Cingulate Q2 net loss $4M, secures $5M insider debt, adds ADHD expert to board

Cingulate Inc.

2023-Q2 EPS reported -$0.80

Q2 2022 net loss $4.0M (vs $1.4M Q2 2021); six-month net loss $9.0M (vs $2.8M).
Cash $8.2M at June 30, 2022, down from $16.5M Dec 2021; expects to fund through Q1 2023.
Secured $5M unsecured debt from Werth Family Investment at 15% interest, due 2025; quarterly call option from Apr 2023.
Appointed Scott Applebaum to board; brings 10+ years ADHD expertise from Shire (Adderall XR, Vyvanse).
CTx-1301 Phase 3 pediatric trial dosing H2 2022, results H2 2023; company needs ~$16.5M additional capital for NDA.

item 1.01 item 2.02 item 2.03 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Scott Applebaum

Class III Director

CING · Cingulate Inc.

Effective: 2022-08-09
Filed: August 11, 2022, 7:59 PM ET

On August 9, 2022, the Board, upon the recommendation of the Nominating and Corporate Governance Committee, expanded the size of the Board to eight directors and appointed Scott Applebaum as a Class III director to serve until the Company’s 2024 annual meeting of stockholders.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Scott Applebaum was appointed as Class III Director at Cingulate Inc..

Action: appointed
Role: Class III Director

Exact text from the filing

On August 9, 2022, the Board, upon the recommendation of the Nominating and Corporate Governance Committee, expanded the size of the Board to eight directors and appointed Scott Applebaum as a Class III director to serve until the Company’s 2024 annual meeting of stockholders.

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Cingulate Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-021961

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