Cyclerion Therapeutics, Inc. · NASDAQ:CYCN
Cyclerion Therapeutics — Investor Presentation (January 2026)
23 slides from Cyclerion Therapeutics's investor presentation, January 2026
Slide 1: Cyclerion: Pioneering a New Era in Neuropsychiatric Therapies
Cyclerion: Pioneering a New Era in Neuropsychiatric Therapies January 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: Cyclerion: A pioneering, neuropsychiatric-focused company
Cyclerion: A pioneering, neuropsychiatric-focused company 3 Strong Company Fundamentals Strategic Pipeline Focus ✓ Built on opportunity for patient impact and ✓ Tech-enhanced therapies to optimize patient shareholder value creation benefit ✓ Driven by lean, nimble team with world-class ✓ Significant
Slide 4: Cyclerion's neuropsychiatric expertise and agility in action
Cyclerion’s neuropsychiatric expertise and agility in action 4 Deep Industry Expertise with Strong Relationships from early research to late commercialization Officers Key Advisors Regina Graul, PhD; CEO Rhonda Chicko; CFO EQRx, Ironwood, Scholar Rock, Editas, Cyclerion Ironwood Husseini Manji, Lind
Slide 5: Building a pipeline of innovative therapies focused on neuropsychiatric disorders
Building a pipeline of innovative therapies focused on 5 neuropsychiatric disorders Foundational Platform: Pioneering the potentially first-in-class option for anesthetic-based therapy • Potential first anesthetic-based therapy in a patient feedback loop for neuropsychiatric indications • Differenti
Slide 6: CYC-126: Potential to be the first individualized treatment for TRD
CYC-126: Potential to be the first individualized 6 treatment for TRD WHAT Generic IV1 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
Slide 7: CYC-126: A potentially novel closed-loop treatment for TRD
CYC-126: A potentially novel closed-loop treatment for TRD 7 1 Drugs: Propofol + Dexmedetomidine 4 2 Measure: Delivery: Infusion Pump Brain Activity via EEG1 • A potential closed-loop, EEG1-guided, tech- 3 enabled system Decisions: • Designed to personalize and reproducibly Controller & induce speci
Slide 8: CYC-126 in Treatment Resistant Depression: Unmet Need and Phase 2 Proof-of-Concept Study
8 CYC-126 in Treatment Resistant Depression: Unmet Need and Phase 2 Proof-of-Concept Study
Slide 9: Treatment-Resistant Depression is a growing crisis
Treatment-Resistant Depression is a growing crisis1 9 3 Million TRD Patients Of the 21 Million Major Depression Major clinical burden Massive cost burden $40B MDD Cost Burden Disorder (MDD) Patients in the U.S.… • 2-10x incidence of suicide Health care, unemployment, a year or suicide attempts & the
Slide 10: The pressing need for better approved treatment options for 3M+ U.S. TRD patients
The pressing need for better approved treatment options 10 for the 3M+ U.S. patients that progress to TRD 3M TRD Patients that Progress through Therapy Cyclerion Product: Potentially Applicable to All TRD Patients Spravato1: 35K Patients in 2024 rTMS3: 44K Patients in 2023 ECT5: 100K Patients in 202
Slide 11: Potential efficiency of workflow for patients, providers, and facilities
Potential efficiency of workflow for patients, providers, 11 and facilities Opportunity for physicians and centers to provide effective & safe care, at scale, to people living with TRD Hospital Check-in Undergo treatment in Referral Recovery in PACU Completed Consultation PACU/Procedure room Anesthe
Slide 12: Potential to be the preferred option for patients, providers, and hospitals
Potential to be the preferred option for 12 patients, providers, and hospitals Patient Preference Provider Preference Hospital Preference Potential for a safe, Potential for lower Potential reimbursement efficacious, and well- provider burden to for procedure, device, tolerated treatment administer
Slide 13: Proven mode of action for use of sedation for TRD
Proven mode of action for use of sedation for TRD 13 Brain regions communicate with each other via oscillatory brain waves: Patient with TRD CYC-126 Healthy Patients Oscillations Synchronized are not Specific states of oscillations synchronized general anesthesia could facilitate resynchronized comm
Slide 14: Clinical precedent for use of propofol in TRD
Clinical precedent for use of propofol in TRD 14 Three early-phase clinical studies1 support propofol’s potential as a rapid-acting antidepressant in TRD Propofol showed consistent signals of Difficult to achieve and maintain specific EEG state efficacy with favorable safety profiles 1 (BS or SWA) w
Slide 15: Expect to initiate multi-national POC study in 2026
Expect to initiate multi-national POC study in 2026 15 To confirm existing clinical precedent with CYC-126 Expected Phase 2 PART A: Safety and RCT1, Two Part, POC PART B: Safety & Efficacy Pharmacodynamics (PD) Study Design RCT, double-blind RCT, double-blind Design 3 arms: GA12, GA23, Sham 3 arms:
Slide 16: Proof-of-Concept study design: Expect initial POC data in 2027
Proof-of-Concept study design: 16 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 • 18-65 yrs Assessment Assessment Treatment Treatment • TRD; Failed 2+ ADM/
Slide 17: Progress towards initiating Phase 2 POC Trial in TRD in 2H 2026
17 Progress towards initiating Phase 2 POC Trial in TRD in 2H 2026
Slide 18: CYC-126: Progress with integrating key components
CYC-126: Progress with integrating key components 18 Key Components Proprietary sedation- Leverages previously Computational control software and announced Medsteer Control Module TRD-specific protocol collaboration EEG Monitor Minimizes hardware & Leveraging FDA- regulatory risk while cleared compo
Slide 19: Recent Collaborations enable faster, lower-risk development of our closed-loop system
Recent Collaborations enable faster, lower-risk development of our 19 closed-loop system with common anesthetics 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 C
Slide 20: Regulatory strategy: Multinational path to Phase 2 POC
Regulatory strategy: Multinational path to Phase 2 POC 20 Single Australia (AUS) and United States (US) study for Cyclerion drug-device combination product AUS TGA1: enables early FPI2 • TGA CTN3 anticipated, ethics (HREC4) lead review • Enable FPI with commercially sourced drugs • Expect submission
Slide 21: Financial updates
Financial updates 21 $4.6M Cash Balance as-of September 30th, 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 thro
Slide 22: Expected milestones
Expected milestones 22 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 ✓ Pr
Slide 23: Thank You
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Cyclerion Therapeutics — Investor Presentation (January 2026) on 6ix