Mergers & Acquisitions ·
Korsana Biosciences completes merger with Cyclerion Therapeutics and raises $380 million in private placement
CYCNKorsana Biosciences, Inc.
Korsana Biosciences completed its merger with Cyclerion Therapeutics and concurrently closed a $380 million private placement in September 2026. The transaction significantly strengthened the company's balance sheet, resulting in approximately $456.2 million in cash and cash equivalents as of September 30, 2026, which management expects will fund operations into 2029. Additionally, Korsana appointed Matthew Leoni as Chief Medical Officer, Gan Wei as Chief Technical Officer, and Heidi Henson to its Board of Directors. The company reported a net loss of $46.4 million for the third quarter ended September 30, 2026. Korsana Biosciences is a biotechnology company developing novel therapies for neurodegenerative diseases.