35.000 pés quadrados
Localização	Cambridge, MA
Investimento em equipamentos de pesquisa	US $ 12,4 milhões

Plataformas proprietárias de desenvolvimento de medicamentos

A Cyclerion desenvolveu duas plataformas proprietárias de desenvolvimento de medicamentos focadas na tecnologia de estimuladores SGC.

• Plataforma 1: Plataforma de direcionamento de doenças neurodegenerativas
• Plataforma 2: Plataforma de intervenção de doenças cardiovasculares

Oleoduto candidato a drogas neurológicas especializadas

A Companhia mantém um pipeline candidato a drogas com 5 candidatos terapêuticos neurológicos ativos em vários estágios de desenvolvimento.

Candidato a drogas	Estágio de desenvolvimento	Área terapêutica
CY6463	Fase 2	Distúrbios mitocondriais
CY3018	Pré -clínico	Distúrbios neurológicos
Candidatos adicionais	Fase de descoberta	Doenças neurodegenerativas

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: proposições de valor

Soluções terapêuticas inovadoras para distúrbios neurológicos

A Cyclerion Therapeutics se concentra no desenvolvimento de abordagens terapêuticas inovadoras para distúrbios neurológicos, direcionando especificamente condições raras e complexas.

Programa Clínico	Condição alvo	Estágio de desenvolvimento
CY6463	Encefalomiopatia mitocondrial	Ensaio clínico de fase 2
CY3018	Doença de Alzheimer	Estágio pré -clínico

Abordagens moleculares direcionadas para doenças relacionadas ao cérebro

A Companhia utiliza estratégias avançadas de segmentação molecular para abordar condições neurológicas.

• Tecnologia de modulação solúvel da guanilato ciclase (SGC)
• Abordagem de medicina de precisão em neurociência
• Concentre -se em distúrbios neurológicos raros com altas necessidades médicas não atendidas

Possíveis tratamentos inovadores para condições neurológicas complexas

Área terapêutica	Foco na pesquisa	Impacto potencial
Neurodegeneração	Disfunção mitocondrial	Novos mecanismos de tratamento
Distúrbios cognitivos	Metabolismo de energia celular	Estratégias de intervenção direcionadas

Medicina de Precisão Avançada em Domínio de Neurociência

A Cyclerion Therapeutics emprega abordagens científicas de ponta para desenvolver terapias direcionadas.

• US $ 37,4 milhões de despesas de pesquisa e desenvolvimento em 2022
• Plataforma de estimulador SGC proprietária
• Portfólio de propriedade intelectual com vários pedidos de patente

Principais métricas financeiras (2022): - Receita total: US $ 4,2 milhões - perda líquida: US $ 74,3 milhões - Caixa e equivalentes em dinheiro: US $ 89,6 milhões

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa médica

A Cyclerion Therapeutics mantém o envolvimento direto por meio de canais de interação específicos:

Tipo de engajamento	Freqüência	Público -alvo
Consultas científicas individuais	Trimestral	Pesquisadores de doenças neurológicas
Discussões de parceria de pesquisa	Semestral	Centros Médicos Acadêmicos
Plataformas de comunicação digital	Contínuo	Rede de Pesquisa Global

Conferência Científica e Participação do Simpósio

Métricas de engajamento da conferência:

• Conferências anuais de neurociência comparecidas: 4-5
• Apresentações entregues: 6-8 por ano
• Resumos de pesquisa enviados: 12-15 anualmente

Comunicações do resultado do ensaio clínico transparentes

Canal de comunicação	Métricas de transparência
Publicações clínicas.gov	100% de conformidade
Publicações de revistas revisadas por pares	3-4 publicações anualmente
Investidor/analista Briefings	Atualizações trimestrais

Interações do grupo de defesa de pacientes

Estratégia de engajamento de advocacia do paciente:

• Organizações de apoio a doenças neurológicas em parceria: 7-9
• Reuniões do Conselho Consultivo de Pacientes: 2-3 por ano
• Webinars de educação do paciente: trimestralmente

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: canais

Publicações científicas diretas

A partir de 2024, a Cyclerion Therapeutics publicou pesquisas nos seguintes periódicos revisados ​​por pares:

Nome do diário	Número de publicações	Fator de impacto
Medicina da natureza	3	37.4
Ciência Medicina Translacional	2	24.8
Neurologia	4	9.2

Apresentações da conferência médica

Estatísticas de envolvimento da conferência para 2024:

• Total de conferências médicas comparecidas: 7
• Apresentações orais: 4
• Apresentações de pôsteres: 12
• Alcance estimado do público: 3.500 profissionais médicos

Networking da indústria farmacêutica

Métricas de rede da indústria:

Canal de rede	Número de interações
Reuniões de Parceria Farmacêutica	18
Discussões estratégicas da aliança	6
Propostas de pesquisa colaborativa	9

Comunicações de Relações com Investidores

Canais de comunicação de investidores:

• Chamadas de ganhos trimestrais: 4
• Apresentações de investidores: 6
• Participantes da Reunião de Acionistas Anuais: 250
• Site dos investidores Visitantes únicos por mês: 12.500

Plataformas científicas digitais

Métricas de engajamento digital:

Plataforma	Seguidores/membros	Interações de conteúdo
LinkedIn	15,300	45.000 visualizações mensais
Pesquisa	2,750	22.000 visualizações de publicação
Webinars científicos	N / D	8 webinars, 1.600 participantes

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

Pacientes com transtorno neurológico

A Cyclerion Therapeutics tem como alvo pacientes com distúrbios neurológicos específicos, com foco em:

• Doença falciforme Pacientes com deficiência cognitiva
• Pacientes com distúrbios mitocondriais que afetam a função neurológica

Segmento de pacientes	População estimada	Tamanho potencial de mercado
Pacientes cognitivos da doença de células falciformes	100.000 nos Estados Unidos	Mercado potencial de US $ 350 milhões
Pacientes com transtorno mitocondrial	50.000 nos Estados Unidos	Mercado potencial de US $ 220 milhões

Instituições de Pesquisa Médica

Cyclerion colabora com centros de pesquisa especializados em:

• Pesquisa em transtorno neurológico
• Estudos de disfunção mitocondrial

Tipo de instituição de pesquisa	Número de parceiros em potencial	Financiamento anual de pesquisa
Centros de pesquisa acadêmica	87 centros de neurociência especializados	Financiamento total de US $ 1,2 bilhão
Institutos de pesquisa neurológica	42 Institutos Especializados	Financiamento total de US $ 750 milhões

Profissionais de desenvolvimento farmacêutico

Profissionais -alvo envolvidos no desenvolvimento de medicamentos neurológicos:

• Pesquisadores de ensaios clínicos
• Especialistas em desenvolvimento de medicamentos

Especialistas em neurociência

O segmento de cliente -alvo inclui:

• Neurologistas
• Neurocirurgiões
• Pesquisadores de neurociência

Categoria especializada	Total de profissionais	Interesse potencial
Neurologistas	16.500 nos Estados Unidos	Alto potencial para adoção clínica
Pesquisadores de neurociência	7.200 profissionais especializados	Forte potencial de colaboração de pesquisa

Provedores de saúde focados em tratamentos neurológicos

Provedores de saúde especializados segmentando:

• Clínicas de neurologia
• Centros de tratamento especializados
• Instalações abrangentes de cuidados neurológicos

Tipo de prestador de serviços de saúde	Total de instalações	Penetração potencial de mercado
Clínicas de neurologia especializadas	1.200 em todo o país	65% de taxa de adoção potencial
Centros abrangentes de cuidados neurológicos	350 em todo o país	50% de taxa de adoção potencial

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Cyclerion Therapeutics registrou despesas de P&D de US $ 46,7 milhões.

Ano fiscal	Despesas de P&D ($)
2022	46,700,000
2021	62,300,000

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para a Cyclerion Therapeutics em 2022 foram de aproximadamente US $ 35,2 milhões.

• Ensaios clínicos de fase 2 em andamento para CY6463
• Investimento em programas terapêuticos de doenças raras

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram estimados em US $ 1,5 milhão em 2022.

Categoria IP	Custo ($)
Registro de patentes	750,000
Renovação de patentes	750,000

Recrutamento de talentos científicos

As despesas totais de pessoal para talento científico em 2022 foram de US $ 22,3 milhões.

• Compensação média da equipe científica: US $ 185.000 por ano
• Custos de recrutamento e integração: aproximadamente US $ 500.000

Desenvolvimento de infraestrutura tecnológica

Os investimentos em tecnologia e infraestrutura totalizaram US $ 3,6 milhões em 2022.

Componente de infraestrutura	Investimento ($)
Equipamento de pesquisa	2,100,000
Sistemas de TI	1,500,000

Cyclerion Therapeutics, Inc. (CYCN) - Modelo de negócios: fluxos de receita

Potenciais futuras receitas de licenciamento de medicamentos

A partir do quarto trimestre 2023, a Cyclerion Therapeutics não possui receitas ativas de licenciamento de medicamentos. A empresa registrou US $ 0 em renda de licenciamento para o ano fiscal de 2023.

Bolsas de pesquisa

Fonte de financiamento	Quantia	Ano
Institutos Nacionais de Saúde (NIH)	US $ 1,2 milhão	2023
Grant de pesquisa em pequenas empresas (SBIR)	$750,000	2023

Financiamento de pesquisa colaborativa

A Cyclerion registrou US $ 3,5 milhões em financiamento colaborativo de pesquisa para o ano fiscal de 2023.

Acordos de parceria farmacêutica potencial

• Nenhum acordos de parceria farmacêutica ativa a partir do quarto trimestre 2023
• Discussões em andamento com potenciais parceiros farmacêuticos para tratamentos neurológicos de transtorno

Futura comercialização terapêutica de produtos

Estágio atual de desenvolvimento de pipeline sem receitas de produtos comerciais. As despesas totais de pesquisa e desenvolvimento para 2023 foram US $ 42,1 milhões.

Métrica financeira	Quantia	Período
Receita total	US $ 4,7 milhões	Ano fiscal de 2023
Perda líquida	US $ 47,3 milhões	Ano fiscal de 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.