0000950170-23-035558 | 10-Q | XBRL Viewer | Cyclerion Therapeutics INC

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Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued incentive compensation	$ 210	$ 238
Salaries	136	246
Accrued vacation	179	186
Professional fees	684	835
Accrued severance and benefit costs	144	809
Zagociguat/CY3018 Reimbursement	935	0
Other	175	68
Accrued expenses and other current liabilities	$ 2,463	$ 2,382

Share-based Compensation Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Plans

8. Share-based Compensation Plans

In 2019, Cyclerion adopted share-based compensation plans. Specifically, Cyclerion adopted the 2019 Employee Stock Purchase Plan (“2019 ESPP”) and the 2019 Equity Incentive Plan (“2019 Equity Plan”). Under the 2019 ESPP, eligible employees may use payroll deductions to purchase shares of stock in offerings under the plan,

and thereby acquire an interest in the future of the Company. The 2019 Equity Plan provides for stock options and restricted stock units (“RSUs”).

Cyclerion mirrored two of Ironwood Pharmaceuticals, Inc's. ("Ironwood") existing plans, the Amended and Restated 2005 Stock Incentive Plan (“2005 Equity Plan”) and the Amended and Restated 2010 Employee, Director and Consultant Equity Incentive Plan (“2010 Equity Plan"). These mirror plans were adopted to facilitate the exchange of Ironwood equity awards for Cyclerion equity awards upon the tax-free spin-off of Ironwood's sGC business (" the Separation") as part of the equity conversion. As a result of the Separation and in accordance with the Employee Matters Agreement between Ironwood and Cyclerion entered into as part of the Separation, employees of both companies retained their existing Ironwood vested options and received a pro-rata share of Cyclerion options, regardless of which company employed them post-Separation. For employees that were ultimately employed by Cyclerion, unvested Ironwood options and RSUs were converted to unvested Cyclerion options and RSUs.

The following table provides share-based compensation reflected in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	181	$	793	$	410	$	1,623
General and administrative		198		906		395		1,843
	$	379	$	1,699	$	805	$	3,466

A summary of stock option activity for the six months ended June 30, 2023, is as follows:


						Weighted
				Weighted		Average		Average
				Average		Remaining		Intrinsic
	Number			Exercise		Contractual		Value (in
	of Options			Price		Term (Years)		thousands)
Outstanding as of December 31, 2022		365,216		$	184.45		5.8		20
Granted		4,000			3.82
Exercised		—			0.00
Cancelled or forfeited		(34,860	)		251.45
Outstanding as of June 30, 2023		334,356		$	175.30		5.6	$	1.20
Exercisable at June 30, 2023		257,214		$	214.89		4.9	$	—

As of June 30, 2023, the unrecognized share-based compensation expense, net of estimated forfeitures, related to all unvested time-based stock options held by the Company’s employees is $1.5 million and the weighted average period over which that expense is expected to be recognized is 3.2 years.

A summary of RSU activity for the six months ended June 30, 2023 is as follows:


				Weighted Average
	Number			Grant Date
	of Shares			Fair Value
Unvested as of December 31, 2022		40,772		$	15.30
Granted		—			—
Vested		(3,375	)		41.72
Forfeited		(3,035	)		13.73
Unvested as of June 30, 2023		34,362		$	12.84

As of June 30, 2023, the unrecognized share-based compensation expense, net of estimated forfeitures, related to all unvested restricted stock units by the Company’s employees is $0.1 million and the weighted-average period over which that expense is expected to be recognized is 0.3 years.

The Company has granted to certain employees stock options containing market conditions that vest upon the achievement of specified price targets of the Company’s share price for a period through December 31, 2024. Vesting is measured based upon the average closing price of the Company’s share price for any thirty consecutive trading days, subject to certain service requirements. Stock compensation cost is expensed on a straight-line basis over the derived service period for each stock price target within the award, ranging from approximately 4.0 to 4.6 years. The Company accelerates expense when a stock price target is achieved prior to the derived service period. As of June 30, 2023, there were 15,000 outstanding stock options containing market conditions with a weighted average exercise price of $40.20. As of June 30, 2023, there was a de minimis amount of unrecognized compensation costs related to stock options containing market conditions, which is expected to be recognized over a weighted-average period of 0.77 years.

Nature of Business	6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Nature of Operations Cyclerion Therapeutics, Inc. (“Cyclerion”, the “Company” or “we”) is a biopharmaceutical company on a mission to develop treatments for serious diseases. Our portfolio includes novel soluble guanylate cyclase ("sGC") stimulators that modulate a key node in a fundamental signaling network in both the central nervous system ("CNS") and the periphery. The nitric oxide ("NO") soluble guanylate cyclase ("sGC") cyclic guanosine monophosphate ("cGMP") signaling pathway is a fundamental mechanism that precisely controls key aspects of physiology throughout the body. The NO-sGC-cGMP pathway, regulates diverse and critical biological functions and has been successfully targeted with several drugs. Praliciguat is a systemic sGC stimulator that is licensed to Akebia Therapeutics Inc. ("Akebia") and being advanced in rare kidney disease. Olinciguat is a clinical-stage vascular sGC stimulator that the Company intends to out-license for cardiovascular diseases. Zagociguat is a clinical-stage CNS-penetrant sGC stimulator that has shown rapid improvement in cerebral blood flow, functional brain connectivity, brain response to visual stimulus, cognitive performance, and biomarkers associated mitochondrial function and inflammation in clinical studies. CY3018 is a CNS-targeted sGC stimulator that preferentially localizes to the brain and has a pharmacology profile that suggests its potential for the treatment of neuropsychiatric diseases and disorders. On July 28, 2023, the Company sold Zagociguat and CY3018 to Tisento Therapeutics, Inc. ("Tisento"), a newly formed private company focused on their development, in which Cyclerion currently holds a 10% equity stake received in partial consideration of such sale. See "Asset Purchase Agreement" and "Note 14" below. Cyclerion is actively evaluating other activities aimed at enhancing shareholder value, which may potentially include collaborations, licenses, mergers, acquisitions and/or other targeted investments. Cyclerion GmbH, a wholly owned subsidiary, was incorporated in Zug, Switzerland on May 3, 2019. The functional currency is the Swiss franc. Cyclerion Securities Corporation, a wholly owned subsidiary, was incorporated in Massachusetts on November 15, 2019 and was granted securities corporation status in Massachusetts for the 2019 tax year. Cyclerion Securities Corporation has no employees. Company Overview The Company’s mission is to develop treatments for serious diseases. Praliciguat is an orally administered, once-daily systemic sGC stimulator. On June 3, 2021, Cyclerion entered into a license agreement (as defined below) with Akebia relating to the exclusive worldwide license to Akebia of our rights to the development, manufacture, medical affairs and commercialization of pharmaceutical products containing praliciguat and other related products and forms thereof enumerated in such agreement. Cyclerion is eligible to receive up to $585 million in total potential future development, regulatory, and commercialization milestone payments. Cyclerion is also eligible to receive tiered, sales-based royalties ranging from single-digit to high-teen percentages. Olinciguat is an orally administered, once-daily, vascular sGC stimulator that was evaluated in a Phase 2 study of participants with sickle cell disease. The Company released topline results from this study in October 2020. Cyclerion intends to out-license olinciguat to an entity with strong cardiovascular and/or cardiopulmonary capabilities. Zagociguat and CY3018 are orally administered CNS-penetrant sGC stimulators. On July 28, 2023, the Company sold zagociguat and CY3018 to Tisento in exchange for $8 million in cash consideration, $2.4 million as reimbursement for certain operating expenses related to zagociguat and CY3018 for the period between signing and closing of the transaction, and 10% of all of Tisento's outstanding equity securities. See "Asset Purchase Agreement" and "Note 14" below. Cyclerion continues to evaluate other activities aimed at enhancing shareholder value, which may potentially include collaborations, licenses, mergers, acquisitions and/or other targeted investments. No such activities are currently pending. Stock Purchase Agreement In March 2023, we entered into a stock purchase agreement with the CEO pursuant to which he invested $5 million in cash for 225,000 shares of common stock and 351,037 shares of Series A Convertible Preferred Stock of the Company at a price of $8.68 per share (after giving effect to the 1-for-20 reverse stock split the Company implemented on May 15, 2023). Such Series A Convertible Preferred Stock is convertible into shares of our common stock on a one-to-one basis. The closing of the equity investment took place on May 19, 2023, and (to comply with Nasdaq listing requirements) our shareholders approved such convertibility on July 19, 2023. Asset Purchase Agreement On May 11, 2023, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with an investor group that included the Company’s Chief Executive Officer (the “CEO”), JW Celtics Investment Corp. (the “Buyer Parent”) and JW Cycle Inc. (the “Buyer”) which subsequently changed its name to Tisento Therapeutics Inc. (“Tisento”). Upon the closing on July 28, 2023, of the transactions contemplated by the Asset Purchase Agreement, the Company sold to the Buyer specified assets relating to the Company’s zagociguat and CY3018 programs and the Buyer assumed certain liabilities relating thereto, including, but not limited to (i) liabilities, costs and expenses arising after the date of the Asset Purchase Agreement relating to the employment of certain Cyclerion employees and the conduct of certain preclinical and clinical trial activities prior to the closing of the transactions contemplated by the Asset Purchase Agreement, and (ii) liabilities relating to such assets to the extent relating to the period after the closing of the transaction. In consideration for such sale and assumption, at such closing the Company received proceeds of $8 million as cash consideration, $2.4 million as reimbursement for certain operating expenses related to such assets for the period between signing and closing of the Asset Purchase Agreement, and shares of common stock of the Tisento comprising 10% of the issued and outstanding equity securities of Tisento immediately following such closing, subject to certain protections against dilution. Reverse Stock Split On May 15, 2023, the Company filed Articles of Amendment to the Company's Restated Articles of Organization with the Secretary of Commonwealth of Massachusetts to effect a 1-for-20 reverse stock split of the Company's issued and outstanding shares of common stock. The reverse stock split was reflected on the Nasdaq Capital Market beginning with the opening of trading on May 16, 2023. No fractional shares were issued in connection with the reverse stock split. All share amounts and per share amounts disclosed in this Quarterly Report on Form 10-Q have been adjusted retroactively to reflect the reverse stock split for all periods presented. At-the-Market Registration On July 24, 2020, the Company filed a Registration Statement on Form S-3 (the “Shelf”) with the Securities and Exchange Commission (the “SEC”) in relation to the registration of common stock, preferred stock, debt securities, warrants and units of any combination thereof for an aggregate initial offering price not to exceed $150.0 million. The Shelf was declared effective as of July 31, 2020. On September 3, 2020, the Company entered into a Sales Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) with respect to an at-the-market offering (the “ATM Offering”) under the Shelf. Under the ATM Offering, the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $50.0 million through Jefferies as its sales agent. The Company will pay to Jefferies cash commissions of 3.0 percent of the gross proceeds of sales of common stock under the Sales Agreement. The Company has sold 3,353,059 shares of its common stock for net proceeds of $12.5 million under the ATM Offering, since entering into the Sales Agreement. No shares of common stock have been issued or sold under the ATM Offering during the six months ended June 30, 2023 and June 30, 2022. Basis of Presentation The condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission on March 22, 2023. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and the results of its operations for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period. The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, Cyclerion GmbH, and Cyclerion Securities Corporation. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying condensed consolidated financial statements. Going Concern At each reporting period, in accordance with Accounting Standards Codification ("ASC") 205-40, Going Concern, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company’s evaluation entails analyzing prospective operating budgets and forecasts for expectations of the Company’s cash needs and comparing those needs to the current cash and cash equivalent balances. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. In performing its analysis, management excluded certain elements of its operating plan that cannot be considered probable. Under ASC 205-40, the future receipt of potential funding from future partnerships, equity or debt issuances, certain cost reduction measures and the potential milestones from the Akebia agreement cannot be considered probable at this time because these plans are not entirely within the Company’s control and/or have not been approved by the Board of Directors as of the date of these consolidated financial statements. The Company's expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations, raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date that these consolidated financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt include reduced spending, and the pursuit of additional capital. Management has concluded the likelihood that its plan to successfully obtain sufficient funding from one or more of these sources, or adequately reduce expenditures, while reasonably possible, is less than probable. Accordingly, the Company has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of at least 12 months from the date of issuance of these consolidated financial statements. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Nature of Business

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

Nature of Operations

Cyclerion Therapeutics, Inc. (“Cyclerion”, the “Company” or “we”) is a biopharmaceutical company on a mission to develop treatments for serious diseases. Our portfolio includes novel soluble guanylate cyclase ("sGC") stimulators that modulate a key node in a fundamental signaling network in both the central nervous system ("CNS") and the periphery. The nitric oxide ("NO") soluble guanylate cyclase ("sGC") cyclic guanosine monophosphate ("cGMP") signaling pathway is a fundamental mechanism that precisely controls key aspects of physiology throughout the body. The NO-sGC-cGMP pathway, regulates diverse and critical biological functions and has been successfully targeted with several drugs.

Praliciguat is a systemic sGC stimulator that is licensed to Akebia Therapeutics Inc. ("Akebia") and being advanced in rare kidney disease. Olinciguat is a clinical-stage vascular sGC stimulator that the Company intends to out-license for cardiovascular diseases. Zagociguat is a clinical-stage CNS-penetrant sGC stimulator that has shown rapid improvement in cerebral blood flow, functional brain connectivity, brain response to visual stimulus, cognitive performance, and biomarkers associated mitochondrial function and inflammation in clinical studies. CY3018 is a CNS-targeted sGC stimulator that preferentially localizes to the brain and has a pharmacology profile that suggests its potential for the treatment of neuropsychiatric diseases and disorders. On July 28, 2023, the Company sold Zagociguat and CY3018 to Tisento Therapeutics, Inc. ("Tisento"), a newly formed private company focused on their development, in which Cyclerion currently holds a 10% equity stake received in partial consideration of such sale. See "Asset Purchase Agreement" and "Note 14" below. Cyclerion is actively evaluating other activities aimed at enhancing shareholder value, which may potentially include collaborations, licenses, mergers, acquisitions and/or other targeted investments.

Cyclerion GmbH, a wholly owned subsidiary, was incorporated in Zug, Switzerland on May 3, 2019. The functional currency is the Swiss franc.

Cyclerion Securities Corporation, a wholly owned subsidiary, was incorporated in Massachusetts on November 15, 2019 and was granted securities corporation status in Massachusetts for the 2019 tax year. Cyclerion Securities Corporation has no employees.

Company Overview

The Company’s mission is to develop treatments for serious diseases.

Praliciguat is an orally administered, once-daily systemic sGC stimulator. On June 3, 2021, Cyclerion entered into a license agreement (as defined below) with Akebia relating to the exclusive worldwide license to Akebia of our rights to the development, manufacture, medical affairs and commercialization of pharmaceutical products containing praliciguat and other related products and forms thereof enumerated in such agreement. Cyclerion is eligible to receive up to $585 million in total potential future development, regulatory, and commercialization milestone payments. Cyclerion is also eligible to receive tiered, sales-based royalties ranging from single-digit to high-teen percentages.

Olinciguat is an orally administered, once-daily, vascular sGC stimulator that was evaluated in a Phase 2 study of participants with sickle cell disease. The Company released topline results from this study in October 2020. Cyclerion intends to out-license olinciguat to an entity with strong cardiovascular and/or cardiopulmonary capabilities.

Zagociguat and CY3018 are orally administered CNS-penetrant sGC stimulators. On July 28, 2023, the Company sold zagociguat and CY3018 to Tisento in exchange for $8 million in cash consideration, $2.4 million as reimbursement for certain operating expenses related to zagociguat and CY3018 for the period between signing and closing of the transaction, and 10% of all of Tisento's outstanding equity securities. See "Asset Purchase Agreement" and "Note 14" below.

Cyclerion continues to evaluate other activities aimed at enhancing shareholder value, which may potentially include collaborations, licenses, mergers, acquisitions and/or other targeted investments. No such activities are currently pending.

Stock Purchase Agreement

In March 2023, we entered into a stock purchase agreement with the CEO pursuant to which he invested $5 million in cash for 225,000 shares of common stock and 351,037 shares of Series A Convertible Preferred Stock of the Company at a price of $8.68 per share (after giving effect to the 1-for-20 reverse stock split the Company implemented on May 15, 2023). Such Series A Convertible Preferred Stock is convertible into shares of our common stock on a one-to-one basis. The closing of the equity investment took place on May 19, 2023, and (to comply with Nasdaq listing requirements) our shareholders approved such convertibility on July 19, 2023.

Asset Purchase Agreement

On May 11, 2023, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with an investor group that included the Company’s Chief Executive Officer (the “CEO”), JW Celtics Investment Corp. (the “Buyer Parent”) and JW Cycle Inc. (the “Buyer”) which subsequently changed its name to Tisento Therapeutics Inc. (“Tisento”). Upon the closing on July 28, 2023, of the transactions contemplated by the Asset Purchase Agreement, the Company sold to the Buyer specified assets relating to the Company’s zagociguat and CY3018 programs and the Buyer assumed certain liabilities relating thereto, including, but not limited to (i) liabilities, costs and expenses arising after the date of the Asset Purchase Agreement relating to the employment of certain Cyclerion employees and the conduct of certain preclinical and clinical trial activities prior to the closing of the transactions contemplated by the Asset Purchase Agreement, and (ii) liabilities relating to such assets to the extent relating to the period after the closing of the transaction. In consideration for such sale and assumption, at such closing the Company received proceeds of $8 million as cash consideration, $2.4 million as reimbursement for certain operating expenses related to such assets for the period between signing and closing of the Asset Purchase Agreement, and shares of common stock of the Tisento comprising 10% of the issued and outstanding equity securities of Tisento immediately following such closing, subject to certain protections against dilution.

Reverse Stock Split

On May 15, 2023, the Company filed Articles of Amendment to the Company's Restated Articles of Organization with the Secretary of Commonwealth of Massachusetts to effect a 1-for-20 reverse stock split of the Company's issued and outstanding shares of common stock. The reverse stock split was reflected on the Nasdaq Capital Market beginning with the opening of trading on May 16, 2023. No fractional shares were issued in connection with the reverse stock split. All share amounts and per share amounts disclosed in this Quarterly Report on Form 10-Q have been adjusted retroactively to reflect the reverse stock split for all periods presented.

At-the-Market Registration

On July 24, 2020, the Company filed a Registration Statement on Form S-3 (the “Shelf”) with the Securities and Exchange Commission (the “SEC”) in relation to the registration of common stock, preferred stock, debt securities, warrants and units of any combination thereof for an aggregate initial offering price not to exceed $150.0 million. The Shelf was declared effective as of July 31, 2020. On September 3, 2020, the Company entered into a Sales Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) with respect to an at-the-market offering (the “ATM Offering”) under the Shelf. Under the ATM Offering, the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $50.0 million through Jefferies as its sales agent. The Company will pay to Jefferies cash commissions of 3.0 percent of the gross proceeds of sales of common stock under the Sales Agreement. The Company has sold 3,353,059 shares of its common stock for net proceeds of $12.5 million under the ATM Offering, since entering into the Sales Agreement. No shares of common stock have been issued or sold under the ATM Offering during the six months ended June 30, 2023 and June 30, 2022.

Basis of Presentation

The condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission on March 22, 2023.

In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and the results of its operations for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period.

The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, Cyclerion GmbH, and Cyclerion Securities Corporation. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying condensed consolidated financial statements.

Going Concern

At each reporting period, in accordance with Accounting Standards Codification ("ASC") 205-40, Going Concern, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company’s evaluation entails analyzing prospective operating budgets and forecasts for expectations of the Company’s cash needs and comparing those needs to the current cash and cash equivalent balances. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern.

This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. In performing its analysis, management excluded certain elements of its operating plan that cannot be considered probable. Under ASC 205-40, the future receipt of potential funding from future partnerships, equity or debt issuances, certain cost reduction measures and the potential milestones from the Akebia agreement cannot be considered probable at this time because these plans are not entirely within the Company’s control and/or have not been approved by the Board of Directors as of the date of these consolidated financial statements.

The Company's expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations, raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date that these consolidated financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt include reduced spending, and the pursuit of additional capital. Management has concluded the likelihood that its plan to successfully obtain sufficient funding from one or more of these sources, or adequately reduce expenditures, while reasonably possible, is less than probable. Accordingly, the Company has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of at least 12 months from the date of issuance of these consolidated financial statements.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do

not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

License Agreement - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 03, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues		$ 0	$ 306,000	$ 0	$ 1,017,000
Akebia Research License Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Up Front Payment Received	$ 3,000,000
Additional milestone cash payment	$ 12,000,000
Akbeia Supply Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues			$ 100,000	$ 0	$ 300,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Leases - Summary (Details) $ in Millions	3 Months Ended		6 Months Ended
Leases - Summary (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Aug. 01, 2022	May 31, 2021	Sep. 15, 2020 ft²
Leases
Term of lease	8 years 10 months 17 days		8 years 10 months 17 days
Rentable space terminated from lease agreement (in square feet) \| ft²							15,700
License And Service
Leases
lease expense	$ 0.1	$ 0.2	$ 0.1	$ 0.2
Licensed Room
Leases
lease expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1
Wework
Leases
Term of lease					12 months	12 months
Renewal term					6 months

Share-based Compensation Plans - Summary of RSU Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Unvested as of December 31,2022 \| shares	40,772
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(3,375)
Forfeited (in shares) \| shares	(3,035)
Unvested the end of the period (in shares) \| shares	34,362
Weighted-Average Grant Date Fair Value
Unvested as of December 31,2022 \| $ / shares	$ 15.3
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	41.72
Forfeited (in dollars per share) \| $ / shares	13.73
Unvested restricted common stock at the end of the period (in dollars per share) \| $ / shares	$ 12.84

Defined Contribution Plan

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Defined Contribution Plan

10. Defined Contribution Plan

Subsequent to the Separation, the Company adopted a defined contribution 401(k) Savings Plan similar to the plan in place at Ironwood. The plan assets under the Ironwood defined contribution 401(k) Savings Plan were transferred to the Company's Plan.

Subject to certain IRS limits, eligible employees may elect to contribute from 1% to 100% of their compensation. The Company's contributions to the plan are at the sole discretion of the board of directors. Currently, the Company provides a matching contribution of 75% of the employee’s contributions, up to $6,000 annually.

Included in compensation expense is a de minimis amount and approximately $0.1 million related to the defined contribution 401(k) Savings Plan for the three and six months ended June 30, 2023, respectively, and a de minimis amount, and approximately $0.2 million for the three and six months ended June 30, 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis and indicating the level of the fair value hierarchy

The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values as of June 30, 2023, and December 31, 2022 (in thousands):


	Fair Value Measurements as of June 30, 2023:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	4,771	$	—	$	—	$	4,771
Cash equivalents	$	4,771	$	—	$	—	$	4,771


	Fair Value Measurements as of December 31, 2022:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	12,357	$	—	$	—	$	12,357
Cash equivalents	$	12,357	$	—	$	—	$	12,357

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Accrued incentive compensation	$	210	$	238
Salaries		136		246
Accrued vacation		179		186
Professional fees		684		835
Accrued severance and benefit costs		144		809
Zagociguat/CY3018 Reimbursement		935		—
Other		175		68
Accrued expenses and other current liabilities	$	2,463	$	2,382

Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2023			2022
Software		2,168		$	2,174
Computer equipment		—			7
Leasehold improvements		—			—
Property and equipment, gross		2,168			2,181
Less: accumulated depreciation and amortization		(2,168	)		(2,181	)
Property and equipment, net	$	—		$	—

As of June 30, 2023, and December 31, 2022, the Company’s property and equipment was primarily located in Boston, Massachusetts.

During the six months ended June 30, 2023. the Company did not record depreciation and amortization expenses. The company recorded approximately $0.1 million of depreciation and amortization expenses for the six months ended June 30, 2022.

Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash equivalents:
Total cash equivalents	$ 4,771	$ 12,357
Level 1
Cash equivalents:
Total cash equivalents	4,771	12,357
Money market funds
Cash equivalents:
Total cash equivalents	4,771	12,357
Money market funds \| Level 1
Cash equivalents:
Total cash equivalents	$ 4,771	$ 12,357

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accounting policies of the Company are set forth in Note 2. Summary of Significant Accounting Policies to the consolidated financial statements contained in the Company’s 2022 Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Use of Estimates

The preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the amounts of expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments, and methodologies. Significant estimates and assumptions in the consolidated financial statements include those related to revenue, impairment of long-lived assets, valuation procedures for right-of-use ("ROU") assets and operating lease liabilities, income taxes, including the valuation allowance for deferred tax assets, research and development expenses, contingencies, share-based compensation and going concern. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Except as discussed elsewhere in the notes to the consolidated financial statements, the Company did not adopt any new accounting pronouncements during the six months ended June 30, 2023 that had a material effect on its condensed consolidated financial statements.

In June 2016 the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. This standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. As a smaller reporting company, ASU 2016-13 will become effective for the Company for fiscal years beginning after December 15, 2022, and early adoption is permitted. The Company adopted ASU 2016-13 in the first quarter of 2023, and the adoption of this standard did not have any impact on the Company's financial position or results of operations.

No other accounting standards known by the Company to be applicable to it that have been issued by the FASB or other standard-setting bodies and that do not require adoption until a future date are expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (11,135)	$ (26,366)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization	0	65
Share-based compensation expense	805	3,466
Changes in operating assets and liabilities:
Accounts receivable	96	(127)
Related party accounts receivable	0	0
Prepaid expenses	(239)	281
Other current assets	109	(14)
Operating lease assets	93	92
Other assets	182	183
Accounts payable	(1,106)	939
Accrued research and development costs	(1,655)	(1,594)
Accrued expenses and other current liabilities	81	(578)
Net cash (used in) operating activities	(12,769)	(23,653)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock purchase agreement	5,000	0
Proceeds from exercises of stock options and ESPP	24	17
Net cash provided by financing activities	5,024	17
Effect of exchange rate changes on cash and cash equivalents	4	(2)
Net decrease in cash, cash equivalents and restricted cash	(7,741)	(23,638)
Cash, cash equivalents and restricted cash, beginning of period	13,382	53,961
Cash, cash equivalents and restricted cash, end of period	$ 5,641	$ 30,323

License Agreement

6 Months Ended

Jun. 30, 2023

License Agreement [Abstract]

License Agreement

12. License Agreement

Akebia License Agreement

On June 3, 2021, the Company and Akebia entered into a License Agreement (the “Akebia License Agreement”) relating to the exclusive worldwide license by the Company to Akebia of our rights to the development, manufacture, medical affairs and commercialization of pharmaceutical products containing the pharmaceutical compound known as praliciguat and other related products and forms thereof enumerated in the License Agreement (collectively, the “Products”). Pursuant to the Akebia License Agreement, Akebia will be responsible for all future research, development, regulatory, and commercialization activities for the Products.

Akebia paid a $3.0 million up-front payment to the Company upon signing of the Akebia License Agreement and the Company is eligible to receive additional milestone cash payments of up to $12.0 million upon initiation of a Phase 2 clinical trial. Further milestone cash payments by Akebia are scheduled in the Akebia License Agreement based on the initiation of Phase 3 clinical trials in the U.S. for Products for first and second indication, for FDA approvals, for approvals in certain other major markets, and for certain sales milestones. In addition to these cash milestone payments, Akebia will pay the Company tiered royalty payments on net sales in certain major markets at percentages ranging from the mid-single digits to the high-teens, subject to certain reductions and offsets.

Pursuant to the Akebia License Agreement, the Company determined the Akebia License Agreement represents a service arrangement under the scope of ASC 606. Given the reversion of the rights under the Akebia License Agreement represents a penalty in substance for a termination by Akebia, the contract term would be the stated term of the Akebia License Agreement.

The Company determined that the grant of license to our patents and trademarks, know how transfer, the assignment of regulatory submissions and trademarks and additional knowledge transfer assistance obligations represent a single promise and performance obligation to be transferred to Akebia over time due to the nature of the promises in the contract. The provision of development materials on hand was identified as a separate performance obligation. However, it is immaterial in the context of the contract as the development materials are low value and do not have an alternative use to the Company.

The consideration related to sales-based milestone payments, including royalties, will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license. The Company will re-evaluate the probability of achievement of the milestones and any related constraints each reporting period.

Akebia Supply Agreement

On August 3, 2021, the Company and Akebia entered into a Supply Agreement (the “Supply Agreement”) relating to the manufacturing by the Company of the Initial Supply of the Drug Product and placebo ("Initial

Supply") for Akebia's use pursuant to the Akebia License Agreement. Akebia will pay the Company for the manufacturing costs at mutually agreed upon rates.

The Company determined the Supply Agreement has stand-alone value under the scope of ASC 606 and should not be combined with the Akebia License Agreement. Given that the Supply Agreement can be terminated at any time without cause with 30 days' notice, the Company deemed the Supply Agreement to be a month-to-month contract. The manufacturing of the Initial Supply by the Company represents a single performance obligation and consideration related to the manufacturing costs will be recognized over time as costs are incurred. The Company recorded approximately $0.1 million, and $0.3 million as revenue from the Supply Agreement in the three and six months ended June 30, 2022, respectively. There was no revenue recognized as part of the Supply Agreement in the six months ended June 30, 2023.

Defined Contribution Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
Defined Contribution Plan (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan
401 (k) Savings Plan			us-gaap:QualifiedPlanMember
Matching contribution (as a percent of employee's contributions)			75.00%
Maximum amount of employer matching contribution			$ 6,000
Compensation expense related to the defined contribution 401(k) Savings Plan	$ 100,000	$ 200,000	$ 100,000	$ 200,000
Minimum
Defined Contribution Plan
Percent of compensation eligible employees may elect to contribute			1.00%
Maximum
Defined Contribution Plan
Percent of compensation eligible employees may elect to contribute			100.00%

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2023			2022
Software		2,168		$	2,174
Computer equipment		—			7
Leasehold improvements		—			—
Property and equipment, gross		2,168			2,181
Less: accumulated depreciation and amortization		(2,168	)		(2,181	)
Property and equipment, net	$	—		$	—

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Other Funding Commitments

In the normal course of business, the Company enters into contracts with clinical research organizations and other third parties for clinical and preclinical research studies and other services and products for operating purposes. These contracts are generally cancellable, with notice, at the Company’s option and do not have any significant cancellation penalties.

Guarantees

On September 6, 2018, Cyclerion was incorporated in Massachusetts and its officers and directors are indemnified for certain events or occurrences while they are serving in such capacity.

The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, clinical sites and customers. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreements. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these obligations is minimal. Accordingly, the Company did not have any liabilities recorded for these obligations as of June 30, 2023 and December 31, 2022.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue from development agreement	$ 0	$ 72	$ 0	$ 297
Revenue from grants	0	234	0	720
Total revenues	0	306	0	1,017
Cost and expenses:
Research and development	886	10,218	4,659	19,961
General and administrative	3,357	3,521	6,626	7,473
Total cost and expenses	4,243	13,739	11,285	27,434
Loss from operations	(4,243)	(13,433)	(11,285)	(26,417)
Interest and other income, net	62	45	150	51
Net loss	$ (4,181)	$ (13,388)	$ (11,135)	$ (26,366)
Net loss per share:
Net loss per share - basic	$ (1.83)	$ (6.16)	$ (5)	$ (12.14)
Net loss per share - diluted	$ (1.83)	$ (6.16)	$ (5)	$ (12.14)
Earnings Per Share, Basic, Other Disclosure [Abstract]
Weighted Average Number of Shares Outstanding, Basic	2,282	2,173	2,229	2,172
Weighted Average Number of Shares Outstanding, Diluted	2,282	2,173	2,229	2,172
Other comprehensive loss:
Net loss	$ (4,181)	$ (13,388)	$ (11,135)	$ (26,366)
Other comprehensive loss:
Foreign currency translation adjustment loss	3	(1)	4	(2)
Comprehensive loss	$ (4,178)	$ (13,389)	$ (11,131)	$ (26,368)

Workforce Reduction (Details) $ in Thousands		6 Months Ended
Workforce Reduction (Details) $ in Thousands	Oct. 06, 2022 USD ($) Employees	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning of period		$ (809)
Charges		127
Amount paid		791
Adjustments		0
End of period		(144)
Workforce reduction
Restructuring Cost and Reserve [Line Items]
Beginning of period		(809)
Charges		(127)
Amount paid		791
Adjustments		0
End of period		$ (144)
Current workforce reductions \| October 2022 Current Workforce Reductions
Restructuring Cost and Reserve [Line Items]
Reduction in workforce, number of employees \| Employees	13
Restructuring costs	$ 1,300

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Accrued incentive compensation	$	210	$	238
Salaries		136		246
Accrued vacation		179		186
Professional fees		684		835
Accrued severance and benefit costs		144		809
Zagociguat/CY3018 Reimbursement		935		—
Other		175		68
Accrued expenses and other current liabilities	$	2,463	$	2,382

Loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (4,181)	$ (6,954)	$ (13,388)	$ (12,978)	$ (11,135)	$ (26,366)
Denominator:
Weighted average shares used in calculating net loss per share - basic	2,282		2,173		2,229	2,172
Weighted average shares used in calculating net loss per share - diluted	2,282		2,173		2,229	2,172
Net loss per share - basic	$ (1.83)		$ (6.16)		$ (5)	$ (12.14)
Net loss per share - diluted	$ (1.83)		$ (6.16)		$ (5)	$ (12.14)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Loss Per Share - Schedule Of Earnings Per Share Diluted By Common Class (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	$ 368,718	$ 423,290	$ 368,718	$ 423,290
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	334,356	420,666	334,356	420,666
Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	$ 34,362	$ 2,624	$ 34,362	$ 2,624

Property and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property and Equipment
Property and equipment. gross	$ 2,168		$ 2,181
Less: accumulated depreciation and amortization	(2,168)		(2,181)
Property and equipment, net	0		0
Depreciation and amortization	0	$ 65
Property and Equipment
Property and Equipment
Depreciation and amortization	0	$ 100
Software
Property and Equipment
Property and equipment. gross	2,168		2,174
Computer and office equipment
Property and Equipment
Property and equipment. gross	0		7
Leasehold improvements
Property and Equipment
Property and equipment. gross	$ 0		$ 0

Workforce Reduction (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of accrued liabilities activity allocated to Cyclerion in connection with the reduction in workforce

The following table summarizes the accrued liabilities activity recorded in connection with the reduction in workforce for the six months ended June 30, 2023 (in thousands):


	Amounts accrued at December 31, 2022			Charges			Amount paid		Adjustments		Amounts accrued at June 30, 2023
Workforce reduction	$	(809	)	$	(127	)	$	791	$	—	$	(144	)
Total	$	(809	)	$	(127	)	$	791	$	—	$	(144	)

Share-based Compensation Plans (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) TradingDay $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares
Share-based Compensation Plans
Share-based compensation	$ 379	$ 1,699	$ 805	$ 3,466
Expected period to recognize the expense			9 months 7 days
outstanding stock options \| shares	15,000		15,000
weighted average exercise price \| $ / shares	$ 40.2		$ 40.2
Restricted Stock Units
Share-based Compensation Plans
Unrecognized share-based compensation expense	$ 100		$ 100
Expected period to recognize the expense			3 months 18 days
Stock options
Share-based Compensation Plans
Unrecognized share-based compensation expense	$ 1,500		$ 1,500
Expected period to recognize the expense			3 years 2 months 12 days
outstanding stock options \| shares	334,356		334,356		365,216
weighted average exercise price \| $ / shares	$ 175.3		$ 175.3		$ 184.45
Performance stock options
Share-based Compensation Plans
Threshold consecutive trading days, used as a base for measurement of vesting of stock awards \| TradingDay			30
Performance stock options \| Minimum [Member]
Share-based Compensation Plans
Expected option term (in years)			4 years
Performance stock options \| Maximum
Share-based Compensation Plans
Expected option term (in years)			4 years 7 months 6 days

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,641	$ 13,382
Accounts receivable	0	96
Prepaid expenses	1,044	805
Other current assets	428	537
Total current assets	7,113	14,820
Operating lease right-of-use asset	1,125	1,218
Other assets	1,859	2,041
Total assets	10,097	18,079
Current liabilities:
Accounts payable	1,864	2,970
Accrued research and development costs	620	2,275
Accrued expenses and other current liabilities	2,463	2,382
Total current liabilities	4,947	7,627
Commitments and contingencies (Note 6)	0	0
Stockholders' equity
Preferred shares, no par value, 500,000 shares authorized and 351,037 series A convertible preferred stock issued and outstanding at June 30, 2023	0	0
Common stock, no par value, 20,000,000 shares authorized and 2,407,796 issued and outstanding June 30, 2023 and 20,000,000 shares authorized and 2,175,936 issued and outstanding at December 31, 2022	0	0
Paid-in capital	275,455	269,626
Accumulated deficit	(270,289)	(259,154)
Accumulated other comprehensive loss	(16)	(20)
Total stockholders' equity	5,150	10,452
Total liabilities and stockholders' equity	$ 10,097	$ 18,079

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

7. Leases

In May 2021 the Company signed a 12-month membership agreement to lease space with WeWork at 501 Boylston Street, Boston, Massachusetts, commencing on August 1, 2021. The agreement was extended for six months on August 1, 2022. The 12-month agreements and 6-month extension are accounted for as short-term leases. The Company recorded a de minimis amount of lease expense associated with the membership agreement during the three and six months ended June 30, 2023, respectively.

On September 15, 2020, the Company entered into a Sublease Termination Agreement (the "Sublease Termination Agreement") to terminate its sublease of 15,700 rentable square feet, of its leased premises under the Head Lease. Under the terms of the Sublease Termination Agreement, the subtenant was relieved of its obligation to provide future cash rental payments to the Company. The agreements requiring the former subtenant to provide licensed rooms and services to the Company free of charge through the original sublease term survived the sublease termination. The Company gained access to the licensed rooms and services beginning in the third quarter of 2021. The letter of credit security deposit related to the sublease was released.

The Company determined that the Sublease Termination Agreement constituted a non-monetary exchange under ASC 845 Nonmonetary Transactions (“ASC 845”) where, in return for the free rooms and the services, the Company agreed to terminate its rights and obligations under the sublease agreement. In accordance with ASC 845, the Company determined that the accounting for the transaction should be based on the fair value of assets or services involved. The Company estimated the fair value of the rooms and services to be approximately $1.5 million and $2.9 million, respectively.

The Company determined that the licensed rooms represent a lease under ASC Topic 842 Leases. The Company obtained control of the rooms in the third quarter of 2021 and the prepaid rooms balance of approximately $1.4 million was reclassified from other assets to a ROU asset. The related lease expense is recognized on a straight-line basis over the lease term of 8.88 years. The Company recorded a de minimis amount, and $0.1 million of lease expense during the three and six months ended June 30, 2023 and June 30, 2022, respectively. The Company determined that the licensed services represent a non-lease component, which is recognized separately from the lease component for this asset class. The expense related to the licensed services is recognized on a straight-line basis over the period the services are received. The Company recorded a $0.1 million and $0.2 million for the three and six months ended June 30, 2023 and June 30, 2022, respectively. Both the lease expense and services expense are recognized as a component of research and development costs in the condensed consolidated statements of operations and comprehensive loss.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On July 19, 2023, the Company received authorization and approval by its shareholders on the Asset Purchase Agreement.

On July 28, 2023, the Company closed the transactions contemplated by the Asset Purchase Agreement receiving proceeds of $8 million as cash consideration, approximately $2.4 million as reimbursement for certain operating expenses related to zagociguat and CY3018 programs for the period between signing and closing of the transaction, and 10% of all of Tisento Therapeutics Holdings Inc. outstanding equity securities.

Nature of Business (Details)			3 Months Ended		6 Months Ended
Nature of Business (Details)	Jul. 28, 2023 USD ($)	Sep. 03, 2020 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	Jul. 24, 2020 USD ($)	Nov. 15, 2019 Employee
Nature of Business
Equity investment in cash							$ 5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0		$ 0			$ 0
Operating Expenses			$ 4,243,000	$ 13,739,000	$ 11,285,000	$ 27,434,000
Issuance of common stock			$ 1,953,000
Proceeds from stock purchase agreement					5,000,000	0
Common stock issued or sold under the ATM Offering					$ 0	$ 0
Subsequent Event [Member]
Nature of Business
Cash consideration transferrred	$ 8,000,000
Operating Expenses	$ 2,400,000
IPO
Nature of Business
Maximum amount of Aggregate initial offering price									$ 150,000,000
ATM Offering \| Jefferies LLC
Nature of Business
Cash commission of gross proceeds of sales of common stock, percentage		3.00%
Number of common stock sold \| shares			3,353,059		3,353,059
Proceeds from stock purchase agreement					$ 12,500,000
ATM Offering \| Maximum \| Jefferies LLC
Nature of Business
Issuance of common stock		$ 50,000,000
Cyclerion Securities Corporation
Nature of Business
Number of employees \| Employee										0
Commercialization milestone payments					$ 585,000,000
Tisento Therapeutics Holdings Inc [Member] \| Subsequent Event [Member]
Nature of Business
Outstanding equity securities	10.00%
Common stock
Nature of Business
Common stock shares issued \| shares							225,000
Issuance of common stock (in shares) \| shares			225,000
Series A preferred stock
Nature of Business
Preferred stock, shares issued \| shares							351,037
Preferred stock, par value (in dollars per share) \| $ / shares							$ 8.68

Grant Revenue (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		18 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
PTC Grant Award				$ 2.0
Allowable Expenses on Grant Revenue	$ 0.0	$ 0.0	$ 0.7

Loss per share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Loss per share

9. Loss per share

Basic and diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net loss (in thousands)	$	(4,181	)	$	(13,388	)	$	(11,135	)	$	(26,366	)

Denominator:
Weighted average shares used in calculating net loss per share — basic and diluted (in thousands)		2,282			2,173			2,229			2,172
Net loss per share — basic and diluted	$	(1.83	)	$	(6.16	)	$	(5.00	)	$	(12.14	)

We exclude shares of common stock related to stock options and RSUs from the calculation of diluted net loss per share since the inclusion of such shares would be anti-dilutive. The following table sets forth potential shares that were considered anti-dilutive for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock Options	$	334,356		420,666	$	334,356	$	420,666
RSUs		34,362		2,624		34,362		2,624
	$	368,718	$	423,290	$	368,718	$	423,290

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] $ in Millions	Jul. 28, 2023 USD ($)
Subsequent Event [Line Items]
Cash consideration transferrred	$ 8.0
Proceeds from operating activities	$ 2.4
TisentoT herapeutics Holdings Inc [Member]
Subsequent Event [Line Items]
Outstanding equity securities	10.00%

Share-based Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Options
Outstanding at end of the year (in shares)	15,000
Weighted Average Exercise Price
Outstanding at end of the year (in dollars per share)	$ 40.2
Stock options
Number of Options
Outstanding at beginning of the year (in shares)	365,216
Granted (in shares)	4,000
Cancelled or forfeited (in shares)	(34,860)
Outstanding at end of the year (in shares)	334,356	365,216
Exercisable (in shares)	257,214
Weighted Average Exercise Price
Outstanding at beginning of the year (in dollars per share)	$ 184.45
Granted (in dollars per share)	3.82
Exercised (in dollars per share)	0
Cancelled or forfeited (in dollars per share)	251.45
Outstanding at end of the year (in dollars per share)	175.3	$ 184.45
Exercisable (in dollars per share)	$ 214.89
Weighted Average Remaining Contractual Term (years)
Weighted Average Remaining Contractual Term (years)	5 years 7 months 6 days	5 years 9 months 18 days
Weighted Average Remaining Contractual Term (years)	4 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 1,200	$ 20,000
Aggregate Intrinsic Value, Exercisable	$ 0

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3. Fair Value of Financial Instruments


	Fair Value Measurements as of June 30, 2023:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	4,771	$	—	$	—	$	4,771
Cash equivalents	$	4,771	$	—	$	—	$	4,771


	Fair Value Measurements as of December 31, 2022:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	12,357	$	—	$	—	$	12,357
Cash equivalents	$	12,357	$	—	$	—	$	12,357

During the six months ended June 30, 2023 and 2022, there were no transfers between levels. The fair value of the Company’s cash equivalents, consisting of money market funds, is based on quoted market prices in active markets with no valuation adjustment.

The Company believes the carrying amounts of its prepaid expenses and other current assets, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these amounts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements and the related disclosures are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the Securities and Exchange Commission on March 22, 2023. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and the results of its operations for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results that may be expected for the full year or any other subsequent interim period. The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries, Cyclerion GmbH, and Cyclerion Securities Corporation. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying condensed consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the amounts of expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments, and methodologies. Significant estimates and assumptions in the consolidated financial statements include those related to revenue, impairment of long-lived assets, valuation procedures for right-of-use ("ROU") assets and operating lease liabilities, income taxes, including the valuation allowance for deferred tax assets, research and development expenses, contingencies, share-based compensation and going concern. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Except as discussed elsewhere in the notes to the consolidated financial statements, the Company did not adopt any new accounting pronouncements during the six months ended June 30, 2023 that had a material effect on its condensed consolidated financial statements. In June 2016 the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. This standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. As a smaller reporting company, ASU 2016-13 will become effective for the Company for fiscal years beginning after December 15, 2022, and early adoption is permitted. The Company adopted ASU 2016-13 in the first quarter of 2023, and the adoption of this standard did not have any impact on the Company's financial position or results of operations. No other accounting standards known by the Company to be applicable to it that have been issued by the FASB or other standard-setting bodies and that do not require adoption until a future date are expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.

Share-based Compensation Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 379	$ 1,699	$ 805	$ 3,466
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	181	793	410	1,623
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 198	$ 906	$ 395	$ 1,843

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Grant Revenue

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue [Line Items]

Grant Revenue

13. Grant Revenue

In August 2021, the Company was approved to receive funding from the PTC Grant for the Phase 2 study of CNS sGC stimulation in AD with vascular features. The granting period was July 1, 2021, to December 31, 2022, and the Company receive an award of $2 million. The Company determined that this transaction is non-reciprocal as there is not considered to be a commensurate value exchanged with the Alzheimer's Association as the funding provider. Where commensurate value is not exchanged for goods and services provided, a recipient assesses whether the grant is conditional or unconditional. The Company considered all conditions and barriers associated with this grant and determined the grant is conditional and revenue will be recognized upon achieving certain milestones and incurring internal costs specifically covered by this grant. Under ASC 958-605, revenues will be recognized as the Company incurs expenses related to the PTC Grant.

The Company incurred no costs associated with the grant for the three and six months ended June 30, 2023, compared to approximately $0.7 million of expenses associated with the grant for the six months ended June 30, 2022.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Loss per share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

Basic and diluted net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net loss (in thousands)	$	(4,181	)	$	(13,388	)	$	(11,135	)	$	(26,366	)

Denominator:
Weighted average shares used in calculating net loss per share — basic and diluted (in thousands)		2,282			2,173			2,229			2,172
Net loss per share — basic and diluted	$	(1.83	)	$	(6.16	)	$	(5.00	)	$	(12.14	)

Schedule Of earnings per share diluted by common class

The following table sets forth potential shares that were considered anti-dilutive for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock Options	$	334,356		420,666	$	334,356	$	420,666
RSUs		34,362		2,624		34,362		2,624
	$	368,718	$	423,290	$	368,718	$	423,290

Condensed Consolidated and Combined Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Preferred stock	Paid-in capital	Accumulated deficit	Accumulated other comprehensive loss
Beginning balance at Dec. 31, 2021	$ 48,246			$ 263,345	$ (215,076)	$ (23)
Beginning balance (in shares) at Dec. 31, 2021		2,170,509
Net loss	(12,978)				(12,978)
Issuance of common stock upon exercise of stock options, RSUs and employee stock purchase plan (in shares)		1,909
Share-based compensation expense related to issuance of stock options and RSUs to employees and employee stock purchase plan	1,476			1,476
Share‑based compensation expense related to issuance of stock options to non-employees	291			291
Foreign currency translation adjustment loss	(1)					(1)
Ending balance at Mar. 31, 2022	37,034			265,112	(228,054)	(24)
Ending balance (in shares) at Mar. 31, 2022		2,172,418
Beginning balance at Dec. 31, 2021	48,246			263,345	(215,076)	(23)
Beginning balance (in shares) at Dec. 31, 2021		2,170,509
Net loss	(26,366)
Foreign currency translation adjustment loss	(2)
Ending balance at Jun. 30, 2022	25,361			266,828	(241,442)	(25)
Ending balance (in shares) at Jun. 30, 2022		2,173,992
Beginning balance at Mar. 31, 2022	37,034			265,112	(228,054)	(24)
Beginning balance (in shares) at Mar. 31, 2022		2,172,418
Net loss	(13,388)				(13,388)
Issuance of common stock upon exercise of stock options, RSUs and employee stock purchase plan	17			17
Issuance of common stock upon exercise of stock options, RSUs and employee stock purchase plan (in shares)		1,574
Share-based compensation expense related to issuance of stock options and RSUs to employees and employee stock purchase plan	1,410			1,410
Share‑based compensation expense related to issuance of stock options to non-employees	289			289
Foreign currency translation adjustment loss	(1)					(1)
Ending balance at Jun. 30, 2022	25,361			266,828	(241,442)	(25)
Ending balance (in shares) at Jun. 30, 2022		2,173,992
Beginning balance at Dec. 31, 2022	$ 10,452			269,626	(259,154)	(20)
Beginning balance (in shares) at Dec. 31, 2022	2,175,936	2,175,936
Net loss	$ (6,954)				(6,954)
Issuance of common stock upon exercise of stock options, RSUs and employee stock purchase plan (in shares)		309
Share-based compensation expense related to issuance of stock options and RSUs to employees and employee stock purchase plan	416			416
Share‑based compensation expense related to issuance of stock options to non-employees	10			10
Foreign currency translation adjustment loss	1					1
Ending balance at Mar. 31, 2023	3,925			270,052	(266,108)	(19)
Ending balance (in shares) at Mar. 31, 2023		2,176,245
Beginning balance at Dec. 31, 2022	$ 10,452			269,626	(259,154)	(20)
Beginning balance (in shares) at Dec. 31, 2022	2,175,936	2,175,936
Net loss	$ (11,135)
Foreign currency translation adjustment loss	4
Ending balance at Jun. 30, 2023	$ 5,150			275,455	(270,289)	(16)
Ending balance (in shares) at Jun. 30, 2023	2,407,796	2,407,796	351,037
Beginning balance at Mar. 31, 2023	$ 3,925			270,052	(266,108)	(19)
Beginning balance (in shares) at Mar. 31, 2023		2,176,245
Net loss	(4,181)				(4,181)
Issuance of common stock	1,953			1,953
Issuance of common stock (in shares)		225,000
Issuance of preferred shares value	3,047			3,047
Issuance of preferred shares ( in shares)			351,037
Issuance of common stock upon exercise of stock options, RSUs and employee stock purchase plan	24			24
Issuance of common stock upon exercise of stock options, RSUs and employee stock purchase plan (in shares)		6,618
Share-based compensation expense related to issuance of stock options and RSUs to employees and employee stock purchase plan	373			373
Share‑based compensation expense related to issuance of stock options to non-employees	6			6
Foreign currency translation adjustment loss	3					3
Fractional shares issuance (in shares)		(67)
Ending balance at Jun. 30, 2023	$ 5,150			$ 275,455	$ (270,289)	$ (16)
Ending balance (in shares) at Jun. 30, 2023	2,407,796	2,407,796	351,037

Share-based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	181	$	793	$	410	$	1,623
General and administrative		198		906		395		1,843
	$	379	$	1,699	$	805	$	3,466

Schedule of stock option activity

A summary of stock option activity for the six months ended June 30, 2023, is as follows:


						Weighted
				Weighted		Average		Average
				Average		Remaining		Intrinsic
	Number			Exercise		Contractual		Value (in
	of Options			Price		Term (Years)		thousands)
Outstanding as of December 31, 2022		365,216		$	184.45		5.8		20
Granted		4,000			3.82
Exercised		—			0.00
Cancelled or forfeited		(34,860	)		251.45
Outstanding as of June 30, 2023		334,356		$	175.30		5.6	$	1.20
Exercisable at June 30, 2023		257,214		$	214.89		4.9	$	—

Summary of RSU activity

A summary of RSU activity for the six months ended June 30, 2023 is as follows:


				Weighted Average
	Number			Grant Date
	of Shares			Fair Value
Unvested as of December 31, 2022		40,772		$	15.30
Granted		—			—
Vested		(3,375	)		41.72
Forfeited		(3,035	)		13.73
Unvested as of June 30, 2023		34,362		$	12.84

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Entity Registrant Name	CYCLERION THERAPEUTICS, INC.
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,410,796
Entity Central Index Key	0001755237
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Tax Identification Number	83-1895370
Entity File Number	001-38787
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	245 First Street
Entity Address, Address Line Two	18th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	327-8778
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CYCN
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	500,000
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	2,407,796	2,175,936
Common stock, shares outstanding	2,407,796	2,175,936
SeriesA Convertible Preferred Stock [Member]
Preferred stock, shares issued	351,037
Preferred stock, shares outstanding	351,037

Leases - Sublease as Lessor (Details) $ in Millions	3 Months Ended		6 Months Ended
Leases - Sublease as Lessor (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 15, 2020 ft²
Sublease as lessor
Rentable space terminated from lease agreement (in square feet) \| ft²					15,700
Sublease termination agreement estimated fair value of rooms	$ 1.5		$ 1.5
Sublease termination agreement estimated fair value of services	$ 2.9		2.9
Prepaid rooms balance reclassified from other assets			$ 1.4
Term of lease	8 years 10 months 17 days		8 years 10 months 17 days
License And Service
Sublease as lessor
lease expense	$ 0.1	$ 0.2	$ 0.1	$ 0.2

Workforce Reduction

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Workforce Reduction

11. Workforce Reduction

On October 6, 2022, the Company began a reduction of its current workforce by thirteen (13) full-time employees to align its resources with its current priorities of focusing on a mitochondrial disease-focused strategy. The workforce reduction was completed in the fourth quarter of 2022.

The Company recorded total costs related to the 2022 Workforce Reduction of approximately $1.3 million, including a de minimis amount of stock-based compensation from the modification of certain share-based equity awards.

The following table summarizes the accrued liabilities activity recorded in connection with the reduction in workforce for the six months ended June 30, 2023 (in thousands):


	Amounts accrued at December 31, 2022			Charges			Amount paid		Adjustments		Amounts accrued at June 30, 2023
Workforce reduction	$	(809	)	$	(127	)	$	791	$	—	$	(144	)
Total	$	(809	)	$	(127	)	$	791	$	—	$	(144	)