CAMBRIDGE, Mass., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Cyclerion Therapeutics, Inc. (Nasdaq: CYCN), today announced that Regina Graul, Ph.D., has been promoted to Chief Executive Officer, President, and member of the Board of Directors. Since Dr. Graul joined Cyclerion as President in early December 2023, she has strengthened all aspects of the company. She has been working closely with the Board of Directors to prioritize building shareholder value by reducing Cyclerion's operating costs while leading a world ...

Financial Performance - Net loss from continuing operations for Q2 2024 was $1.322 million, a 27% improvement compared to $1.803 million in Q2 2023[97]. - The company incurred a net loss of $2.9 million for the six months ended June 30, 2024, with an accumulated deficit of $267.3 million[106]. - The company reported a decrease in loss from discontinued operations of approximately $2.4 million for Q2 2024 compared to Q2 2023, attributed to the sale of Transferred Assets[100]. Expenses - Research and development expenses for Q2 2024 were $105,000, a decrease of 69% compared to $339,000 in Q2 2023[97]. - General and administrative expenses for Q2 2024 were $1.279 million, down 16% from $1.526 million in Q2 2023[97]. - Total expenses for Q2 2024 were $1.384 million, a 26% decrease from $1.865 million in Q2 2023[97]. - The company anticipates further reductions in research and development expenses due to workforce reductions and strategic shifts[98]. Cash Flow and Funding - As of June 30, 2024, the company had approximately $4.6 million of unrestricted cash and cash equivalents, which is expected to fund operations into mid-2025[104]. - Net cash used in operating activities was $2.977 million for the six months ended June 30, 2024, a decrease of 77% compared to $12.769 million for the same period in 2023[109]. - The company expects to need additional funding to sustain operations due to anticipated ongoing operating losses[106]. - There was no financing activity in the six months ended June 30, 2024, while net cash provided by financing activities was $5 million in the same period of 2023[112]. Stock and Equity Transactions - Cyclerion sold two CNS assets to Tisento for $8.0 million in cash and $2.4 million for operating expenses, along with 10% equity in Tisento's parent company[84]. - The company sold 225,000 shares of common stock and 351,037 shares of Series A Preferred Stock for total gross proceeds of approximately $5 million[103]. - The company executed a 1-for-20 reverse stock split effective May 16, 2023, impacting all share amounts retroactively[108]. - The company did not sell any shares under its Shelf Registration from January 1, 2022, to July 2023, which expired in July 2023[102]. Other Financial Information - Cyclerion is eligible to receive up to $585 million in milestone payments from Akebia related to praliciguat, along with tiered sales-based royalties[87]. - The company has no uncertain tax positions as of June 30, 2024[117]. - The company does not have any off-balance sheet arrangements or relationships with unconsolidated entities[119]. - The company paid $0.1 million in separation benefits to the former Chief Financial Officer in May 2024[118]. - The company is seeking to identify non-sGC stimulator assets within the CNS therapeutic area to build a new portfolio[85].

Financial Performance - The net loss from continuing operations for the three months ended March 31, 2024, was $1.54 million, a 52% improvement compared to a net loss of $3.19 million for the same period in 2023[118]. - The company incurred a net loss of $1.5 million for the three months ended March 31, 2024, with an accumulated deficit of $266.0 million[130]. - The net loss for the three months ended March 31, 2024, was primarily due to a $1.5 million net loss from operations, offset by stock-based compensation expense of $0.2 million[134]. - The loss from discontinued operations decreased by approximately $3.8 million for the three months ended March 31, 2024, due to the sale of Transferred Assets[121]. Expenses - Cyclerion reported a total research and development expense of $44,000 for the three months ended March 31, 2024, a decrease of 92% compared to $572,000 for the same period in 2023[118]. - General and administrative expenses decreased by approximately $1.1 million, from $2.7 million in Q1 2023 to $1.6 million in Q1 2024, representing a 42% reduction[119]. - Net cash used in operating activities was $1.9 million for the three months ended March 31, 2024, a decrease of 70% compared to $6.2 million for the same period in 2023[133]. - Interest and other income decreased by a minimal amount for the three months ended March 31, 2024, compared to the same period in 2023[122]. - The company anticipates fluctuations in expenses as it seeks to broaden its portfolio through in-licensing of assets[136]. Cash Position and Funding - As of March 31, 2024, Cyclerion had approximately $5.7 million in unrestricted cash and cash equivalents[127]. - The company expects cash and cash equivalents as of March 31, 2024, to be sufficient to fund operations through the second quarter of 2025, but will need additional funding to sustain operations[136]. - The company may need to raise funds through public or private equity offerings, debt financings, or collaborations, which could dilute existing equity ownership[139]. - The company anticipates that its principal uses of cash in the future will be to fund operations, working capital needs, and capital expenditures[126]. Strategic Changes - Cyclerion sold two CNS assets to Tisento for $8.0 million in cash and $2.4 million in reimbursement for operating expenses, along with 10% of Tisento's Parent's outstanding equity securities[100]. - The company plans to shift its strategy to identify non-sGC stimulator assets within the CNS therapeutic area to build a new portfolio[101]. Going Concern - The company has concluded that substantial doubt exists about its ability to continue as a going concern due to expected ongoing operating losses[130]. - The company filed for a 1-for-20 reverse stock split effective May 16, 2023, which has been retroactively adjusted in the financial statements[132]. Other Obligations - The company has no uncertain tax positions as of March 31, 2024[141]. - The company has contractual obligations to pay $0.1 million to its former Chief Financial Officer on specific anniversaries if full-time employment is not secured[142].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38787 CYCLERION THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Massachusetts (State or other jurisdiction of incorpor ...

Financial Performance - Total revenues for the three months ended September 30, 2023, were $0, a decrease of 100% compared to $297,000 in the same period of 2022[121] - The net loss from continuing operations for the three months ended September 30, 2023, was $5,908,000, an increase of 34% compared to a loss of $4,407,000 in the same period of 2022[121] - The total cost and expenses for the three months ended September 30, 2023, were $6,015,000, an increase of 33% compared to $4,518,000 in the same period of 2022[121] - The company incurred a net loss of $3.6 million for the nine months ended September 30, 2023, with an accumulated deficit of $259.2 million[138] - The gain from discontinued operations increased by $19.6 million for the three months ended September 30, 2023, primarily driven by a one-time gain of approximately $15.8 million and a $5.0 million decrease in research and development expenses[129] - For the nine months ended September 30, 2023, the gain from discontinued operations increased by approximately $30.3 million, with a one-time gain of approximately $15.8 million and a $17.8 million decrease in research and development expenses[130] Expenses - Research and development expenses for the three months ended September 30, 2023, were $580,000, a decrease of approximately 59% from $1,414,000 in the same period of 2022[121] - General and administrative expenses for the three months ended September 30, 2023, were $2,131,000, a decrease of approximately 31% from $3,104,000 in the same period of 2022[121] - Research and development expenses for the nine months ended September 30, 2023, were $1,491,000, a decrease of approximately 69% from $4,803,000 in the same period of 2022[121] - General and administrative expenses for the nine months ended September 30, 2023, were $6,361,000, a decrease of approximately 34% from $9,579,000 in the same period of 2022[121] Cash Flow - Net cash used in operating activities was $19.7 million for the nine months ended September 30, 2023, a decrease of 41% compared to $33.6 million for the same period in 2022[142] - Net cash provided by investing activities for the nine months ended September 30, 2023, was $10.4 million, attributed to cash proceeds from the disposal of discontinued operations[143] - Net cash provided by financing activities for the nine months ended September 30, 2023, was $5.0 million, resulting from a stock purchase agreement[144] - As of September 30, 2023, the company had approximately $9.1 million of unrestricted cash and cash equivalents[136] - The company expects its cash, cash equivalents, and marketable securities as of September 30, 2023, to be sufficient to fund operations into 2025, but additional funding will be needed to sustain operations[145] Company Outlook - The company anticipates making ongoing determinations regarding which additional programs to pursue based on study data and competitive landscape assessments[114] - The company has incurred recurring losses since inception and substantial doubt exists about its ability to continue as a going concern[138] Corporate Actions - A reverse stock split of 1-for-20 was executed on May 15, 2023, affecting all share amounts and per share amounts disclosed in the report[140] Impairment - The impairment loss recognized during the three months ended September 30, 2023, was approximately $3.3 million, with no impairment loss recorded in the same period of 2022[128] Future Milestones - The company is eligible to receive up to $585 million in total potential future milestone payments related to the development and commercialization of praliciguat[107]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38787 CYCLERION THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Massachusetts Registrant's Telephone Nu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38787 CYCLERION THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Massachusetts (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38787 CYCLERION THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Massachusetts (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38787 CYCLERION THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Massachusetts (State or other juri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38787 CYCLERION THERAPEUTICS, INC. (Exact Name of Registrant as Specified in its Charter) Massachusetts (State or other jurisdict ...