Cyclic nucleotide-regulated cation channels are ion channels whose activation is regulated by the direct binding of cAMP or cGMP to the channel protein. Two structurally related families of channels regulated by cyclic nucleotides have been identified, the cyclic nucleotide-gated channels and the hyperpolarization-activated cyclic nucleotide-gated channels. Cyclic nucleotide-gated channels play a key role in visual and olfactory transduction. Hyperpolarization-activated cyclic nucleotide-gated channels are present in the conduction system of the heart and are involved in the control of cardiac automaticity. Moreover, these channels are widely expressed in central and peripheral neurons, where they control a variety of fundamental processes. Cyclic nucleotides exert their physiological effects by binding to four major classes of cellular receptors: cAMP-and cGMPdependent protein kinases (1, 2), cGMP-regulated phosphodiesterases (3), cAMP-binding guanine nucleotide exchange factors (4), and cyclic nucleotide-regulated cation channels. Cyclic nucleotide-regulated cation channels are unique among these receptors because their activation is directly coupled to the influx of extracellular cations into the cytoplasm and to the depolarization of the plasma membrane. Two families of channels regulated by cyclic nucleotides have been identified, the CNG 2 and HCN channels (5-9). The two channel classes differ from each other with regard to their mode of activation. CNG channels are opened by direct binding of cAMP or cGMP. In contrast, HCN channels are principally operated by voltage. These channels open at hyperpolarized membrane potentials and close upon depolarization. Apart from their voltage sensitivity, HCN channels are also activated directly by cyclic nucleotides, which act by increasing the channel open probability. General Features of Cyclic Nucleotide-regulated Cation Channels Structurally, CNG and HCN channels are members of the superfamily of voltage-gated cation channels (10). Like other subunits encoded by this large gene family, CNG and HCN