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CYCN

Cyclerion Therapeutics, Inc.

CYCN

Cyclerion Therapeutics, Inc. • NASDAQ
$1.57 ▲ 3.29% (+0.05)
Market Cap $5.24 M
52w High $9.47
52w Low $1.28
Dividend Yield 0%
P/E -2.24
Volume 25.92K
Outstanding Shares 3.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $875K ▲ $1.881M ▲ $-976K ▼ -111.543% ▲ $-0.3 ▼ $-976K ▲
Q2-2025 $93K ▲ $1.765M ▲ $-324K ▲ -348.387% ▲ $-0.11 ▲ $-1.672M ▼
Q1-2025 $81K ▼ $1.538M ▲ $-1.429M ▼ -1.764K% ▼ $-0.56 ▼ $-1.457M ▼
Q4-2024 $1.806M ▲ $1.304M ▼ $530K ▲ 29.347% ▲ $0.21 ▲ $502K ▲
Q3-2024 $194K $1.322M $-723K -372.68% $-0.29 $-1.128M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.568M ▲ $10.415M ▲ $877K ▲ $9.538M ▲
Q2-2025 $3.006M ▼ $9.37M ▼ $800K ▼ $8.57M ▼
Q1-2025 $3.639M ▲ $9.847M ▲ $1.067M ▲ $8.78M ▼
Q4-2024 $3.232M ▲ $9.575M ▲ $725K ▲ $8.85M ▲
Q3-2024 $2.872M $8.898M $700K $8.198M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-976K ▼ $-264K ▲ $0 $1.826M ▲ $1.562M ▲ $-264K ▲
Q2-2025 $-324K ▲ $-503K ▲ $0 $-130K ▼ $-633K ▼ $-503K ▲
Q1-2025 $-1.429M ▼ $-968K ▼ $0 $1.375M ▲ $407K ▲ $-968K ▼
Q4-2024 $530K ▲ $360K ▲ $0 $0 $360K ▲ $360K ▲
Q3-2024 $-723K $-1.716M $0 $0 $-1.716M $-1.716M

Five-Year Company Overview

Income Statement

Income Statement Cyclerion has effectively been a pre‑revenue biotech company for several years, with no meaningful product or licensing revenue showing up yet. Its costs have mainly been research, development, and overhead, which have led to recurring losses each year. Those losses appear to have narrowed over time, which likely reflects cost-cutting, restructuring, and the strategic pivot in the business rather than any improvement in sales. Earnings per share have been deeply negative, made to look even more extreme by the reverse stock split, highlighting how much the company has been spending relative to its very small scale. Overall, the income statement tells the story of an early‑stage company still firmly in the investment phase, not yet in the commercialization phase.

Balance Sheet

Balance Sheet The balance sheet is very small and lean. Total assets and cash are modest, showing that Cyclerion is operating with a limited financial cushion. On the positive side, the company currently shows little or no financial debt, so it is not heavily burdened by interest payments. Equity is thin, reflecting cumulative losses and a long history of funding operations primarily through issuing stock. The 2023 reverse stock split also signals past share price pressure and prior shareholder dilution. Overall, the balance sheet underlines financial fragility and a strong dependence on future capital raises, partnerships, or asset sales to support ongoing development.

Cash Flow

Cash Flow Cyclerion’s cash flows are typical for a very early‑stage biotech: cash going out steadily to fund operations, and none coming in from products. Operating cash flow has been consistently negative, mirroring the company’s net losses. Free cash flow is also negative, although capital spending on physical assets has been minimal; most of the cash burn is tied to people, trials, and overhead rather than buildings or equipment. The appearance of break‑even in the latest year figures likely reflects one‑off factors or very low activity rather than a sustainable shift to a self‑funding model. The core message is that the company remains dependent on external funding sources to continue its research programs.

Competitive Edge

Competitive Edge Cyclerion is trying to carve out a differentiated spot in neuropsychiatry, starting with treatment‑resistant depression, a very large and underserved market. Its approach is unusual: combining widely used anesthetics with a proprietary, intelligent delivery system rather than developing a completely new chemical compound. This could offer a unique position relative to current options like ketamine‑based treatments or traditional antidepressants. Its exclusive license from MIT and focus on a drug‑device combination create intellectual property and technical barriers that may be hard for others to copy quickly. However, the company is tiny compared with many competitors in depression and brain disorders, which include large pharmaceutical firms and well‑funded biotechs. Its limited financial resources and early development stage are key constraints on its competitive strength today, even if the underlying concept is differentiated.

Innovation and R&D

Innovation and R&D Innovation is the core of Cyclerion’s story. The company has reinvented itself around a novel platform aimed at “resetting” disrupted brain circuits using anesthetics guided by a personalized, biofeedback‑driven device. This drug‑device pairing, licensed from MIT, targets the circuitry underlying treatment‑resistant depression rather than just tweaking neurotransmitter levels. The technology’s strengths include personalization (adapting to an individual’s brainwave patterns), leveraging well‑understood anesthetic drugs, and the potential to extend the same platform to multiple neuropsychiatric conditions over time. On the other hand, this is technically complex, must satisfy both drug and device regulators, and remains at an early proof‑of‑concept stage. The key upcoming proof will be future clinical trials and successful device development, which are still several years away based on current plans.

Summary

Cyclerion today is a highly early‑stage, pre‑revenue biotech that has undergone a major strategic pivot into neuropsychiatry. Its financials show a very small company with recurring losses, a thin balance sheet, and ongoing cash burn, though without heavy use of debt. This means its future hinges on continued access to capital, successful partnerships, and careful cash management. Against this fragile financial backdrop, the company is pursuing a bold and differentiated scientific strategy: a personalized anesthetic‑based platform for treatment‑resistant depression and other complex brain disorders, supported by an exclusive MIT license and a proprietary device. The upside case depends on proving this novel approach in clinical studies and scaling it despite limited resources, while the downside risks include scientific, regulatory, and financing uncertainty over a multi‑year horizon.

NEWS

September 23, 2025 · 4:01 PM UTC

Cyclerion Announces Transformational Relaunch as a Neuropsychiatric Company

Read more