Cyclerion Therapeutics, Inc.

Cyclerion focuses on developing innovative therapeutics for serious neuropsychiatric disorders with significant unmet medical need. The company's current strategic focus is on a novel therapeutic approach for neuropsychiatric conditions, with the lead indication being treatment-resistant depression ("TRD"). Over the past year, Cyclerion has refined its strategy towards programs that combine established pharmacologic agents with enabling technologies to improve precision, reproducibility, and patient outcomes. As part of this strategy, Cyclerion prioritized CYC-126, an individualized therapy for TRD, as its foundational development program. In September 2025, Cyclerion entered into a license agreement with the Massachusetts Institute of Technology ("MIT") for intellectual property supporting this program. Under this agreement, MIT is eligible to receive up to $4.4 million upon the achievement of certain development, regulatory, and sales milestone payments. MIT will also receive tiered royalties in a range of percentages in the low single digits based on future net sales of licensed products, and varying percentages of income from any sublicenses granted. In January 2026, Cyclerion entered into a collaboration and option-to-license agreement with Medsteer SAS ("Medsteer") to access technology, data assets, and technical know-how related to drug delivery and physiological monitoring. Under this agreement, Cyclerion will make a nominal upfront payment, a payment upon exercise of the option, and Medsteer will be eligible to receive up to $3.7 million upon the achievement of certain development, regulatory, and sales milestone payments. Medsteer will also receive an annual royalty payment and royalties in a percentage in the low single digits based on future net sales of licensed products, subject to certain adjustments.