Cyclerion Shares Fall After Reprioritized Pipeline, Workforce Reduction

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  • Cyclerion Therapeutics Inc CYCN is reprioritizing development programs and focusing resources and capabilities on candidates for mitochondrial diseases.
  • The company has been exploring the pharmacology of sGC stimulation with once-daily CY6463 in signal-seeking studies in three patient populations.
  • From now on, Cyclerion will focus future development of CY6463 concentrating first on the development of Mitochondrial Encephalomyopathy, Lactic Acidosis, and Stroke-like episodes (MELAS).
  • "We look forward to discussions with regulators later this year and sharing more detailed development plans early in the new year," said Peter Hecht, Cyclerion CEO. 
  • Also ReadWhy Cyclerion Therapeutics Stock Is Getting Hammered
  • The company is preparing to meet with the FDA to discuss the CY6463 development program.
  • Cyclerion is also developing CY6463 in Cognitive Impairment Associated with Schizophrenia (CIAS) and Alzheimer's Disease with Vascular Pathology (ADv) patients.
  • Cyclerion says CY3018 is well-suited for treating CIAS and other neuropsychiatric indications. Cyclerion is completing pre-IND activities for CY3018 and is looking to secure a partnership or other funding mechanism to develop the program in the future.
  • The company capped enrollment in its ongoing ADv clinical study. Data from the ADv study are expected in the first half of 2023.
  • The company reduced its workforce by approximately 45% to 16 full-time employees and will take a one-time charge of $1.9 million and realize annual savings of around $4.1 million.
  • Price Action: CYCN shares are down 42.58% at $0.5399 on the last check Thursday.
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