Cyclerion Therapeutics, Inc. · NASDAQ:CYCN
Cyclerion Therapeutics — Korsana Biosciences — Investor Presentation (February 2026)
28 slides from Cyclerion Therapeutics's investor presentation, February 2026
Slide 1: Korsana Biosciences Overview
Korsana Biosciences Overview February 2026
Slide 2: Korsana is developing potentially best-in-class therapies for neurodegenerative disorders
Korsana is developing potentially best-in-class therapies, with an initial focus on neurodegenerative disorders ➢ Initially focused on potentially best-in-class therapies for neurodegenerative disorders like Alzheimer’s disease ➢ Built on Therapeutic Targeting (THETA ), our next-generation BBB-penet
Slide 3: Korsana is founded on four key beliefs
Korsana is founded on four key beliefs Alzheimer's is a Shuttling is the Korsana has the Korsana has a rapid vast and de-risked best way to improve potential best-in-class path to value creation opportunity existing agents approach For the first time, there is a Transferrin receptor (TfR)-based Lead
Slide 4: Alzheimer's is a vast and de-risked opportunity
Alzheimer’s is a vast and de-risked opportunity
Slide 5: Alzheimer's is a devastating disorder with significant unmet need and growing patient population
Alzheimer’s is a devastating neurological disorder with significant unmet need and a rapidly growing patient population The number of Americans with Alzheimer’s is projected to nearly double by 2050 Age 65+ US population (M) Total annual cost of care in US Alzheimer’s patients $1T 100 Other 65+ popu
Slide 6: Today's anti-Aβ therapies leave significant room for improvement
Despite clinical progress and approvals, today’s anti-Aβ therapies leave significant room for improvement Approved therapies only demonstrate ~30% slowing …and carry black box warnings for ARIA of disease progression at 18 months… risk, affecting ~15-25% of treated patients Months Months 0 3 6 9 12
Slide 7: Approved therapies are highly inconvenient, with IV dosing and MRI monitoring
Approved therapies are also highly inconvenient, with onerous IV dosing and MRI monitoring on label Month BL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Dosing Monitoring As needed for ARIA symptoms Dosing Monitoring As needed for ARIA symptoms 7 Notes: BL = baseline. Patients can be taken off Kisu
Slide 8: Amyloid reduction predicts slowing of cognitive decline
First-gen therapies have laid out the roadmap for success: amyloid reduction predicts slowing of cognitive decline 0.2 0.0 “The Agency has found… that reduction of brain Aβ plaque on PET is Lower score is better -0.2 reasonably likely to predict clinical benefit in Alzheimer’s disease.” Cognitive De
Slide 9: Shuttling is the best way to improve existing agents
Shuttling is the best way to improve existing agents
Slide 10: Shuttling ferries large molecules across the blood-brain barrier
Shuttling approaches actively ferry large molecules across the blood-brain barrier (BBB), fundamentally changing CNS penetration Capillary Brain parenchyma Shuttle-enabled mAb Receptor- Transferrin receptor mediated transcytosis Endothelial cell Amyloid plaque 10 Notes: Figure made in BioRender. Ada
Slide 11: Trontinemab shows significant efficacy improvement over gantenerumab
Roche’s trontinemab, the first shuttled anti-Aβ antibody, has shown a significant efficacy improvement over first-gen gantenerumab… Trontinemab shows ~8x increased CSF … and most trontinemab-treated Alzheimer’s patients exposure over gantenerumab in humans… reached “amyloid-negative” status by W28 C
Slide 12: Trontinemab greatly reduces ARIA
… and greatly reduces ARIA, the critical safety signal for this class of therapies ARIA rate (%) 30 ARIA-E ARIA-H 26% 25 24% 24% 24% 22% 20 20% 17% 15 13% 10 7% 5 4% 3% 1% 0 Trontinemab Trontinemab Gantenerumab Gantenerumab Lecanemab Donanemab (1.8 mg/kg, N=76) (3.6 mg/kg, N=73) (GRADUATE 1, N=503)
Slide 13: Trontinemab's profile leaves headroom for competitive differentiation
However, as a first-gen shuttled Aβ, trontinemab’s profile leaves substantial headroom for competitive differentiation Efficacy Safety Dosing & Tolerability Mean amyloid plaque reductions from baseline Mean hemoglobin changes from baseline Incidence of infusion related reactions Adj. change from bas
Slide 14: Korsana has the potential best-in-class approach
Korsana has the potential best-in-class approach
Slide 15: Goal: best-in-class shuttled Aβ therapy improving on trontinemab
Korsana’s goal is to achieve a best-in-class shuttled Aβ therapy, offering meaningful improvements over trontinemab Key Value Drivers for KRSA-028 FAST, ROBUST Efficacy on par or greater than trontinemab AMYLOID REDUCTIONS DIFFERENTIATED Minimal ARIA risk, avoid hematologic AEs SAFETY PROFILE CONVEN
Slide 16: KRSA-028 is a next-gen shuttled anti-Aβ
KRSA-028 is a next-gen, potentially best-in-class shuttled anti-Aβ Pyroglutamate-Aβ Subcutaneous formulation targeted backbone • Expected to be efficacious at lower dose • Targets the Aβ epitope associated with than first-generation shuttled therapies the greatest amyloid plaque clearance • Optimize
Slide 17: Targeting pyroglu-Aβ epitope delivers best clinical efficacy in Phase 3
Targeting the plaque-specific pyroglu-Aβ epitope has been shown to deliver the best clinical efficacy in Phase 3 trials Amyloid plaque clearance and Ph3 clinical performance of Aβ antibodies Antibody Aβ epitope / species targeted 0.4 CDR-SB adjusted mean difference from placebo 0.2 Aducanumab Adu Ph
Slide 18: KRSA-028 targets plaque-selective pyroglu-Aβ to maximize plaque clearance
KRSA-028 targets plaque-selective pyroglu-Aβ to maximize plaque clearance through phagocytosis KRSA-028 exhibits potent pyroglu-Aβ phagocytosis KRSA-028 Aβ backbone: ➢ Same plaque-selective epitope Cellular Uptake as donanemab and remternetug 3pE-Aβ (3-42) fibrils 40 KRSA-028 ➢ High Aβ affinity, KD
Slide 19: KRSA-028 has longer half-life and avoids reticulocyte depletion in NHPs
KRSA-028 has a longer half-life than trontinemab and avoids reticulocyte depletion in NHPs KRSA-028 has >2.5x half-life in NHPs KRSA-028 avoids reticulocyte depletion in NHPs compared to trontinemab 1000 400 300 from baseline) Baseline) 200 (μg/mL) concentration (µg/mL) 100 100 Changefrom Concentrat
Slide 20: KRSA-028 shows improved brain penetration in mouse and NHP
KRSA-028 shows improved brain penetration in mouse and NHP KRSA-028 demonstrates increased brain KRSA-028 shows >6x brain penetration in NHPs penetration in hTfR1/hFcRn mouse model compared to trontinemab 40 40 KRSA-028 KRSA-028 KRSA-028 Concentration 30 Trontinemab 30 Trontinemab Concentration (ng/
Slide 21: KRSA-028 expected to match trontinemab exposure with low volume SC
KRSA-028 is expected to match trontinemab Phase 3 IV exposure with low volume SC, compatible with autoinjector Projected human PK • PK model suggests that KRSA-028 will match trontinemab Phase 3 exposure with a monthly SC volume of 1-2 mL Serum concentration (µg/mL) KRSA-028 Cavg Trontinemab C avg •
Slide 22: KRSA-028 data accelerate and de-risk development
Novel Aβ and TfR1 binding sequences retain key features of clinically validated molecules High affinity pyroglu-Aβ binding and clearance via ADCP leverage best- proven mechanism of efficacy KRSA-028 data accelerate & de-risk TfR1 binding matches trontinemab epitope with similar affinity, leveraging
Slide 23: Korsana has a rapid path to value creation
Korsana has a rapid path to value creation
Slide 24: PET imaging provides rapid proof of concept and dose-ranging
PET imaging in early clinical development provides rapid proof of concept and dose-ranging for amyloid plaque clearing Trontinemab Phase 1/2: Remternetug Phase 1: Robust dose-response by Day 50 Robust dose-response by Day 85 Amyloid Plaque Reduction N=7 N=5 N=10 N=4 N=10 N=5 Days Placebo 700 mg Q4W
Slide 25: Scientific innovations and market dynamics driving Alzheimer's treatment inflection
A confluence of scientific innovations and market dynamics are driving Alzheimer’s treatment to a major inflection point Despite a slower than expected launch, Upcoming catalysts in presymptomatic AD sales of Aβ therapies are accelerating may lead to rapid market expansion • Improved dose regimens (
Slide 26: Clear path to early de-risking and value creation
Korsana has a clear path to early de-risking and value creation Comparable public and acquired companies illustrate substantial potential near-term value for Korsana KRSA-028 anticipated milestones: Today MY2027 YE2027 ✓ Strong preclinical data package De-risking healthy volunteer data (safety, PK,
Slide 27: Korsana is poised for rapid progress
Korsana is poised for rapid progress Near-Term Catalysts Well-Financed Experienced Leadership KRSA-028 • $25M seed round Q4 2024 • Seasoned CEO Jonathan Violin • CTN filing YE26 • $150M Series A Sept 2025 • Prior CEO roles include: • IND filing 1Q27 Viridian Therapeutics, • Cash runway into 2028 Dia
Slide 28: Thank you
V4 KORSANA BB BIosciENcES Thank you
Korsana Biosciences — Investor Presentation (February 2026) on 6ix