Summary by Moomoo AI
On August 13, 2024, Cingulate Inc., a biopharmaceutical company, announced its financial results for the second quarter ended June 30, 2024, and provided updates on its clinical and business developments. The company reported significant progress with its lead product candidate, CTx-1301, for the treatment of ADHD, including FDA clearance to file for marketing approval and the completion of registration batches, which are essential for a New Drug Application (NDA) submission targeted for the first half of 2025. Cingulate also completed a payer study to assess the market potential for CTx-1301 and raised $1.6 million through a warrant inducement. Additionally, the company executed a one-for-twelve reverse stock split to comply with Nasdaq's Minimum Bid Price requirement. As of June 30, 2024, Cingulate had cash and cash equivalents of $0.4 million and total liabilities of $1.9 million, a decrease from the previous year. The company's net loss for the quarter was $3.2 million, a decrease from the $6.6 million loss reported for the same period in 2023, primarily due to reduced R&D and G&A expenses.
