Revenue: As of FY2025 Q3, the actual value is USD 0.

Cash and Working Capital

As of September 30, 2025, Cingulate Inc. had approximately $6.1 million in cash and cash equivalents, a decrease of $6.1 million from December 31, 2024. The company expects its cash will satisfy its capital needs into the second quarter of 2026 under the current business plan. Cingulate had approximately $1.6 million in working capital, a decrease of $6.1 million compared to $7.7 million as of December 31, 2024.

R&D Expenses

Research and development expenses were $2.8 million for the three months ended September 30, 2025, an increase of $1.4 million or 99.5% from the same period in 2024. This increase was due to higher personnel expenses, manufacturing costs, and regulatory costs.

G&A Expenses

General and administrative expenses were $3.1 million for the three months ended September 30, 2025, an increase of $1.3 million or 69.7% from the same period in 2024. The increase was primarily due to higher personnel expenses and commercial costs in preparation for a potential mid-2026 launch of CTx-1301.

Net Loss

Net loss was $7.3 million for the three months ended September 30, 2025, compared to $4.1 million for the same period in 2024. The increase in net loss was primarily due to increased research and development costs and G&A expenses.

Outlook / Guidance

Cingulate Inc. anticipates needing approximately $7.0 million of additional capital to advance commercialization efforts through the May 31, 2026 PDUFA date for CTx-1301. The company remains focused on disciplined execution, operational efficiency, and creating long-term value for shareholders.