Summary by Moomoo AI
Cingulate Inc., a biopharmaceutical company, reported its financial performance for the quarter ended March 31, 2024. The company experienced a net loss of $2.972 million, a decrease from the $4.004 million loss in the same period the previous year. This reduction in net loss was attributed to a decrease in both research and development expenses, which dropped by 15.1% to $1.807 million, and general and administrative expenses, which fell by 35.1% to $1.117 million. The company's financial position was bolstered by the issuance of common stock under an ATM Agreement and a public offering in February 2024, which provided net proceeds of $3.115 million and $7.5 million, respectively. Cingulate Inc. is focused on developing products for the treatment of ADHD and anxiety, with its lead product candidate, CTx-1301, having completed...Show More