Cyclerion director reports option for 28,805 shares
Director Michelle Patricia Pernice reports stock options for 28,805 CYCN shares received in the Korsana merger, vesting through November 2028.
Rhea-AI Filing Summary
Cyclerion Therapeutics, Inc. (symbol CYCN), now renamed Korsana Biosciences, Inc. at the merger "Effective Time," reports director Michelle Patricia Pernice as a new insider and discloses her derivative holdings. She holds a stock option to acquire 28,805 shares of common stock at an exercise price of $4.15 per share, expiring October 26, 2035.
The option was received in the merger in exchange for options of pre‑merger Korsana Biosciences and vested as to 25% on November 8, 2025, with the remainder vesting in equal monthly installments through November 8, 2028, subject to her continued service.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
Pernice Michelle Patricia
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Option (Right to Buy) F1, F2 | -- | -- | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 28,805 contracts (Direct)
Footnotes (2)
- F1. Effective as of September 8, 2026 (the "Effective Time"), (i) Cariboos Merger Sub Corp., a wholly owned subsidiary of Cyclerion Therapeutics, Inc. ("Cyclerion"), merged with and into Korsana Biosciences, Inc. ("Pre-Merger Korsana"), with Pre-Merger Korsana continuing as a wholly owned subsidiary of Cyclerion and the surviving corporation of the merger (the "First Merger"), and (ii) immediately thereafter, Pre-Merger Korsana merged with and into Cariboos Merger Sub II, LLC, a second wholly owned subsidiary of Cyclerion ("Second Merger Sub"), with Second Merger Sub being the surviving entity of the merger under the name Korsana Biosciences Operating Company, LLC (the "Second Merger" and, together with the First Merger, the "Merger"). At the Effective Time, Cyclerion changed its name to "Korsana Biosciences, Inc." (hereinafter, the "Issuer").
- F2. Represents options to purchase shares of the Issuer's common stock received by the Reporting Person in the Merger in exchange for options of Pre-Merger Korsana held by the Reporting Person prior to the Merger. This option vested as to 25% on November 8, 2025 and vests in equal monthly installments thereafter through November 8, 2028, subject to the Reporting Person's continued service to the Issuer on each such vesting date.
Key Figures
Underlying shares: 28,805 shares
Exercise price: $4.15 per share
Option expiration date: October 26, 2035
+3 more
6 metrics
Underlying shares
28,805 shares
Shares of common stock underlying reported stock option holding
Exercise price
$4.15 per share
Exercise price of stock option (Right to Buy)
Option expiration date
October 26, 2035
Expiration date of reported stock option
Initial vesting date
November 8, 2025
25% of the option vested on this date
Final vesting date
November 8, 2028
Remaining option vests in equal monthly installments through this date
Effective Time of merger
September 8, 2026
Date the merger structure closed and issuer name changed
Key Terms
Stock Option (Right to Buy), Effective Time, Merger, First Merger, +1 more
5 terms
Stock Option (Right to Buy) financial
"The filing reports a derivative holding titled "Stock Option (Right to Buy)""
Effective Time regulatory
"Effective as of September 8, 2026 (the "Effective Time"), Cariboos Merger Sub Corp."
The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.
Merger financial
"together with the First Merger, the "Merger""
A merger is when two companies combine into a single business, with ownership and control reorganized so they operate as one entity. For investors it matters because mergers can change the value and risk of holdings—shares may be exchanged, diluted, or rise if the combined company saves costs or gains market power, and the deal often depends on regulatory approval and successful integration like two households joining resources and routines.
First Merger financial
"the surviving corporation of the merger (the "First Merger")"
Second Merger financial
"the surviving entity of the merger under the name Korsana Biosciences Operating Company, LLC (the "Second Merger")"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What does the Form 3 for CYCN/KRSA report for Michelle Patricia Pernice?
It reports that director Michelle Patricia Pernice holds a stock option covering 28,805 shares of common stock at an exercise price of $4.15 per share, expiring October 26, 2035, received in the merger with pre‑merger Korsana Biosciences.
What is the exercise price and expiration date of Pernice’s CYCN stock option?
The stock option reported for Michelle Patricia Pernice has an exercise price of $4.15 per share and an expiration date of October 26, 2035, as shown in the derivative holdings section.
How does the Korsana merger affect the issuer identity for CYCN?
At the Effective Time on September 8, 2026, Cariboos Merger Sub Corp. merged with pre‑merger Korsana, and Cyclerion changed its name to "Korsana Biosciences, Inc.", which is now the issuer referenced in the Form 3.
What are the vesting terms of Michelle Patricia Pernice’s CYCN option grant?
The option vested 25% on November 8, 2025, and the remaining portion vests in equal monthly installments through November 8, 2028, subject to Michelle Patricia Pernice’s continued service to the issuer on each vesting date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
