Korsana Biosciences (KRSA) closed its merger with Cyclerion Therapeutics and a $380 million private placement, with shares expected to begin trading on Nasdaq on September 9, 2026.
The combined company will operate as Korsana Biosciences and list on the Nasdaq Capital Market under ticker “KRSA,” with a new CUSIP of 23255M303. The $380 million financing, consisting of common stock and pre-funded warrants from a broad syndicate of institutional and strategic investors, together with existing cash, results in post-transaction cash and cash equivalents of approximately $475 million, which is expected to fund operations into 2029.
Under the merger terms, each Korsana share converts into approximately 0.2074 shares of the combined company, reflecting Cyclerion’s 1-for-7 reverse stock split completed immediately prior to closing. After the reverse split, private placement and merger, there are about 55.1 million common shares and common stock equivalents outstanding, excluding equity awards.
Lead program KRSA-028, a shuttled antibody targeting amyloid beta for Alzheimer’s disease using the THETA™ platform, is advancing toward the clinic, with Phase 1 healthy volunteer data expected in mid-2027 and interim proof-of-concept data on amyloid plaque clearance in Alzheimer’s patients anticipated by late 2027 or early 2028.