News & Events zu Cyclerion Therapeutics Inc (CYCN)CYCNCyclerion Therapeutics Inc

Cyclerion and Korsana Enter Merger Agreement

Cyclerion Therapeutics and Korsana Biosciences entered into a definitive merger agreement for an all-stock transaction. Upon completion of the transaction, the combined company plans to operate under the name Korsana Biosciences, Inc. and trade on Nasdaq under the ticker symbol "KRSA." In support of the proposed merger, Korsana has secured commitments for an oversubscribed private investment that is expected to result in total gross proceeds of approximately $380M from a syndicate of investors led by Fairmount and Venrock Healthcare Capital Partners, with participation from General Atlantic, TCGX, Forbion, Wellington Management, Commodore Capital, RA Capital Management, RTW Investments, Vivo Capital, Janus Henderson Investors, Foresite Capital, J.P. Morgan Life Sciences Private Capital, SR One, Sanofi Ventures, Kalehua Capital, Spruce Street Capital, and other leading investment management firms. The financing includes common stock and pre-funded warrants exercisable for shares of Korsana common stock. The financing is expected to close immediately prior to completion of the proposed merger. The combined company's cash and cash equivalents balance at closing, including the funds from the private placement, is anticipated to fund Korsana's operations into 2029 and provides runway through key clinical milestones. These include the advancement of KRSA-028 through Phase 1 healthy volunteer data expected in mid-2027 and interim proof of concept data measuring amyloid plaque clearance in Alzheimer's patients expected by the end of 2027. Korsana is the seventh company to launch with assets discovered and developed by Paragon Therapeutics. Korsana's lead program is KRSA-028, a next-generation shuttled antibody targeting amyloid beta for the treatment of Alzheimer's disease, discovered in partnership with Paragon Therapeutics. KRSA-028 utilizes the proprietary Therapeutic Targeting platform, which incorporates clinically validated transferrin receptor and Fc engineering and is designed to improve brain delivery and solve limitations of other TfR1-based approaches. KRSA-028 was designed to increase amyloid plaque clearance, reduce the rate of amyloid-related imaging abnormalities and hematologic adverse events, and optimize convenience and compliance with a low-volume subcutaneous route of administration. Korsana is advancing a pipeline of innovative THETA-enabled therapies for other undisclosed, neurodegenerative diseases with high unmet need. Under the terms of the merger agreement, as of the closing of the proposed merger, the pre-merger Cyclerion shareholders are expected to own approximately 1.5% of the combined company and the pre-merger Korsana stockholders are expected to own approximately 98.5% of the combined company. The percentage of the combined company that Cyclerion's shareholders will own as of the closing of the proposed merger is subject to adjustment based on the estimated amount of Cyclerion's net cash immediately prior to the closing date. The transaction has received approval by the Board of Directors of both companies and is expected to close in the third quarter of 2026, subject to certain closing conditions, including, among others, approval by the stockholders of each company, the effectiveness of a registration statement to be filed with the U.S. Securities and Exchange Commission to register the securities to be issued in connection with the proposed merger, expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of other customary closing conditions. The combined company plans to operate under the name Korsana Biosciences, Inc. and will be led by Dr. Violin, Korsana's current Chief Executive Officer. Korsana's existing Board of Directors will become directors of the combined company, chaired by Tomas Kiselak, Founding Partner at Fairmount, and including Andrew Gottesdiener, M.D., Partner at Venrock Healthcare Capital Partners, Nilesh Kumar, Ph.D., Head of Biotech Private Investments at Wellington Management, Michelle Pernice, Operating Partner at Fairmount, Nimish Shah, Partner at Venrock Healthcare Capital Partners, and Dr. Violin.

Cyclerion Receives Positive FDA Feedback on CYC-126

Cyclerion Therapeutics announced it has received positive written regulatory feedback and responses from the FDA on CYC-126's Phase 2 POC study in TRD and its path to potential regulatory approval. CYC-126 is a potentially novel anesthetic-based investigational therapy that incorporates real-time electroencephalogram feedback and is being developed for the treatment of TRD. CYC-126 is designed to be an individualized, precision-delivered approach that combines well-characterized anesthetic agents with real-time EEG monitoring and algorithm-guided dosing. Cyclerion believes this strategy may enable clinicians to more precisely guide patients toward targeted brain states associated with antidepressant effects, addressing a significant unmet need for patients with TRD seeking alternative therapeutic options.

Cyclerion Announces Exclusive Collaboration with Medsteer

Cyclerion Therapeutics announced an application-specific, exclusive collaboration with Medsteer. The new collaboration agreement expands upon the parties' existing development collaboration and is intended to enable the integration of Medsteer's technology and know-how into Cyclerion's lead program, CYC-126. CYC-126 is an anesthetic-based investigational therapy that incorporates real-time patient feedback and is currently being developed for the treatment of treatment-resistant depression. Cyclerion remains on track to complete device integration and finalize its proprietary drug delivery system ahead of the planned initiation of the Phase 2 POC study of CYC-126 in the second half of 2026. The company expects to leverage primarily FDA-cleared device components, together with the Medsteer strategic partnership and the previously announced MIT license, with the company's own fit-for-purpose improvements, to support full device build prior to the Phase 2 POC start this year.