What Cyrano Therapeutics does

Cyrano Therapeutics, Inc. is a private, venture-backed clinical-stage regenerative medicine company headquartered in Delray Beach, Florida, founded in 2014. The company is developing CYR-064, a patent-protected intranasal soft-mist spray formulation of theophylline (a broad-spectrum phosphodiesterase inhibitor) designed to inhibit cAMP degradation and enhance olfactory neuron excitability, with the goal of restoring sense of smell in patients with persistent post-viral hyposmia. Drug delivery relies on a licensed Resyca soft-mist platform paired with an Ursatec quality pump, enabling droplet sizes small enough to reach the olfactory region at the top of the nasal cavity. The Phase 2 FLAVOR trial, a 32-week randomized, double-blind, placebo-controlled study, completed enrollment at 14 US clinical sites (151 patients) and reported positive topline results in February 2026, meeting the primary safety endpoint and key secondary efficacy endpoints with no treatment-related serious adverse events; the company plans to initiate a pivotal Phase 3 trial in the second half of 2026. CYR-064 has no FDA-approved competitor in its target indication, which spans 60+ million patients in the US, Europe, and Japan with persistent post-viral olfactory dysfunction.

Cyrano operates a clinical-stage go-to-market motion centered on multi-site Phase 2 and Phase 3 trial execution across US academic and specialty centers, with future commercialization expected to follow a traditional pharmaceutical launch model targeting otolaryngologists and primary care physicians. The company has executed two strategic partnerships in 2025 to extend its commercial footprint and supply chain: an option agreement with Kyorin Pharmaceutical (Feb 2025) granting Japan development and commercialization rights in exchange for upfront, milestone, and royalty payments, and an exclusive licensing agreement with Resyca (March 2025) for soft-mist nasal spray technology used in CYR-064. The company is also funding an investigator-initiated feasibility study in Parkinson's Disease patients, where olfactory dysfunction is an early symptom in ~95% of cases, as a potential indication expansion.

The company is pre-revenue with no commercialized product and has raised $21.8 million across two funding rounds to date, including a $12.8M Series A and a $9.0M Series B closed in January 2024 co-led by the Florida Opportunity Fund (DeepWork Capital), Lumira Ventures, and Remiges Ventures. Its leadership team includes founder and CEO Rick Geoffrion, Chief Medical Advisor Ron Kuppersmith (former President of the American Academy of Otolaryngology-Head and Neck Surgery), and CMC Senior Advisor Michael Lusty (25+ years in nasal/inhalation product development including Nasonex and Nayzilam). The board includes representatives from each institutional investor and John Kollins, former CEO of Satsuma Pharmaceuticals.

Name

Cyrano Therapeutics

Legal name

Cyrano Therapeutics, Inc.

Website

https://cyranotherapeutics.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Cyrano Therapeutics is a private clinical-stage biotech developing CYR-064, an intranasal theophylline soft-mist spray aimed at restoring smell function in patients with persistent post-viral hyposmia, with no FDA-approved competitor in its target indication of 60M+ patients across the US, Europe, and Japan.

Ownership category

akta.pro rank

Product category

Olfactory Therapeutics

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Nasal Drug Delivery Devices (Sprays/Powder Devices) (HLAHAIAK)

Keywords

• Intranasal drug delivery
• Olfactory dysfunction therapy
• Phosphodiesterase inhibitors
• Clinical-stage biotechnology
• Regenerative medicine therapeutics

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Revenue: As a clinical-stage biotech company, Cyrano does not yet generate revenue. The company is developing CYR-064 as a potential first-approved therapy for post-viral smell loss. Upon regulatory approval, the company plans to commercialize the product through traditional pharmaceutical sales channels, targeting otolaryngologists and healthcare providers treating patients with hyposmia. Revenue will come from product sales following FDA approval.
2. Licensing and Milestone Payments: Cyrano receives upfront option fees, milestone payments tied to development and commercialization progress, and royalties based on a percentage of net sales from Kyorin Pharmaceutical for CYR-064 in Japan. This provides non-dilutive capital during development phase and ongoing royalty stream upon commercialization in Japan.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Cyrano Therapeutics is developing CYR-064, a clinical-stage intranasal soft-mist spray formulation of theophylline (a broad-spectrum phosphodiesterase inhibitor) intended to restore olfactory function in patients with persistent post-viral smell loss (hyposmia). The product uses licensed Resyca soft mist nasal spray technology to deliver droplet sizes targeted to the olfactory region at the top of the nasal cavity, inhibiting cAMP degradation and enhancing olfactory neuron excitability. The therapy is currently in Phase 2 clinical development with a pivotal Phase 3 trial planned for H2 2026.

Product overview

Cyrano Therapeutics is developing a single-product portfolio focused on CYR-064, a proprietary intranasal regenerative therapy for persistent post-viral smell loss (hyposmia). Delivered as a soft-mist nasal spray using licensed Resyca technology, CYR-064 is a patent-protected formulation of theophylline that targets the olfactory neurons to restore smell function. The company is advancing CYR-064 through Phase 2 clinical trials, with plans for Phase 3 development.

Differentiator

Problem solved

Functional benefit

Products and services

• CYR-064 CYR-064 is an intranasal soft-mist spray formulation of theophylline (a broad-spectrum phosphodiesterase inhibitor) designed to inhibit cAMP degradation, increase intracellular concentrations, and enhance olfactory neuron excitability for the treatment of persistent post-viral smell loss (hyposmia). The product uses Resyca's licensed soft mist nasal spray technology with a Ursatec pump to deliver droplet sizes small enough to reach the olfactory region at the top of the nasal cavity. The Phase 2 FLAVOR trial in 151 patients met primary safety and key secondary efficacy endpoints with no treatment-related serious adverse events, supporting advancement to Phase 3 development in H2 2026.

Quantifiable outcome

• Phase 2 FLAVOR trial met primary safety and tolerability endpoint with no treatment-related serious adverse events in 151 patients
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• ResycacoreTechnology or Integration · 18 March 2025Cyrano Therapeutics entered into an exclusive licensing agreement with Resyca on March 18, 2025 for Resyca's proprietary soft mist nasal spray technology for the treatment of chemosensory disorders including post-viral smell loss (hyposmia). CYR-064 utilizes Resyca's technology in its Phase 2 FLAVOR clinical study. The technology enables delivery of droplet sizes small enough to reach the olfactory region at the top of the nasal cavity, providing consistent drug deposition to the therapeutic target.
• Kyorin Pharmaceutical Co., Ltd.coreOEM/ Whitelabel/ Licensing Partner · 14 February 2025Kyorin Pharmaceutical entered into an option agreement with Cyrano Therapeutics on February 14, 2025 for CYR-064, a novel treatment for post-viral loss of smell (hyposmia). Kyorin obtains option for license to develop and commercialize CYR-064 in Japan. Kyorin will pay an option fee, and upon exercising the option, will provide Cyrano with upfront payment, milestone payments tied to development and commercialization progress, and royalties based on a percentage of net sales following launch.
• Investigator Research SitesminorStrategic or Co-development Partner · 4 February 2025Cyrano is providing clinical material to support an investigator-initiated feasibility study evaluating CYR-064 in Parkinson's Disease patients conducted by independent investigators. This represents exploratory research collaboration for potential future indication expansion.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• OptiNose: OptiNose develops and commercializes intranasal drug delivery products using its proprietary Breath Powered delivery platform, addressing ENT and CNS indications. Its focus on localized nasal delivery and demonstrated ability to develop and launch nasal therapeutics makes it a direct comparable to Cyrano's intranasal theophylline approach.
• Impel NeuroPharma: Impel NeuroPharma developed INP104 (Trudhesa), an intranasal delivery platform using Precision Olfactory Delivery that targets the upper nasal cavity for migraine. Its targeted upper-nasal-cavity delivery approach parallels CYR-064's soft-mist delivery to the olfactory region, and its transition to commercialization serves as a useful comparator for Cyrano's commercial trajectory.
• Neurelis: Neurelis developed Nayzilam (nasal midazolam) for seizure rescue, a nasal spray therapeutic with similar regulatory, manufacturing, and commercial dynamics to CYR-064. Senior Cyrano advisor Michael Lusty previously worked on the Nayzilam development program at Ikano Therapeutics, providing direct linkage between the two companies.
• Satsuma Pharmaceuticals: Satsuma Pharmaceuticals developed STS101, an intranasal powder formulation of dihydroergotamine for acute migraine, and completed an IPO on Nasdaq prior to its acquisition. Its intranasal drug development and regulatory pathway is closely analogous to Cyrano's CYR-064 program and the company's former CEO John Kollins now serves on Cyrano's board.
• Bionorica: Bionorica develops botanical pharmaceuticals for ENT and respiratory conditions including Sinupret for sinus and nasal disorders. Its focus on chronic nasal/respiratory therapeutics and European commercial presence provides a direct analog to Cyrano's post-viral hyposmia opportunity in adjacent ENT indications.

Emerging players

• Auris Medical: Auris Medical is a specialty biopharmaceutical company developing therapies for sensory organ disorders, primarily ear-related conditions such as hearing loss and vertigo. Its focus on restoring sensory function in ENT indications aligns thematically with Cyrano's work on smell restoration, though delivery technology and indication differ.

Broad incumbents

• Otonomy: Otonomy is a biopharmaceutical company developing therapeutics for ear disorders and balance conditions, with multiple clinical-stage nasal/otic drug delivery assets. Its pipeline of locally-delivered, sensory-disease therapeutics positions it as a broader incumbent in the sensory biotherapeutics space where Cyrano operates.
• Acclarent (Johnson & Johnson MedTech): Acclarent, now part of Johnson & Johnson MedTech, provides ENT products including drug delivery and surgical solutions for chronic sinusitis and nasal conditions. As a large, commercially-established ENT incumbent, it represents a potential large-market acquirer or channel partner for Cyrano's olfactory therapeutics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cyrano-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds2 records

Investors5 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cyrano Therapeutics