Cyclerion Therapeutics, Inc. CYCN
We focus on building a pipeline of innovative therapeutics to address serious neuropsychiatric disorders with significant unmet medical need. Our current strategic focus is centered on the development of a novel therapeutic approach for neuropsychiatric conditions, with the lead indication being treatment-resistant depression ("TRD"), which we believe represents a substantial clinical and commercial opportunity.
Primary Focus on New Potential Treatment for Treatment Resistant Depression ("TRD")
Over the past year, we have refined our strategic direction toward programs that combine established pharmacologic agents with enabling technologies designed to improve precision, reproducibility, and patient outcomes. As part of this strategy, Cyclerion has evaluated multiple opportunities and prioritized CYC-126, an individualized therapy for TRD as our foundational development program.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M | $2.0M | $0 | $297.0K | $3.9M | $2.3M | $4.5M | — | — |
| R&D | $959.0K | $286.0K | $1.5M | $6.0M | $37.6M | $56.4M | $95.1M | $87.7M | — |
| SG&A | $6.1M | $5.3M | $8.1M | $12.9M | $20.6M | $28.8M | $34.4M | $27.5M | — |
| Total operating expenses | $7.0M | $5.6M | $2.4M | $18.8M | $59.1M | $83.6M | $129.5M | $115.3M | — |
| Operating income | -$5.0M | -$3.6M | -$13.0M | -$18.5M | -$55.2M | -$81.3M | -$125.0M | -$115.3M | — |
| Pre-tax income | -$3.5M | -$3.1M | -$5.3M | -$44.1M | -$51.6M | -$122.4M | -$122.4M | -$115.3M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$3.5M | -$3.1M | -$5.3M | -$44.1M | -$51.6M | -$77.8M | -$123.0M | -$115.3M | — |
| EPS, basic | -1.11 | -1.21 | -2.25 | -20.28 | -1.32 | — | — | — | — |
| EPS, diluted | -1.11 | -1.21 | -2.25 | -20.28 | -1.32 | -2.56 | -4.49 | -4.21 | — |
| Shares, diluted (wtd. avg.) | 3.2M | 2.5M | 2.3M | 2.2M | 39.1M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.2M | $3.2M | $7.6M | $13.4M | $54.0M | $58.2M | $102.6M | $0 | $0 |
| Receivables | $1.0M | $556.0K | $0 | $96.0K | $100.0K | $0 | — | — | — |
| Total current assets | $4.6M | $4.2M | $8.0M | $14.8M | $55.5M | $58.5M | $101.2M | $879.0K | — |
| Property, plant and equipment | — | $0 | $0 | $0 | $65.0K | $6.9M | $11.6M | $6.5M | — |
| Total assets | $10.0M | $9.6M | $13.4M | $18.1M | $59.3M | $115.4M | $186.5M | $7.4M | — |
| Accounts payable | $508.0K | $390.0K | $1.2M | $3.0M | $1.8M | $1.1M | $3.2M | $2.8M | — |
| Short-term debt | — | — | — | $3.5M | $3.5M | $3.5M | — | — | — |
| Total current liabilities | $900.0K | $725.0K | $2.1M | $7.6M | $11.1M | $17.0M | $18.2M | $17.8M | — |
| Retained earnings | -$271.0M | -$267.5M | -$264.4M | -$259.2M | -$215.1M | -$163.4M | -$85.6M | — | — |
| Total equity | $9.1M | $8.8M | $11.3M | $10.5M | $48.2M | $59.5M | $97.7M | -$10.4M | -$8.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.3M | -$4.3M | -$21.2M | -$40.6M | -$36.5M | -$72.5M | -$102.2M | -$97.5M | — |
| Stock-based compensation | $441.0K | $625.0K | $1.1M | $6.3M | $9.6M | $15.0M | $19.6M | $12.4M | — |
| Capital expenditure | — | — | — | $0 | $7.0K | $1.5M | $6.9M | $3.4M | — |
| Investing cash flow | — | $0 | $10.4M | $0 | $1.5M | $18.0K | -$6.7M | -$3.4M | — |
| Financing cash flow | $3.3M | $0 | $5.0M | $29.0K | $30.8M | $28.1M | $211.6M | $100.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-312558.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $4.5M | $2.3M | $3.9M | $297.0K | $0 | $2.0M | $2.1M |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$115.3M | -$123.0M | -$77.8M | -$51.6M | -$44.1M | -$5.3M | -$3.1M | -$3.5M |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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