Cyclerion Therapeutics enters collaboration with Medsteer for CYC-126 anesthetic delivery system

Cyclerion Therapeutics, Inc.

Cyclerion entered a Collaboration and Option Agreement with Medsteer for an anesthetic delivery system for treatment-resistant depression.
Medsteer granted an exclusive option for a worldwide license of its technology, with upfront nominal payment and up to $3.7M in milestones.
Cyclerion plans to initiate Phase 2 proof-of-concept study of CYC-126 in second half of 2026, targeting first patient in Australia.
Medsteer's technology has been used in over 9,000 patients and 25 clinical settings.
Collaboration includes joint development of closed-loop anesthetic delivery platform with real-time EEG monitoring.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cyclerion Therapeutics, Inc. entered into Collaboration and Option Agreement with Medsteer, SAS valued at up to $3.7 million (effective 2026-01-03).

Action: entry
Agreement: collaboration
Counterparty: Medsteer, SAS
Value: up to $3.7 million
Effective: 2026-01-03

Exact text from the filing

On January 3, 2026, Cyclerion Therapeutics, Inc. (the “Company”) and the Medsteer, SAS (“Medsteer”) entered into a Collaboration and Option Agreement (the “Collaboration Agreement”) pursuant to which Medsteer granted to the Company (i) a non-exclusive, worldwide, royalty-free, sublicensable license of certain of Medsteer’s technology, software and intellectual property to develop an anesthetic delivery system with Medsteer

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Source: SEC EDGAR

accession 0001193125-26-003509

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