Cingulate Inc., a biopharmaceutical company, reported its financial performance for the quarter ended June 30, 2024. The company experienced a net loss of $3.2 million, a significant improvement from the $6.6 million loss in the same period the previous year. This reduction in net loss was attributed to decreased research and development (R&D) expenses, which fell by 57.8% to $1.9 million, and general and administrative (G&A) expenses, which decreased by 30.5% to $1.3 million. The R&D decrease was due to the completion of enrollment in two Phase 3 studies for CTx-1301, leading to lower clinical activity. G&A expenses were reduced primarily due to lower personnel expenses and insurance costs. Interest and other income (expense), net, also saw a significant decrease, dropping by 98.8% to $3,000. The company...Show More

Cingulate Inc., a biopharmaceutical company, reported its financial performance for the quarter ended June 30, 2024. The company experienced a net loss of $3.2 million, a significant improvement from the $6.6 million loss in the same period the previous year. This reduction in net loss was attributed to decreased research and development (R&D) expenses, which fell by 57.8% to $1.9 million, and general and administrative (G&A) expenses, which decreased by 30.5% to $1.3 million. The R&D decrease was due to the completion of enrollment in two Phase 3 studies for CTx-1301, leading to lower clinical activity. G&A expenses were reduced primarily due to lower personnel expenses and insurance costs. Interest and other income (expense), net, also saw a significant decrease, dropping by 98.8% to $3,000. The company's business development efforts included progressing with clinical requirements for CTx-1301 and targeting a New Drug Application (NDA) submission for the first half of 2025. Additionally, Cingulate is developing CTx-2103 for anxiety treatment and plans to initiate clinical plans for CTx-1302, another ADHD treatment candidate. The company's future plans involve seeking strategic partnerships and licensing opportunities for CTx-1301, both domestically and internationally. Cingulate's financial position includes cash and cash equivalents of approximately $0.4 million as of June 30, 2024, with additional net proceeds of $1.6 million received from a warrant inducement post-quarter. The company's capital needs through late in the third quarter of 2024 are expected to be met under the current business plan, with an estimated $12-13 million required to file the NDA for CTx-1301.