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Cingulate | 8-K: Cingulate Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Clinical and Business Update

SEC announcement · Apr 1 08:10

CING +7.69%

Summary by Moomoo AI

On April 1, 2024, Cingulate Inc., a biopharmaceutical company, announced its financial results for the year ended December 31, 2023, and provided updates on its clinical and business operations. The company reported raising $17.8 million since the beginning of 2023 and converting $9.1 million of debt into equity at a premium. Cingulate's lead ADHD treatment, CTx-1301, continued to show promising results in Phase 3 trials. The company also discussed the potential for non-dilutive capital and expansion of its asset pipeline. Cingulate has raised additional funds in 2024, including $10.7 million from the sale of securities and $3.3 million of debt conversion to equity by Werth Family Investment Associates, LLC. Jennifer Callahan was promoted to CFO, and three independent directors were appointed to the board. As of December 31, 2023, Cingulate had a cash position of $52,416 and anticipates that current funds will suffice through the second quarter of 2024. Research and development expenses increased due to clinical activity, and general and administrative expenses decreased primarily due to a reduction in insurance premiums. The net loss for the year was $23.5 million, up from $17.7 million the previous year, attributed to increased development activity. The company's PTR technology aims to improve treatment outcomes for ADHD and other conditions, such as anxiety disorders.

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