CYCN

MKT CAP:$13M

Cyclerion Therapeutics, Inc.

Market Cap

$13M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$2.95+$1.61 (+120.15%)

Apr 23, 2026

Company Details

Cyclerion Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the discovering, development, and commercialization of medicines for serious central nervous system (CNS) diseases. Its lead product candidate is CY6463, a...

CEO

Regina Graul

IPO Date

Mar 18, 2019

Website

www.cyclerion.com

Key Metrics TTM

Revenue

$2M

+3.7% YoY

Net Income

-$4M

EPS (Diluted)

-$1.22

Free Cash Flow

-$3M

Revenue / Share

$0.64

Gross Margin

100.0%

Operating Margin

-239.8%

Net Margin

-170.1%

FCF Margin

-159.8%

P/S

6.0x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Dec 31, 2025

$2M+3.7%EPS -$1.09

Q4 2025

Dec 31, 2025

$1M-43.2%EPS -$0.25

Q3 2025

Nov 12, 2025

$875.0K+351.0%EPS -$0.30

Q2 2025

Aug 5, 2025

$93.0KEPS -$0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$348.0K	-$7M	-$11M
Q4 21	$533.0K	-$10M	-$14M
Q1 22	$711.0K	-$9M	-$13M
Q2 22	$306.0K	-$10M	-$13M
Q3 22	$0	$0	-$5M
Q1 23	$0	-$572.0K	-$3M
Q3 23	$0	$0	-$6M
Q4 23	$0	$0	-$2M
Q1 24	$0	$0	-$2M
Q2 24	$0	$0	-$1M
Q3 24	$194.0K	$194.0K	-$1M
Q4 24	$2M	$2M	$502.0K
Q1 25	$81.0K	$81.0K	-$1M
Q2 25	$93.0K	$93.0K	-$2M
Q3 25	$875.0K	$875.0K	-$1M
Q4 25	$1M	$1M	-$838.0K

Valuation

Quarter	P/S	P/E
Q3 21	42.0x	—
Q4 21	392.1x	—
Q1 22	211.8x	—
Q2 22	277.1x	—
Q3 22	25.4x	—
Q1 23	16.0x	—
Q3 23	27.1x	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	1.9x
Q3 24	33.6x	—
Q4 24	4.3x	—
Q1 25	3.0x	—
Q2 25	3.4x	—
Q3 25	2.5x	—
Q4 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$8M	-$8M
Q4 21	-$9M	-$9M
Q1 22	-$13M	-$13M
Q2 22	-$11M	-$11M
Q3 22	-$10M	-$10M
Q1 23	-$6M	-$6M
Q3 23	-$7M	-$7M
Q4 23	-$2M	-$2M
Q1 24	-$2M	-$2M
Q2 24	-$1M	-$1M
Q3 24	-$2M	-$2M
Q4 24	$360.0K	$360.0K
Q1 25	-$968.0K	-$968.0K
Q2 25	-$503.0K	-$503.0K
Q3 25	-$264.0K	-$264.0K
Q4 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q3 21	$7.0K
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q1 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-13.0%	-47.6%
Q4 21	+300.8%	-23.2%
Q1 22	+1046.8%	+1.8%
Q2 22	-89.8%	-28.4%
Q3 22	-100.0%	-61.2%
Q1 23	-100.0%	-78.0%
Q3 23	-100.0%	-56.1%
Q4 23	-100.0%	-86.9%
Q1 24	—	-64.2%
Q2 24	—	-57.7%
Q3 24	—	-78.0%
Q4 24	—	-27.4%
Q1 25	—	-4.9%
Q2 25	—	+27.5%
Q3 25	+351.0%	+42.3%
Q4 25	-43.2%	+42.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$3M	477.9%
Q1 22	$2M	248.5%
Q2 22	$2M	555.2%
Q3 22	$2M	—
Q1 23	$426.0K	—
Q3 23	$159.0K	—
Q4 23	$103.0K	—
Q1 24	$181.0K	—
Q2 24	$184.0K	—
Q3 24	$138.0K	71.1%
Q4 24	$122.0K	6.8%
Q1 25	$114.0K	140.7%
Q2 25	$114.0K	122.6%
Q3 25	$118.0K	13.5%
Q4 25	$95.0K	9.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$7M	$5M	—	—
Q4 21	$10M	$4M	—	—
Q1 22	$10M	$4M	—	—
Q2 22	$10M	$4M	—	—
Q3 22	$1M	—	—	$3M
Q1 23	$572.0K	$3M	—	—
Q3 23	$580.0K	$2M	—	—
Q4 23	$24.0K	$2M	$200.0K	—
Q1 24	$44.0K	$2M	—	—
Q2 24	$105.0K	$1M	—	—
Q3 24	$81.0K	$1M	—	—
Q4 24	$56.0K	$1M	—	—
Q1 25	$36.0K	$2M	—	—
Q2 25	$56.0K	$2M	—	—
Q3 25	$348.0K	$2M	—	—
Q4 25	$519.0K	$1M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$41M	$0	$41M
Q2 22	$30M	$0	$30M
Q3 22	$20M	$0	$20M
Q4 22	$13M	$0	$13M
Q1 23	$7M	$0	$7M
Q2 23	$6M	$0	$6M
Q3 23	$9M	$0	$9M
Q4 23	$8M	$0	$8M
Q1 24	$6M	$0	$6M
Q2 24	$5M	$0	$5M
Q3 24	$3M	$0	$3M
Q4 24	$3M	$0	$3M
Q1 25	$4M	$0	$4M
Q2 25	$3M	$0	$3M
Q3 25	$5M	$0	$5M
Q4 25	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	2M	+21.2%	+34.9%
Q4 21	2M	-4.8%	+31.9%
Q1 22	2M	+0.3%	+21.3%
Q2 22	2M	0.0%	+15.8%
Q3 22	2M	0.0%	-4.5%
Q1 23	2M	+5.3%	+5.6%
Q3 23	2M	+11.9%	+17.8%
Q4 23	2M	+1.6%	+19.7%
Q1 24	2M	+0.8%	+20.7%
Q2 24	3M	+0.6%	+15.3%
Q3 24	3M	+0.6%	+3.7%
Q4 24	3M	+0.8%	+2.9%
Q1 25	3M	+0.4%	+2.5%
Q2 25	3M	+20.1%	+22.4%
Q3 25	3M	+5.0%	+27.7%
Q4 25	3M	0.0%	+26.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$6.8K	51
Q4 21	$16.7K	32
Q1 22	$22.2K	32
Q2 22	$9.6K	32
Q3 22	$0	32
Q1 23	$0	17
Q3 23	$0	17
Q4 23	$0	200K
Q1 24	$0	200K
Q2 24	$0	200K
Q3 24	$1	200K
Q4 24	$9	200K
Q1 25	$0	200K
Q2 25	$0	200K
Q3 25	$4	200K
Q4 25	$5	200K

Revenue / Employee