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Cingulate Inc (CING-0.33%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $1.4 million from $3.9 million in the same quarter the previous year. The decrease is attributed to reduced clinical activity.
General and administrative expenses for the quarter were $1.9 million, compared to $1.8 million in the same quarter of the previous year. The slight increase is due to higher legal and professional fees.
The company reported a net loss of $3.2 million for the quarter, compared to $6.0 million in the previous year, with the decrease attributed to lower operating expenses.
Cingulate's cash and cash equivalents were $10 million as of September 30, 2024. The company acknowledges the need for additional funding to support operations and development.
The filing details various financial activities, including a public offering in February 2024 that raised gross proceeds of approximately $7.5 million.
Cingulate completed a one-for-twelve reverse stock split on August 9, 2024, to maintain compliance with Nasdaq listing requirements.
The company continues to focus on the development of its product candidates, including CTx-1301 for ADHD, with plans to submit a New Drug Application in mid-2025.
Cingulate is actively seeking strategic partnerships for the commercialization of its products in the United States and internationally.
The company identified substantial doubt about its ability to continue as a going concern, primarily due to its dependency on raising additional capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cingulate Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.