Persistent cash burn remains a primary concern, evidenced by a $7.0M free cash flow deficit in 2026Q1 and an OCF/NI ratio of 0.74, highlighting the firm's reliance on external liquidity.
| Cash from Operations | -19.55M | -17.25M | -18.45M | -15.03M | -15.88M | -10.43M | -6.81M | -9.53M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -222.75% | 6.54% | -22.73% | 5.34% | -52.24% | -53.17% | 28.55% | - |
| Net Income | -27.71M | -22.45M | -15.55M | -23.53M | -17.68M | -20.71M | -7.18M | -11.55M |
| Depreciation & Amortization | 496.79K | 540.89K | 653.09K | 582.92K | 394.01K | 708.32K | 666.03K | 178.91K |
| Stock-Based Compensation | 573.36K | 0 | 995.48K | 812.67K | 800.8K | 12.78M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -797.96K | -16.26M | 0 | 0 |
| Other Non-Cash Items | 4.51M | 3.83M | 0 | 0 | 797.96K | 16.26M | 0 | -48.05K |
| Working Capital Changes | 2.58M | 830.85K | -4.55M | 7.1M | 598.62K | -3.21M | -293.49K | 1.88M |
| Change in Receivables | -12.37K | 18.31K | -11.7K | 219.81K | 1.25M | -1.86M | -38.53K | -71.83K |
| Change in Inventory | 0 | 0 | 0 | 0 | -1.25M | 0 | 0 | -725.61K |
| Change in Payables | 0 | 0 | 0 | 0 | 791K | 0 | 0 | 1.7M |
| Cash from Investing | -223.32K | -162K | -211.8K | -224.1K | -152.65K | -814.74K | -384.17K | 2.74M |
| Capital Expenditures | -223.32K | -162.14K | -211.8K | -224.1K | -153.42K | -814.74K | -402.1K | -1.02M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.76M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 138 | 0 | 0 | -165 | 0 | 0 | 3.76M |
| Cash from Financing | 36.15M | 16.15M | 30.82M | 9.95M | 4.9M | 26.54M | 7.97M | 6.14M |
| Debt Issued (Net) | 6M | 6M | 4.95M | 2.98M | 4.98M | -936.59K | 468.08K | 0 |
| Equity Issued (Net) | 30.15M | 10.15M | 25.88M | 6.97M | -85.92K | 20.37M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -382 | 0 | 0 | 0 | 7.1M | 7.51M | 6.14M |
| Net Change in Cash | 16.37M | -1.26M | 12.16M | -5.3M | -11.14M | 15.3M | 779.2K | -644.74K |
| Free Cash Flow | -19.77M | -17.41M | -18.66M | -15.26M | -16.04M | -11.25M | -7.21M | -10.55M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -36.9% | 6.73% | -22.31% | 4.85% | -42.58% | -55.93% | 31.62% | - |
| FCF per Share | -2.02 | -3.21 | -4.90 | -6.74 | -11.34 | -7.96 | -5.10 | -7.46 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.77x | 1.11x | 0.64x | 0.90x | 0.50x | 0.95x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 19.42K | 0 | 0 | 50.23K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in quarterly financial filings, Cingulate's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating significantly, reaching 0.74 in 2026Q1, which underscores the persistent cash burn inherent in the company's pre-revenue clinical development phase and reliance on external financing.
The divergence between net income and operating cash flow suggests that non-cash charges and working capital adjustments are masking the true extent of the company's cash consumption. Investors should monitor this gap closely, as it indicates that the firm's accounting losses are not merely paper-based but are reflective of actual, ongoing cash outflows required to sustain clinical operations.
Based on the company's historical cash flow statements, free cash flow has remained deeply negative throughout the last ten quarters, with the 2026Q1 deficit of $7.0M highlighting the substantial capital requirements necessary to advance the PTR drug delivery platform toward potential regulatory approval.
The consistent negative trajectory of free cash flow suggests that the company is currently in a high-intensity capital phase with no immediate prospect of self-funding. This trend implies that the firm remains entirely dependent on external capital markets to bridge the gap between its current development costs and any future commercialization revenue.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $6.1M outflow in 2024Q1 to a $4.2M inflow in 2023Q4, which suggests that the company's cash position is sensitive to the timing of clinical trial payments and vendor obligations.
This volatility in working capital appears to be a byproduct of managing large, milestone-driven payments to contract research organizations. Such fluctuations may indicate that the company's liquidity is subject to significant short-term pressure, warranting further investigation into the timing of upcoming clinical trial liabilities.
As evidenced by the provided financial data, the company's cash flow statement obscures the impact of significant non-cash items and potential warrant liabilities, which, when combined with the $10.9M cash balance, suggests a precarious runway that may necessitate further dilutive financing in the near term.
The reliance on stock-based compensation and other non-cash adjustments may be masking the true operational burn rate of the business. Analysts should be wary of interpreting these figures as a sign of operational efficiency, as they likely reflect the necessity of preserving cash through equity-based incentives rather than a reduction in actual clinical spending.
Quick answers to the most common questions about buying CING stock.
Cingulate Inc. (CING) generated $-17.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cingulate Inc. (CING) reported negative free cash flow of $17.4M in 2025, indicating capital requirements exceeded cash from operations.
Cingulate Inc. (CING) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.