NEW YORK, Jan 6, 2026, 08:19 EST — Premarket
- Cyclerion Therapeutics shares jumped in premarket after announcing an expanded collaboration with Medsteer for its CYC-126 depression program.
- The company is targeting a Phase 2 proof-of-concept study start in the second half of 2026, with initial data expected in 2027.
- Investors are focused on the webcast and any added detail on the device build, regulatory path and funding needs.
Cyclerion Therapeutics Inc shares jumped about 46% to around $2.01 in premarket trading on Tuesday after the company announced an expanded strategic collaboration with Medsteer to advance its closed-loop anesthetic platform, CYC-126. 1
The move matters because Cyclerion is trying to pair an anesthetic-based approach with a device-and-software system that adjusts dosing using real-time feedback — a setup that can add complexity but also sharpen execution in early trials. For small biotechs, clearer milestones can quickly reset expectations for funding and timelines.
Cyclerion said the agreement is exclusive and includes an option to license Medsteer’s technology for use with CYC-126, which it is developing for treatment-resistant depression. The company described CYC-126 as combining well-characterized anesthetic agents with real-time EEG monitoring — brainwave readings — and algorithm-guided dosing. 2
Medsteer’s technology has been used across more than 25 clinical settings and over 9,000 patients, according to a report that cited the company’s statement. Cyclerion also said it plans to target first patient enrollment in Australia under the CTN/HREC pathway, which it described as an expedited review process, while it prepares for a potential U.S. IND filing — the FDA submission needed to start trials in the United States. 3
A newswire report said Cyclerion expects to rely mainly on FDA-cleared device components and a previously announced MIT license as it completes device integration ahead of the planned Phase 2 start. 4
Chief Executive Regina Graul said the collaboration strengthens the development strategy and timeline toward a Phase 2 proof-of-concept study, while Medsteer co-founder and COO Nicolas Choussat said real-time feedback paired with software “holds great potential” to improve outcomes. Cyclerion said it planned an investor webcast at 8 a.m. ET on Tuesday featuring neuroscience adviser Husseini Manji. 5
The stock closed on Monday at $1.38 and later traded at $2.0817 in after-hours dealings, according to MarketWatch data. 6
But the timetable is fragile. Cyclerion’s release flagged “substantial doubt” about its ability to continue as a going concern and pointed to the need to raise additional funding, alongside the usual risks that can delay enrollment, extend timelines or derail trials. 7
