The capital structure appears increasingly reliant on external financing, with total debt rising to $7.4M as of 2026Q1 to support ongoing clinical operations.
| Total Current Assets | 27.91M | 12.01M | 12.66M | 578.59K | 7.87M | 18.88M | 1.79M | 978.32K |
| Cash & Short-Term Investments | 25.89M | 10.95M | 12.21M | 52.42K | 5.36M | 16.49M | 1.2M | 437.19K |
| Cash Only | 25.89M | 10.95M | 12.21M | 52.42K | 5.36M | 16.49M | 1.2M | 418.47K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 933 | 933 | 18.72K |
| Accounts Receivable | 53.94K | 8.01K | 26.32K | 14.62K | 234.43K | 690.25K | 151.77K | 113.24K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 100.34K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.94M | 80.08K | 368.29K | 490.86K | 1.64M | 0 | 0 | 0 |
| Total Non-Current Assets | 2.95M | 3.07M | 2.2M | 2.91M | 3.54M | 4M | 4M | 4.3M |
| Property, Plant & Equipment | 2.95M | 3.07M | 2.2M | 2.91M | 3.54M | 4M | 4M | 4.16M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | -5.91B | -1.36B | 0 | 143.02K |
| Total Assets | 30.86M | 15.07M | 14.86M | 3.49M | 11.41M | 22.89M | 5.79M | 5.28M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 289.06% | 1.4% | 325.74% | -69.39% | -50.17% | 295.44% | 9.6% | - |
| Total Current Liabilities | 10.96M | 10.31M | 4.97M | 10.23M | 7.01M | 1.18M | 3.36M | 2.95M |
| Accounts Payable | 2.67M | 2.04M | 1.27M | 5.2M | 762.36K | 264.69K | 975.11K | 1.9M |
| Days Payables Outstanding | - | - | - | - | - | - | 422.53 | 3.87K |
| Short-Term Debt | 6.39M | 6.3M | 2.53M | 3M | 5M | 310.69K | 500.33K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 601.3K | 0 | 524.03K |
| Other Current Liabilities | 1.7M | 455.18K | 355.48K | 593.02K | 719.01K | -336.67K | 234.17K | -368.54K |
| Current Ratio | 2.55x | 1.16x | 2.55x | 0.06x | 1.12x | 16.05x | 0.53x | 0.33x |
| Quick Ratio | 2.55x | 1.16x | 2.55x | 0.06x | 1.11x | 16.05x | 0.53x | 0.33x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.04M | 2.25M | 2.44M | 135.1K | 510.24K | 866.04K | 1.13M | 1.71M |
| Long-Term Debt | 0 | 1.15M | 2.44M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.52M | 1.1M | 0 | 135.1K | 510.24K | 866.04K | 1.11M | 1.71M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 23.61K | 0 |
| Total Liabilities | 12M | 12.56M | 7.41M | 10.36M | 7.52M | 2.04M | 4.5M | 4.66M |
| Total Debt | 7.43M | 8.79M | 5.1M | 3.51M | 5.87M | 1.19M | 2.05M | 2.09M |
| Net Debt | -18.46M | -2.17M | -7.11M | 3.46M | 509.77K | -15.3M | 848.99K | 1.67M |
| Debt / Equity | 0.39x | 3.50x | 0.68x | - | 1.51x | 0.06x | 1.58x | 3.39x |
| Debt / EBITDA | -0.31x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.78x | - | - | - | - | - | - | - |
| Interest Coverage | 17.75x | -21.57x | - | - | -100.59x | -619.02x | -129.72x | - |
| Total Equity | 18.86M | 2.51M | 7.46M | -6.87M | 3.88M | 20.84M | 1.29M | 615.88K |
| Equity Growth % | 159.33% | -66.35% | 208.53% | -276.95% | -81.38% | 1512.73% | 109.85% | - |
| Book Value per Share | 1.93 | 0.46 | 1.96 | -3.04 | 2.75 | 14.74 | 0.91 | 0.44 |
| Total Shareholders' Equity | 18.86M | 2.51M | 7.46M | -6.87M | 3.88M | 20.84M | 1.29M | 615.88K |
| Common Stock | 1.19K | 725 | 340 | 10 | 61 | 1.13K | 32.31M | 615.85K |
| Retained Earnings | -141.69M | -132.38M | -108.49M | -92.94M | -69.41M | -51.73M | -31.02M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 165 | 165 | 32 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in recent financial filings, Cingulate's equity base has experienced significant fluctuations, with total equity reaching $18.9M in 2026Q1, a trend that appears heavily driven by periodic capital raises rather than organic value creation, signaling a precarious trajectory for long-term shareholders.
The company's reliance on external financing to bridge the gap between clinical development and commercialization has led to a volatile equity profile. Investors should monitor whether future capital injections continue to dilute existing positions or if the company can reach a value-inflection point before further equity issuance is required.
Based on the company's reported figures, total debt rose to $7.4M in 2026Q1, reflecting a strategic, albeit necessary, reliance on debt financing to sustain operations while the firm lacks the recurring revenue streams required to service traditional leverage without further capital market access.
The increase in debt levels relative to the company's pre-revenue status suggests that management is utilizing all available levers to extend the cash runway. This leverage appears driven by operational necessity rather than strategic expansion, which may increase the risk of covenant breaches or liquidity constraints if clinical milestones are delayed.
According to quarterly balance sheet data, the current ratio of 2.55 in 2026Q1 provides a temporary buffer, yet the underlying cash position remains highly sensitive to the ongoing burn rate associated with Phase 3 clinical trials, necessitating constant monitoring of the firm's liquidity profile.
While the current ratio appears improved compared to historical lows, the lack of operational cash flow means that liquidity is entirely dependent on the timing of financing activities. The company's ability to maintain this liquidity buffer is contingent upon successful clinical execution and the continued willingness of capital markets to fund pre-revenue biotechnology firms.
As evidenced by the balance sheet, the absence of significant tangible assets beyond $2.9M in net PPE suggests that the company's value is almost entirely tied to intangible clinical progress, which remains highly susceptible to regulatory outcomes and potential impairment if the PTR platform fails.
The lack of meaningful physical assets underscores the binary nature of the company's valuation, where the balance sheet provides little downside protection. Analysts should be wary that the reported asset values may not reflect the true economic reality if the clinical trial data for CTx-1301 does not meet the necessary FDA standards.
Quick answers to the most common questions about buying CING stock.
As of 2025, Cingulate Inc. (CING) had total assets of $15.1M including $12.0M in current assets.
Cingulate Inc. (CING) carries total debt of $8.8M, offset by $11.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cingulate Inc. (CING) has total shareholders' equity (book value) of $2.5M ($0.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cingulate Inc. (CING) reported a current ratio of 1.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.