MeritValue

Cyclerion Therapeutics, Inc.

CYCNdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Cyclerion Therapeutics, Inc. earns about -1578% on invested capital, and has bought back 92% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.94M1$297,0002$03$2M4$2.07M4
Net income−$51.6M5−$44.1M6−$5.26M7−$3.06M8−$3.53M8
Operating cash flow−$36.5M9−$40.6M10−$21.2M11−$4.33M12−$3.31M12
Capital expenditure$7,00013$013———
Free cash flow (derived)−$36.5M9−$40.6M10———
Total debt$3.5M14$3.5M15———
Cash & equivalents$54M16$13.4M17$7.57M18$3.23M19$3.24M19
Diluted shares39.1M2.2M2.3M2.5M3.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$28.56
your share of equity
Profit it earned you last year
−$11.09
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $28.56 of net worth that earned you −$11.09 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1578% avg · 5y
FY21 —FY22 -6109%FY23 -112%FY24 -43%FY25 -48%

It earned an average -1578% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-009223 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-025935 (Revenues)
  3. 10-K/A · period ending 2023-12-31 · accession 0001193125-25-277621 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-132193 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009223 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-025935 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001193125-25-277621 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-132193 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009223 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-025935 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001193125-25-277621 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-132193 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009223 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-22-001958 (ShortTermBorrowings)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-23-009223 (ShortTermBorrowings)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-009223 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-025935 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2023-12-31 · accession 0001193125-25-277621 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-132193 (CashAndCashEquivalentsAtCarryingValue)