Cyclerion is a clinical-stage biopharmaceutical company with one employee, focused on developing CYC-126, an anesthetic-based therapy for treatment-resistant depression (TRD). TRD affects patients with major depressive disorder who fail to respond to at least two antidepressants — an estimated 2.8 to 3 million adults in the U.S. CYC-126 combines two generic IV anesthetics, propofol and dexmedetomidine, with a proprietary delivery system designed to maintain specific EEG brain states during treatment. The therapy would be administered in a hospital setting by an anesthesiologist, using patient feedback to guide individualized dosing. CYC-126 is still in pre-clinical planning; Cyclerion plans to initiate a Phase 2 trial in Australia in the second half of 2026, with U.S. enrollment expected in early 2027. Cyclerion originally focused on soluble guanylate cyclase (sGC) stimulators but has divested or out-licensed those assets, which now serve as a source of episodic milestone and licensing income. Key legacy assets include praliciguat, out-licensed to Akebia for a rare kidney disease, and zagociguat, sold to Tisento for a rare mitochondrial disease, in which Cyclerion retains a 10% equity stake. Cyclerion has no revenue-generating product, outsources all manufacturing to contract manufacturers, and will need to raise additional capital to fund its Phase 2 program.