Cingulate Inc., a biopharmaceutical company, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $2.972 million, a decrease from the $4.004 million loss in the same period the previous year. This reduction in net loss was attributed to a decrease in both research and development expenses, which dropped by 15.1% to $1.807 million, and general and administrative expenses, which fell by 35.1% to $1.117 million. The company's financial position was bolstered by the issuance of common stock under an ATM Agreement and a public offering in February 2024, which provided net proceeds of $3.115 million and $7.5 million, respectively. Cingulate Inc. is focused on developing products for the treatment of ADHD and anxiety, with its lead product candidate, CTx-1301, having completed...Show More

Cingulate Inc., a biopharmaceutical company, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $2.972 million, a decrease from the $4.004 million loss in the same period the previous year. This reduction in net loss was attributed to a decrease in both research and development expenses, which dropped by 15.1% to $1.807 million, and general and administrative expenses, which fell by 35.1% to $1.117 million. The company's financial position was bolstered by the issuance of common stock under an ATM Agreement and a public offering in February 2024, which provided net proceeds of $3.115 million and $7.5 million, respectively. Cingulate Inc. is focused on developing products for the treatment of ADHD and anxiety, with its lead product candidate, CTx-1301, having completed enrollment in two Phase 3 clinical trials. The company plans to submit a New Drug Application for CTx-1301 in the first half of 2025. Additionally, Cingulate Inc. is developing CTx-1302 and CTx-2103, with plans to initiate clinical plans for CTx-1302 as soon as 2025, pending additional capital resources. The company's future plans include seeking regulatory approval for its product candidates, continuing research and development, and potentially commercializing its products if approval is obtained.