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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549
   
                                   FORM 10-QSB/A
    
                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                  For Quarterly Period Ended December 31, 1995

                         Commission File Number  0-14602

                              CYANOTECH CORPORATION
             (Exact name of registrant as specified in its charter)

               NEVADA                                            91-1206026
     (State or other jurisdiction                             (IRS Employer
   of incorporation or organization)                 Identification Number)

            73-4460 Queen Kaahumanu Hwy. #102, Kailua-Kona, HI  96740
                    (Address of principal executive offices)

                                 (808) 326-1353
                           (Issuer's telephone number)

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes   XX   No
    ------    ------

           Number of common shares outstanding as of January 15, 1995:

                 Title of Class              Shares Outstanding
                 --------------              ------------------
         Common stock - $.005 par value stock        9,908,275

     Transitional Small Business Disclosure Format: Yes        ; No    X
                                                       --------    --------

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                              CYANOTECH CORPORATION
                                   FORM 10-QSB/A
    
                                      INDEX


   
PART II.  OTHER INFORMATION

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Item 6.   Exhibits and Reports on Form 8-K.................................................3

SIGNATURES . . ............................................................................4
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               PART II. OTHER INFORMATION



Item 6.   Exhibits and Reports on Form 8-K

               (a)    The following exhibits are furnished with this report:
   
                3.1   Bylaws of the Registrant, as amended.

               10.1   Sub-Lease Agreement between the Company and the Natural
                      Energy Laboratory of Hawaii Authority dated December 28,
                      1995.
    
               10.2   Supply and Exclusive Marketing Agreement between the
                      Company and Nutrition Gandalf dated July 8, 1994.
                      Confidential portions of this exhibit have been omitted
                      and filed separately with the Commission.
   
               10.3   Term Loan Agreement dated July 11, 1996 between Satoshi
                      Sakurada and the Company.

               10.4   Management Incentive Plan dated May 18, 1995. 
                      Confidential portions of this Exhibit have been omitted 
                      and filed separately with the Commission.

                 27   Financial Data Schedule.
    
          (b)  Reports on Form 8-K

               No reports on Form 8-K were filed during the quarter ended
               December 31, 1995.
   
                                       3
    

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                                   SIGNATURES

     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                              CYANOTECH CORPORATION (Registrant)


   
  March 14, 1996              By: /s/   Gerald R. Cysewski
-------------------               -----------------------------------------
    (Date)                              Gerald R. Cysewski
                                        Chairman of the Board,
                                        President and Chief Executive Officer
    


                              By: /s/   Ronald P. Scott
                                  -----------------------------------------
                                        Ronald P. Scott
                                        Executive Vice President - Finance &
                                        Administration, Secretary and Treasurer
                                        (Principal Financial and
                                        Accounting Officer)
   
                                       4