Summary by Futu 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