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what it is
Cyclerion is a tiny biotech trying to turn brain-disease drug candidates into medicines.
how it gets paid
Last year Cyclerion Therap made $2M in revenue. Collaboration revenue was the main engine at $0.9M, or 45% of sales.
growth snapshot
Revenue was roughly flat last year at $2M. The ~$1M quarterly print matters because it is the only hard proof the business still brings in cash.
what just happened
Cyclerion posted $1M of quarterly revenue and a -$0.92 loss per share.
At a glance
C+ balance sheet — struggling to keep the lights on
25/100 earnings predictability — expect surprises
-$1.21 fy2024 eps est
$2M fy2024 rev est
-181.4% operating margin — deep loss vs tiny sales
xvary composite: 23/100 — weak
What they do
Cyclerion is a tiny biotech trying to turn brain-disease drug candidates into medicines.
You are not buying a cash machine. You are buying 3 clinical shots on goal. Zagociguat is in Phase IIa, which means early human testing, and Cyclerion has 1 employee. That keeps overhead tiny, but your payoff depends on readouts, not shelves.
How they make money
$2M
annual revenue · their business grew +0.0% last year
Collaboration revenue
$0.9M
Grant revenue
$0.5M
Interest income
$0.4M
Other income
$0.2M
The products that matter
depression drug candidate
CYC-126
Phase 2 start planned for H2 2026
this is the only clinical asset on the page, and the next major value inflection is a Phase 2 start in H2 2026. if it slips, the whole story slips with it.
single asset
sGC research platform
sGC Platform
$0 product revenue last year
it is the scientific base behind CYC-126, but it produced no product revenue in the last year. right now, it matters only if it can attract more partnership dollars than the current $2M revenue line.
science, not scale
collaboration funding stream
Collaboration Revenue
$2.0M · 100% of revenue
this $2.0M line was up 351% from a tiny base, but it is still only $2M. useful for survival, not enough to fund a normal biotech burn profile on its own.
temporary fuel
Key numbers
$6M
market cap
You are paying $6M for a company with $2M of revenue. That is small even by biotech standards.
$2M
annual revenue
Revenue was $2M, and growth was 0.0% vs. prior year. That is flat, not a scaling story.
-181.4%
operating margin
A -181.4% margin means losses were 1.8 times sales. You are financing science, not profits.
1.5
beta
Beta 1.5 means the stock has swung 50% more than the market. Tiny names do not do calm.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CYCN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Cyclerion posted $1M of quarterly revenue and a -$0.92 loss per share.
Revenue rose 20% from a year ago, but the company still lost money. EDGAR shows annual revenue at $2M, and puts FY2024 EPS at -$1.21.
$1M
revenue (q)
-$0.92
eps (q)
+20%
rev growth (q vs. prior year)
quarterly revenue
The $1M print matters because it is the only hard proof the business still brings in cash.
source: company earnings report, 2026
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What could go wrong
The top threat here is failure or delay in the CYC-126 Phase 2 path. With one lead asset, only $2M of annual collaboration revenue, and a $6M equity value, there is very little room for a setback.
med
CYC-126 disappoints in Phase 2
This is a one-asset story. If the Phase 2 program fails to show a credible signal, the core equity case breaks with it.
Impact: it puts essentially all of the current $6M market value at risk.
med
Financing arrives before traction does
The latest quarter lost $2.6M on $0.5M of revenue. That math usually ends in external capital, and microcap biotech financing rarely comes cheap.
Impact: dilution can matter more than the science when the whole company is worth about $6M.
med
Timeline slips past H2 2026
The stated catalyst is a Phase 2 start in H2 2026. If that slips, investors are left owning dead time plus burn.
Impact: the valuation stays trapped until there is a real clinical or funding update.
med
Current revenue proves nothing about demand
All current annual revenue is collaboration revenue. That can help keep the lab running, but it does not prove a drug can sell, reimburse, or scale.
Impact: 100% of the $2M revenue line can exist without creating a durable business.
This is not a diversified biotech platform. It is a tiny balance sheet trying to carry one main clinical narrative to H2 2026.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
H2 2026 Phase 2 start
This is the number-one milestone. A planned start is not the same thing as a funded, active trial.
funding
Quarterly loss versus market value
A $2.6M quarterly loss against a $6M market cap tells you dilution risk is not theoretical.
revenue quality
Whether collaboration revenue keeps showing up
Current revenue is only $2M annually and entirely collaboration-based. If that line fades, the funding gap gets wider.
volatility
Price stability staying near the floor
A 5/100 price stability score and 1.5 beta mean the stock can move hard on very little information.
Analyst rankings
earnings predictability
25 / 100
A 25/100 predictability score means quarterly numbers are noisy. In human-speak, analysts do not have a stable operating model to lean on here.
price stability
5 / 100
That is near the bottom of the scale. You should expect sharp moves even when the underlying business has not materially changed.
market sensitivity
1.5 beta
Beta measures how much the stock tends to move relative to the market. CYCN has historically moved more than the index, and with less liquidity that can feel exaggerated.
source: institutional data
Institutional activity
institutional ownership data for CYCN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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