The company's financial position is deteriorating, with total assets contracting from $13.4 million in 2023Q4 to $8.5 million in 2026Q1, while the accumulated deficit has reached $274.2 million.
| Total Current Assets | 3.09M | 4.63M | 4.22M | 8.02M | 14.82M | 55.46M | 58.5M | 101.2M | 879K | 1.26M |
| Cash & Short-Term Investments | 2.82M | 3.24M | 3.23M | 7.57M | 13.38M | 53.96M | 54.4M | 97.59M | 0 | 0 |
| Cash Only | 2.82M | 3.24M | 3.23M | 7.57M | 13.38M | 53.96M | 54.4M | 97.59M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1M | 556K | 0 | 96K | 100K | 127K | 1.47M | 0 | 0 |
| Days Sales Outstanding | 74.4 | 175.99 | 101.47 | - | 117.98 | 10.99 | 20.19 | 119.37 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 928K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 266K | 11K | 16K | 11K | 537K | 468K | 1.56M | 162K | 12K | 8K |
| Total Non-Current Assets | 5.42M | 5.35M | 5.35M | 5.35M | 3.26M | 3.87M | 56.88M | 85.28M | 6.52M | 4.21M |
| Property, Plant & Equipment | 66K | 0 | 0 | 0 | 1.22M | 1.47M | 50.27M | 79.75M | 6.5M | 4.13M |
| Fixed Asset Turnover | 120.79x | - | - | - | 0.24x | 2.26x | 0.05x | 0.06x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 10.7M | 5.35M | 5.35M | 5.35M | 0 | 0 | 0 | 4.99M | 0 | 0 |
| Other Non-Current Assets | 5.35M | 0 | 0 | 0 | 2.04M | 2.41M | 6.61M | 540K | 25K | 80K |
| Total Assets | 8.51M | 9.98M | 9.57M | 13.37M | 18.08M | 59.33M | 115.38M | 186.48M | 7.4M | 5.47M |
| Asset Turnover | 0.21x | 0.21x | 0.21x | - | 0.02x | 0.06x | 0.02x | 0.02x | - | - |
| Asset Growth % | 0.8% | 4.28% | -28.41% | -26.02% | -69.53% | -48.58% | -38.13% | 2419.63% | 35.3% | - |
| Total Current Liabilities | 1.71M | 900K | 725K | 2.09M | 7.63M | 11.09M | 16.95M | 18.25M | 17.85M | 14.04M |
| Accounts Payable | 457K | 508K | 390K | 1.2M | 2.97M | 1.83M | 1.15M | 3.31M | 2.78M | 1.8M |
| Days Payables Outstanding | - | - | - | - | 194.31 | - | 7.43 | 12.7 | 664.31 | 376.92 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 3.51M | 3.42M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.26M | 51K | 63K | 102K | 68K | 7.28M | 176K | 5.05M | 7.27M | 5.62M |
| Current Ratio | 1.80x | 5.15x | 5.83x | 3.85x | 1.94x | 5.00x | 3.45x | 5.55x | 0.05x | 0.09x |
| Quick Ratio | 1.80x | 5.15x | 5.83x | 3.85x | 1.94x | 4.92x | 3.45x | 5.55x | 0.05x | 0.09x |
| Cash Conversion Cycle | 74.4 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 38.93M | 70.5M | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 38.93M | 70.5M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.71M | 900K | 725K | 2.09M | 7.63M | 11.09M | 55.88M | 88.75M | 17.85M | 14.04M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 45.73M | 73.92M | 0 | 0 |
| Net Debt | -2.82M | -3.24M | -3.23M | -7.57M | -13.38M | -53.96M | -8.66M | -23.68M | 0 | 0 |
| Debt / Equity | 0.00x | - | - | - | - | - | 0.77x | 0.76x | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.42x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -3394.63x | - | - | - | - |
| Total Equity | 6.79M | 9.09M | 8.85M | 11.29M | 10.45M | 48.25M | 59.49M | 97.73M | -10.45M | -8.57M |
| Equity Growth % | -6.08% | 2.66% | -21.6% | 8% | -78.34% | -18.9% | -39.12% | 1035.65% | -21.92% | - |
| Book Value per Share | 1.61 | 2.82 | 3.51 | 4.83 | 4.81 | 24.65 | 39.14 | 71.39 | -7.65 | -6.28 |
| Total Shareholders' Equity | 6.79M | 9.09M | 8.85M | 11.29M | 10.45M | 48.25M | 59.49M | 97.73M | -10.45M | -8.57M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -274.2M | -271.02M | -267.49M | -264.42M | -259.15M | -215.08M | -163.43M | -85.63M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -12K | -20K | -23K | -27K | -20K | -15.49M | -15.87M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial statements, Cyclerion's total assets have declined from $13.4 million in 2023Q4 to $8.5 million in 2026Q1, reflecting a consistent contraction that underscores the company's inability to replenish its resource base while funding ongoing clinical development through its limited capital reserves.
The steady decline in total assets suggests that the company is consuming its primary resources to sustain operations without a corresponding inflow of new capital or revenue. This trajectory implies that the business model is currently unsustainable without significant external intervention or a fundamental change in its operational footprint.
Based on the company's 2026Q1 filings, cash reserves have dwindled to $2.8 million, a significant reduction from the $7.6 million held in 2023Q4, which indicates an extremely limited buffer against ongoing operational burn and potential clinical trial contingencies that may arise in the near term.
The current ratio of 1.80, while technically above parity, masks the reality that the company's primary liquid assets are being depleted rapidly. Investors should monitor the cash-to-burn ratio closely, as the current liquidity position appears insufficient to support long-term clinical development without immediate and likely dilutive financing.
According to historical balance sheet data, the company's retained earnings have plummeted to a deficit of $274.2 million as of 2026Q1, illustrating the profound impact of sustained R&D spending and the lack of commercial-stage revenue generation on the firm's overall equity quality and shareholder value.
The persistent growth of the accumulated deficit suggests that the company has been unable to achieve a return on invested capital, effectively eroding the equity base over time. This trend warrants further investigation into whether the current equity structure can support future financing rounds without excessive dilution for existing shareholders.
As indicated by the 2026Q1 balance sheet, the emergence of $66,000 in net PPE after periods of zero investment suggests a potential shift in operational strategy, yet this remains negligible compared to the broader liquidity risks that dominate the company's current financial profile and overall risk assessment.
While the appearance of PPE might imply a pivot toward internalizing certain research capabilities, it does not mitigate the overarching risk of insolvency. The lack of meaningful tangible assets highlights that the company's value is almost entirely tied to intangible intellectual property, which remains highly speculative and unproven in late-stage clinical settings.
Quick answers to the most common questions about buying CYCN stock.
As of 2025, Cyclerion Therapeutics, Inc. (CYCN) had total assets of $10.0M including $4.6M in current assets.
Cyclerion Therapeutics, Inc. (CYCN) carries total debt of $0.0M, offset by $3.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cyclerion Therapeutics, Inc. (CYCN) has total shareholders' equity (book value) of $9.1M ($2.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cyclerion Therapeutics, Inc. (CYCN) reported a current ratio of 5.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.