Feb. 19 at 7:13 PM
$CYCN More from 🦜
Cyclerion (CYCN) at
$1.37 per share and a
$4.8M total market cap represents one of the most glaring sum-of-parts mispricings in all of small-cap biopharma: the market has become so fixated on the going-concern warning that it has stopped reading entirely, failing to compute that sitting inside this
$4.8M shell is a
$560 million contingent milestone stack from Akebia alone — 117 times the entire current market cap — plus tiered royalties on praliciguat ranging up to 20% of sales in a multi-billion dollar kidney disease market that the market is pricing at exactly zero; a 10% equity stake in Tisento Therapeutics carried at
$5.35M on the books — already exceeding the entire CYCN market cap — but which is almost certainly worth
$20-70M+ once Tisento announces its overdue Series B at a valuation reflecting its FDA Fast Track designation, fully enrolled global Phase 2b PRIZM study in MELAS, and top-tier VC backers including Invus, Sanofi Ventures, and Venrock,