Free cash flow remains consistently negative, with the firm burning $1.2 million in 2026Q1, highlighting a total reliance on external capital to sustain its clinical development trajectory.
Cyclerion Therapeutics, Inc. (CYCN) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -4.45M | -3.31M | -4.33M | -21.25M | -40.61M | -36.52M | -72.49M | -102.22M | -97.5M | -81.22M |
| Operating CF Margin % | - | -159.79% | -216.65% | - | -13673.74% | -1099.91% | -3157.23% | -2267.92% | - | - |
| Operating CF Growth % | -660.18% | 23.52% | 79.6% | 47.69% | -11.21% | 49.62% | 29.08% | -4.83% | -20.05% | - |
| Net Income | -6.71M | -3.53M | -3.06M | -12.59M | -18.25M | -51.65M | -77.8M | -123.01M | -115.25M | -93.92M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 65K | 472K | 2.3M | 2.7M | 1.53M | 1.75M |
| Stock-Based Compensation | 227K | 441K | 625K | 0 | 0 | 9.61M | 14.99M | 19.63M | 12.43M | 9.49M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 95K | 0 | -363K | -4.05M | -19.58M | 3.64M | -4.38M | 751K | 14.51M | 12.59M |
| Working Capital Changes | 1.93M | -227K | -1.54M | -4.6M | -2.85M | 1.41M | -7.59M | -2.29M | 3.79M | 1.47M |
| Change in Receivables | 525K | -444K | -556K | 96K | 4K | 27K | 1.35M | -1.47M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.18M | 0 | 0 |
| Change in Payables | 1.14M | 118K | -445K | -1.77M | 1.14M | 393K | -1.1M | -250K | 979K | 392K |
| Cash from Investing | -66K | 0 | 0 | 10.4M | 0 | 1.46M | 18K | -6.71M | -3.44M | -1.4M |
| Capital Expenditures | -66K | 0 | 0 | 0 | 0 | -7K | -1.52M | -6.89M | -3.44M | -1.4M |
| CapEx % of Revenue | 3.47% | - | - | - | - | 0.21% | 66.38% | 152.83% | - | - |
| Acquisitions | 0 | 0 | 0 | 10.4M | 0 | 0 | 0 | 173K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 1.46M | 1.54M | 173K | 0 | 0 |
| Cash from Financing | 2.9M | 3.32M | 0 | 5.02M | 29K | 30.79M | 28.09M | 211.57M | 100.94M | 82.62M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 3.51M | 0 | 0 | 0 |
| Equity Issued (Net) | 2.9M | 1.25M | 0 | 5.02M | 29K | 30.5M | 24.25M | 175M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -130K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 2.08M | 0 | 0 | 0 | 282K | 331K | 36.57M | 100.94M | 82.62M |
| Net Change in Cash | -1.61M | 8K | -4.34M | -5.81M | -40.58M | -4.27M | -44.39M | 102.62M | 0 | 0 |
| Free Cash Flow | -4.45M | -3.31M | -4.33M | -21.25M | -40.61M | -36.52M | -74.01M | -109.1M | -100.94M | -82.62M |
| FCF Margin % | -234.26% | -159.79% | -216.65% | - | -13673.74% | -1100.12% | -3223.61% | -2420.75% | - | - |
| FCF Growth % | -57.45% | 23.52% | 79.6% | 47.69% | -11.19% | 50.65% | 32.16% | -8.09% | -22.17% | - |
| FCF per Share | -7.33 | -7.19 | -12.05 | -63.61 | -130.82 | -130.63 | -340.82 | -557.87 | -517.56 | -423.64 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.94x | 1.42x | 4.04x | 0.92x | 0.71x | 0.93x | 0.83x | 0.85x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CYCN stock.
Cyclerion Therapeutics, Inc. (CYCN) generated $-3.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cyclerion Therapeutics, Inc. (CYCN) reported negative free cash flow of $3.3M in 2025, indicating capital requirements exceeded cash from operations.
Cyclerion Therapeutics, Inc. (CYCN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cyclerion Therapeutics, Inc. (CYCN) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Imminent liquidity and insolvency
Metrics are mathematically derived from official filings.
Earnings Quality Distorted by Accruals
According to quarterly financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from 0.27 to 2.37, suggesting that reported earnings are heavily influenced by non-cash accruals rather than sustainable cash-generating activities within the clinical development pipeline.
The significant divergence between net income and operating cash flow indicates that GAAP earnings provide little insight into the actual cash burn of the business. Investors should monitor these swings as they likely reflect the timing of milestone recognition rather than operational efficiency.
Persistent Negative Free Cash Flow
As reported in recent filings, Cyclerion’s free cash flow remains consistently negative, with the firm burning $1.2 million in 2026Q1 alone, which underscores the company's inability to self-fund its research initiatives and its total reliance on external capital to maintain its current clinical trial trajectory.
The lack of positive free cash flow is a structural reality for a pre-commercial biotech firm, yet the trend shows no signs of stabilization. This trajectory suggests that the company remains in a high-risk phase where liquidity is the primary constraint on operational continuity.
Working Capital Volatility Masks Burn
Based on the provided cash flow data, working capital changes have been highly volatile, including a $1.9 million inflow in 2026Q1, which appears to be a temporary accounting artifact rather than an improvement in the underlying efficiency of the company's cash management or operational collection cycles.
These erratic working capital shifts often obscure the true underlying cash burn rate by temporarily inflating cash balances. Analysts should look past these fluctuations to focus on the core operational cash outflow, which remains the most accurate indicator of the firm's runway.
Stock-Based Compensation Obscures True Costs
As indicated by historical cash flow statements, the company consistently utilizes stock-based compensation, with figures reaching $184,000 in 2024Q2, which effectively shifts a portion of the operational cost burden away from cash-based expenses and onto the equity base, potentially diluting existing shareholders to fund ongoing operations.
While stock-based compensation is a standard tool for preserving cash in early-stage biotech, it represents a real economic cost that is often overlooked in cash-only analysis. Investors should consider the cumulative impact of this dilution on their ownership stake as the company continues to burn through its limited cash reserves.