Detailed financial statements for Cingulate Inc. (CING): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cingulate Inc. is a biopharmaceutical enterprise currently in its clinical development phase, dedicated to devising therapeutic options for attention-deficit/hyperactivity disorder (ADHD). Leading its pipeline for ADHD are two drug candidates: CTx-1301 (dexmethylphenidate), which is currently progressing through Phase 3 clinical trials, and CTx-1302 (dextroamphetamine).
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $5.09, CING has negative trailing earnings (P/E not meaningful) and an ROE of -8.95%. Market capitalisation stands at $69M.
Balance sheet quality for CING: current ratio of 1.2, net cash position of $2.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $178912 | $842353 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$178912 | -$842353 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $9.1M | $5.1M | $8.4M | $9.0M | $15.5M | $9.4M | $9.8M |
| Selling, General & Admin | $2.4M | $1.1M | $12.3M | $8.5M | $7.3M | $6.2M | $10.2M |
| Operating Expenses | $11.5M | $6.2M | $20.7M | $17.5M | $22.8M | $15.6M | $19.9M |
| Operating Income | -$11.6M | -$7.1M | -$20.7M | -$17.5M | -$22.8M | -$15.6M | -$19.9M |
| EBITDA | -$11.5M | -$6.2M | -$20.0M | -$17.1M | -$22.2M | -$15.0M | -$19.4M |
| Interest Expense | 0 | $54605 | $33407 | $174000 | 0 | 0 | $924446 |
| Pre-tax Income | -$11.5M | -$7.2M | -$20.7M | -$17.7M | -$23.5M | -$16.6M | -$22.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$11.5M | -$7.2M | -$20.7M | -$17.7M | -$23.5M | -$16.6M | -$22.4M |
| EPS | $-242.89 | $-12.70 | $-55.80 | $-31.20 | $-311.99 | $-10.20 | $-4.13 |
| EPS (Diluted) | $-242.89 | $-12.70 | $-55.80 | $-31.20 | $-311.99 | $-10.20 | $-4.13 |
| Shares Outstanding (Diluted) | $1.4M | $1.4M | $1.4M | $1.4M | $2.3M | $3.8M | $5.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$6.0M | -$5.6M | -$7.9M | -$5.4M |
| EBITDA | -$5.9M | -$5.5M | -$7.8M | $213.6M |
| Net Income | -$7.3M | -$6.3M | -$9.3M | -$5.9M |
| EPS | $-1.35 | $-0.87 | $-1.71 | $-1.08 |
| EPS (Diluted) | $-1.35 | $-0.87 | $-1.71 | $-1.08 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $418470 | $1.2M | $16.5M | $5.4M | $52416 | $12.2M | $11.0M |
| Short-term Investments | $18723 | $933 | $933 | 0 | 0 | 0 | 0 |
| Receivables | $113240 | $151772 | 0 | $234432 | $14622 | $26325 | $8013 |
| Inventory | 0 | 0 | 0 | $100339 | 0 | 0 | 0 |
| Total Current Assets | $978317 | $1.8M | $18.9M | $7.9M | $578594 | $12.7M | $12.0M |
| Property, Plant & Equipment | $4.2M | $4.0M | $4.0M | $3.5M | $2.9M | $2.2M | $3.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.3M | $5.8M | $22.9M | $11.4M | $3.5M | $14.9M | $15.1M |
| Accounts Payable | $1.9M | $975114 | $264687 | $762357 | $5.2M | $1.3M | $2.0M |
| Short-term Debt | 0 | $500335 | 0 | $5.0M | $3.0M | $2.5M | $6.3M |
| Total Current Liabilities | $3.0M | $3.4M | $1.2M | $7.0M | $10.2M | $5.0M | $10.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $2.4M | $1.2M |
| Total Liabilities | $4.7M | $4.5M | $2.0M | $7.5M | $10.4M | $7.4M | $12.6M |
| Retained Earnings | 0 | -$31.0M | -$51.7M | -$69.4M | -$92.9M | -$108.5M | -$132.4M |
| Total Equity | $615880 | $1.3M | $20.8M | $3.9M | -$6.9M | $7.5M | $2.5M |
| Total Debt | $2.1M | $2.0M | $1.2M | $5.9M | $3.5M | $5.1M | $8.8M |
| Net Debt | $1.7M | $848060 | -$15.3M | $509767 | $3.5M | -$7.1M | -$2.2M |
| Working Capital | -$2.0M | -$1.6M | $17.7M | $856852 | -$9.6M | $7.7M | $1.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $6.1M | $11.0M | $25.9M | $28.4M |
| Total Assets | $10.5M | $15.1M | $30.9M | $33.1M |
| Total Liabilities | $7.0M | $12.6M | $12.0M | $9.6M |
| Total Equity | $3.5M | $2.5M | $18.9M | $23.5M |
| Total Debt | $4.6M | $8.8M | $7.4M | $6.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$11.5M | -$7.2M | -$20.7M | -$17.7M | -$23.5M | -$15.5M | -$22.4M |
| Depreciation & Amortization | $178912 | $666029 | $708317 | $394011 | $582918 | $653090 | $540894 |
| Stock-based Compensation | 0 | 0 | $12.8M | $800796 | $812670 | $995484 | 0 |
| Change in Working Capital | $1.9M | -$293493 | -$3.2M | $598617 | $7.1M | -$4.6M | $830852 |
| Operating Cash Flow | -$9.5M | -$6.8M | -$10.4M | -$15.9M | -$15.0M | -$18.5M | -$17.2M |
| Capital Expenditure | -$1.0M | -$402096 | -$814736 | -$153420 | -$224096 | -$211800 | -$162138 |
| Acquisitions | -$3.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.5M | -$7.2M | -$11.2M | -$16.0M | -$15.3M | -$18.7M | -$17.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.2M | -$3.6M | -$6.9M | -$5.9M |
| Capital Expenditure | $4 | -$156213 | -$61180 | -$67075 |
| Free Cash Flow | -$4.2M | -$3.8M | -$7.0M | -$6.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $592824 | $385965 | $593100 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +37.8% | -188.3% | +14.6% | -33.1% | +29.6% | -35.6% |
| EPS Growth (YoY) | | +94.8% | -339.4% | +44.1% | -900.0% | +96.7% | +59.5% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | +60.1% | +68.4% | +42.5% |
| FCF Growth (YoY) | | +31.6% | -55.9% | -42.6% | +4.8% | -22.3% | +6.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-7.46 | $-5.10 | $-7.96 | $-11.34 | $-6.74 | $-4.90 | $-3.21 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.4M | $1.4M | $1.4M | $1.4M | $2.3M | $3.8M | $5.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -894.81% |
| Return on Invested Capital | -176.51% |
| Return on Assets | -148.94% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.27 |
| Current Ratio | 3.50 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4.40 | -84.09 | -11.87 | -7.69 | -0.29 | -0.48 | -1.05 |
| P/B | 2451.43 | 1168.17 | 44.93 | 87.40 | -30.24 | 2.52 | 9.40 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |