---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-389318"
form_type: "8-K"
ticker: "CYCN"
cik: "0001755237"
company_name: "Cyclerion Therapeutics, Inc."
filed_at: "2026-09-11T20:25:17+00:00"
generated_at: "2026-09-11T20:26:12.340361+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-389318
- form_type: 8-K
- ticker: CYCN
- cik: 0001755237
- company_name: Cyclerion Therapeutics, Inc.
- filed_at: 2026-09-11T20:25:17+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.01, 5.02, 9.01, 2.02, 3.02, 3.03, 5.01, 5.03, 5.05, 5.06, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1755237/000119312526389318/0001193125-26-389318-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1755237/000119312526389318/d178159d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-389318
- JSON: https://secwatch.observer/filing/0001193125-26-389318.json
- Plain text: https://secwatch.observer/filing/0001193125-26-389318.txt

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