Soluble guanylyl cyclase (sGC) is the major cellular receptor for the intercellular messenger nitric oxide (NO) and mediates a wide range of physiological effects through elevation of intracellular cGMP levels. Critical to our understanding of how NO signals are decoded by receptive cells and translated into a useful physiological response is an appreciation of the molecular and kinetic details of the mechanism by which NO activates sGC. It is known that NO binds to a haem prosthetic group on the receptor and triggers a conformational change that increases the catalysis of cGMP synthesis by several hundred-fold. The haem is covalently attached to sGC at His-105 of the 1 subunit, and it was thought previously that activation of sGC by NO occurs in two steps N itric oxide (NO) is a freely diffusible intercellular signaling molecule that mediates a wide variety of physiological effects in the vasculature, central and peripheral nervous systems, and elsewhere (1-4). At high levels, NO is also a cytotoxic agent, and is implicated in several clinical conditions, ranging from acute disorders such as septic shock and stroke (5, 6) to long-term degenerative diseases such as multiple sclerosis and cancer (7,8). Because of its importance in health and disease, the regulation of NO synthesis has been studied extensively. Much less is understood about how NO signals are decoded and translated into downstream physiological effects. The best known NO receptor is the enzyme soluble guanylyl cyclase (sGC), the activity of which results in cGMP accumulation in target cells, but many of the basic properties of sGC activation in cells remain unclear.In its molecular makeup, sGC exists as an ␣-heterodimer, but only two isoforms (␣11, ␣21) so far have been shown to exist at the protein level (9, 10). Most enzymological studies to date have been carried out on the widely expressed ␣11 isoform, and it has become clear that sensitivity of the enzyme to NO is conferred by a single haem moiety that is associated with histidine residue 105 (His-105) of the 1 subunit. Because haem-free sGC could be activated by protoporphyrin IX, which resembles five-coordinate nitrosyl haem structurally, it was hypothesized that active sGC required a five-coordinate nitrosyl haem complex (11). These and other observations led to the formulation of a two-step model in which NO binds to the sGChaem, forming the six-coordinate complex, and then the bond joining the haem to His-105 breaks, resulting in the fivecoordinate species (12). This second step triggers a conformational change that propagates to the active site, enhancing catalytic efficiency.Recently, a study by Zhao and et al. (13) investigated the subsecond kinetics of sGC activation by NO by using stoppedflow spectroscopy to follow changes in the absorption peak (Soret band) of the haem moiety. As well as providing a clear kinetic description of NO binding, this study made the assertion that the rate of transition from the six-coordinate to the fivecoordinate sGC also depended on NO concentra...