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Cyclerion Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $194,000 from an option agreement. There were no revenues in the same quarter the previous year.
Research and development expenses decreased to $81,000 from $580,000 in the same quarter the previous year, primarily due to workforce reductions and decreased consulting expenses.
General and administrative expenses decreased to $1,241,000 from $2,131,000, driven by reductions in legal, audit, and employee-related expenses.
No impairment loss was recognized during the quarter, compared to $3,304,000 in the previous year.
Interest income for the quarter was $42,000, down from $107,000 in the previous year, due to a decrease in money market fund balance.
A gain of $363,000 was recorded from the settlement of an account payable.
Net loss from continuing operations was $723,000, compared to $5,908,000 in the previous year.
There was no gain from discontinued operations in the quarter, compared to $13,474,000 in the previous year, following the sale of certain assets to Tisento in July 2023.
Cyclerion reported cash and cash equivalents of $2,872,000 as of September 30, 2024, down from $7,571,000 at the end of 2023.
The company expects its cash and cash equivalents to fund operations into mid-2025 but will need additional funding to sustain operations beyond that period.
Cyclerion continues to seek out-license opportunities and is evaluating potential new assets within the CNS therapeutic area to enhance shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyclerion Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.