Cingulate Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Research and development | $9.8M | $9.4M | $15.5M | $9.0M | $8.4M |
| Operating income | -$19.9M | -$15.6M | -$22.8M | -$17.5M | -$20.7M |
| Interest expense | — | — | $790,000 | $292,339 | — |
| Pretax income | -$22.4M | -$16.6M | -$23.5M | -$17.7M | -$20.7M |
| Net income | -$22.4M | -$16.6M | -$23.5M | -$17.7M | -$20.7M |
| Balance Sheet | |||||
| Cash and equivalents | $11.0M | $12.2M | $52,416 | $5.4M | $16.5M |
| Current assets | $12.0M | $12.7M | $578,594 | $7.9M | $18.9M |
| Total assets | $15.1M | $14.9M | $3.5M | $11.4M | $22.9M |
| Current liabilities | $10.3M | $5.0M | $10.2M | $7.0M | $1.2M |
| Total liabilities | $12.6M | $7.4M | $10.4M | $7.5M | $2.0M |
| Stockholders' equity | $2.5M | $7.5M | -$6.9M | $3.9M | $20.8M |
| Cash Flow Statement | |||||
| Cash from operations | -$17.2M | -$18.5M | -$15.0M | -$15.9M | -$10.4M |
| Depreciation and amortization | $540,894 | $653,090 | $582,918 | $394,011 | $708,317 |
| Stock-based compensation | $1.5M | $995,484 | $812,670 | $800,796 | $43,835 |
| Capital expenditure | $162,138 | $211,800 | $224,096 | $153,420 | $814,736 |
| Free cash flow | -$17.4M | -$18.7M | -$15.3M | -$16.0M | -$11.2M |
| Impairments | — | — | — | $0 | $0 |
Shares outstanding 13.3M · Free float 59.3%
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.