Cyclerion Therapeutics, Inc. · NASDAQ:CYCN
Cyclerion Therapeutics — Merger or Acquisition (July 2026)
32 slides from Cyclerion Therapeutics's merger presentation, Jul 10, 2026
Slide 1: Korsana Biosciences Overview July 2026
Korsana Biosciences Overview July 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: No Offer or Solicitation
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 4 Initially focused on potentially best-in-class therapies for neurodegenerative disorders like Alzheimer’s disease Built on Therapeutic Targeting (THETA ), our next-generation BBB-penetra
Slide 5: Korsana is founded on four key beliefs
Korsana is founded on four key beliefs Alzheimer’s is a vast and de-risked opportunity For the first time, there is a validated, disease-modifying target for Alzheimer’s – but first-generation amyloid beta therapies leave substantial room for improvement. Shuttling is the best way to improve existin
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 Alzheimer’s disease is a massive and growing unmet need, with associated long-term healthcare costs p
Slide 8: Today's anti-Aß therapies leave significant room for improvement
Despite clinical progress and approvals, today’s anti-Aß therapies leave significant room for improvement Approved therapies only demonstrate ~30% slowing of disease progression at 18 months… …and carry black box warnings for ARIA risk, affecting ~15-25% of treated patients Although these therapies
Slide 9: Approved therapies are highly inconvenient, with IV dosing and MRI monitoring
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 Dosing Monitoring As needed for ARIA symptoms As needed for ARIA symptoms Notes: BL: baseline. Patients can be taken off Kisunla
Slide 10: Amyloid reduction predicts slowing of cognitive decline
First-gen therapies have laid out the roadmap for success: amyloid reduction predicts slowing of cognitive decline “The Agency has found… that reduction of brain Aß plaque on PET is reasonably likely to predict clinical benefit in Alzheimer’s disease.” – Donanemab FDA Review “It is reasonable to con
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
Shuttling approaches actively ferry large molecules across the blood-brain barrier (BBB), fundamentally changing CNS penetration Shuttle-enabled mAb Transferrin receptor Endothelial cell Amyloid plaque Notes: Figure made in BioRender. Adapted from 2024 Kulic (CTAD Presentation); 2022 Edavettal (Med)
Slide 13: Roche's trontinemab shows significant efficacy improvement over gantenerumab
Roche’s trontinemab, the first shuttled anti-Aß antibody, has shown a significant efficacy improvement over first-gen gantenerumab… Trontinemab shows ~8x increased CSF exposure over gantenerumab in humans… … and most trontinemab-treated Alzheimer’s patients reached “amyloid-negative” status by W28 C
Slide 14: Trontinemab greatly reduces ARIA
… and greatly reduces ARIA, the critical safety signal for this class of therapies ARIA rate (%)Trontinemab (1.8 mg/kg, N=76) Trontinemab (3.6 mg/kg, N=73) Gantenerumab (GRADUATE 1, N=503) Gantenerumab (GRADUATE 2, N=501) Lecanemab (CLARITY-AD, N=859) Donanemab (TRAILBLAZERALZ- 2, N=860) 4% 7% 1% 3%
Slide 15: Trontinemab's profile leaves headroom for competitive differentiation
However, as a first-gen shuttled Aß, trontinemab’s profile leaves substantial headroom for competitive differentiation Efficacy Safety Dosing & Tolerability Mean amyloid plaque reductions from baseline No evidence that maximum efficacy was reached in Phase 2 dose-response; further room to improve on
Slide 16: Korsana has the potential best-in-class approach
Korsana has the potential best-in-class approach
Slide 17: Korsana's goal is a best-in-class shuttled Aß therapy
Korsana’s goal is to achieve a best-in-class shuttled Aß therapy, offering meaningful improvements over trontinemab Key Value Drivers for KRSA-028 FAST, ROBUST AMYLOID REDUCTIONS Efficacy on par or greater than trontinemab Minimal ARIA DIFFERENTIATED risk, avoid hematologic AEs SAFETY PROFILE Low-vo
Slide 18: KRSA-028 is a next-gen shuttled anti-Aß
KRSA-028 is a next-gen, potentially best-in-class shuttled anti-Aß Pyroglutamate-Aß targeted backbone • Targets the Aß epitope associated with the greatest amyloid plaque clearance in clinical studies • Preferential, high-affinity binding to amyloid plaques Subcutaneous formulation • Expected to be
Slide 19: Targeting pyroglu-Aß epitope delivers promising clinical efficacy in Phase 3
Targeting the plaque-specific pyroglu-Aß epitope has been shown to deliver the most promising clinical efficacy in Phase 3 trials Larger difference is better Amyloid PET adjusted mean difference from placebo (centiloids) CDR-SB adjusted mean difference from placebo Amyloid plaque clearance and Ph3 c
Slide 20: KRSA-028 targets plaque-selective pyroglu-Aß to maximize plaque clearance
KRSA-028 targets plaque-selective pyroglu-Aß to maximize plaque clearance through phagocytosis KRSA-028 Aß backbone: Same plaque-selective epitope as donanemab and remternetug High Aß affinity, KD = 17 nM Potent phagocytosis (ADCP), EC50 = 0.21 nM Donanemab (Kisunla) is the only approved Alzheimer’s
Slide 21: KRSA-028 has a longer half-life 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 compared to trontinemab Serum Concentration ( µg/mL Time after dosing (days) KRSA-028 avoids reticulocyte depletion in NHPs Reticulocytes (% change from baseline) Time afte
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 penetration in hTfR1/hFcRn mouse model Time after dosing (hours) Time after dosing (hrs) Data are mean ± SD. Values below 5 ng/mg (mice) and 1.25 ng/mg (NHP) are estimates as concentrations are below low
Slide 23: KRSA-028 expected to match trontinemab exposure with low volume SC
KRSA-028 is expected to match trontinemab Phase 3 IV exposure with low volume SC, compatible with autoinjector Projected human PK Serum concentration (µg/mL) Time post last dose at steady state (days) Note: 250 mg trontinemab corresponds to the Ph3 dose of 3.6 mg/kg for average weight of 70 kg; mode
Slide 24: Preclinical data accelerate and de-risk development
We believe KRSA- 028 preclinical data accelerate & de-risk development 24 Precision engineered for a differentiated therapeutic profile Novel Aß and TfR1 binding sequences retain key features of clinically validated molecules High affinity pyroglu-Aß binding and clearance via ADCP leverage bestprove
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 and dose-ranging
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 We believe KRSA-028 amyloid PET data – achievable in a Phase 1/1b trial – s
Slide 27: Scientific innovations and market dynamics driving Alzheimer's treatment to an 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, sales of Aß therapies are accelerating Improved dose regimens (SC, dose titration) • Blood-based biomarkers are gaining traction • Increasin
Slide 28: KRSA-028 Phase 1/2 trial design
KRSA-028 Phase 1/2 trial: designed to rapidly deliver potentially differentiating data 28 Trial design: Single Ascending Dose in healthy volunteers, with integrated Multiple Ascending Dose in Alzheimer’s disease patients, and expansion cohorts designed to enable Phase 3 Part 1 SAD in HV Data Mid-27:
Slide 29: Korsana is well-funded through multiple clinical milestones
Korsana is well-funded through multiple clinical milestones 2H 26 KRSA-028 Anti-3pE amyloid beta mAb (THETA-enabled) File CTN (YE26) File IND (1Q27) 1H 27 2H 27 Healthy Volunteer Data (mid-27) 1H 28 Patient PoC Biomarker Data (YE27-1Q28) Pipeline Undisclosed Update on Pipeline Efforts (2027) Strong
Slide 30: Korsana is poised for rapid progress
Korsana is poised for rapid progress Near-Term Catalysts KRSA-028 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 expected by YE27-1Q28 Continued advancement of Alzheimer’s field likely to
Slide 31: Estimated capitalization following close of reverse merger and pre-closing financing
Estimated capitalization following close of reverse merger & preclosing Financing CYCLERION THERAPEUTICS • Shares of common stock outstanding (including underlying options, preferred & RSAs) KORSANA BIOSCIENCES • Shares of common stock outstanding (including underlying options and warrants) • Prefer
Slide 32: Thank you
Thank you Forward-Looking Statements This communication contains forward-looking statements (including within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act) concerning Cyclerion, Korsana, the proposed transactions and other matters. These forward-looking statem
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