Sep 11, 2026, 4:25 PM ETHealthcare

Korsana Biosciences — Q3 2026 Earnings Summary

CYCNCYCLERION THERAPEUTICS INC

Financial Performance

Completed a private placement generating $380 million in gross proceeds from a syndicate of investors.
Post-transaction cash and cash equivalents are approximately $475 million, expected to fund operations into 2029.
Following the merger, reverse stock split, and private placement, there are approximately 55.1 million shares of common stock and common stock equivalents outstanding (excluding shares underlying equity awards).
No specific revenue, earnings, profit margins, or debt figures were disclosed in the press release.

Operations are expected to be funded through 2029, covering multiple clinical milestones for lead program KRSA-028.
Phase 1 healthy volunteer data for KRSA-028 is expected in mid-2027.
Interim proof-of-concept data evaluating amyloid plaque clearance in Alzheimer's disease patients is anticipated by year-end 2027 or the first quarter of 2028.
Shares are expected to begin trading on the Nasdaq Capital Market on September 9, 2026, under the ticker symbol "KRSA."

The combined company operates under the name Korsana Biosciences, Inc., formed via the merger with Cyclerion Therapeutics, Inc.
Lead program KRSA-028 is a next-generation shuttled antibody targeting amyloid beta for the treatment of Alzheimer's disease.
KRSA-028 utilizes the proprietary Therapeutic Targeting (THETA) technology platform, developed in partnership with Paragon Therapeutics, which combines transferrin receptor (TfR1) and Fc engineering to improve brain delivery, safety, and convenience.
The company is advancing a pipeline of innovative therapies for neurodegenerative diseases.

The company focuses on reducing the burden of neurodegenerative diseases through differentiated therapeutic candidates.
The THETA platform is designed to overcome limitations of earlier shuttle technologies and enable higher drug concentrations in the brain.
No specific market share, competitor names, or market trend data were provided.

Forward-looking statements regarding clinical timelines, cash sufficiency, and operational execution involve risks and uncertainties that could cause actual results to differ materially.
Risks include those associated with biopharma industry operations and factors detailed in the company's SEC filings (Form S-4 filed by Cyclerion, amended July 22, 2026, and subsequent Form 8-Ks).
Specific risks include the potential failure to achieve expected benefits of KRSA-028, delays in clinical data, and the potential for assumptions regarding cash runway to prove incorrect.

Jonathan Violin, Ph.D., President and CEO, stated the company is "well positioned to execute on our long-term vision" with an "exceptional team" and "strong financial foundation."
Management emphasized a continued focus on the mission to reduce the burden of neurodegenerative diseases by bringing innovative therapies to patients and caregivers.
The tone is described as optimistic regarding the new chapter following the merger and financing.

The merger terms converted each outstanding share of Korsana common stock into the right to receive approximately 0.2074 shares of the combined company's common stock, adjusted for a 1-for-7 reverse stock split of Cyclerion Therapeutics' common stock.
The private financing was led by Fairmount and Venrock Healthcare Capital Partners, with participation from General Atlantic, TCGX, Forbion, Wellington Management, Commodore Capital, RA Capital Management, RTW Investments, Vivo Capital, Janus Henderson Investors, Foresite Capital, J.P. Morgan Life Sciences Private Capital, SR One, Sanofi Ventures, Kalehua Capital, Spruce Street Capital, and others.
The financing included common stock and pre-funded warrants to purchase additional shares.
The new CUSIP number for the combined company is 23255M303.
Pro-forma cash of $475 million is calculated as of June 30, 2026, including the PIPE financing and net of projected deal costs.