Every 10-K that Cyclerion Therapeutics, Inc. (CYCN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow CYCN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CYCN filings page.
Cyclerion Therapeutics filed an amended annual report mainly to add Part III disclosures on board structure, executive pay and share ownership. The company highlights an independent chairman, three key board committees, and policies covering risk oversight, insider trading and clawbacks. It reports that as of March 26, 2026 there were 4,330,314 common shares outstanding, with directors and officers as a group beneficially owning 26.6%. The filing details 2025 compensation for CEO Regina Graul and CFO Rhonda Chicko, including salary, cash bonuses and stock-based awards, and summarizes equity incentive and employee stock purchase plans. It also describes a March 2025 private placement raising $1.375 million and notes a previously announced proposed merger with Korsana Biosciences expected to close in the third quarter of 2026, subject to shareholder approvals and other conditions.
Cyclerion Therapeutics outlines a major strategic shift toward developing CYC-126, an anesthetic-based, technology-enabled treatment for treatment-resistant depression (TRD), while monetizing legacy soluble guanylate cyclase (sGC) assets through licensing and its equity stake in Tisento Therapeutics.
The company signed a license with MIT for TRD-related IP with up to $4.4 million in milestones and a collaboration and option-to-license agreement with Medsteer SAS with up to $3.7 million in milestones, plus low single-digit royalties to both partners. CYC-126 is planned to enter a Phase 2 proof-of-concept trial in Australia in the second half of 2026, with U.S. enrollment expected in the first half of 2027.
Cyclerion continues to benefit from its praliciguat out-license to Akebia, having received a $1.0 million Phase 2 initiation milestone in 2026 and being eligible for up to approximately $557.5 million in future milestones and tiered mid-single-digit to twenty percent royalties. However, the company reported a net loss of $3.5 million in 2025, ended the year with $3.2 million in cash and cash equivalents, and explicitly states there is substantial doubt about its ability to continue as a going concern without near-term capital raises.
Cyclerion Therapeutics filed an amended annual report (10-K/A) to add a missing “Critical Audit Matter” paragraph to the auditor’s report; the financial statements and notes are otherwise unchanged from the original filing.
For 2024, Cyclerion reported revenue of $2,000 thousand (license $1,750 thousand and option $250 thousand), operating expenses of $5,628 thousand, and a net loss of $3,057 thousand, narrower than 2023. Cash and cash equivalents were $3,232 thousand as of December 31, 2024. The auditor included a going concern emphasis, and management disclosed that cash is expected to fund operations through mid-2025, indicating substantial doubt about the company’s ability to continue as a going concern.
The amended audit report identifies the assessment of impairment indicators for a $5,350 thousand investment in Tisento Therapeutics Holdings Inc. as a critical audit matter; no impairment was recognized as of December 31, 2024. Under an amended Akebia license, Cyclerion received $1,250 thousand in December 2024 and is due $500 thousand in September 2025 in amendment payments, with eligibility for additional milestones. Shares outstanding were 2,710,096 as of February 28, 2025; 2,545,922 were outstanding as of December 31, 2024.