Cyclerion Therapeutics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 13, 2023 at 04:31 pm
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Cyclerion Therapeutics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net income was USD 7.57 million compared to net loss of USD 10.5 million a year ago. Basic loss per share from continuing operations was USD 2.43 compared to USD 2.03 a year ago. Basic earnings per share was USD 3.11 compared to basic loss per share of USD 4.83 a year ago.
For the nine months, net loss was USD 3.57 million compared to USD 36.86 million a year ago. Basic loss per share from continuing operations was USD 4.74 compared to USD 6.41 a year ago. Diluted loss per share from continuing operations was USD 4.74 compared to USD 6.41 a year ago. Basic loss per share was USD 1.55 compared to USD 16.96 a year ago. Diluted loss per share was USD 1.55 compared to USD 16.96 a year ago.
Cyclerion Therapeutics, Inc. is a clinical-stage biopharmaceutical company that focuses on developing treatments for serious diseases. The Companyâs portfolio includes novel soluble guanylate cyclase (sGC) stimulators, namely praliciguat and olinciguat, as well as multiple research stage molecules. Praliciguat is a systemic sGC stimulator that is licensed to Akebia Therapeutics, Inc. for the treatment of rare kidney disease. Olinciguat is a vascular sGC stimulator that the Company intends to out-license for cardiovascular diseases. The Company operates through the human therapeutics segment. The Company is focused on identifying non-sGC stimulator assets within the central nervous system (CNS) therapeutic area to build a new portfolio. The Company is also evaluating other activities aimed at enhancing shareholder value, which potentially include collaborations, licenses, mergers, acquisitions and/or other targeted investments.