Summary by Moomoo AI
Cingulate Inc., a biopharmaceutical company, reported its financial results for the fiscal year ended December 31, 2023. The company, which focuses on developing products for conditions like ADHD, has not generated revenue and continues to incur losses. For 2023, the net loss was $23.5 million, an increase from the $17.7 million loss in 2022. The company's cash and cash equivalents stood at $52,416 at year-end, down from $5.3 million the previous year. Cingulate raised funds through various means, including a public offering, private placement, and debt conversion. The company's future plans involve seeking additional capital to support operations and product development. Cingulate's stock is listed on the NASDAQ Capital Market, and it faces the risk of delisting if it fails to meet the exchange's continued listing requirements. The company's financial statements have been prepared on a going concern basis, but there is substantial doubt about its ability to continue due to its financial condition.