Cyclerion cuts 45% of workforce, focuses on mitochondrial disease after positive MELAS data

Cyclerion Therapeutics, Inc.

Workforce reduced by ~45% (13 employees) in Q4 2022 to align with mitochondrial disease strategy.
Estimated severance charge of ~$1.9M in Q4 2022; expects annual cash savings of ~$4.1M.
Plans to meet with FDA in Q4 2022 to discuss CY6463 development path for MELAS.
ADv study enrollment capped; data expected H1 2023; CIAS program CY3018 to seek partnership.
Will out-license olinciguat and praliciguat; praliciguat already licensed to Akebia for milestones/royalties.

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