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8-K: Cingulate Reports First Quarter 2024 Financial Results and Provides Clinical and Business Update

SEC announcement ·  May 8 07:13
Summary by Moomoo AI
On May 8, 2024, Cingulate Inc., a biopharmaceutical company, announced its financial results for the first quarter of 2024. The company, which specializes in Precision Timed Release™ drug delivery technology, reported a net loss of $3.0 million for the quarter, a decrease from the $4.0 million loss in the same period of the previous year. This reduction in net loss was attributed to decreased research and development (R&D) and general and administrative (G&A) expenses. R&D expenses dropped due to increased clinical activity offset by lower manufacturing and personnel costs, while G&A expenses fell primarily due to reduced personnel and insurance expenses. Cingulate also highlighted the progress of CTx-1301, its lead product candidate for the treatment of ADHD, which is on track...Show More
On May 8, 2024, Cingulate Inc., a biopharmaceutical company, announced its financial results for the first quarter of 2024. The company, which specializes in Precision Timed Release™ drug delivery technology, reported a net loss of $3.0 million for the quarter, a decrease from the $4.0 million loss in the same period of the previous year. This reduction in net loss was attributed to decreased research and development (R&D) and general and administrative (G&A) expenses. R&D expenses dropped due to increased clinical activity offset by lower manufacturing and personnel costs, while G&A expenses fell primarily due to reduced personnel and insurance expenses. Cingulate also highlighted the progress of CTx-1301, its lead product candidate for the treatment of ADHD, which is on track for a Marketing Approval filing with the FDA in the first half of 2025. The company raised $10.7 million in capital and converted $3.3 million of debt to equity in 2024. As of March 31, 2024, Cingulate had $1.1 million in cash and cash equivalents, with total liabilities decreasing to $2.3 million and stockholders' equity increasing by $10 million to $3.2 million.

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