Cingulate Q1 net loss $4.0M, cash $1.7M; secures additional $3M debt from WFIA

Cingulate Inc.

2024-Q1 EPS reported -$7.08

Net loss $4.0M for Q1 2023, improved from $5.0M in Q1 2022; R&D expenses $2.1M (down 25% YoY).
Cash and equivalents $1.7M at March 31, 2023; expects funding into Q3 2023 with new $3M debt.
Received $3M additional debt from WFIA, increasing promissory note to $8M, unsecured at 15% interest, due Aug 2025.
Completed transfer of PTR manufacturing to Societal CDMO; Phase 3 adult dose-optimization results expected Q3 2023.
Entered joint commercialization agreement with Indegene for CTx-1301 upon FDA approval.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Cingulate Inc. reported financial results for the three months ended March 31, 2023.

Period: the three months ended March 31, 2023
Result: reported results

Exact text from the filing

Cingulate Inc. (NASDAQ: CING), a biopharmaceutical company utilizing its proprietary Precision Timed ReleaseTM (PTRTM) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceutical products, today provided financial results for the three months ended March 31, 2023, as well as a clinical and business update.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cingulate Inc. amended Note with Werth Family Investment Associates LLC valued at from $5.0 million to $8.0 million (effective 2023-05-09).

Action: amendment
Agreement: credit facility
Counterparty: Werth Family Investment Associates LLC
Value: from $5.0 million to $8.0 million
Effective: 2023-05-09

Exact text from the filing

On May 9, 2023, CTx executed an amended and restated promissory note (the “Note”) in favor of WFIA that increased the principal amount of the Original Note from $5.0 million to $8.0 million.

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51 earnings releases filed in the last 30 days. Browse all earnings releases →

Cingulate Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-016177

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