What is Cingulate's operating income?

Cingulate's total operating income in 2024 was -$15.64 million, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $15.64 million

Cingulate (CING) Financials

$4.51 +0.08 (+1.76%)

As of 03:54 PM Eastern

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Annual Income Statements for Cingulate

This table shows Cingulate's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-7.18	-21	-18	-24	-16
Consolidated Net Income / (Loss)	-7.18	-21	-18	-24	-16
Net Income / (Loss) Continuing Operations	-7.18	-21	-18	-24	-16
Total Pre-Tax Income	-7.18	-21	-18	-24	-16
Total Operating Income	-7.08	-21	-18	-23	-16
Total Gross Profit	0.00	0.00	0.00	0.00	0.00
Total Revenue	0.00	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	7.08	21	18	23	16
Selling, General & Admin Expense	1.99	12	8.51	7.27	6.20
Research & Development Expense	5.09	8.41	9.00	15	9.45
Total Other Income / (Expense), net	-0.10	-0.03	-0.17	-0.78	0.10
Income Tax Expense	0.00	0.00	0.00	0.00	0.00
Basic Earnings per Share	$0.00	($2.79)	($29.35)	($311.99)	($10.20)
Weighted Average Basic Shares Outstanding	0.00	7.41M	602.34K	75.44K	1.52M
Diluted Earnings per Share	$0.00	-	($29.35)	($311.99)	($10.20)
Weighted Average Diluted Shares Outstanding	0.00	7.41M	602.34K	75.44K	1.52M
Weighted Average Basic & Diluted Shares Outstanding	0.00	7.41M	11.31M	5.01M	3.77M

This table shows Cingulate's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-5.98	-6.93	-2.97	-3.21	-4.13	-6.13	-3.85	-4.79	-7.34	-9.31
Consolidated Net Income / (Loss)	-5.98	-6.93	-2.97	-3.21	-4.13	-6.13	-3.85	-4.79	-7.34	-9.31
Net Income / (Loss) Continuing Operations	-5.98	-6.93	-2.97	-3.21	-4.13	-6.13	-3.85	-4.79	-7.34	-9.31
Total Pre-Tax Income	-5.98	-6.93	-2.97	-3.21	-4.13	-6.13	-3.85	-4.79	-7.34	-9.31
Total Operating Income	-5.75	-6.80	-2.95	-3.21	-3.28	-6.21	-3.71	-4.65	-6.00	-7.92
Total Gross Profit	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Operating Expenses	5.75	6.80	2.95	3.21	3.28	6.21	3.71	4.65	6.00	7.92
Selling, General & Admin Expense	1.83	1.81	1.14	1.33	1.85	1.88	1.48	1.95	3.15	5.74
Research & Development Expense	3.92	4.98	1.81	1.88	1.43	4.33	2.22	2.70	2.85	2.18
Total Other Income / (Expense), net	-0.23	-0.14	-0.02	-0.00	-0.84	0.08	-0.15	-0.14	-1.35	-1.39
Interest & Investment Income	-	-	-	-	-	-	-0.10	-	-	-0.54
Other Income / (Expense), net	-	-	-	-	-0.84	-	-0.05	-	-1.35	-0.85
Income Tax Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Basic Earnings per Share	($72.60)	($91.93)	($7.21)	($5.47)	($2.34)	($4.02)	($1.06)	($1.09)	($1.35)	($0.95)
Weighted Average Basic Shares Outstanding	82.36K	75.44K	412.13K	586.31K	1.77M	1.52M	3.65M	4.39M	5.43M	9.78M
Diluted Earnings per Share	($72.60)	($91.93)	($7.21)	($5.47)	($2.34)	($4.02)	($1.06)	($1.09)	($1.35)	($0.95)
Weighted Average Diluted Shares Outstanding	82.36K	75.44K	412.13K	586.31K	1.77M	1.52M	3.65M	4.39M	5.43M	9.78M
Weighted Average Basic & Diluted Shares Outstanding	18.74M	5.01M	6.05M	950.51K	3.21M	3.77M	4.25M	5.41M	6.76M	13.28M

This table details how cash moves in and out of Cingulate's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.78	15	-11	-5.30	12
Net Cash From Operating Activities	-6.81	-10	-16	-15	-18
Net Cash From Continuing Operating Activities	-6.81	-10	-16	-15	-18
Net Income / (Loss) Continuing Operations	-7.18	-21	-18	-24	-16
Consolidated Net Income / (Loss)	-7.18	-21	-18	-24	-16
Depreciation Expense	0.67	0.71	0.39	0.58	0.65
Non-Cash Adjustments To Reconcile Net Income	0.04	13	0.73	0.74	1.26
Changes in Operating Assets and Liabilities, net	-0.33	-3.15	0.67	7.18	-4.82
Net Cash From Investing Activities	-0.38	-0.81	-0.15	-0.22	-0.21
Net Cash From Continuing Investing Activities	-0.38	-0.81	-0.15	-0.22	-0.21
Purchase of Property, Plant & Equipment	-0.40	-0.81	-0.15	-0.22	-0.21
Net Cash From Financing Activities	7.97	27	4.90	9.95	31
Net Cash From Continuing Financing Activities	7.97	27	4.90	9.95	31
Issuance of Debt	0.95	0.00	5.00	3.00	4.96
Issuance of Common Equity	0.00	20	0.00	6.97	26
Other Financing Activities, net	7.12	6.67	-0.02	-0.02	-0.02
Cash Interest Paid	0.05	0.11	0.02	0.02	0.01

This table details how cash moves in and out of Cingulate's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	1.64	-1.93	1.06	-0.73	9.66	2.17	-2.69	-0.62	-2.78	15
Net Cash From Operating Activities	-4.29	-2.56	-8.75	-1.74	-3.88	-4.08	-4.61	-4.80	-4.24	-6.91
Net Cash From Continuing Operating Activities	-4.29	-2.56	-8.75	-1.74	-3.88	-4.08	-4.61	-4.80	-4.24	-6.91
Net Income / (Loss) Continuing Operations	-5.98	-6.93	-2.97	-3.21	-4.15	-6.13	-3.85	-4.79	-7.59	-9.31
Consolidated Net Income / (Loss)	-5.98	-6.93	-2.97	-3.21	-4.15	-6.13	-3.85	-4.79	-7.59	-9.31
Depreciation Expense	0.15	0.17	0.16	0.16	0.17	0.16	0.17	0.15	0.11	0.12
Amortization Expense	-	-	0.00	-	-	-	0.08	0.08	-0.13	0.01
Non-Cash Adjustments To Reconcile Net Income	-0.14	0.33	0.23	0.44	0.92	0.59	0.32	-1.23	4.88	1.99
Changes in Operating Assets and Liabilities, net	1.67	3.87	-6.17	0.86	-0.82	1.30	-1.32	1.00	-1.51	0.28
Net Cash From Investing Activities	-	-0.19	-0.08	-0.07	0.14	-0.20	0.00	-0.01	-	-0.06
Net Cash From Continuing Investing Activities	-	-0.19	-0.08	-0.07	0.14	-0.20	0.00	-0.01	-	-0.06
Purchase of Property, Plant & Equipment	-	-0.19	-0.08	-0.07	0.14	-0.20	0.00	-0.01	-	-0.06
Net Cash From Financing Activities	5.93	0.82	9.89	1.08	13	6.45	1.92	4.18	1.46	22
Net Cash From Continuing Financing Activities	5.93	0.82	9.89	1.08	13	6.45	1.92	4.18	1.46	22
Issuance of Common Equity	5.93	0.82	9.89	1.09	13	1.49	1.92	4.18	1.46	22
Other Financing Activities, net	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-	-	0.00
Cash Interest Paid	0.01	0.01	0.00	0.01	0.00	0.00	0.00	0.02	0.00	0.00

This table presents Cingulate's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5.79	23	11	3.49	15	15
Total Current Assets	1.79	19	7.87	0.58	13	12
Cash & Equivalents	1.20	16	5.36	0.05	12	11
Accounts Receivable	-	-	-	-	0.03	0.01
Prepaid Expenses	0.44	1.70	2.28	0.51	0.42	1.05
Plant, Property, & Equipment, net	3.04	3.15	2.90	2.55	2.10	1.73
Total Noncurrent Assets	0.96	0.86	0.63	0.37	0.10	1.34
Other Noncurrent Operating Assets	0.96	0.86	0.63	0.37	0.10	1.34
Total Liabilities & Shareholders' Equity	5.79	23	11	3.49	15	15
Total Liabilities	4.50	2.04	7.52	10	7.41	13
Total Current Liabilities	3.36	1.18	7.01	10	4.97	10
Short-Term Debt	0.50	0.00	5.00	3.00	2.53	6.30
Accounts Payable	0.98	0.26	0.76	5.20	1.27	2.04
Accrued Expenses	1.22	0.60	0.89	1.65	1.04	1.74
Other Current Liabilities	0.67	0.31	0.36	0.38	0.14	0.24
Total Noncurrent Liabilities	1.13	0.87	0.51	0.14	2.44	2.25
Long-Term Debt	-	-	-	0.00	2.44	1.15
Other Noncurrent Operating Liabilities	1.08	0.83	0.49	0.13	0.00	1.10
Total Equity & Noncontrolling Interests	1.29	21	3.88	-6.87	7.46	2.51
Total Preferred & Common Equity	1.29	21	3.88	-6.87	7.46	2.51
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1.29	21	3.88	-6.87	7.46	2.51
Common Stock	32	73	73	86	117	135
Retained Earnings	-31	-52	-69	-93	-110	-132

This table presents Cingulate's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5.87	5.49	5.13	14	12	13	11	31
Total Current Assets	2.90	2.73	2.52	11	11	10	7.43	28
Cash & Equivalents	1.99	1.11	0.38	10	9.52	8.90	6.12	26
Accounts Receivable	-	-	1.62	0.00	0.04	0.02	0.02	0.05
Prepaid Expenses	0.91	1.61	0.52	1.30	0.94	1.30	1.30	1.97
Plant, Property, & Equipment, net	2.53	2.46	2.37	2.07	1.94	1.80	1.69	1.67
Total Noncurrent Assets	0.44	0.30	0.24	0.17	0.03	1.45	1.39	1.28
Other Noncurrent Operating Assets	0.44	0.30	0.24	0.17	0.03	1.45	1.39	1.28
Total Liabilities & Shareholders' Equity	5.87	5.49	5.13	14	12	13	11	31
Total Liabilities	5.97	2.28	2.04	1.54	6.54	7.96	7.05	12
Total Current Liabilities	5.73	2.25	2.04	1.54	5.62	6.73	5.88	11
Short-Term Debt	3.00	0.00	0.00	0.00	4.12	5.13	3.18	6.15
Accounts Payable	1.67	0.74	1.33	0.91	0.86	0.87	0.87	2.67
Accrued Expenses	0.69	1.12	0.38	0.40	0.60	0.50	1.60	1.90
Other Current Liabilities	0.37	0.39	0.33	0.23	0.03	0.22	0.23	0.25
Total Noncurrent Liabilities	0.23	0.03	0.00	0.00	0.92	1.22	1.16	1.04
Long-Term Debt	-	-	-	-	0.92	0.00	0.00	0.00
Other Noncurrent Operating Liabilities	0.23	0.03	0.00	0.00	-	1.22	1.16	1.04
Total Equity & Noncontrolling Interests	-0.10	3.22	3.08	12	5.93	5.51	3.47	19
Total Preferred & Common Equity	-0.10	3.22	3.08	12	5.93	5.51	3.47	19
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-0.10	3.22	3.08	12	5.93	5.51	3.47	19
Common Stock	86	99	102	114	118	123	130	161
Retained Earnings	-86	-96	-99	-102	-112	-117	-126	-142

This table displays calculated financial ratios and metrics derived from Cingulate's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
DEI Shares Outstanding	0.00	0.00	11,309,412.00	18,740,006.00	3,212,233.00
DEI Adjusted Shares Outstanding	0.00	0.00	47,123.00	78,083.00	3,212,233.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-375.11	-301.41	-4.84
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	0.00%	-206.42%	14.34%	-29.63%	32.40%
EBIT Growth	0.00%	-187.87%	15.37%	-30.04%	31.26%
NOPAT Growth	0.00%	-191.94%	15.37%	-30.04%	31.26%
Net Income Growth	0.00%	-188.29%	14.65%	-33.14%	33.95%
EPS Growth	0.00%	0.00%	0.00%	-33.14%	96.73%
Operating Cash Flow Growth	0.00%	-53.17%	-52.24%	5.34%	-22.73%
Free Cash Flow Firm Growth	0.00%	0.00%	37.36%	25.80%	-78.07%
Invested Capital Growth	0.00%	578.33%	-19.15%	-210.44%	105.31%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	-12.63%	-11.23%	3.70%
EBIT Q/Q Growth	0.00%	0.00%	-11.66%	-11.36%	3.63%
NOPAT Q/Q Growth	0.00%	0.00%	-11.66%	-11.36%	3.63%
Net Income Q/Q Growth	0.00%	0.00%	-12.41%	-10.99%	4.91%
EPS Q/Q Growth	0.00%	0.00%	-12.41%	-10.99%	-10.15%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	2.55%	9.86%	-8.96%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	27.69%	-21.25%
Invested Capital Q/Q Growth	0.00%	0.00%	0.67%	-522.98%	-89.58%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	100.15%	101.00%	103.41%	99.37%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-555.82%	-187.12%	-142.98%	1,575.61%	-5,305.02%
Cash Return on Invested Capital (CROIC)	0.00%	-723.70%	-287.63%	0.00%	-7,242.63%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-555.82%	-187.12%	-142.98%	1,575.61%	-5,305.02%
Return on Equity Simple (ROE_SIMPLE)	-555.82%	-99.36%	-455.34%	342.60%	-208.51%
Net Operating Profit after Tax (NOPAT)	-4.96	-14	-12	-16	-11
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-344.66%	-72.91%	-64.62%	581.04%	-213.92%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	412.20%	-88.18%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-7.18	-21	-18	-23	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.52	-20	-17	-22	-15
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.91	0.00	2.12
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.91	0.00	2.12
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.09	0.00	41.26
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.43	0.00	1.29	-0.44	0.67
Long-Term Debt to Equity	0.04	0.00	0.01	0.00	0.33
Financial Leverage	-0.50	-0.77	-0.68	-0.88	-7.33
Leverage Ratio	4.48	1.30	1.39	-4.99	31.32
Compound Leverage Factor	4.48	1.30	1.40	-5.16	31.12
Debt to Total Capital	29.96%	0.18%	56.40%	-77.73%	39.97%
Short-Term Debt to Total Capital	27.11%	0.00%	56.16%	-77.62%	20.35%
Long-Term Debt to Total Capital	2.85%	0.18%	0.24%	-0.11%	19.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.04%	99.82%	43.60%	177.73%	60.03%
Debt to EBITDA	-0.08	0.00	-0.29	-0.14	-0.33
Net Debt to EBITDA	0.10	0.82	0.02	-0.13	0.48
Long-Term Debt to EBITDA	-0.01	0.00	0.00	0.00	-0.16
Debt to NOPAT	-0.11	0.00	-0.41	-0.19	-0.45
Net Debt to NOPAT	0.13	1.14	0.03	-0.19	0.66
Long-Term Debt to NOPAT	-0.01	0.00	0.00	0.00	-0.22
Altman Z-Score	0.00	0.00	-12.59	-61.68	-11.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.53	16.05	1.12	0.06	2.55
Quick Ratio	0.36	14.02	0.76	0.01	2.46
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-18	-11	-8.47	-15
Operating Cash Flow to CapEx	-1,693.89%	-1,280.51%	-10,352.50%	-6,708.97%	-8,711.70%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.65	4.39	3.55	-3.92	0.21
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	3.74	-0.84	-7.46	4.13
Enterprise Value (EV)	0.00	0.00	11	10	8.59
Market Capitalization	0.00	0.00	11	7.17	16
Book Value per Share	$0.00	$2.81	$0.34	($0.37)	$2.32
Tangible Book Value per Share	$0.00	$2.81	$0.34	($0.37)	$2.32
Total Capital	1.85	21	8.90	-3.86	12
Total Debt	0.55	0.04	5.02	3.00	4.96
Total Long-Term Debt	0.05	0.04	0.02	0.00	2.44
Net Debt	-0.65	-16	-0.33	2.95	-7.25
Capital Expenditures (CapEx)	0.40	0.81	0.15	0.22	0.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.27	1.21	0.50	-6.70	-2.00
Debt-free Net Working Capital (DFNWC)	-1.07	18	5.86	-6.65	10
Net Working Capital (NWC)	-1.57	18	0.86	-9.65	7.69
Net Nonoperating Expense (NNE)	2.23	6.23	5.43	7.60	4.59
Net Nonoperating Obligations (NNO)	-0.65	-16	-0.33	2.95	-7.25
Total Depreciation and Amortization (D&A)	0.67	0.71	0.39	0.58	0.65
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($669.60)	($374.40)	($312.00)	($10.20)
Adjusted Weighted Average Basic Shares Outstanding	0.00	47.12K	47.12K	75.44K	1.52M
Adjusted Diluted Earnings per Share	$0.00	($669.60)	$0.00	($312.00)	($10.20)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	47.12K	47.12K	75.44K	1.52M
Adjusted Basic & Diluted Earnings per Share	$0.00	($669.60)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	30.89K	47.12K	417.54K	3.77M
Normalized Net Operating Profit after Tax (NOPAT)	-4.96	-14	-12	-16	-11
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-0.49%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Cingulate's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	15,658,798.00	18,740,006.00	5,010,471.00	6,046,479.00	950,506.00	3,212,233.00	3,768,400.00	4,245,713.00	5,412,523.00	6,757,070.00
DEI Adjusted Shares Outstanding	65,245.00	78,083.00	417,539.00	503,873.00	950,506.00	3,212,233.00	3,768,400.00	4,245,713.00	5,412,523.00	6,757,070.00
DEI Earnings Per Adjusted Shares Outstanding	-91.64	-88.81	-7.12	-6.37	-4.34	-1.91	-1.02	-1.13	-1.36	-1.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	-42.64%	-51.06%	25.73%	50.98%	29.22%	8.70%	-26.18%	-45.44%	-86.04%	-146.13%
EBIT Growth	-42.88%	-51.89%	23.42%	49.61%	28.25%	8.66%	-27.40%	-45.03%	-77.94%	-133.63%
NOPAT Growth	-44.89%	-51.89%	23.42%	49.61%	42.92%	8.66%	-25.70%	-45.03%	-82.68%	-113.79%
Net Income Growth	-48.47%	-50.59%	25.78%	51.49%	31.00%	11.58%	-29.61%	-49.20%	-77.94%	-141.70%
EPS Growth	-48.47%	-50.59%	25.78%	51.49%	96.78%	95.63%	85.30%	80.07%	42.31%	10.38%
Operating Cash Flow Growth	-26.25%	39.09%	-144.55%	62.16%	9.52%	-59.21%	47.31%	-175.27%	-9.29%	-50.01%
Free Cash Flow Firm Growth	77.35%	218.07%	69.22%	-69.07%	-136.02%	-412.99%	-142.28%	32.04%	18.68%	-64.11%
Invested Capital Growth	-73.72%	-210.44%	-37.44%	72.66%	115.67%	105.31%	-30.53%	-35.40%	-72.98%	-160.37%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	9.86%	-18.41%	57.97%	-9.26%	-30.17%	-94.06%	41.90%	-27.75%	-66.51%	0.00%
EBIT Q/Q Growth	9.63%	-18.22%	56.63%	-8.75%	-28.68%	-89.16%	39.50%	-25.47%	-57.87%	0.00%
NOPAT Q/Q Growth	9.63%	-18.22%	56.63%	-8.75%	-2.37%	-89.16%	40.31%	-25.47%	-28.94%	0.00%
Net Income Q/Q Growth	9.63%	-15.98%	57.14%	-7.98%	-28.54%	-89.75%	37.17%	-25.93%	-53.30%	0.00%
EPS Q/Q Growth	9.63%	-15.98%	57.14%	-7.98%	57.22%	-119.67%	73.63%	-4.81%	-23.85%	0.00%
Operating Cash Flow Q/Q Growth	6.77%	40.30%	-241.34%	80.08%	-122.93%	-5.05%	-12.96%	-4.06%	11.49%	0.00%
Free Cash Flow Firm Q/Q Growth	28.64%	289.63%	-129.77%	-319.65%	0.39%	-151.48%	76.95%	-17.72%	-19.19%	0.00%
Invested Capital Q/Q Growth	-40.84%	-522.98%	153.67%	28.57%	-26.10%	-89.58%	601.58%	19.56%	-69.09%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	103.99%	102.02%	100.82%	100.11%	100.00%	98.77%	102.57%	102.98%	100.00%	106.12%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-512.81%	1,575.61%	-1,364.73%	1,266.83%	-288.79%	-5,305.02%	-359.16%	-417.77%	-272.97%	0.00%
Cash Return on Invested Capital (CROIC)	-526.26%	0.00%	-514.14%	-666.71%	-850.66%	-7,242.63%	-608.52%	-518.58%	-1,019.61%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-512.81%	1,575.61%	-1,364.73%	1,266.83%	-288.79%	-5,305.02%	-359.16%	-417.77%	-272.97%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-699.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.02	-4.76	-2.06	-2.24	-2.30	-4.35	-2.59	-3.25	-4.20	-5.55
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-102.31%	166.34%	83.96%	26.51%	-40.55%	-83.16%	-45.07%	-73.98%	-48.47%	-31.10%
Return On Investment Capital (ROIC_SIMPLE)	-	123.11%	-64.17%	-72.78%	-19.09%	-34.99%	-23.63%	-30.57%	-63.03%	-22.17%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-5.75	-6.80	-2.95	-3.21	-4.13	-6.21	-3.76	-4.65	-7.34	-8.78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.60	-6.62	-2.78	-3.04	-3.96	-6.05	-3.51	-4.42	-7.37	-8.65
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.32	0.63	0.40	2.12	2.73	3.14	6.11	2.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.32	0.63	0.40	2.12	2.73	3.14	6.11	2.22
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	13.09	0.00	0.00	0.57	0.00	41.26	8.03	7.74	33.87	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-31.23	-0.44	0.00	0.00	0.00	0.67	0.85	0.93	0.92	0.33
Long-Term Debt to Equity	-0.09	0.00	0.00	0.00	0.00	0.33	0.16	0.00	0.00	0.00
Financial Leverage	-0.46	-0.88	0.66	-2.42	-0.76	-7.33	-0.61	-0.48	-0.84	-0.98
Leverage Ratio	2.57	-4.99	3.84	-3.43	1.63	31.32	1.96	2.16	1.55	1.75
Compound Leverage Factor	2.67	-5.09	3.87	-3.44	1.63	30.93	2.01	2.23	1.55	1.85
Debt to Total Capital	103.31%	-77.73%	0.00%	0.00%	0.00%	39.97%	45.98%	48.23%	47.83%	24.58%
Short-Term Debt to Total Capital	103.01%	-77.62%	0.00%	0.00%	0.00%	20.35%	37.57%	48.23%	47.83%	24.58%
Long-Term Debt to Total Capital	0.30%	-0.11%	0.00%	0.00%	0.00%	19.62%	8.41%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-3.31%	177.73%	100.00%	100.00%	100.00%	60.03%	54.02%	51.77%	52.17%	75.42%
Debt to EBITDA	-0.15	-0.14	0.00	0.00	0.00	-0.33	-0.32	-0.30	-0.16	0.00
Net Debt to EBITDA	-0.05	-0.13	0.00	0.00	0.00	0.48	0.28	0.22	0.15	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.16	-0.06	0.00	0.00	0.00
Debt to NOPAT	-0.21	-0.19	0.00	0.00	0.00	-0.45	-0.44	-0.41	-0.22	0.00
Net Debt to NOPAT	-0.07	-0.19	0.00	0.00	0.00	0.66	0.39	0.30	0.20	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.22	-0.08	0.00	0.00	0.00
Altman Z-Score	-23.21	-46.59	-25.83	-28.45	-8.83	-9.69	-11.64	-11.70	-17.10	-4.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.51	0.06	1.21	1.23	7.35	2.55	1.87	1.52	1.26	2.55
Quick Ratio	0.35	0.01	0.50	0.98	6.51	2.46	1.70	1.32	1.04	2.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.43	2.71	-0.81	-3.38	-3.37	-8.47	-1.95	-2.30	-2.74	-3.20
Operating Cash Flow to CapEx	0.00%	-1,370.55%	-10,730.68%	-2,398.68%	0.00%	-2,055.57%	0.00%	-80,932.61%	0.00%	-11,298.82%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.93	-3.92	2.10	2.70	2.00	0.21	1.46	1.75	0.54	-0.88
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	-2.60	-7.46	-1.26	1.14	1.07	4.13	-0.64	-0.96	-1.46	-2.34
Enterprise Value (EV)	12	10	-0.08	1.55	-5.25	8.59	12	14	18	22
Market Capitalization	11	7.17	1.03	1.93	4.79	16	16	17	21	42
Book Value per Share	($0.01)	($0.37)	$0.17	$0.51	$12.66	$2.32	$1.57	$1.30	$0.64	$1.93
Tangible Book Value per Share	($0.01)	($0.37)	$0.17	$0.51	$12.66	$2.32	$1.57	$1.30	$0.64	$1.93
Total Capital	2.91	-3.86	3.22	3.08	12	12	11	11	6.66	25
Total Debt	3.01	3.00	0.00	0.00	0.00	4.96	5.05	5.13	3.18	6.15
Total Long-Term Debt	0.01	0.00	0.00	0.00	0.00	2.44	0.92	0.00	0.00	0.00
Net Debt	1.02	2.95	-1.11	-0.38	-10	-7.25	-4.47	-3.77	-2.93	-20
Capital Expenditures (CapEx)	0.00	0.19	0.08	0.07	-0.14	0.20	0.00	0.01	0.00	0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.82	-6.70	-0.63	0.09	-0.24	-2.00	-0.50	-0.28	-1.38	-2.79
Debt-free Net Working Capital (DFNWC)	0.17	-6.65	0.48	0.47	9.80	10	9.01	8.62	4.74	23
Net Working Capital (NWC)	-2.83	-9.65	0.48	0.47	9.80	7.69	4.89	3.49	1.55	17
Net Nonoperating Expense (NNE)	1.95	2.18	0.91	0.97	1.83	1.79	1.26	1.53	3.14	3.77
Net Nonoperating Obligations (NNO)	1.02	2.95	-1.11	-0.38	-10	-7.25	-4.47	-3.77	-2.93	-20
Total Depreciation and Amortization (D&A)	0.15	0.17	0.16	0.16	0.17	0.16	0.24	0.23	-0.03	0.13
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($72.00)	($1,103.16)	($7.20)	$0.00	($1.83)	($4.02)	($1.04)	($1.09)	($1.35)	($0.95)
Adjusted Weighted Average Basic Shares Outstanding	82.36K	6.29K	412.13K	950.51K	1.77M	1.52M	3.65M	4.39M	5.43M	9.78M
Adjusted Diluted Earnings per Share	($72.00)	($1,103.16)	($7.20)	($5.47)	($1.83)	($4.02)	($1.04)	($1.09)	($1.35)	($0.95)
Adjusted Weighted Average Diluted Shares Outstanding	82.36K	6.29K	412.13K	586.31K	1.77M	1.52M	3.65M	4.39M	5.43M	9.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1,103.16)	$0.00	$0.00	$0.00	($4.02)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	78.08K	417.54K	503.87K	950.51K	3.21M	3.77M	4.25M	5.41M	6.76M	13.28M
Normalized Net Operating Profit after Tax (NOPAT)	-4.02	-4.76	-2.06	-2.24	-2.30	-4.35	-2.59	-3.25	-4.20	-5.55
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Cingulate’s latest quarter shows a company still in heavy cash-burn mode, but with a much larger cash balance after a big equity raise. For Q1 2026, Cingulate reported no revenue, a net loss of $9.3 million, and negative operating cash flow of $6.9 million. At the same time, the company ended the quarter with $25.9 million in cash and equivalents, up sharply from $6.1 million in Q3 2025, largely because it raised $21.9 million through common equity issuance.

What stands out over the last several years is that expenses remain elevated while revenue is still zero. That means investors are still looking at a pre-commercial biotech-style profile: ongoing R&D spending, significant SG&A costs, and recurring losses funded by external capital rather than operations.

Cash balance improved materially in Q1 2026. Cingulate ended the quarter with $25.9 million in cash and equivalents, compared with $6.1 million in Q3 2025, giving it more near-term financial flexibility.
Equity financing provided a major funding boost. The company raised $21.9 million from common stock issuance in Q1 2026, which more than offset operating and investing cash outflows.
Operating capital changes helped reduce cash burn somewhat. Changes in operating assets and liabilities contributed $282 thousand in Q1 2026, a small offset to the quarterly loss.
PPE spending stayed minimal. Capital expenditures were just $61 thousand in Q1 2026, suggesting limited investment in fixed assets.
Debt load was relatively modest in the latest quarter. Short-term debt was $6.1 million and long-term debt was zero at Q1 2026.
Shares outstanding continue to rise. Q1 2026 basic and diluted weighted average shares were 9.8 million, up from 5.4 million in Q3 2025 and 3.6 million in Q1 2025, indicating ongoing dilution.
Revenue remains nonexistent. Cingulate reported $0 in revenue in every period provided, so there is still no operating top line to absorb expenses.
Operating losses remain large. Q1 2026 operating loss was $7.9 million, following a $6.0 million operating loss in Q3 2025 and $4.6 million in Q2 2025.
Cash from operations is consistently negative. The company used $6.9 million in operating cash in Q1 2026, after using $4.2 million in Q3 2025 and $4.8 million in Q2 2025.
Accumulated losses continue to weigh on equity. Retained earnings were deeply negative at $141.7 million in Q1 2026, reflecting years of cumulative losses.

Looking at the trend line, the business appears to have become more expensive to operate over time, even as it raises capital to stay funded. In Q1 2025, operating expenses were $3.7 million; by Q3 2025 they had climbed to $6.0 million, and in Q1 2026 they were $7.9 million. Although quarterly losses fluctuate, the company has not shown a path to profitability yet.

The balance sheet is better funded now, but investors should view that in context. The larger cash position reduces immediate liquidity pressure, but Cingulate still depends on capital markets to finance operations. Unless revenue begins to materialize, dilution risk remains a major issue.

Bottom line: Cingulate’s latest quarter is a mixed picture. The company strengthened its cash position significantly, but it still has no revenue, meaningful losses, and persistent cash burn. For retail investors, the key question is whether that new cash runway can carry the company far enough for a commercial or clinical milestone that changes the story.

07/17/26 01:34 PM ETAI Generated. May Contain Errors.

Cingulate Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cingulate's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Cingulate's net income appears to be on an upward trend, with a most recent value of -$15.55 million in 2024, rising from -$7.18 million in 2020. The previous period was -$23.53 million in 2023. View Cingulate's forecast to see where analysts expect Cingulate to go next.

Cingulate's total operating income in 2024 was -$15.64 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $15.64 million

Over the last 4 years, Cingulate's total revenue changed from $0.00 in 2020 to $0.00 in 2024, a change of 0.0%.

Cingulate's total liabilities were at $12.56 million at the end of 2025, a 69.6% increase from 2024, and a 179.5% increase since 2020.

In the past 5 years, Cingulate's cash and equivalents has ranged from $52.42 thousand in 2023 to $16.49 million in 2021, and is currently $10.95 million as of their latest financial filing in 2025.

Over the last 4 years, Cingulate's book value per share changed from 0.00 in 2020 to 2.32 in 2024, a change of 232.1%.

Related Companies

Financial statements for NASDAQ:CING last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cingulate (CING) Financials

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Cingulate (CING) Financials

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