Cingulate Inc. reported significant financial improvements in its 10-Q filing for the quarter ending September 30, 2024. The company’s cash and cash equivalents surged to approximately $10.0 million, a substantial increase from $52,416 at the end of 2023. Total current assets rose to $11.3 million, up from $578,594, while total assets reached $13.6 million, compared to $3.5 million at the end of the previous year. Notably, total stockholders’ equity improved dramatically to $12.0 million from a negative equity of $(6.9 million) at the end of 2023.

Cingulate's operating expenses for the three months ended September 30, 2024, were $1.4 million in research and development, a decrease of 63.6% from $3.9 million in the same period of 2023. The operating loss for the quarter was $(3.3 million), an improvement from $(5.7 million) year-over-year. The net loss for the quarter was $(3.2 million), down from $(6.0 million) in the prior year, resulting in a net loss per share of $(1.83), compared to $(72.60) in 2023.

For the nine months ended September 30, 2024, Cingulate reported a net loss of $(9.4 million), significantly reduced from $(16.6 million) in the same period of 2023. Research and development expenses for this period totaled $5.1 million, down from $10.5 million in 2023. The company attributed the decrease in expenses to reduced clinical activity and cost containment measures, including salary reductions implemented in late 2023.

Cingulate has not generated any revenue since its inception and continues to be classified as a pre-revenue entity. The company is actively seeking additional funding to support its operations and development, exploring options such as equity offerings and potential collaborations. As of September 30, 2024, the accumulated deficit stood at approximately $102.4 million.

Strategically, Cingulate is focused on advancing its lead product candidate, CTx-1301, for ADHD treatment, with a New Drug Application (NDA) submission targeted for mid-2025. The company has also established a joint commercialization agreement with Indegene, Inc. for CTx-1301 in the U.S. and is evaluating strategic transactions to enhance its product pipeline. The company’s operational status remains challenging, with ongoing losses expected as it continues to develop its product candidates.