Washington, D.C. 20549

                                    Form 8-K

                 Current Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                                  May 11, 2004

                Date of report (Date of earliest event reported)

                              Cyanotech Corporation

             (Exact name of registrant as specified in its charter)

             NEVADA                   000-14602                91-1206026
(State or other jurisdiction   (Commission File Number)       (IRS Employer
     of incorporation)                                    Identification Number)

       73-4460 Queen Kaahumanu Highway, Suite #102, Kailua Kona, HI 96740

                    (Address of principal executive offices)

                                (808) 326 - 1353

                         (Registrant's telephone number)

                                 Not Applicable

          (Former name or former address, if changed since last report)

Item 12  Results of Operations and Financial Condition

         Attached hereto as Exhibit 99.1 and incorporated by reference herein is
         financial information for Cyanotech Corporation for fiscal year 2004
         fourth quarter and year-end (ended March 31, 2004) and forward-looking
         statements as presented in a press release of May 11, 2004. The
         information in this report shall be deemed incorporated by reference
         into any registration statement heretofore or hereafter filed under the
         Securities Act of 1933, as amended, except to the extent that such
         information is superceded by information as of a subsequent date that
         is included in or incorporated by reference into such registration
         statement. The information in this report shall not be treated as filed
         for purposes of the Securities Exchange Act of 1934, as amended.



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                  CYANOTECH CORPORATION (Registrant)
        May 11, 2004         By:  /s/ Jeffrey H. Sakamoto
                                  Jeffrey H. Sakamoto
                                  Vice President - Finance & Administration
                                  (Principal Financial and Accounting Officer)


                                  EXHIBIT INDEX

Exhibit Number                             Description
      99.1       Press release dated May 11, 2004