---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-003509"
form_type: "8-K"
ticker: "CYCN"
cik: "0001755237"
company_name: "Cyclerion Therapeutics, Inc."
filed_at: "2026-01-06T23:59:59+00:00"
generated_at: "2026-05-16T11:32:55.937689+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-003509
- form_type: 8-K
- ticker: CYCN
- cik: 0001755237
- company_name: Cyclerion Therapeutics, Inc.
- filed_at: 2026-01-06T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1755237/000119312526003509/0001193125-26-003509-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1755237/000119312526003509/d23253d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-003509
- JSON: https://secwatch.observer/filing/0001193125-26-003509.json
- Plain text: https://secwatch.observer/filing/0001193125-26-003509.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1755237/000119312526003509/0001193125-26-003509-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.