Revenue: As of FY2026 Q2, the actual value is USD 0.

EBIT: As of FY2026 Q2, the actual value is USD -5.729 M.

Cash and Working Capital

As of June 30, 2026, Cingulate Inc. reported approximately $28.4 million in cash and cash equivalents, an increase from $11.0 million as of December 31, 2025. This increase was primarily due to $12.0 million raised from a private placement in the first quarter and $19.0 million from At-the-Market and Purchase Agreements, partially offset by $12.8 million used for operations. Working capital stood at $21,577,149 as of June 30, 2026, up from $1,695,633 as of December 31, 2025.

Research and Development (R&D) Expenses

R&D expenses for the three months ended June 30, 2026, were $1,486,825, a decrease of 44.9% from $2,700,939 for the same period in 2025, mainly due to lower clinical operations costs. For the six months ended June 30, 2026, R&D expenses were $3,671,143, a decrease of 25.4% from $4,923,565 in the prior year, partially offset by increased manufacturing activities and personnel costs.

Selling, General and Administrative (SG&A) Expenses

SG&A expenses increased by 101.5% to $3,928,150 for the three months ended June 30, 2026, compared to $1,949,035 for the same period in 2025. For the six months ended June 30, 2026, SG&A expenses rose by 181.7% to $9,667,054, up from $3,432,444 in 2025, driven by the build-out of commercial readiness capabilities, including increased headcount and expanded market access activities.

Operating Loss

Cingulate Inc. reported an operating loss of - $5,414,975 for the three months ended June 30, 2026, compared to - $4,649,974 for the three months ended June 30, 2025. For the six months ended June 30, 2026, the operating loss was - $13,338,197, compared to - $8,356,009 for the same period in 2025.

Net Loss

The net loss for the three months ended June 30, 2026, was - $5,870,264, compared to - $4,983,261 for the three months ended June 30, 2025. For the six months ended June 30, 2026, the net loss was - $15,182,353, compared to - $8,835,939 for the same period in 2025, primarily reflecting the increase in SG&A expenses.

Balance Sheet Highlights

As of June 30, 2026, total assets were $33,066,321, compared to $15,073,263 as of December 31, 2025. Total liabilities decreased to $9,599,286 from $12,564,356 over the same period. The accumulated deficit increased to - $147,557,384 from - $132,375,031. Total stockholders’ equity significantly increased to $23,467,035 from $2,508,907.

Other Financial Metrics

Change in fair value of derivative was - $314,013 for the three months ended June 30, 2026, compared to - $194,526 for the same period in 2025. For the six months ended June 30, 2026, this change was - $1,166,043, compared to - $244,513 in 2025. Interest and other income (expense), net, was - $141,276 for the three months ended June 30, 2026, and - $678,113 for the six months ended June 30, 2026.

Outlook and Guidance

Cingulate Inc. anticipates its current cash and cash equivalents will fund operations into mid-2027, covering costs for CMC work, CTx-1301 regulatory approval, and commercial readiness. The company remains committed to promptly resubmitting the NDA for CTx-1301 to the FDA following the Complete Response Letter and ongoing CMC work.