Cyclerion Therapeutics, Inc. (Cyclerion) and Korsana Biosciences, Inc. (Korsana) have entered into a definitive all-stock merger agreement. Upon completion, the combined company will operate as Korsana Biosciences, Inc. and trade on Nasdaq under the ticker symbol KRSA. Korsana has secured commitments for an oversubscribed private placement of approximately $380 million from a syndicate of investors, expected to close immediately prior to the merger. The financing is anticipated to fund Korsana's operations into 2029, providing runway through key clinical milestones. Korsana's lead program, KRSA-028, is a next-generation shuttled monoclonal antibody targeting amyloid beta for Alzheimer's disease, utilizing the proprietary Therapeutic Targeting (THETA) platform. Pre-merger Cyclerion shareholders are expected to own approximately 1.5% of the combined company, while pre-merger Korsana stockholders (including financing investors) are expected to own approximately 98.5%. The merger and financing have been approved by the Boards of Directors of both companies and are expected to close in the third quarter of 2026.