Cyclerion Therapeutics, Inc. · NASDAQ:CYCN
Cyclerion Therapeutics — Merger or Acquisition (April 2026)
52 slides from Cyclerion Therapeutics's merger presentation, Apr 1, 2026
Slide 1: Korsana Biosciences Overview March 2026
Korsana Biosciences Overview March 2026 Exhibit 99.2
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. The information contained in this presentation: (a) is provided
Slide 3: Transaction Summary
Transaction Summary Transaction: Transaction between Cyclerion Therapeutics, Inc. (CYCN), including its wholly owned subsidiaries, and Korsana Biosciences, Inc. (Korsana) Transaction Structure: CYCN to acquire 100% of Korsana equity interests in reverse-triangular merger with Korsana surviving the m
Slide 4: Korsana is developing potentially best-in-class therapies, 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-penetrant
Slide 5: Korsana has a rapid path to value creation
Korsana has a rapid path to value creation Korsana is founded on four key beliefs Alzheimer's is a vast and de-risked opportunity Shuttling is the best way to improve existing agents Korsana has the potential best-in-class approach Transferrin receptor (TfR)-based shuttling is a de-risked modality t
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 disorder with significant unmet need
Alzheimer’s is a devastating neurological disorder with significant unmet need and a rapidly growing patient population Age 65+ US population (M) M M M M M M Total growth 35% growth 88% growth The number of Americans with Alzheimer’s is projected to nearly double by 2050 Sources: 2024 Alzheimer’s As
Slide 8: Approved therapies leave significant room for improvement
Notes: CDR-SB: Clinical Dementia Rating – Sum of Boxes, the functional Phase 3 endpoint for Alzheimer’s trials. Data from some time points was digitized from original publications. Donanemab data based on mixed models for repeated measures (MMRM). ARIA: amyloid-related imaging abnormality; ARIA-E: e
Slide 9: Approved therapies are inconvenient, with IV dosing and MRI monitoring
Notes: BL: baseline. Patients can be taken off Kisunla if they are “amyloid negative” at physician’s discretion. Sources: Leqembi FDA Label; Kisunla FDA Label Month BL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Dosing Dosing Monitoring As needed for ARIA symptoms Monitoring As needed for ARIA symp
Slide 10: Amyloid plaque clearance predicts clinical benefit
Notes: Bubble size indicates sample size at baseline. CDR-SB: Clinical Dementia Rating Scale-Sum of Boxes, the functional Phase 3 endpoint for Alzheimer’s trials. CDR-SB is a dementia severity scale ranging from 0 to 18 with higher scores indicating greater impairment. Sources: 2023 Boxer (Cell). Co
Slide 11: Shuttling is the best way to improve existing agents
Shuttling is the best way to improve existing agents
Slide 12: Shuttling ferries large molecules across the blood-brain barrier
Notes: Figure made in BioRender. Adapted from 2024 Kulic (CTAD Presentation); 2022 Edavettal (Med). Shuttle-enabled mAb Transferrin receptor Endothelial cell Amyloid plaque Capillary Brain parenchyma Receptor-mediated transcytosis Shuttling approaches actively ferry large molecules across the blood-
Slide 13: Trontinemab shows increased CSF exposure over gantenerumab
Notes: CSF: cerebrospinal fluid. Roche CSF data digitized from AD/PD presentation and represents Roche’s own cross-trial comparison, with trontinemab CSF to plasma ratio from single-dose IV study compared to historical data from a prior gantenerumab SAD trial. Amyloid reduction is a cross-trial comp
Slide 14: Trontinemab greatly reduces ARIA
Notes: Comparisons are across trials with different patient populations and trial designs, including study duration. No head-head-to-head comparison studies have been conducted. Trontinemab values include placebo patients (patients were randomized 4:1); N otherwise refers to patients on drug. ARIA:
Slide 15: Trontinemab's profile leaves headroom for differentiation
However, as a first-gen shuttled Aβ, trontinemab’s profile leaves substantial headroom for competitive differentiation Sources: [1] Adapted from 2025 Kulic (CTAD, AAIC presentations). [2] Adapted from 2025 Kulic (CTAD Presentation). Parts 1 and 2 of study, pooled with placebo (4:1 randomization). St
Slide 16: Korsana has the potential best-in-class approach
Korsana has the potential best-in-class approach
Slide 17: Key Value Drivers for KRSA-028
Key Value Drivers for KRSA-028 Korsana’s goal is to achieve a best-in-class shuttled Aβ therapy, offering meaningful improvements over trontinemab FAST, ROBUST AMYLOID REDUCTIONS Efficacy on par or greater than trontinemab Minimal ARIA risk, avoid hematologic AEs DIFFERENTIATED SAFETY PROFILE Low-vo
Slide 18: KRSA-028 design: Fc engineering, SC formulation, validated shuttle
Proprietary Fc engineering Leverages clinically validated half-life extension to reduce dosing frequency Selective effector function modulation designed to maintain amyloid plaque clearance by phagocytosis while reducing complement activation and risk of anemia Subcutaneous formulation Expected to b
Slide 19: Plaque clearance and Ph3 clinical performance of Aβ antibodies
Notes: Bubble size indicates sample size at baseline. Image adapted from 2023 Boxer (Cell). Other sources: KISUNLA FDA review; 2012 DeMattos (Neuron); ADUHELM FDA review; LEQEMBI FDA Review; 2023 Soderberg (Neurotherapeutics); 2016 Ultsch (Sci Rep); 2023 Sperling (New Engl J Med); 2024 Soderberg (Sc
Slide 20: KRSA-028 Aβ backbone and phagocytosis
KRSA-028 Aβ backbone: Same plaque-selective epitope as donanemab and remternetug High Aβ affinity, KD = 17 nM Potent phagocytosis (ADCP), EC50 = 0.21 nM Representative plot shows mean ± SD, n=3 replicates. 20 µg/mL pHrodo-red labeled 3pE-Aβ fibrils incubated 24 hrs with activated monocytes (U937 cel
Slide 21: KRSA-028 has longer half-life and avoids reticulocyte depletion
All compounds were dosed single dose in non-human primates (NHP, n=3/group), equimolar to 20 mg/kg trontinemab Reticulocyte data normalized to reticulocyte count at day -7 and presented as mean ± SEM Non-shuttled mAb (remternetug), with less immunogenic potential than donanemab, chosen as negative c
Slide 22: KRSA-028 shows improved brain penetration
Data are mean ± SD. Values below 5 ng/mg (mice) and 1.25 ng/mg (NHP) are estimates as concentrations are below lower limit of quantitation. All compounds were dosed as a single dose (n=3/group). Mice and NHPs were dosed KRSA-028 equimolar to 10 mg/kg trontinemab. Non-shuttled mAb (remternetug) chose
Slide 23: PK model: monthly SC volume of 1-2 mL
PK model suggests that KRSA-028 will match trontinemab Phase 3 exposure with a monthly SC volume of 1-2 mL Initial KRSA-028 formulation achieved 150mg/mL with low viscosity, compatible with autoinjector development High stability in human serum and in NHP Robust early formulation stress-test results
Slide 24: KRSA-028 preclinical data accelerate and de-risk development
We believe KRSA-028 preclinical data accelerate & de-risk development Precision engineered for a differentiated therapeutic profile 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 m
Slide 25: Korsana has a rapid path to value creation
Korsana has a rapid path to value creation
Slide 26: PET imaging provides rapid proof of concept
PET imaging in early clinical development provides rapid proof of concept and dose-ranging for amyloid plaque clearing Trontinemab Phase 1/2: Robust dose-response by Day 50 Remternetug Phase 1: Robust dose-response by Day 85 Notes: Remternetug data from Ph1 LAKB study (IV). Remternetug phase 3 regim
Slide 27: Alzheimer's treatment at a major inflection point
A confluence of scientific innovations and market dynamics are driving Alzheimer’s treatment to a major inflection point The future of Alzheimer’s treatment will center on a prevention-based paradigm, where patients are diagnosed before symptom onset and given a safe, convenient Aβ plaque-clearing t
Slide 28: KRSA-028 anticipated milestones
Strong preclinical data package De-risking healthy volunteer data (safety, PK, and CNS distribution) Biomarker PoC data in patients demonstrating best-in-class potential Today MY2027 YE2027 KRSA-028 anticipated milestones: Notes: Arrowhead/Novartis, Sep 2025. * BioArctic/BMS, Dec 2024. Deal also inc
Slide 29: Near-Term Catalysts, financing and leadership
Near-Term Catalysts Well-Financed Experienced Leadership CTN filing expected YE26 IND filing expected 1Q27 Healthy volunteer PK & CSF data expected Mid-Year 27 Interim clinical PoC data in Alzheimer’s patients by expected YE27 $25M seed round Q4 2024 $150M Series A Sept 2025 Cash runway into 2028 Se
Slide 30: Thank you
V4 KORSANA MB BIOSCIENCES Thank you
Slide 31: Appendix
V4 KORSANA MB BIOSCIENCES Appendix
Slide 32: Precedent shuttle-style biotech companies and market capitalizations
Company Market capitalization Status of lead asset(s) Launch date / Deal economics Status of lead asset at launch $4.8B APG777 (anti-IL-13): positive P1 HV data, in P2 for atopic dermatitis APG808 (anti-IL-4R), APG990 (anti-OX40L), APG333 (anti-TSLP): in P1 / P1b trials Q4 2022 / $169M Series B APG7
Slide 33: Early proof-of-concept data can drive value inflection
Program APG777 (anti-IL-13) IMVT-1402 (anti-FcRn) Povetacicept (Engineered TACI-Fc) KRSA-028 (Shuttled anti-Aβ) De-risking data PK data in 18 HVs (P1 SAD cohorts) demonstrating ~75-day half-life IgG lowering + albumin / LDL-sparing data in 32 HVs (P1 SAD + MAD cohorts) P1b/2a proteinuria reduction (
Slide 34: Trontinemab ameliorates ARIA risk but introduces new problems
Trontinemab ameliorates ARIA risk but introduces new problems; KRSA-028 was designed to deliver a best-in-class profile Kisunla, Leqembi Remternetug Trontinemab KRSA-028 Target Strong efficacy +/- ü ü ü Reduced ARIA risk û û ü ü Avoids anemia ü ü û ü Ease of admin û ü û ü Non-Shuttled Aβ mAbs Shuttl
Slide 35: KRSA-028 designed to be a best-in-class shuttled Aβ
KRSA-028 was designed to be a best-in-class shuttled Aβ Element Target Rationale KRSA-028 attributes Aβ affinity Higher affinity than remternetug Potential for lower dose ü17.4 nM (vs 390 nM remternetug) ADCP Maintained function Important for plaque clearance ü EC50 1.5-10x lower than remternetug Sp
Slide 36: Shuttled Aβ competitive landscape comparison
Notes: Trontinemab half-life is modeled based on projected human PK parameters provided in 2023 Grimm. Denali public comments (Nov ’25) indicate DNL921 binding profile is not selective for plaques. Denali’s 2025 Pizzo (Science) paper utilized anti-a-beta 3D6, which is the mAb starting point for bapi
Slide 37: Anticipated clinical profile based on preclinical data
Anticipated clinical profile based on available preclinical data Plaque clearance Higher Lower Anemia risk Higher AL137 Pronounced reticulocyte depletion in NHP Max dose response not reached; significant clinical anemia CONCEPTUAL Trontinemab We believe KRSA-028 is uniquely positioned in the shuttle
Slide 38: Amyloid lowering translatability to approval endpoint
KRSA-028 program has potential for de-risking early in clinical development, given translatability of amyloid lowering to approval endpoint Notes: Adapted from Roche meta-analysis. Some data digitized from graphs / figures where direct values were not reported. 24.1 centiloids is the standard cutoff
Slide 39: Unmet need in Alzheimer's remains exceptionally high
Unmet need in Alzheimer’s remains exceptionally high Approximate annual cost of care / economic burden (US, $B) Alzheimer’s disease Alzheimer’s: ~$400B annual cost of care, only two approved DMTs These other widely prevalent diseases have 10+ approved DMTs 7M+ prevalent US patients; only two approve
Slide 40: Sales of Aβ therapies are accelerating
Improved dose regimens (e.g., Leqembi autoinjector) Blood-based biomarkers enabling earlier diagnosis Increasing footprint of global approvals Sources: Biogen SEC filings; Lilly SEC filings; VisibleAlpha $M Global anti-amyloid beta sales ($M) Sales of Aβ therapies are accelerating after a slower-tha
Slide 41: Lecanemab and donanemab reach amyloid negativity by ~18 months
Lecanemab and donanemab both reach amyloid negativity for majority of patients by ~18 months Notes: Amyloid reduction is a cross-trial comparison. N refers to patients on drug. Gantenerumab dosing titrates up to 510 mg Q2W maintenance dosing. Donanemab dosing starts with 700 mg Q4W for 3 doses, with
Slide 42: Early treatment leads to superior efficacy
Donanemab also shows evidence that treatment early in disease course leads to superior efficacy Sources: 2023 Mintun (CTAD Presentation) Younger patients with lower baseline tau – indicative of early disease – have a much greater slowing of clinical decline Modeling of disease trajectories indicates
Slide 43: ARIA affects ~15-25% of patients
ARIA rate (%) ARIA affects ~15-25% of patients treated with Leqembi or Kisunla Notes: ARIA = amyloid-related imaging abnormality; ARIA-E = edema and effusion; ARIA-H = microhemorrhage. Sources: 2023 Sims (JAMA); 2023 van Dyck (NEJM), PeerView and BrightFocus Foundation, 2025. Leqembi and Kisunla car
Slide 44: Lilly advanced remternetug into pivotal studies
Lilly has advanced pyroglu-Aβ remternetug into pivotal studies based on encouraging PET reductions in Phase 1 N=7 N=5 N=10 N=4 N=10 N=5 ARIA-E: 0% 8% 25% 50% 60% Ongoing Phase 3 studies (sub-cu dosing) TRAILRUNNER-ALZ 1: NCT05463731 Phase 3, early AD (MCI or mild dementia) Primary endpoint: PET clea
Slide 45: Cross-trial comparison of efficacy and safety
Notes: Cross-trial comparison. ARIA = amyloid-related imaging abnormality; ARIA-E = edema and effusion. Donanemab TRAILBLAZER-ALZ 2 dosing regimen was 700 mg monthly x 3 loading doses followed by 1400 mg maintenance doses. Donanemab TRAILBLAZER ALZ-6 regimen was 350 mg, 700 mg, and 1050 mg monthly f
Slide 46: ARIA-E is primarily a risk early in treatment
ARIA-E is primarily a risk early in treatment with lecanemab and donanemab Sources: 2024 van Dyck (AAIC Presentation); Kisunla FDA Review Lecanemab’s critical risk period for ARIA-E is within the first ~6 months ARIA-E with donanemab accumulates through the first ~9 months, but the first 3 months ar
Slide 47: Shuttling may reduce ARIA risk
Shuttling may reduce ARIA risk due to broader CNS biodistribution, avoidance of mAb accumulation in larger arteries Sources: 2024 Roche Neurology Update; 2024 Roche CTAD Presentation Roche data demonstrates brain biodistribution for shuttled mAb is meaningfully different than standard IgG… … potenti
Slide 48: Animal models show lower ARIA-like events with TfR shuttles
Animal models show reduced accumulation in choroid plexus and lower ARIA-like events with TfR-shuttled therapies Notes: BT = BrainTransporter (BioArctic’s name for its TfR shuttle); ARIA = amyloid-related imaging abnormality; ARIA-E = edema and effusion; ARIA-H = microhemorrhage. Sources: 2024 Fresk
Slide 49: Multiple sclerosis history: each generation builds a market
Multiple sclerosis history demonstrates that each generation of transformative therapies builds a market with multiple winners Sources: EvaluatePharma $B Global annual sales ($B) Interferon Myelin decoy anti-α4 integrin S1PR DHODH inh Nrf2 stimulant anti-CD52 anti-CD20 Chemotherapy First generation:
Slide 50: Subcutaneous dosing is commercially differentiating in CNS
Subcutaneous dosing is highly commercially differentiating in CNS indications Notes: Ocrevus was approved in March 2017; Kesimpta was approved in August 2020. Sources: Company PR; ClinicalTrials.gov; GlobalData; Guidepoint Expert Calls KRSA-028 is being optimized for SC delivery early in clinical de
Slide 51: Shuttling is a step-change, like ADCs in late 2000s
Shuttling is a fundamental step-change – and we are at the inflection point for the technology, much like ADCs in late 2000s Notes: ADC = antibody-drug conjugate; ERT = enzyme-replacement therapy; TfR = transferrin receptor. Mylotarg was withdrawn from the market in 2010 and re-approved at a lower d
Slide 52: Shuttle-enabled anti-Aβ becoming a necessity for neuro drug development
Having a shuttle-enabled anti-Aβ, with additional pipeline potential, is rapidly becoming a necessity for neuro drug development Sources: Company websites; Company PR; Patent disclosures Company Active CNS programs Key neurodegeneration programs Shuttling platform Kisunla (anti-Aβ), remternetug (ant
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