Cyclerion Therapeutics, Inc. · NASDAQ:CYCN
Cyclerion Therapeutics — Investor Presentation (January 2026)
28 slides from Cyclerion Therapeutics's investor presentation, Jan 6, 2026
Slide 1: Cyclerion: Pioneering a New Era in Neuropsychiatric Therapies
Exhibit 99.2 Cyclerion: Pioneering a New Era in Neuropsychiatric Therapies th Investor Call: January 6 , 2026
Slide 2: Legal Disclaimer
Legal Disclaimer 2 This presentation has been prepared by Cyclerion Therapeutics, Inc. and its consolidated subsidiaries (“the Company,” “Cyclerion,” “we,” “us,” and “our”). Certain matters discussed in this presentation are “forward-looking statements.” We may, in some cases, use terms such as “pot
Slide 3: Today's Agenda
Today’s Agenda 1. Cyclerion and CYC-126 Overview 2. CYC-126 in Treatment Resistant Depression (TRD): Unmet Need and Planned Phase 2 Proof- of-Concept (POC) Study 3. Provide Updates on Path Toward Initiating CYC-126’s Phase 2 Proof-of-Concept Study in 2026 • Product development including the recently
Slide 4: Cyclerion and CYC-126 Overview
Cyclerion and CYC-126 Overview 4 4
Slide 5: Cyclerion: a new, pioneering neuropsychiatric-focused company
Cyclerion: a new, pioneering neuropsychiatric-focused company • Lean, nimble team with world-class neuropsychiatric, anesthesia, intelligent medical systems and biopharma experience Platform • Potential first-in-class platform for tech-enhanced therapeutics aiming to optimize patient benefit • Poten
Slide 6: CYC-126: Potential to be the first individualized treatment for TRD
CYC-126: Potential to be the first individualized treatment for TRD 1 Generic IV anesthetics (propofol + dexmedetomidine) with extensive clinical safety experience, and a personalized delivery system operating as a co-pilot to anesthesiologist We believe sedation could recalibrate brain region commu
Slide 7: CYC-126: A potentially novel closed-loop treatment for TRD
CYC-126: A potentially novel closed-loop treatment for TRD 1 Drugs: Propofol + Dexmedetomidine 4 2 Measure: Delivery: Brain Activity Infusion Pump 1 via EEG 1 • A potential closed-loop, EEG -guided, tech- enabled system 3 Decisions: • Designed to personalize and reproducibly Controller & induce spec
Slide 8: CYC-126 in Treatment Resistant Depression: Unmet Need and Phase 2 Proof-of-Concept Study
CYC-126 in Treatment Resistant Depression: Unmet Need and Phase 2 Proof-of-Concept Study 8 8
Slide 9: Burden of the disease: Unmet need to be addressed by novel therapeutics
Burden of the disease: Unmet need to be addressed by novel therapeutics 1 Major depression: #1 cause of disability worldwide ~1 in 3 patients do not achieve adequate relief using 2 current treatments 3 • ~3+ million US adults with treatment-resistant depression • Of TRD patients who respond to a cur
Slide 10: Depression is linked to co-morbidities and increased risk of other illnesses
Depression is linked to a number of co-morbidities and increased risk of other mental and physical illnesses Depressed patients also have: 2 2x risk of heart attack or stroke 1 2-4x increased risk of premature death Patients with chronic heart failure and depression have double the treatment 2 costs
Slide 11: Mental health disorders significantly impact patient ability to work
Mental health disorders have a significant impact on patient ability to work, leading to increased work absence and disability payments 37% of disability benefits in certain 4 Severe mental health disorders cause European countries are related to mental 1 reduced work productivity health disorders,
Slide 12: The pressing need for better approved treatment options for 3+M U.S. TRD patients
The pressing need for better approved treatment options for the 3+M U.S. patients that progress to TRD 3M TRD Patients that Progress through Therapy Cyclerion Product: Potentially Applicable to All TRD Patients 1 Spravato : 35K Patients in 2024 3 rTMS : 44K Patients in 2023 5 ECT : 100K Patients in
Slide 13: Clinical precedent for use of propofol in TRD
Clinical precedent for use of propofol in TRD 1 Three early-phase clinical studies support propofol’s potential as a rapid-acting antidepressant in TRD Propofol showed consistent signals of Difficult to achieve and maintain specific EEG state 1 efficacy with favorable safety profiles (BS or SWA) wit
Slide 14: Expect to initiate multi-national POC study in 2026
Expect to initiate multi-national POC study in 2026 To confirm existing clinical precedent with CYC-126 Expected Phase 2 PART A: Safety and 1 RCT , Two Part, POC PART B: Safety & Efficacy Pharmacodynamics (PD) Study Design RCT, double-blind RCT, double-blind 2 3 2 3 3 arms: GA1 , GA2 , Sham 3 arms:
Slide 15: Proof-of-Concept study design
Proof-of-Concept study design: Expect initial POC data in 2027 Expected Phase 2 RCT, Two Part, POC Study Design PART A: Safety and PD PART B: Safety & Efficacy Patient Population Key Criteria W1 W2 W3 M1 M2 W1 W2 W3 M1 M2 Assessment Assessment • 18-65 yrs Treatment Treatment • TRD; Failed 2+ 1 ADM/D
Slide 16: Potential efficiency of workflow for patients, providers, and facilities
Potential efficiency of workflow for patients, providers, and facilities Opportunity for physicians and centers can provide effective & safe care, at scale, to people living with TRD Hospital Check-in Undergo treatment in Recovery in PACU Referral Completed 1 Consultation PACU /Procedure room Anesth
Slide 17: Working toward a new efficacious Rx supporting optimal patient and clinical experience
Working toward a new efficacious Rx being implemented to support an optimal patient and clinical experience THE JOURNEY SEEKING BETTER SCREENING & SITE RELEASE ADMINISTRATION MAINTENANCE TREATMENT PLANNING ADMINISTRATION & REPEAT Patient Release / Initial Prior Patient Education & Self-Administratio
Slide 18: Product Development Update
Product Development Update 18 18
Slide 19: CYC-126: A potentially novel closed-loop treatment for TRD
CYC-126: A potentially novel closed-loop treatment for TRD 1 Drugs: Propofol + Dexmedetomidine 4 2 Measure: Delivery: Brain Activity Infusion Pump 1 via EEG 1 • A potential closed-loop, EEG -guided, tech- enabled system 3 Decisions: • Designed to personalize and reproducibly Controller & induce spec
Slide 20: CYC-126: Progress with integrating key components
CYC-126: Progress with integrating key components Key Components Proprietary sedation- Leverages Medsteer Computational control software and collaboration Control Module TRD-specific protocol announced today EEG Monitor Minimizes hardware & Leveraging FDA- regulatory risk while cleared components In
Slide 21: Medsteer multi-dimensional strategic collaboration
Medsteer multi-dimensional strategic collaboration Medsteer has significant expertise in closed-loop anesthesia delivery • Using EEG signal inputs & proprietary algorithms to administer a precise rate of drug to achieve a specific sedation state • Backed by 25 clinical trials, more than 9,000 patien
Slide 22: Regulatory Update
~cyelerion Regulatory Update AZ = cyclerion “UN
Slide 23: Regulatory strategy: Multinational path to Phase 2 POC
Regulatory strategy: Multinational path to Phase 2 POC Single Australia (AUS) and United States (US) study for Cyclerion drug-device combination product 1 2 AUS TGA : enables early FPI 3 4 • TGA CTN anticipated, ethics (HREC ) lead review • Enable FPI with commercially sourced drugs • Expect submiss
Slide 24: Financial Update
~cyelerion Financial Update WZ = : cuclerion “UN
Slide 25: Financial updates
Financial updates th $4.6M Cash Balance as-of September 30 , 2025 Praliciguat Update • Akebia Therapeutics announced initiation of Phase 2 in focal segmental glomerulosclerosis (FSGS) • Expect $1M milestone paid upon first-patient-dosed in 1H 2026 Additional capital needs: • $50M needed to get throu
Slide 26: Expected Timeline and Milestones
Expected Timeline and Milestones 26 26
Slide 27: Expected milestones
Expected milestones 2025 2026 2027 2028 ✓ Pre-IND meeting • FDA pre-IND • Phase 2 Part A • Full Phase 2 proof- package prepared feedback (Q1) Safety and PD of-concept data data ✓ Finalized details of • CTN filing following • Preparing for end POC Study Design HREC approval of Phase 2 meeting ✓ Proto
Slide 28: Thank You
Thank You AW Z = §cyclerion “A
Cyclerion Therapeutics — Investor Presentation (January 2026) on 6ix