Cyclerion Therapeutics, Inc. · NASDAQ:CYCN
Cyclerion Therapeutics — Korsana Biosciences — Merger or Acquisition (April 2026)
31 slides from Cyclerion Therapeutics's merger presentation, April 2026
Slide 1: Korsana Biosciences Overview
Korsana Biosciences Overview April 2026
Slide 2: Disclaimers
Disclaimers The information contained in this presentation has been prepared by Korsana Biosciences, Inc. and its affiliates (“Korsana” or the “Company”) and contains information pertaining to the business and operations of the Company and the proposed reverse merger transaction with Cyclerion Thera
Slide 3: Disclaimers
Disclaimers No Offer or Solicitation This presentation and the information contained herein is not intended to and does not constitute (i) a solicitation of a proxy, consent or approval with respect to any securities or in respect of the proposed transactions or (ii) an offer to sell or the solicita
Slide 4: Korsana is developing potentially best-in-class therapies, with an initial focus on neurodegenerative disorders
Korsana is developing potentially best-in-class therapies, with an initial focus on neurodegenerative disorders Initially focused on potentially best-in-class therapies for neurodegenerative disorders like Alzheimer’s disease Built on Therapeutic Targeting (THETA ), our next-generation BBB-penet
Slide 5: Korsana is founded on four key beliefs
Korsana is founded on four key beliefs Alzheimer's is a Shuttling is the Korsana has the Korsana has a rapid vast and de-risked best way to improve potential best-in-class path to value creation opportunity existing agents approach For the first time, there is a Transferrin receptor (TfR)-based Lead
Slide 6: Alzheimer's is a vast and de-risked opportunity
Alzheimer’s is a vast and de-risked opportunity
Slide 7: Alzheimer's is a devastating neurological disorder with significant unmet need and a rapidly growing patient population
Alzheimer’s is a devastating neurological disorder with significant unmet need and a rapidly growing patient population The number of Americans with Alzheimer’s is projected to nearly double by 2050 Age 65+ US population (M) Total annual cost of care in US Alzheimer’s patients $1T 100 Other 65+ popu
Slide 8: Despite clinical progress and approvals, today's anti-Aβ therapies leave significant room for improvement
Despite clinical progress and approvals, today’s anti-Aβ therapies leave significant room for improvement Approved therapies only demonstrate ~30% slowing …and carry black box warnings for ARIA of disease progression at 18 months… risk, affecting ~15-25% of treated patients Months Months 0 3 6 9 12
Slide 9: Approved therapies are also highly inconvenient, with onerous IV dosing and MRI monitoring on label
Approved therapies are also highly inconvenient, with onerous IV dosing and MRI monitoring on label Month BL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Dosing Monitoring As needed for ARIA symptoms Dosing Monitoring As needed for ARIA symptoms 9 Notes: BL: baseline. Patients can be taken off Kisun
Slide 10: First-gen therapies have laid out the roadmap for success: amyloid reduction predicts slowing of cognitive decline
First-gen therapies have laid out the roadmap for success: amyloid reduction predicts slowing of cognitive decline 0.2 0.0 “The Agency has found… that reduction of brain Aβ plaque on PET is Lower score is better -0.2 reasonably likely to predict clinical benefit in Alzheimer’s disease.” Cognitive De
Slide 11: Shuttling is the best way to improve existing agents
Shuttling is the best way to improve existing agents
Slide 12: Shuttling approaches actively ferry large molecules across the blood-brain barrier
Shuttling approaches actively ferry large molecules across the blood-brain barrier (BBB), fundamentally changing CNS penetration Capillary Brain parenchyma Shuttle-enabled mAb Receptor- Transferrin receptor mediated transcytosis Endothelial cell Amyloid plaque 12 Notes: Figure made in BioRender. Ada
Slide 13: Roche's trontinemab, the first shuttled anti-Aβ antibody, has shown a significant efficacy improvement over first-gen gantenerumab
Roche’s trontinemab, the first shuttled anti-Aβ antibody, has shown a significant efficacy improvement over first-gen gantenerumab… Trontinemab shows ~8x increased CSF … and most trontinemab-treated Alzheimer’s patients exposure over gantenerumab in humans… reached “amyloid-negative” status by W28 C
Slide 14: … and greatly reduces ARIA, the critical safety signal for this class of therapies
… and greatly reduces ARIA, the critical safety signal for this class of therapies ARIA rate (%) 30 ARIA-E ARIA-H 26% 25 24% 24% 24% 22% 20 20% 17% 15 13% 10 7% 5 4% 3% 1% 0 Trontinemab Trontinemab Gantenerumab Gantenerumab Lecanemab Donanemab (1.8 mg/kg, N=76) (3.6 mg/kg, N=73) (GRADUATE 1, N=503)
Slide 15: However, as a first-gen shuttled Aβ, trontinemab's profile leaves substantial headroom for competitive differentiation
However, as a first-gen shuttled Aβ, trontinemab’s profile leaves substantial headroom for competitive differentiation Efficacy Safety Dosing & Tolerability Mean amyloid plaque reductions from baseline Mean hemoglobin changes from baseline Incidence of infusion related reactions Adj. change from bas
Slide 16: Korsana has the potential best-in-class approach
Korsana has the potential best-in-class approach
Slide 17: Korsana's goal is to achieve a best-in-class shuttled Aβ therapy, offering meaningful improvements over trontinemab
Korsana’s goal is to achieve a best-in-class shuttled Aβ therapy, offering meaningful improvements over trontinemab Key Value Drivers for KRSA-028 FAST, ROBUST Efficacy on par or greater than trontinemab AMYLOID REDUCTIONS DIFFERENTIATED Minimal ARIA risk, avoid hematologic AEs SAFETY PROFILE CONVEN
Slide 18: KRSA-028 is a next-gen, potentially best-in-class shuttled anti-Aβ
KRSA-028 is a next-gen, potentially best-in-class shuttled anti-Aβ Pyroglutamate-Aβ Subcutaneous formulation targeted backbone • Expected to be efficacious at lower dose • Targets the Aβ epitope associated with than first-generation shuttled therapies the greatest amyloid plaque clearance • Optimize
Slide 19: Targeting the plaque-specific pyroglu-Aβ epitope has been shown to deliver the most promising clinical efficacy in Phase 3 trials
Targeting the plaque-specific pyroglu-Aβ epitope has been shown to deliver the most promising clinical efficacy in Phase 3 trials Amyloid plaque clearance and Ph3 clinical performance of Aβ antibodies Antibody Aβ epitope / species targeted 0.4 CDR-SB adjusted mean difference from placebo 0.2 Aducanu
Slide 20: KRSA-028 targets plaque-selective pyroglu-Aβ to maximize plaque clearance through phagocytosis
KRSA-028 targets plaque-selective pyroglu-Aβ to maximize plaque clearance through phagocytosis KRSA-028 exhibits potent pyroglu-Aβ phagocytosis KRSA-028 Aβ backbone: Same plaque-selective epitope Cellular Uptake as donanemab and remternetug 3pE-Aβ (3-42) fibrils 40 KRSA-028 High Aβ affinity, KD
Slide 21: KRSA-028 has a longer half-life than trontinemab and avoids reticulocyte depletion in NHPs
KRSA-028 has a longer half-life than trontinemab and avoids reticulocyte depletion in NHPs KRSA-028 has >2.5x half-life in NHPs KRSA-028 avoids reticulocyte depletion in NHPs compared to trontinemab 1000 400 300 from baseline) Baseline) 200 (μg/mL) concentration (µg/mL) 100 100 Change from Concentra
Slide 22: KRSA-028 shows improved brain penetration in mouse and NHP
KRSA-028 shows improved brain penetration in mouse and NHP KRSA-028 demonstrates increased brain KRSA-028 shows >6x brain penetration in NHPs penetration in hTfR1/hFcRn mouse model compared to trontinemab 40 40 KRSA-028 KRSA-028 KRSA-028 30 Concentration 30 Trontinemab Trontinemab Brain Concentratio
Slide 23: KRSA-028 is expected to match trontinemab Phase 3 exposure with low volume SC, compatible with autoinjector
KRSA-028 is expected to match trontinemab Phase 3 IV exposure with low volume SC, compatible with autoinjector Projected human PK • PK model suggests that KRSA-028 will match trontinemab Phase 3 exposure with a monthly SC volume of 1-2 mL Serum concentration (µg/mL) KRSA-028 Cavg Trontinemab Cavg •
Slide 24: We believe KRSA-028 preclinical data accelerate & de-risk development
Novel Aβ and TfR1 binding sequences retain key features of clinically validated molecules High affinity pyroglu-Aβ binding and clearance via ADCP leverage best- proven mechanism of efficacy We believe KRSA- 028 preclinical data TfR1 binding matches trontinemab epitope with similar affinity, accelera
Slide 25: Korsana has a rapid path to value creation
Korsana has a rapid path to value creation
Slide 26: PET imaging in early clinical development provides rapid proof of concept and dose-ranging for amyloid plaque clearing
PET imaging in early clinical development provides rapid proof of concept and dose-ranging for amyloid plaque clearing Trontinemab Phase 1/2: Remternetug Phase 1: Robust dose-response by Day 50 Robust dose-response by Day 85 N=7 N=5 N=10 N=4 N=10 N=5 We believe KRSA-028 amyloid PET data – achievable
Slide 27: A confluence of scientific innovations and market dynamics are driving Alzheimer's treatment to a major inflection point
A confluence of scientific innovations and market dynamics are driving Alzheimer’s treatment to a major inflection point Despite a slower than expected launch, Upcoming catalysts in presymptomatic AD sales of Aβ therapies are accelerating may lead to rapid market expansion • Improved dose regimens (
Slide 28: Korsana has a clear path to early de-risking and value creation
Korsana has a clear path to early de-risking and value creation Comparable public and acquired companies illustrate substantial potential near-term value for Korsana KRSA-028 anticipated milestones: Today MY2027 YE2027 Strong preclinical data package De-risking healthy volunteer data (safety, PK,
Slide 29: Korsana is poised for rapid progress
Korsana is poised for rapid progress Near-Term Catalysts Well-Financed Experienced Leadership KRSA-028 • $25M seed round Q4 2024 • Seasoned CEO Jonathan Violin • CTN filing expected YE26 • $150M Series A Sept 2025 • Prior CEO roles include: • IND filing expected 1Q27 • $380M PIPE, expected to Viridi
Slide 30: Estimated capitalization following close of reverse merger & pre-closing financing
Estimated capitalization following close of reverse merger & pre- closing financing Shares on an Expected ownership of the as-converted basis combined company CYCLERION THERAPEUTICS • Shares of common stock outstanding 4,681,351 1.5% (including underlying options, preferred & RSAs) • Shares of commo
Slide 31: Thank you
WA KORSANA MB BIOSCIENCES Thank you
Korsana Biosciences — Merger or Acquisition (April 2026) on 6ix