Cingulate Reports Strong Q3 with $19.5M Boost to Propel ADHD Platform, Eyes Mid-2025 NDA Submission
Cingulate Inc. (Nasdaq:CING) reported a $19.5 million increase in working capital in Q3 2024, strengthening its financial position to advance its lead ADHD asset, CTx-1301, toward a mid-2025 New Drug Application (NDA) submission. The company raised $12.5 million in capital during the quarter, extending its cash runway into Q3 2025. Additionally, Cingulate secured European patents for CTx-1301 in up to 30 territories, enhancing its global market potential and regained compliance with Nasdaq’s $1.00 minimum bid requirement.
R&D expenses decreased significantly to $1.4 million due to the completion of major clinical studies, contributing to a 46% reduction in net loss compared to Q3 2023. Total liabilities also decreased, reflecting a stronger balance sheet.
Cingulate’s CTx-1301 platform leverages its proprietary Precision Timed Release™ (PTR™) technology to address unmet needs in the ADHD market, which continues to see strong growth and demand for innovative treatment solutions. By targeting improved symptom management and patient adherence, CTx-1301 aims to capture meaningful market share.
Despite these positive developments, the company’s accumulated deficit reached $102.4 million, and its operating loss for Q3 2024 was $3.3 million. The company’s cash position of $10 million is expected to support operations through Q3 2025 but may require additional funding thereafter.
