Korsana (ex-Cyclerion) closes reverse merger with $380M PIPE; exchange ratio 0.2074

Cyclerion Therapeutics, Inc.

Closed Sept 8, 2026; exchange ratio 0.2074 Cyclerion shares per Korsana share; renamed Korsana Biosciences.
PIPE financing raised ~$380M; 140.5M shares and 20.2M pre-funded warrants issued to investors pre-closing.
Post-closing ownership: Cyclerion holders ~1.17%, Korsana holders ~98.83% fully diluted.
1-for-7 reverse stock split effective Sept 8; combined company had 55,051,271 shares outstanding (incl. prefunded warrants and Series B).
Pre-merger Cyclerion shareholders receive one non-transferable CVR per share for 100% of net proceeds from sale of legacy Tisento and Akebia license assets.

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