Revenue remains highly erratic and non-recurring, with the company reporting a 100% year-over-year revenue decline in 2026Q1 alongside a $3.2 million net loss.
Cyclerion Therapeutics, Inc. (CYCN) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 1.9M | 2.07M | 2M | 0 | 297K | 3.32M | 2.3M | 4.51M | 0 | 0 |
| Revenue Growth % | -12.6% | 3.7% | - | -100% | -91.05% | 44.6% | -49.06% | - | - | - |
| Cost of Goods Sold | 730K | 0 | 0 | 1.31M | 5.58M | 0 | 56.41M | 95.14M | 1.53M | 1.75M |
| COGS % of Revenue | - | - | - | - | 1878.45% | - | 2457.06% | 2110.94% | - | - |
| Gross Profit | 1.17M | 2.07M | 2M | -1.31M | -5.28M | 3.32M | -54.12M | -90.63M | -1.53M | -1.75M |
| Gross Margin % | 61.58% | 100% | 100% | - | -1778.45% | 100% | -2357.06% | -2010.94% | - | - |
| Gross Profit Growth % | - | 3.7% | 252.09% | 75.1% | -259.1% | 106.13% | 40.29% | -5831.48% | 12.44% | - |
| Operating Expenses | 7.99M | 7.05M | 5.63M | 11.64M | 13.26M | 58.52M | 27.15M | 34.4M | 115.25M | 93.92M |
| OpEx % of Revenue | - | 339.78% | 281.4% | - | 4463.97% | 1762.5% | 1182.36% | 763.35% | - | - |
| Selling, General & Admin | 7.13M | 6.09M | 5.34M | 8.33M | 13.26M | 20.62M | 28.82M | 34.4M | 27.54M | 15.12M |
| SG&A % of Revenue | - | 293.54% | 267.1% | - | 4463.97% | 621.08% | 1255.05% | 763.35% | - | - |
| Research & Development | 1.6M | 959K | 286K | 1.51M | 5.98M | 37.64M | 56.41M | 95.14M | 87.72M | 78.8M |
| R&D % of Revenue | - | 46.24% | 14.3% | - | 2013.13% | 1133.61% | 2457.06% | 2110.94% | - | - |
| Other Operating Expenses | -730K | 0 | 0 | 1.79M | -5.98M | 259K | -58.08M | -95.14M | 0 | 0 |
| Operating Income | -6.82M | -4.97M | -3.63M | -12.95M | -18.54M | -55.2M | -81.27M | -125.04M | -115.25M | -93.92M |
| Operating Margin % | -359.16% | -239.78% | -181.4% | - | -6242.42% | -1662.5% | -3539.42% | -2774.28% | - | - |
| Operating Income Growth % | - | -37.07% | 71.99% | 30.15% | 66.41% | 32.08% | 35.01% | -8.49% | -22.71% | - |
| EBITDA | -6.71M | -3.53M | -3.06M | -12.89M | -18.48M | -54.72M | -78.97M | -122.34M | -113.72M | -92.18M |
| EBITDA Margin % | -353% | -170.11% | -152.85% | - | -6220.54% | -1648.28% | -3439.37% | -2714.38% | - | - |
| EBITDA Growth % | -244.66% | -15.41% | 76.28% | 30.25% | 66.24% | 30.7% | 35.45% | -7.57% | -23.38% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 65K | 65K | 472K | 2.3M | 2.7M | 1.53M | 1.75M |
| EBIT | -6.71M | -3.53M | -3.06M | -9.65M | -18.25M | -54.31M | -82.93M | -125.04M | -115.25M | -93.92M |
| Net Interest Income | 117K | 128K | 208K | 358K | 294K | -16K | 588K | 2.03M | 0 | 0 |
| Interest Income | 117K | 128K | 208K | 358K | 294K | 0 | 588K | 2.03M | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 16K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 117K | 1.45M | 571K | 358K | 294K | 3.55M | 3.46M | 2.03M | 0 | 0 |
| Pretax Income | -6.71M | -3.53M | -3.06M | -12.59M | -18.25M | -51.65M | -77.8M | -123.01M | -115.25M | -93.92M |
| Pretax Margin % | -353% | -170.11% | -152.85% | - | -6143.43% | -1555.63% | -3388.59% | -2729.27% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.71M | -3.53M | -3.06M | -5.26M | -44.08M | -51.65M | -77.8M | -123.01M | -115.25M | -93.92M |
| Net Margin % | -353% | -170.11% | -152.85% | - | -14841.08% | -1555.63% | -3388.59% | -2729.27% | - | - |
| Net Income Growth % | -244.66% | -15.41% | 41.92% | 88.06% | 14.66% | 33.62% | 36.75% | -6.73% | -22.71% | - |
| Net Income (Continuing) | -6.71M | -3.53M | -3.06M | -12.59M | -18.25M | -51.65M | -77.8M | -123.01M | -115.25M | -93.92M |
| Discontinued Operations | 0 | 0 | 0 | 7.33M | -25.83M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.04 | -7.63 | -8.47 | -62.93 | -141.05 | -184.80 | -334.60 | -618.59 | -590.94 | -481.60 |
| EPS Growth % | -129.33% | 9.92% | 86.54% | 55.38% | 23.67% | 44.77% | 45.91% | -4.68% | -22.7% | - |
| EPS (Basic) | - | -7.63 | -8.47 | -62.93 | -141.05 | -184.80 | -334.60 | -618.59 | -590.94 | -481.60 |
| Diluted Shares Outstanding | 607.29K | 460.71K | 359.71K | 334K | 310.43K | 279.6K | 217.16K | 195.57K | 195.03K | 195.03K |
| Basic Shares Outstanding | 607.29K | 460.71K | 359.71K | 334K | 310.43K | 279.6K | 217.16K | 195.57K | 195.03K | 195.03K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CYCN stock.
For fiscal year 2025, Cyclerion Therapeutics, Inc. (CYCN) reported total revenue of $2.1M.
Cyclerion Therapeutics, Inc. (CYCN) reported a net loss of $3.5M for the fiscal year ending 2025.
Cyclerion Therapeutics, Inc. (CYCN) reported an operating income of $-5.0M, resulting in an operating profit margin of -239.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Cyclerion Therapeutics, Inc. (CYCN) generated $2.1M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and insolvency
Metrics are mathematically derived from official filings.
Revenue Volatility Reflects Transactional Nature
As indicated by the company's recent financial disclosures, revenue remains highly erratic and non-recurring, with a 100% contraction reported in 2026Q1, underscoring the lack of a sustainable commercial engine and the reliance on sporadic milestone payments to offset ongoing operational expenditures within the clinical pipeline.
The absence of consistent top-line growth suggests that Cyclerion is not yet a commercial-stage entity, but rather a vehicle for R&D development. Investors should interpret the lumpy revenue profile as a sign of dependency on licensing agreements, which provides no reliable indicator of future market penetration or long-term scalability.
Fixed Costs Outpace Operational Funding
Based on the reported income statement data, the firm's cost structure is dominated by persistent SG&A expenses that frequently exceed $1.5 million per quarter, creating a structural imbalance where administrative overhead consumes capital that is critical for advancing the company's specialized sGC stimulator pipeline.
The persistent nature of these expenses, even in periods of zero revenue, suggests a high fixed-cost burden that may be difficult to rationalize without a significant strategic pivot. This cost discipline appears insufficient to preserve the limited cash runway, potentially forcing management into dilutive financing or asset divestitures.
Net Losses Mask Operational Burn
According to quarterly filings, the company's net income is consistently negative, with a $3.2 million loss in 2026Q1, highlighting that reported earnings are heavily distorted by the timing of milestone recognition and do not reflect the underlying cash burn required to sustain clinical trial operations.
The reliance on non-operating items to influence the bottom line suggests that investors should prioritize cash flow analysis over GAAP net income. The presence of stock-based compensation, while modest, further complicates the quality of earnings by adding non-cash expenses that do not alleviate the pressure on the company's dwindling liquidity.
Liquidity Constraints Threaten Platform Viability
As reported in recent financial statements, the company's cash position has reached a critical juncture, with the current burn rate suggesting that the firm may lack the necessary capital to reach the next major clinical inflection point without immediate and potentially dilutive external intervention.
Short-sellers would likely focus on the widening gap between operating expenses and the lack of a recurring revenue base, which points toward a high probability of insolvency. The market's current valuation appears to reflect this existential risk, treating the company's intellectual property as a distressed asset rather than a growing enterprise.