Cingulate Inc.
CINGHealthcare|Biotechnology|US
$4.26
+0.02 (+0.47%)
DCF Value
$0.05
Tangible Book / Share
$4.32
Cash / Share
$5.23
Financials
Financial Snapshot
Market Cap
$61.9M
Enterprise Value
$39.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$28.8M
Cash & Investments
$28.4M
Net Cash
$22.1M
Free Cash Flow (TTM)
-$20.9M
Operating CF (TTM)
-$20.7M
Debt/Equity
0.27
Cash Runway & Burn Rate
Cash on Hand
$28.4M
Quarterly Burn
$5.2M
Monthly Burn
$1.7M
Est. Runway
~5.5 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $437.2K | $1.2M | $16.5M | $5.4M | $52.4K | $12.2M | $11.0M | $28.4M | |
| Operating Cash Flow | -$9.5M | -$6.8M | -$10.4M | -$15.9M | -$15.0M | -$18.5M | -$17.2M | -$20.7M | |
| Free Cash Flow | -$10.5M | -$7.2M | -$11.2M | -$16.0M | -$15.3M | -$18.7M | -$17.4M | -$20.9M | |
| Capital Expenditure | -$1.0M | -$402.1K | -$814.7K | -$153.4K | -$224.1K | -$211.8K | -$162.1K | -$284.5K | |
| Financing Cash Flow | $6.1M | $8.0M | $26.5M | $4.9M | $10.0M | $30.8M | $16.1M | $40.4M |
R&D Spending
R&D (TTM)
$8.5M
R&D Intensity
—
R&D Growth vs Prior
-12.8%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $9.1M | $5.1M | $8.4M | $9.0M | $15.5M | $9.4M | $9.8M | $8.5M | |
| SG&A | $2.4M | $1.1M | $12.3M | $8.5M | $7.3M | $6.2M | $10.2M | $16.4M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $178.9K | $842.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$178.9K | -$842.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $9.1M | $5.1M | $8.4M | $9.0M | $15.5M | $9.4M | $9.8M | $8.5M | |
| SG&A | $2.4M | $1.1M | $12.3M | $8.5M | $7.3M | $6.2M | $10.2M | $16.4M | |
| Operating Income | -$11.6M | -$7.1M | -$20.7M | -$17.5M | -$22.8M | -$15.6M | -$19.9M | -$24.9M | |
| Interest Expense | $0.00 | $54.6K | $33.4K | $174.0K | $0.00 | $0.00 | $924.4K | -$1.2M | |
| Pretax Income | -$11.5M | -$7.2M | -$20.7M | -$17.7M | -$23.5M | -$16.6M | -$22.4M | -$28.8M | |
| Net Income | -$11.5M | -$7.2M | -$20.7M | -$17.7M | -$23.5M | -$16.6M | -$22.4M | -$28.8M | |
| EPS (Diluted) | -242.89 | -12.70 | -55.80 | -31.20 | -311.99 | -10.20 | -4.13 | -5.01 | |
| EBITDA | -$11.5M | -$6.4M | -$20.0M | -$17.1M | -$22.2M | -$15.0M | -$19.4M | -$24.8M | |
| Shares Out. (M) | 1.41 | 1.41 | 1.41 | 1.41 | 2.26 | 3.81 | 5.43 | 5.43 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $418.5K | $1.2M | $16.5M | $5.4M | $52.4K | $12.2M | $11.0M | $28.4M | |
| Short-Term Investments | $18.7K | $933.00 | $933.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $978.3K | $1.8M | $18.9M | $7.9M | $578.6K | $12.7M | $12.0M | $30.2M | |
| Total Assets | $5.3M | $5.8M | $22.9M | $11.4M | $3.5M | $14.9M | $15.1M | $33.1M | |
| Total Current Liabilities | $3.0M | $3.4M | $1.2M | $7.0M | $10.2M | $5.0M | $10.3M | $8.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.4M | $1.2M | $0.00 | |
| Total Liabilities | $4.7M | $4.5M | $2.0M | $7.5M | $10.4M | $7.4M | $12.6M | $9.6M | |
| Stockholders' Equity | $615.9K | $1.3M | $20.8M | $3.9M | -$6.9M | $7.5M | $2.5M | $23.5M | |
| Retained Earnings | $0.00 | -$31.0M | -$51.7M | -$69.4M | -$92.9M | -$108.5M | -$132.4M | -$147.6M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.5M | -$6.8M | -$10.4M | -$15.9M | -$15.0M | -$18.5M | -$17.2M | -$20.7M | |
| Capital Expenditure | -$1.0M | -$402.1K | -$814.7K | -$153.4K | -$224.1K | -$211.8K | -$162.1K | -$284.5K | |
| Free Cash Flow | -$10.5M | -$7.2M | -$11.2M | -$16.0M | -$15.3M | -$18.7M | -$17.4M | -$20.9M | |
| Investing Cash Flow | $2.7M | -$384.2K | -$814.7K | -$152.7K | -$224.1K | -$211.8K | -$162.0K | -$284.5K | |
| Financing Cash Flow | $6.1M | $8.0M | $26.5M | $4.9M | $10.0M | $30.8M | $16.1M | $40.4M | |
| Issuance of Stock | $0.00 | $0.00 | $20.4M | -$85.9K | $7.0M | $25.9M | $10.2M | $35.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $468.1K | -$936.6K | $5.0M | $3.0M | $4.9M | $6.0M | $5.3M | |
| Stock Based Comp. | $0.00 | $0.00 | $12.8M | $800.8K | $812.7K | $995.5K | $0.00 | $1.6M | |
| Net Change in Cash | -$644.7K | $779.2K | $15.3M | -$11.1M | -$5.3M | $12.2M | -$1.3M | $19.5M |
Dilution Tracker
Shares outstanding grew 284.2% over 5 years — significant dilution
Shares Outstanding
15M
5-Year Share Growth
+284.2%
Stock Issuance (TTM)
$35.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.41 | 1.41 | 1.41 | 1.41 | 2.26 | 3.81 | 5.43 | 5.43 | |
| Change vs Prior % | — | 0.0% | 0.0% | 0.0% | 60.1% | 68.4% | 42.5% | 0.0% | |
| Stock Issuance | $0.00 | $0.00 | $20.4M | -$85.9K | $7.0M | $25.9M | $10.2M | $35.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $12.8M | $800.8K | $812.7K | $995.5K | $0.00 | $1.6M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| ROE % | -1874.8% | -555.8% | -99.4% | -455.3% | 342.6% | -222.1% | -894.8% | -238.4% | |
| ROA % | -218.6% | -124.1% | -90.5% | -155.0% | -674.1% | -111.4% | -148.9% | -87.1% | |
| ROIC % | -430.5% | -210.6% | -93.9% | -179.5% | 677.5% | -124.6% | -176.5% | -83.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -370.8% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | 39.2% | -191.9% | 15.4% | -30.0% | 31.3% | -27.4% | |
| Net Income | 0.0% | 37.8% | -188.3% | 14.6% | -33.1% | 29.6% | -35.6% | |
| EPS (Diluted) | 0.0% | 94.8% | -339.4% | 44.1% | -900.0% | 96.7% | 59.5% | |
| Operating Cash Flow | 0.0% | 28.5% | -53.2% | -52.2% | 5.3% | -22.7% | 6.5% | |
| Free Cash Flow | 0.0% | 31.6% | -55.9% | -42.6% | 4.8% | -22.3% | 6.7% | |
| R&D Expense | 0.0% | -44.0% | 65.1% | 7.0% | 72.2% | -39.0% | 3.5% | |
| SG&A Expense | 0.0% | -51.6% | 969.0% | -30.7% | -14.6% | -14.7% | 63.9% | |
| Total Assets | 0.0% | 9.6% | 295.4% | -50.2% | -69.4% | 325.7% | 1.4% | |
| Book Value / Share | 0.0% | 109.9% | 1512.7% | -81.4% | -210.5% | 164.4% | -76.4% | |
| Debt | 0.0% | -2.0% | -42.5% | 398.5% | -40.2% | 45.3% | 72.3% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.0% | 60.1% | 68.4% | 42.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.99
10Y Low / Med / High2.52 / 87.40 / 2451.43
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.05
Tangible Book / Share
$4.32
Net Current Assets / Share
$1.42
Graham Net-Net
$3.47
Cash / Share
$5.23
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.40 | -84.09 | -11.87 | -7.69 | -0.29 | -0.48 | -1.05 | -0.85 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 2451.43 | 1168.17 | 44.93 | 87.40 | -30.24 | 2.52 | 9.40 | 0.99 | |
| EV/EBITDA | -131.79 | -235.40 | -46.12 | -19.86 | -9.52 | -0.78 | -1.10 | -1.61 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-4.11
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.9M | $12.2M | $33.0M |
| Net Income | -$11.7M | -$12.7M | -$6.4M |
| EPS | $-2.13 | $-1.75 | $-1.17 |
| # Analysts (EPS) | 4 | 4 | 2 |