Cingulate Inc.

Listed Company

CINGCIK 0001862150NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-22.45M

Total Assets

$15.07M

Equity

$2.51M

Shares Out

11.63M

Op. Cash Flow

$-17.25M

Business

Cingulate Inc. is a biopharmaceutical company that leverages its proprietary Precision Timed Release (PTR) drug delivery platform to develop next-generation pharmaceuticals addressing conditions with burdensome multi‑dose regimens, with an initial focus on ADHD and anxiety. It develops trimodal, once‑daily product candidates including CTx-1301 (dexmethylphenidate), CTx-1302 (dextroamphetamine) and CTx-2103 (buspirone), and pursues licensing and commercialization arrangements. Its operations include clinical development, intellectual property management, and outsourced manufacturing with a CDMO partner. The company targets U.S. regulatory approval via the 505(b)(2) pathway and commercialization in the United States and international markets through partnerships and multi‑channel physician and patient outreach.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	10	9	15	9	8
General and administrative	10	6	7	9	12
Operating loss	−20	−16	−23	−18	−21
Issuance cost and change in fair value of derivative	−1	−1	—	—	—
Interest and other income (expense), net	−1	99,236	—	—	—
Loss before income taxes	−22	−17	−24	−18	−21
Income tax benefit (expense)	—	—	—	—	—
Net loss and comprehensive loss	−22	−17	−24	−18	−21
Net loss per share of common stock, basic	−4.44	−10.86	−311.99	−29.35	−2.79
Net loss per share of common stock, diluted	−4.44	−10.86	−311.99	−29.35	—
Weighted average number of shares used in computing net loss per share of common stock, basic	5	2	75,435	602,340	7
Weighted average number of shares used in computing net loss per share of common stock, diluted	5	2	75,435	602,340	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	11	12	52,416	5	16
Miscellaneous receivables	8,013	26,325	14,622	234,432	690,248
Prepaid expenses and other current assets	1	423,157	511,556	2	2
Total current assets	12	13	578,594	8	19
Property and equipment, net	2	2	3	3	3
Operating lease right-of-use assets	1	99,011	366,877	630,618	858,600
Total assets	15	15	3	11	23
Accounts payable	2	1	5	762,357	264,687
Accrued expenses	2	1	2	894,635	601,300
Notes payable, current	6	3	3	5	—
Finance lease liability, current	—	4,430	17,057	16,053	15,096
Operating lease liability, current	238,864	130,662	358,085	339,755	295,595
Total current liabilities	10	5	10	7	1
Note payable	1	2	—	—	—
Operating lease liability, net of current	1	—	130,663	488,748	828,503
Total long-term liabilities	2	2	135,099	510,235	866,037
Total liabilities	13	7	10	8	2
Common Stock, $0.0001 par value; 240,000,000 shares authorized and 7,250,299 and 3,402,306 shares issued and outstanding as of December 31, 2025 and 2024	725	340	10	61	1,131
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized and 0 shares issued and outstanding as of December 31, 2025 and 2024	—	—	—	—	—
Additional Paid-in-Capital	135	117	86	73	73
Accumulated deficit	−132	−110	−93	−69	−52
Total stockholders equity	3	7	−7	4	21
Total liabilities and stockholders equity	15	15	3	11	23

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	540,894	653,090	582,918	394,011	708,317
Stock-based compensation	2	995,484	812,670	800,796	43,835
Accretion of discount on note payable	326,006	—	—	—	—
Amortization of debt issue costs	26,525	—	—	—	—
Loss on debt extinguishment	805,951	—	—	—	—
Miscellaneous receivables	18,312	−11,703	219,810	455,816	−538,476
Prepaid expenses and other current assets	−623,705	88,399	2	−580,591	−1
Operating lease right-of-use assets	−1	267,886	263,741	227,982	100,124
Trade accounts payable and accrued expenses	1	−5	5	791,005	−1
Current portion of operating lease liability	108,202	−227,424	18,330	44,160	61,427
Long-term portion of operating lease liability	1	−130,663	−358,085	−339,755	−228,938
Net cash used in operating activities	−17	−18	−15	−16	−10
Purchase of property and equipment	−162,138	−211,800	−224,096	−153,420	−814,736
Net cash used in investing activities	−162,138	−211,800	−224,096	−152,652	−814,736
Proceeds from the issuance of common stock and pre-funded common stock purchase warrants, net of fees	10	26	7	—	20
Proceeds from notes payable	6	5	3	5	—
Principal payments on finance lease obligations	−4,430	−17,063	−16,047	−15,090	−436,259
Net cash provided by financing activities	16	31	10	5	27
Net increase (decrease) in cash and cash equivalents	−1	12	−5	−11	15
Property and equipment accrued but not paid at end of year	—	31,160	186,960	—	279,730
Interest paid	19,895	6,288	19,421	19,000	114,725

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