One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Cyclerion Therapeutics, Inc.
CYCN · NCM · Healthcare · Biotechnology
Current price
$3.36
52-week range
$7.19 - $59.36
Market cap
$2.25M
Balance sheet
Healthy
-310.81x Concerning
Net cash $1.39M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 3.7% last year.
- Risk Return on equity was -98.2% last year — the company lost money on shareholders' equity.
What this company does
Cyclerion Therapeutics, Inc.
Cyclerion Therapeutics develops medicines for serious illnesses, mainly focusing on treatments for the brain and blood vessel issues. Their main product candidates, Olinciguat and Praliciguat, are in testing for heart problems and rare kidney diseases, with a partner helping to bring them to market. This means their success hinges on getting these new drugs approved by regulators, which can take a long time and a lot of money.
How the company got here
Cyclerion Therapeutics was founded in 2018 and initially focused on developing treatments for serious diseases using a scientific approach called soluble guanylate cyclase (sGC) stimulation. This pathway is involved in regulating important bodily functions like blood flow and inflammation. The company spun off from Ironwood Pharmaceuticals in 2019 to become an independent entity. Over time, Cyclerion has undergone strategic shifts, including a pivot towards neuropsychiatric conditions and a focus on mitochondria-related diseases, before ultimately refocusing on neuropsychiatry. In April 2026, Cyclerion announced a merger agreement with Korsana Biosciences, with the combined company expected to operate under the Korsana name and focus on Korsana's lead Alzheimer's asset.
What it actually does
Cyclerion Therapeutics is a biopharmaceutical company that develops medicines for serious diseases. Their work involves researching and testing new drug compounds, primarily focusing on the central nervous system (CNS) and neuropsychiatric conditions. These are conditions affecting the brain and nerves, such as Alzheimer's disease and treatment-resistant depression. The company's approach involves understanding complex biological pathways in the body to create targeted therapies.
Neuropsychiatric Therapies
This is Cyclerion's primary focus, aiming to develop treatments for serious diseases of the brain and nervous system. Their lead program in this area is CYC-126, an investigational therapy designed for treatment-resistant depression (TRD). TRD is a form of depression that hasn't improved with other treatments. CYC-126 is being developed as a precision-delivered treatment that uses anesthetic agents combined with real-time brain monitoring (EEG) and guided dosing to help patients achieve specific brain states associated with antidepressant effects. The company is also exploring other neuropsychiatric conditions, including Alzheimer's disease with vascular pathology, MELAS (Mitochondrial Encephalomyopathy, Lactic Acidosis, and Stroke-like episodes), and cognitive impairment associated with schizophrenia.
Legacy sGC Portfolio
Before its strategic shift, Cyclerion had a portfolio of drug candidates based on soluble guanylate cyclase (sGC) stimulators. These included Olinciguat, a vascular sGC stimulator for cardiovascular diseases, and Praliciguat, a systemic sGC stimulator for rare kidney diseases. While the company has out-licensed or sold some of these assets, it continues to work with partners on these legacy programs with the goal of generating revenue to support its current pipeline in neuropsychiatry. These legacy assets represent earlier research into how sGC stimulation can impact various diseases.
What management is betting on now
Cyclerion's current strategy is heavily focused on advancing its pipeline of neuropsychiatric therapies, particularly CYC-126 for treatment-resistant depression. Management is betting on this program's potential to be a first-in-class therapy, addressing a significant unmet need. The company is also leveraging strategic collaborations, such as its agreement with MIT and Medsteer, to develop its drug delivery systems and advance clinical trials. The merger with Korsana Biosciences signals a strong belief in Korsana's lead Alzheimer's asset, KRSA-028, as a key driver for future value creation.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value — vs current price $3.36
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $1.4M - more cash than debt. Interest coverage -310.8x.
Net debt
$-1.39M
Interest coverage
-310.81x
Cyclerion Therapeutics, Inc. is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
CYCN
BASELINE
Cyclerion Therapeutics, Inc.
Total debt $0.00 Interest coverage -310.81x This is the baseline the peer rows are being compared against.
What you should know
The case for and against CYCN
1 Reward
1 Risk
Rewards
-
Revenue grew 3.7% last year.
Risks
-
Return on equity was -98.2% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-2.56x
P/B
0.40x
P/S
1.18x
EV/EBITDA
—
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
15.9%
Operating margin
-359.2%
Net margin
0.0%
ROE
-98.2%
ROA
-52.3%
Health
Liquidity and balance-sheet strength
Debt / equity
—
Current ratio
0.82x
Quick ratio
0.76x
Total debt
$0.00
Total cash
$1.39M
Growth
How the business has been compounding
Revenue TTM
$1.90M
Revenue 5Y CAGR
91.1%
EPS TTM
-11.62
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-3.31M
Free CF TTM
$-3.31M
FCF margin
-174.4%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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