Cingulate Inc. Announces Third Quarter Financial Results and Clinical Update

Cingulate Inc. (NASDAQ: CING) recently disclosed its financial results for the quarter ending September 30, 2024, along with key business developments. The company, a biopharmaceutical enterprise utilizing its Precision Timed Release™ (PTR™) drug delivery platform technology, presented a comprehensive update highlighting significant progress in its operations.

In a press release dated November 7, 2024, Cingulate reported a considerable increase in working capital to $19.5 million, earmarked to advance its lead asset, CTx-1301, for the treatment of Attention Deficit/Hyperactivity Disorder (ADHD) towards a mid-2025 New Drug Application (NDA) submission.

According to Shane J. Schaffer, Cingulate’s Chairman and CEO, the successfully raised capital in the quarter has provided a solid financial foundation for the company’s strategic goals. Additionally, the recent grant of European patents for CTx-1301 is seen as a pivotal move towards expanding the company’s presence in global markets, beyond the United States.

Key milestones achieved by Cingulate include initiating the final FDA-required food effect study for CTx-1301, with data expected by the end of 2024. The company was also issued a European patent for CTx-1301 in up to 30 territories, including the United Kingdom, reinforcing its position in international markets.

In terms of financial performance, Cingulate successfully raised over $12.5 million in capital during the third quarter of 2024. The cash raised is earmarked to fund essential clinical, manufacturing, and regulatory activities, as well as operational costs, up to the third quarter of 2025. The company remains on track for the NDA submission of CTx-1301 next year.

As of September 30, 2024, Cingulate disclosed having approximately $10 million in cash and cash equivalents, signifying a substantial increment from the previous quarter. The working capital also saw a significant increase to $9.8 million, up by $19.5 million from the end of 2023, displaying a strengthened balance sheet.

Research and Development (R&D) expenses for the quarter were reported at $1.4 million, reflecting a decrease from the same period in 2023. General and Administrative (G&A) expenses remained relatively consistent year-over-year. The net loss for the three months ending September 30, 2024, narrowed to $3.2 million compared to $6.0 million for the same period in 2023, primarily attributed to reduced R&D and G&A expenses.

Cingulate Inc. continues to drive innovation and progress in the biopharmaceutical sector through its proprietary PTR™ drug delivery platform, with a focus on enhancing treatment outcomes for patients with challenging medical conditions.

For more information, investors and the public can refer to Cingulate’s official website.

Please note that this article is based on the 8-K SEC Filing released by Cingulate Inc. on November 7, 2024, and the subsequent press release, dated November 7, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cingulate’s 8K filing here.

Cingulate Company Profile

Cingulate Inc, a biopharmaceutical company, focuses on the development of pharmaceutical products for the treatment of attention deficit/hyperactivity disorder and anxiety in the United States. The company’s stimulant medications are CTx-1301 (dexmethylphenidate), which is in phase 3 clinical trial, as well as CTx-1302 (dextroamphetamine), which is in investigational new drug application development for the treatment of attention deficit/hyperactivity disorder intended for children, adolescents, and adults.