Cyclerion shares jump 56.52% pre-market after announcing collaboration with Medsteer for anesthetic delivery system and licensing option.

Cyclerion Therapeutics (NASDAQ: CYCN) surged 56.52% in premarket trading following a strategic collaboration with Medsteer to co-develop an anesthetic delivery system and secure an exclusive licensing option. The partnership, announced on January 3, 2026, includes joint ownership of collaboration know-how, milestone payments up to $3.7 million, and potential royalties on future sales. The collaboration also leverages FDA-cleared device components and MIT licensing for CYC-126, a treatment for depression, with a Phase 2 Proof-of-Concept study planned for late 2026. Market optimism was further fueled by positive clinical trial results and investor confidence in Cyclerion’s expanded R&D pipeline, which is expected to accelerate commercialization and enhance competitive positioning in the anesthesia sector.