v3.26.1
Share-based Compensation Plans (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Schedule of share-based compensation expense
The following table provides share-based compensation reflected in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 (in thousands):
 
    
Three Months Ended
March 31,
 
    
2026
      
2025
 
Research and development
  
$
— 
      
$
12
 
General and administrative
    
58
        
102
 
  
 
 
      
 
 
 
  
$
58
      
$
114
 
  
 
 
      
 
 
 
The following table provides share-based compensation reflected in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024 (in thousands):
 
    
Year Ended
December 31,
 
    
2025
    
2024
 
Research and development
   $ 29      $ 91  
General and administrative
     412        534  
  
 
 
    
 
 
 
   $ 441      $ 625  
  
 
 
    
 
 
 
Schedule of stock option activity
A summary of stock option activity for the three months ended March 31, 2026, is as follows:
 
    
Number
of Options
    
Weighted
Average
Exercise
Price
    
Weighted
Average
Remaining
Contractual
Term (Years)
    
Average
Intrinsic
Value (in
thousands)
 
Outstanding as of December 31, 2025
    
297,762
    
$
149.73
      
4.9
    
$
— 
 
Granted
    
— 
    
$
— 
       
Exercised
    
— 
    
$
       
Cancelled or forfeited
    
(17,355
  
$
203.65
       
  
 
 
    
 
 
    
 
 
    
 
 
 
Outstanding as of March 31, 2026
    
280,407
    
$
146.39
      
4.9
    
$
— 
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Exercisable at March 31, 2026
    
220,760
    
$
181.20
      
4.2
    
$
— 
 
  
 
 
    
 
 
    
 
 
    
 
 
 
A summary of stock option activity for the year ended December 31, 2025 is as follows:
 
    
Number
of Options
    
Weighted
Average
Exercise
Price
    
Weighted
Average
Remaining
Contractual
Term (Years)
    
Average
Intrinsic
Value (in
thousands)
 
Outstanding as of December 31, 2024
     335,448      $ 158.98        4.7      $ —   
Granted
     25,000      $ 2.36        
Exercised
     —       $ —         
Cancelled or forfeited
     (62,686    $ 140.44        
  
 
 
    
 
 
    
 
 
    
 
 
 
Outstanding as of December 31, 2025
     297,762      $ 149.73        4.9      $ —   
  
 
 
    
 
 
    
 
 
    
 
 
 
Exercisable at December 31, 2025
     232,385      $ 187.20        4.0      $ —   
  
 
 
    
 
 
    
 
 
    
 
 
 
Schedule of weighted-average assumptions used in estimating the fair value of the stock options  
The weighted-average Black-Scholes assumptions used in estimating the fair value of the stock options granted by Cyclerion during the years ended December 31, 2025 and 2024 were as follows:
 
    
Year ended December 31,
 
    
2025
   
2024
 
Weighted average risk-free interest rate
     3.79     3.64
Expected dividend yield
     —        —   
Expected option term (in years)
     5.4       6.0  
Expected stock price volatility
     141.07     111.97
Summary of RSA activity
A summary of RSA activity for the three months ended March 31, 2026 is as follows:
 
    
Number
of Shares
    
Weighted Average
Grant Date
Fair Value
 
Unvested as of December 31, 2025
    
104,078
    
$
2.57
 
Granted
    
— 
      
— 
 
Vested
    
(15,024
    
2.52
 
Forfeited
    
— 
      
— 
 
  
 
 
    
 
 
 
Unvested as of March 31, 2026
    
89,054
    
$
2.59
 
  
 
 
    
 
 
 
A summary of RSA activity for the years ended December 31, 2025 is as follows:
 
    
Number
of Shares
    
Weighted Average
Grant Date
Fair Value
 
Unvested as of December 31, 2024
     164,174      $ 2.56  
Granted
     —         —   
Vested
     (60,096      2.52  
Forfeited
     —         —   
  
 
 
    
 
 
 
Unvested as of December 31, 2025
     104,078      $ 2.57