Summary by Moomoo AI
Cingulate Inc. reported Q3 2024 financial results with a net loss of $3.2 million, compared to $6.0 million in Q3 2023. Research and development expenses decreased 63.6% to $1.4 million, primarily due to reduced clinical trial activity following the closure of two Phase 3 CTx-1301 studies. The company ended the quarter with $10.0 million in cash and cash equivalents.The company is progressing with the remaining clinical requirements for CTx-1301, its lead ADHD treatment candidate, and targeting an NDA submission in mid-2025. In September 2024, Cingulate initiated a food effect study utilizing CTx-1301's highest dosage strength, which is expected to be completed by year-end. The company was also issued a European patent for CTx-1301 in August 2024.Management believes current cash will fund operations into Q3 2025 under the existing business plan. The company continues to pursue additional funding through various means, including strategic partnerships and capital markets. During Q3 2024, Cingulate raised significant capital through ATM sales and Lincoln Park agreements, generating combined net proceeds of approximately $11.9 million.
