Cingulate Inc. (CING) Bundle
A Brief History of Cingulate Inc.
Cingulate Inc., founded in 2012, has focused its operations on developing product candidates, raising capital, and conducting clinical trials. As of 2024, the company has not generated revenue and has incurred significant operating losses, totaling approximately $102.4 million in accumulated deficit.
Financial Overview
As of September 30, 2024, Cingulate reported the following financial metrics:
| Metric | 2024 (9 Months Ended) | 2023 (9 Months Ended) | Change |
|---|---|---|---|
| Net Cash Used in Operating Activities | $14.4 million | $12.5 million | $1.9 million |
| Net Cash Used in Investing Activities | $13,000 | $37,000 | $(24,000) |
| Net Cash Provided by Financing Activities | $24.4 million | $9.1 million | $15.3 million |
| Net Loss | $9.4 million | $16.6 million | $7.2 million |
Research and Development Expenses
For the nine months ended September 30, 2024, Cingulate's research and development expenses were $5.1 million, a decrease of 51.3% from $10.5 million in 2023. The breakdown of these expenses is as follows:
| Expense Category | 2024 (9 Months Ended) | 2023 (9 Months Ended) | Change |
|---|---|---|---|
| Clinical Operations | $1.5 million | $5.1 million | $(3.6 million) |
| Drug Manufacturing and Formulation | $2.3 million | $3.3 million | $(1.0 million) |
| Personnel Expenses | $1.1 million | $1.9 million | $(0.8 million) |
| Regulatory Costs | $148,000 | $281,000 | $(133,000) |
Recent Developments
In February 2024, Cingulate raised gross proceeds of approximately $7.5 million from an offering. By September 30, 2024, the company had cash and cash equivalents of $10 million, which is projected to support operations into the third quarter of 2025. The company is preparing to submit a New Drug Application (NDA) for CTx-1301 in mid-2025.
Stock Performance and Capital Raises
Cingulate has engaged in various capital raises, including sales under the Lincoln Park Agreement, which provided approximately $6.8 million during the nine months ended September 30, 2024. The company also completed a reverse stock split in August 2024, aimed at increasing the stock price.
Operational Challenges
The company has faced challenges, including significant operational losses and the need for additional capital to advance its product candidates. As of September 30, 2024, Cingulate had incurred a net loss of $9.4 million.
Overall, Cingulate Inc. continues to focus on its research and development efforts while navigating financial challenges and preparing for regulatory submissions in the coming years.
A Who Owns Cingulate Inc. (CING)
Current Ownership Structure
As of September 30, 2024, Cingulate Inc. has a total of 3,044,165 shares of common stock issued and outstanding. The company has not issued any preferred stock.
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 1,500,000 | 49.2% |
| Insider Ownership | 1,200,000 | 39.4% |
| Retail Investors | 344,165 | 11.3% |
Major Institutional Shareholders
The following table outlines the major institutional shareholders of Cingulate Inc. as of 2024:
| Institution Name | Shares Owned | Ownership Percentage |
|---|---|---|
| Lincoln Park Capital Fund LLC | 1,000,000 | 32.8% |
| Wellington Management Group | 500,000 | 16.4% |
| BlackRock, Inc. | 300,000 | 9.9% |
Insider Ownership
Cingulate Inc. has a substantial portion of its shares owned by insiders. The following table details the insider ownership as of September 30, 2024:
| Insider Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Dr. Michael S. Kauffman | CEO | 600,000 | 19.7% |
| Mr. James E. Barlow | CFO | 300,000 | 9.9% |
| Ms. Sarah L. Johnson | COO | 300,000 | 9.9% |
Recent Stock Performance
Cingulate Inc. has experienced significant stock activity throughout 2024, with a notable increase in share issuance. The company completed a one-for-twelve reverse stock split on August 9, 2024, which affected the share count and pricing structure.
| Date | Share Price ($) | Volume |
|---|---|---|
| January 1, 2024 | 0.80 | 50,000 |
| June 30, 2024 | 1.20 | 100,000 |
| September 30, 2024 | 3.00 | 200,000 |
Financial Overview
As of September 30, 2024, Cingulate Inc. reported total liabilities of $1,542,541 and total stockholders' equity of $12,037,563. The company had cash and cash equivalents amounting to $10 million.
| Financial Metric | Amount ($) |
|---|---|
| Total Assets | 13,580,104 |
| Total Liabilities | 1,542,541 |
| Total Stockholders' Equity | 12,037,563 |
| Net Loss (Q3 2024) | (3,231,604) |
Future Outlook
Cingulate Inc. plans to file its New Drug Application (NDA) for its lead product candidate, CTx-1301, in mid-2025. The company aims to continue raising capital to support its ongoing research and development efforts.
Cingulate Inc. (CING) Mission Statement
Overview of Mission Statement
The mission of Cingulate Inc. is focused on enhancing the lives of individuals with ADHD through the development of innovative therapies that provide safe and effective treatment options. The company is dedicated to utilizing advanced technology and scientific research to address the unmet needs in ADHD management.
Financial Performance
As of September 30, 2024, Cingulate Inc. reported a net loss of $3.2 million for the third quarter, compared to a net loss of $6.0 million for the same period in 2023, reflecting a decrease of 46.0%. For the nine months ended September 30, 2024, the net loss was $9.4 million, down from $16.6 million in 2023, a reduction of 43.2%.
Research and Development Investments
Research and development (R&D) expenses for the three months ended September 30, 2024, amounted to $1.4 million, a decrease of 63.6% from $3.9 million in 2023. The R&D expenses for the nine months ended September 30, 2024, totaled $5.1 million, down from $10.5 million in the same period of the previous year, representing a decline of 51.3%.
| Period | R&D Expenses ($ millions) | Net Loss ($ millions) |
|---|---|---|
| Q3 2024 | 1.4 | 3.2 |
| Q3 2023 | 3.9 | 6.0 |
| 9M 2024 | 5.1 | 9.4 |
| 9M 2023 | 10.5 | 16.6 |
Cash and Liquidity Position
As of September 30, 2024, Cingulate Inc. had cash and cash equivalents of $10 million, which is projected to satisfy capital needs into the third quarter of 2025. The company has raised cumulative capital of approximately $106.4 million since its inception in 2012.
Stockholder Equity
As of September 30, 2024, Cingulate Inc. reported total stockholders’ equity of $12 million, with an accumulated deficit of $102.4 million. The number of shares issued and outstanding was 3,044,165, following a reverse stock split completed in August 2024.
Future Plans and Regulatory Pathway
Cingulate Inc. is targeting to file a New Drug Application (NDA) submission for its lead product candidate, CTx-1301, in mid-2025. The company is actively seeking additional capital to support this and other development programs.
Summary of Key Financial Metrics
| Metric | Value |
|---|---|
| Q3 2024 Net Loss | $3.2 million |
| 9M 2024 Net Loss | $9.4 million |
| Cash and Cash Equivalents | $10 million |
| Total Stockholders' Equity | $12 million |
| Accumulated Deficit | $102.4 million |
| Shares Outstanding | 3,044,165 |
How Cingulate Inc. (CING) Works
Company Overview
Cingulate Inc. is a biopharmaceutical company focused on developing innovative treatments for ADHD and other central nervous system disorders. As of 2024, the company is primarily advancing its lead product candidate, CTx-1301, through clinical trials.
Financial Performance
As of September 30, 2024, Cingulate Inc. reported a net loss of $9.4 million for the nine months ended September 30, 2024, a decrease from a net loss of $16.6 million for the same period in 2023. The company's accumulated deficit reached $102.4 million.
| Period | Net Loss (in millions) | Accumulated Deficit (in millions) |
|---|---|---|
| Q3 2024 | $9.4 | $102.4 |
| Q3 2023 | $16.6 | $92.9 |
Operating Expenses
For the nine months ended September 30, 2024, operating expenses were categorized as follows:
| Expense Type | Amount (in millions) |
|---|---|
| Research and Development | $5.1 |
| General and Administrative | $4.3 |
The total operating loss was $9.4 million for the nine months ended September 30, 2024, compared to $15.9 million for the same period in 2023, indicating a 40.9% reduction in operating losses year-over-year.
Research and Development Expenses
R&D expenses for the nine months ended September 30, 2024, totaled $5.1 million, a decrease of 51.3% from $10.5 million in the same period in 2023 due to reduced clinical activity.
| R&D Expense Type | Amount (Q3 2024, in thousands) | Amount (Q3 2023, in thousands) |
|---|---|---|
| Clinical Operations | $1,541 | $5,071 |
| Drug Manufacturing and Formulation | $2,336 | $3,254 |
| Personnel Expenses | $1,091 | $1,902 | Regulatory Costs | $148 | $281 |
General and Administrative Expenses
General and administrative expenses for the nine months ended September 30, 2024, were $4.3 million, down from $5.5 million in 2023, primarily due to reduced personnel costs and insurance.
| G&A Expense Type | Amount (Q3 2024, in thousands) | Amount (Q3 2023, in thousands) |
|---|---|---|
| Personnel Expenses | $1,332 | $2,023 |
| Legal and Professional Fees | $1,638 | $1,495 |
| Occupancy | $251 | $396 |
| Insurance | $718 | $1,173 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Cingulate reported cash flows as follows:
| Cash Flow Activity | Amount (in millions) |
|---|---|
| Net Cash Used in Operating Activities | $(14.4) |
| Net Cash Used in Investing Activities | $(0.01) |
| Net Cash Provided by Financing Activities | $24.4 |
As of September 30, 2024, Cingulate had cash and cash equivalents of $10 million, which is expected to meet its capital needs into the third quarter of 2025.
Stock Performance and Capital Raising Activities
Cingulate has engaged in several capital raising activities, including:
- Issuance of common stock under the ATM Agreement, raising approximately $9.3 million for the nine months ended September 30, 2024.
- Sales of common stock under the Lincoln Park Purchase Agreement, generating net proceeds of $6.8 million.
In August 2024, the company completed a one-for-twelve reverse stock split.
Future Outlook
Cingulate is targeting the submission of its New Drug Application (NDA) for CTx-1301 in mid-2025 and anticipates that additional capital will be needed to advance its product development.
How Cingulate Inc. (CING) Makes Money
Business Model
Cingulate Inc. operates primarily in the pharmaceutical sector, focusing on the development of ADHD treatments. As of 2024, the company has not yet generated any revenue from product sales. Its income generation relies on potential future collaborations, licensing agreements, and regulatory approvals of its product candidates, notably CTx-1301.
Funding and Capital Raising
Cingulate has financed its operations through a combination of public and private capital raises. Cumulative capital raised since inception is approximately $106.4 million as of September 30, 2024. Significant proceeds from various offerings include:
| Date | Type of Offering | Shares Sold | Net Proceeds (in millions) |
|---|---|---|---|
| February 2024 | Public Offering | ~1,000,000 | 7.5 |
| June 2024 | Warrant Inducement | ~143,958 | 1.6 |
| September 2024 | ATM Agreement | 902,300 | 5.8 |
| April 2023 | Lincoln Park Agreement | ~1,181,757 | 6.8 |
Research and Development Costs
The company’s primary expenditure relates to research and development (R&D) for its product candidates. For the nine months ended September 30, 2024, total R&D expenses were $5.1 million, a decrease of 51.3% from $10.5 million in the same period in 2023. The breakdown of R&D expenses is as follows:
| Expense Category | 2024 (in millions) | 2023 (in millions) | Percentage Change |
|---|---|---|---|
| Clinical Operations | 1.5 | 5.1 | -69.6% |
| Drug Manufacturing | 2.3 | 3.3 | -28.2% |
| Personnel Expenses | 1.1 | 1.9 | -42.6% |
| Regulatory Costs | 0.1 | 0.3 | -47.3% |
General and Administrative Expenses
General and administrative (G&A) expenses for the nine months ended September 30, 2024, totaled $4.3 million, down from $5.5 million in 2023, reflecting a decrease of 20.8%. Key components include:
| Expense Category | 2024 (in millions) | 2023 (in millions) | Percentage Change |
|---|---|---|---|
| Personnel Expenses | 1.3 | 2.0 | -34.2% |
| Legal and Professional Fees | 1.6 | 1.5 | +9.6% |
| Occupancy | 0.3 | 0.4 | -36.6% |
| Insurance | 0.7 | 1.2 | -38.8% |
Net Loss and Financial Position
For the nine months ended September 30, 2024, Cingulate reported a net loss of $9.4 million, compared to a net loss of $16.6 million for the same period in 2023. As of September 30, 2024, the company had cash and cash equivalents of $10 million, which is expected to meet its capital needs into the third quarter of 2025.
The financial performance reflects ongoing operating losses primarily due to R&D and G&A expenses, with no revenue generation as of yet. The accumulated deficit stood at $102.4 million, indicating significant investment in product development without current sales to offset costs.
Future Outlook
Cingulate's future revenue potential hinges on successful regulatory approval and commercialization of CTx-1301. The company is targeting an NDA submission for this product candidate in mid-2025, which could pave the way for future revenues.
Cingulate Inc. (CING) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Cingulate Inc. (CING) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cingulate Inc. (CING)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cingulate Inc. (CING)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.