Cyclerion Therapeutics
Holds a suspended depression-treatment system and out-licensed sGC development rights.
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Profile
Holds a suspended treatment-resistant-depression system and economic rights in sGC assets, earning transactional income from licensing, asset sales, and option fees rather than product sales. Operations are highly externalized, while praliciguat's progress rests with its worldwide licensee and a proposed merger remains pending.
Maintains a pre-merger portfolio centered on CYC-126, a licensed anesthetic-and-monitoring system once planned for hospital-based treatment-resistant depression, alongside economic rights in praliciguat, olinciguat licensing opportunities, and a non-controlling Tisento investment. Has no approved products or product-sale revenue, and relies on consultants and outsourced research.
Has suspended work on CYC-126 because of cash limitations while Akebia controls worldwide development and commercialization of praliciguat. A proposed all-stock reverse merger with Korsana Biosciences would shift the listed parent's primary business to Korsana if the transaction closes; current operations remain constrained by merger conditions and contractual limits on competing specified CNS-penetrant sGC programs.
Company facts
Key statistics
Year to date +180% · Average volume (30d) 36.6K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | −$7.10 | −$0.41 | +94.2% | $1.5M | — | — | +0.57% |
| May 12, 2026Q1 FY26 | −$17.20 | −$0.76 | +95.6% | — | — | — | −1.57% |
| Mar 30, 2026Q4 FY25 | −$0.38 | −$0.19 | +50.0% | $100.0K | $100.0K | 0.0% | +6.90% |
| Mar 25, 2026Q4 FY25 | −$0.38 | −$0.38 | 0.0% | $100.0K | $100.0K | 0.0% | −4.32% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $81.0K | $93.0K | $875.0K | $1.0M | $0 | $0 | |
| Gross profit | $81.0K | $93.0K | $875.0K | $1.0M | −$730.0K | $0 | |
| Operating income | −$1.5M | −$1.7M | −$1.0M | −$838.0K | −$3.2M | −$1.8M | |
| Net income | −$1.4M | −$324.0K | −$976.0K | −$799.0K | −$3.2M | −$1.8M | |
| Diluted EPS | −$0.56 | −$0.11 | −$0.30 | −$0.25 | −$0.76 | −$0.41 | |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | — | — | |
| Operating margin | -1,798.8% | -1,797.8% | -115.0% | -81.8% | — | — |
Fiscal years (4-quarter sums)FY21 $3.9M · FY22 $1.0M · FY23 $0 · FY24 $2.0M · FY25 $2.1M
Revenue by product · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $1.4M · Total debt $0 · Total assets $6.9M · Shareholders' equity $5.1M
Dividends
No dividends on record.
Ownership
Shares outstanding 4.68M · Float 3.14M · 67.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Peter M. Hecht · director, 10 percent owner: | 910.2K | 19.44% | Form 4 | Jul 20, 2026 |
| FMR LLC | 649.5K | 15.00% | 13G | May 7, 2026 |
| Balyasny Asset Management L.P. | 317.5K | 7.33% | 13G | Aug 14, 2026 |
| ADAR1 Capital Management, LLC | 298.8K | 7.00% | 13G | Aug 14, 2026 |
| J. Wood Capital Advisors LLC | 181.8K | 5.40% | 13G | Oct 17, 2025 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Johnson & Johnson
Direct TRD alternative through Spravato's supervised esketamine therapy.
- Eli Lilly
Approved oral Symbyax and a growing pharmacologic TRD pipeline.
- Compass Pathways (ADR)
Late-stage COMP360 psilocybin targets the same TRD population.
- Axsome Therapeutics
Auvelity and AXS-05 address resistant and broader depressive illness.
- Neuronetics
NeuroStar TMS is a non-drug interventional alternative for TRD.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cyclerion Therapeutics | $3.79 | +1.07% | $17.7M | — | — | 9.3 | −94.5% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Compass Pathways (ADR) | $13.79 | +0.56% | $1.85B | — | — | — | — |
| Axsome Therapeutics | $199.00 | −0.04% | $10.24B | — | 1,707.6 | 13.2 | +44.2% |
| Neuronetics | $2.97 | +0.89% | $204.6M | — | — | 1.3 | +9.1% |
| Median | 35.2 | 28.7 | 9.9 | +26.6% |