Cyclerion director converts 351,037 preferred shares
Cyclerion Therapeutics, Inc. director and 10% owner Peter M. Hecht converted 351,037 shares of Series A Convertible Preferred Stock into 351,037 shares of Common Stock on July 16, 2026, leaving no preferred shares outstanding.
Rhea-AI Filing Summary
Cyclerion Therapeutics, Inc. director and 10% owner Peter M. Hecht converted 351,037 shares of Series A Convertible Preferred Stock into 351,037 shares of Common Stock on July 16, 2026, leaving no preferred shares outstanding. His direct Common Stock holdings after the conversion total 910,240 shares, and all previously held stock options were cancelled the same day. Separate family trusts each hold 24 Common shares, for which he disclaims beneficial ownership.
Positive
- None.
Negative
- None.
Insider Trade Summary
351,037 shares exercised/converted
Exercise
5 txns
Insider
Hecht Peter M
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series A Convertible Preferred Stock F1, F3 | 351,037 | -- | -- |
| Conversion | Common Stock F1 | 351,037 | -- | -- |
| holding | Common Stock F2 | -- | -- | -- |
| holding | Common Stock F2 | -- | -- | -- |
| holding | Common Stock F2 | -- | -- | -- |
Holdings After Transaction:
Series A Convertible Preferred Stock — 0 contracts (Direct);
Common Stock — 910,240 shares (Direct);
Common Stock — 24 shares (Indirect, The 2000 Trust for Alexis Mae Hecht);
Common Stock — 24 shares (Indirect, The 2000 Trust for Malcolm Paul Hecht);
Common Stock — 24 shares (Indirect, The 2000 Trust for Zoe Niovi Hecht)
Footnotes (3)
- F1. On May 19, 2023, the reporting person purchased directly from the Issuer 351,037 shares of Series A Convertible Preferred Stock (the "Series A Preferred Stock") at a price of $8.68 per share in a private placement transaction pursuant to the Stock Purchase Agreement dated as of March 31, 2023 between the reporting person and the Issuer. The Series A Preferred Stock is convertible to Common Stock on a one-for-one basis at the option of the holder thereof. On July 16, 2026, the reporting person converted all 351,037 shares of Series A Convertible Preferred Stock into 351,037 shares of Common Stock.
- F2. These shares are held in the referenced trust for the benefit of the reporting person's child. The reporting person's spouse is the trustee of this trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or any other purpose.
- F3. All options to purchase Common Stock previously held by the reporting person were cancelled on July 16, 2026. As a result, the reporting person no longer holds options to purchase Common Stock.
Key Figures
Series A Preferred Purchased: 351,037 shares
Purchase Price per Preferred Share: $8.68 per share
Series A Preferred Converted: 351,037 shares
+3 more
6 metrics
Series A Preferred Purchased
351,037 shares
Shares of Series A Convertible Preferred Stock purchased on May 19, 2023
Purchase Price per Preferred Share
$8.68 per share
Price paid in the May 19, 2023 private placement
Series A Preferred Converted
351,037 shares
Series A Convertible Preferred Stock converted to Common Stock on July 16, 2026
Common Shares Received via Conversion
351,037 shares
Common Stock issued one-for-one upon conversion of preferred shares
Direct Common Shares After Conversion
910,240 shares
Total direct Common Stock holdings following the July 16, 2026 transaction
Indirect Trust Holdings per Trust
24 shares
Common shares held in each of three child trusts, beneficial ownership disclaimed
Key Terms
Series A Convertible Preferred Stock, private placement, Stock Purchase Agreement, Section 16
4 terms
Series A Convertible Preferred Stock financial
"purchased directly from the Issuer 351,037 shares of Series A Convertible Preferred Stock at a price"
Series A convertible preferred stock is a class of shares sold in an early funding round that gives investors a mix of protection and upside: it pays a priority claim over common shares if the company is sold or closes, but can be converted into ordinary shares to share in future growth. Think of it like a hybrid between a safer stake and a ticket to ownership; it matters to investors because it affects who controls the company, how future gains are split, and how much their investment is protected from downside.
private placement financial
"shares of Series A Convertible Preferred Stock at a price of $8.68 per share in a private placement transaction"
A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.
Stock Purchase Agreement financial
"in a private placement transaction pursuant to the Stock Purchase Agreement dated as of March 31, 2023"
A stock purchase agreement is a legal contract that sets the terms for buying or selling shares, specifying the price, number of shares, how payment is made, and any conditions or promises each side must meet. It matters to investors because it defines who owns what, when ownership changes, and what protections or obligations attach to the deal—think of it as a detailed receipt plus the house rules that determine the financial risks and benefits of the transaction.
Section 16 regulatory
"not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or any other purpose"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Peter M. Hecht report for Cyclerion Therapeutics (CYCN)?
Peter M. Hecht reported converting 351,037 shares of Series A Convertible Preferred Stock into 351,037 shares of Common Stock on July 16, 2026. This eliminated his preferred holdings and increased his direct Common Stock position to 910,240 shares, with no market sale reported.
What are Peter Hecht's direct Cyclerion (CYCN) common stock holdings after the conversion?
After the conversion, Peter Hecht directly holds 910,240 shares of Cyclerion Common Stock. This post-transaction figure reflects the addition of 351,037 shares received from converting his Series A Convertible Preferred Stock on July 16, 2026, as reported in the Form 4.
What happened to Peter Hecht's stock options in Cyclerion Therapeutics (CYCN)?
All options to purchase Cyclerion Common Stock previously held by Hecht were cancelled on July 16, 2026. A footnote states that, as a result of this cancellation, he no longer holds any options to purchase Common Stock following the reported transactions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
