The company continues to operate without commercial revenue, reporting a substantial $7.9M operating loss in 2026Q1 driven by escalating R&D and SG&A expenses.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 842.35K | 178.91K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -842.35K | -178.91K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -370.82% | - |
| Operating Expenses | 24.16M | 19.94M | 15.64M | 22.76M | 17.5M | 20.68M | 6.24M | 11.47M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 14.42M | 10.16M | 6.2M | 7.27M | 8.51M | 12.27M | 1.15M | 2.37M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 9.74M | 9.77M | 9.45M | 15.49M | 9M | 8.41M | 5.09M | 9.09M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 546 | 51 | -292 | -115 | -562 | -91 | 0 | 0 |
| Operating Income | -24.16M | -19.94M | -15.64M | -22.76M | -17.5M | -20.68M | -7.08M | -11.65M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -27.44% | 31.26% | -30.04% | 15.37% | -191.94% | 39.18% | - |
| EBITDA | -23.66M | -19.4M | -14.99M | -22.18M | -17.11M | -19.97M | -6.24M | -11.47M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -50.23% | -29.38% | 32.4% | -29.63% | 14.34% | -220% | 45.58% | - |
| D&A (Non-Cash Add-back) | 496.79K | 540.89K | 653.09K | 582.92K | 394.01K | 708.32K | 842.35K | 178.91K |
| EBIT | -24.15M | -19.94M | -15.65M | -22.76M | -17.5M | -20.68M | -7.08M | -11.65M |
| Net Interest Income | 1.36M | -555.18K | 0 | 775.76K | -173.82K | -33.41K | -54.6K | 0 |
| Interest Income | 0 | 369.27K | 0 | 775.76K | 175 | 0 | 100 | 0 |
| Interest Expense | -1.36M | 924.45K | 0 | 0 | 174K | 33.41K | 54.6K | 0 |
| Other Income/Expense | -3.56M | -2.51M | -914.63K | -775.76K | -174.51K | -30.59K | -100.25K | 100.96K |
| Pretax Income | -27.71M | -22.45M | -16.56M | -23.53M | -17.68M | -20.71M | -7.18M | -11.55M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -27.71M | -22.45M | -16.56M | -23.53M | -17.68M | -20.71M | -7.18M | -11.55M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -60.02% | -35.57% | 29.64% | -33.14% | 14.65% | -188.29% | 37.78% | - |
| Net Income (Continuing) | -27.71M | -22.45M | -16.56M | -23.53M | -17.68M | -20.71M | -7.18M | -11.55M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.83 | -4.13 | -10.20 | -311.99 | -31.20 | -55.80 | -12.70 | -242.89 |
| EPS Growth % | -5.71% | 59.51% | 96.73% | -899.97% | 44.09% | -339.37% | 94.77% | - |
| EPS (Basic) | - | -4.13 | -10.20 | -311.99 | -31.20 | -55.80 | -12.70 | -242.89 |
| Diluted Shares Outstanding | 9.78M | 5.43M | 3.81M | 2.26M | 1.41M | 1.41M | 1.41M | 1.41M |
| Basic Shares Outstanding | 9.78M | 5.43M | 3.81M | 2.26M | 1.41M | 1.41M | 1.41M | 1.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As reported in recent financial statements, Cingulate's operating expenses have trended upward, with SG&A costs reaching $5.7M in 2026Q1, reflecting the heavy capital requirements necessary to sustain clinical trial execution and the administrative overhead required to maintain the company's regulatory pathway for its lead candidate.
The company's cost structure is entirely dominated by non-revenue-generating activities, specifically R&D and SG&A, which continue to expand as the firm approaches critical regulatory milestones. This trend suggests that the firm's burn rate is highly sensitive to the pace of clinical development, leaving little room for operational flexibility without external capital injections.
Based on the company's quarterly filings, net losses have fluctuated significantly, reaching $9.3M in 2026Q1, a figure that is heavily influenced by non-operating items and the absence of any commercial revenue to offset the ongoing development costs associated with the PTR drug delivery platform.
The reported net income figures appear to be driven more by the timing of clinical expenditures and stock-based compensation adjustments than by any underlying operational performance. Investors should monitor the impact of these recurring losses on the company's equity base, as the reliance on financing to cover these deficits creates persistent dilution risks.
According to the most recent income statement data, the company's lack of revenue combined with a $7.9M operating loss in 2026Q1 highlights a precarious financial position that may necessitate further dilutive capital raises to support the ongoing Phase 3 clinical trials for its lead ADHD candidate.
Short-term observers may focus on the widening gap between operating expenses and the company's limited cash reserves, which suggests that the current business model is unsustainable without a strategic partnership or successful commercialization. The absence of revenue streams means that the firm remains entirely dependent on the capital markets, which may be increasingly hesitant given the binary nature of the upcoming regulatory outcomes.
As evidenced by the shift in R&D spending patterns over the last ten quarters, the company has reached an inflection point where clinical trial intensity has become the primary driver of the income statement, moving the firm closer to a potential FDA submission for CTx-1301.
This period of heightened R&D activity marks a critical transition from early-stage formulation to the high-stakes environment of Phase 3 testing. The lasting impact of this phase will be defined by whether the clinical data can justify the significant capital deployed, as the firm has effectively traded current liquidity for the potential of future regulatory approval.
Quick answers to the most common questions about buying CING stock.
For fiscal year 2025, Cingulate Inc. (CING) reported total revenue of $0.0M.
Cingulate Inc. (CING) reported a net loss of $22.4M for the fiscal year ending 2025.