Korsana Biosciences, Inc.
korsana.comWhat Do They Do?
Develops a potential anesthetic-based therapy for treatment-resistant depression, using hospital-based drug delivery guided by monitoring of brain activity.
10-K for FY2025, filed Mar 31, 2026
How Do They Make Money?
Drug companies pay for licenses through upfront and milestone payments and a percentage of future product sales; Akebia paid for development materials when delivered, while an option holder paid fees for an option and its extensions.
10-K for FY2025, filed Mar 31, 2026On December 13, 2024, we announced that Cyclerion and Akebia re-negotiated a mutually beneficial amendment to Akebia's exclusive license…View ↗
In September 2025, we entered in a Material Purchase Agreement (the “Purchase Agreement”) with Akebia relating to purchase additional…View ↗
Olinciguat is a Phase 2, orally administered, once-daily, vascular sGC stimulator. On July 22, 2024, we entered into an Option to License…View ↗
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10-K for FY2025, filed Mar 30, 2026
FY2025 revenue by product or service ↗
$2.1M
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10-K for FY2025, filed Mar 30, 2026
$2.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Revenue from license agreement
Licensed
10-K for FY2025, filed Mar 31, 2026 |
48% |
Revenue from license agreement, FY2025
$1M Sources
|
Licensed |
|
Revenue from purchase agreement
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
39% |
Revenue from purchase agreement, FY2025
$800K Sources
|
Sold outright |
|
Revenue from option agreement
|
13% |
Revenue from option agreement, FY2025
$274K Sources
|
Who Are Their Customers?
Akebia contracts with the company for praliciguat rights and development materials; another company paid for an option to license olinciguat.
10-K for FY2025, filed Mar 31, 2026On June 3, 2021, we entered into a License Agreement with Akebia (the “Akebia License Agreement”) relating to the exclusive worldwide…View ↗
In September 2025, we entered in a Material Purchase Agreement (the “Purchase Agreement”) with Akebia relating to purchase additional…View ↗
Olinciguat is a Phase 2, orally administered, once-daily, vascular sGC stimulator. On July 22, 2024, we entered into an Option to License…View ↗
Do Revenues Turn Into Profits?
No. It lost $3.5M in FY2025.
10-K for FY2025, filed Mar 30, 2026
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$1.8MView ↗
- ▲ +442% (Loss)
- vs −$324K in Q2 FY2025
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Sep 8, 2026
Completed merger with Cyclerion
The combined company is Korsana Biosciences; financing proceeds are expected to support operations into 2029.
Sources
8-K, filed Sep 11, 2026
Immediately prior to the closing of the merger, Korsana completed a previously announced private financing of $380 million in gross…View ↗
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Apr 1, 2026
Korsana and Cyclerion signed a merger agreement
The combined company was planned to operate as Korsana Biosciences, with private financing expected to support operations into 2029.
Sources
8-K, filed Apr 1, 2026
The financing is expected to close immediately prior to completion of the proposed merger. The combined company’s cash and cash equivalents…View ↗
Shrinking. Revenue fell 47% in 4 years, from $3.9M in FY2021 to $2.1M in FY2025, about 15% a year.
From a broad pipeline to depression care
The older report described drug candidates for brain, kidney and cardiovascular conditions. The latest report centers development on a potential treatment for treatment-resistant depression and says prior drug development has stopped, while legacy assets may be licensed or otherwise monetized.
10-K for FY2022, filed Mar 22, 2023 10-K for FY2025, filed Mar 31, 2026Over the past year, we have refined our strategic direction toward programs that combine established pharmacologic agents with enabling…View ↗
In parallel with the advancement of our neuropsychiatric strategy, Cyclerion continues to evaluate opportunities related to our legacy…View ↗
We were founded in 2018 to focus on the treatment of serious diseases with novel sGC stimulators in both the central nervous system (CNS)…View ↗
Who Do They Compete With?
Competes with Janssen, Johnson & Johnson, Eli Lilly, AbbVie, Pfizer, Novartis, Compass Pathways, and Axsome Therapeutics
10-K for FY2025, filed Mar 31, 2026TRD is a disease with high unmet need and is associated with multiple serious public health implications. The FDA and the EMA have adopted…View ↗
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