Cingulate Inc Financials
This page shows Cingulate Inc (CING) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cingulate’s operating model is a research-led cash burn financed by recurring capital raises, not internal cash generation.
The key shift across FY2023-FY2025 is a liquidity reset, not a self-funding turn: cash moved from$52K to$12.2M after FY2024 financing. But FY2025 still used$17.2M in operations versus$16.1M raised, so the new capital worked as a bridge rather than a lasting repair.
The cash burn is real, not mostly accounting. FY2025 operating cash flow of
Expense mix shows a development-stage structure: FY2025 R&D of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cingulate Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cingulate Inc has elevated debt relative to equity (D/E of 5.01), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Cingulate Inc's current ratio of 1.16 is below the typical benchmark, resulting in a score of 18/100. However, the company holds substantial cash reserves (106% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Cingulate Inc generates a -894.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -222.1% the prior year.
Cingulate Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Cingulate Inc generates $0.77 in operating cash flow (-$17.2M OCF vs -$22.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cingulate Inc earns $-22.1 in operating income for every $1 of interest expense (-$19.9M vs $901K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cingulate Inc's EBITDA was -$19.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.5% from the prior year.
Cingulate Inc reported -$22.4M in net income in fiscal year 2025. This represents a decrease of 35.6% from the prior year.
Cingulate Inc earned $-4.44 per diluted share (EPS) in fiscal year 2025. This represents an increase of 59.1% from the prior year.
Cash & Balance Sheet
Cingulate Inc generated -$17.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 6.7% from the prior year.
Cingulate Inc held $11.0M in cash against $0 in long-term debt as of fiscal year 2025.
Cingulate Inc had 7M shares outstanding in fiscal year 2025. This represents an increase of 113.1% from the prior year.
Margins & Returns
Cingulate Inc's ROE was -894.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 672.7 percentage points from the prior year.
Capital Allocation
Cingulate Inc invested $9.8M in research and development in fiscal year 2025. This represents an increase of 3.5% from the prior year.
Cingulate Inc invested $162K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.4% from the prior year.
CING Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.2M | N/A | $2.8M+5.5% | $2.7M+21.5% | $2.2M | N/A | $1.4M-24.1% | $1.9M |
| SG&A Expenses | $5.7M | N/A | $3.1M+61.5% | $1.9M+31.4% | $1.5M | N/A | $1.9M+39.9% | $1.3M |
| Operating Income | -$7.9M | N/A | -$6.0M-28.9% | -$4.6M-25.5% | -$3.7M | N/A | -$3.3M-2.4% | -$3.2M |
| Interest Expense | $348K | N/A | N/A | -$137K-165.3% | $210K | N/A | N/A | -$3K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$9.3M | N/A | -$7.3M-47.3% | -$5.0M-29.3% | -$3.9M | N/A | -$4.1M-27.7% | -$3.2M |
| EPS (Diluted) | $-0.95 | N/A | $-1.35-23.9% | $-1.09-2.8% | $-1.06 | N/A | $-2.34 | $-5.47 |
CING Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.9M+104.7% | $15.1M+43.3% | $10.5M-21.9% | $13.5M+8.0% | $12.5M-16.1% | $14.9M+9.5% | $13.6M+164.9% | $5.1M |
| Current Assets | $27.9M+132.5% | $12.0M+61.5% | $7.4M-27.3% | $10.2M-2.7% | $10.5M-17.0% | $12.7M+11.6% | $11.3M+350.9% | $2.5M |
| Cash & Equivalents | $25.9M+136.4% | $11.0M+79.0% | $6.1M-31.3% | $8.9M-6.5% | $9.5M-22.0% | $12.2M+21.6% | $10.0M+2535.7% | $381K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.0M-4.5% | $12.6M+78.3% | $7.0M-11.5% | $8.0M+21.7% | $6.5M-11.7% | $7.4M+380.3% | $1.5M-24.5% | $2.0M |
| Current Liabilities | $11.0M+6.3% | $10.3M+75.3% | $5.9M-12.6% | $6.7M+19.9% | $5.6M+12.9% | $5.0M+222.3% | $1.5M-24.5% | $2.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $18.9M+651.9% | $2.5M-27.8% | $3.5M-37.0% | $5.5M-7.1% | $5.9M-20.5% | $7.5M-38.1% | $12.0M+290.4% | $3.1M |
| Retained Earnings | -$141.7M-7.0% | -$132.4M-5.0% | -$126.1M-7.7% | -$117.1M-4.3% | -$112.3M-2.2% | -$109.9M-7.4% | -$102.4M-3.3% | -$99.1M |
CING Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.9M-92.2% | -$3.6M+15.2% | -$4.2M+11.5% | -$4.8M-4.1% | -$4.6M-13.0% | -$4.1M-5.0% | -$3.9M-122.9% | -$1.7M |
| Capital Expenditures | $61K-60.8% | $156K | $0 | N/A | N/A | $198K+241.0% | -$141K-293.9% | $73K |
| Free Cash Flow | -$7.0M-85.8% | -$3.8M+11.6% | -$4.2M | N/A | N/A | -$4.3M-6.3% | -$4.0M-121.8% | -$1.8M |
| Investing Cash Flow | -$61K+60.8% | -$156K | $0 | N/A | N/A | -$198K-241.0% | $141K+293.9% | -$73K |
| Financing Cash Flow | $21.9M+155.2% | $8.6M+487.1% | $1.5M-65.0% | $4.2M+118.3% | $1.9M-70.3% | $6.4M-51.9% | $13.4M+1138.9% | $1.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CING Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -49.4% | N/A | -211.3%-120.9pp | -90.4%-25.5pp | -65.0% | N/A | -34.3%+70.5pp | -104.8% |
| Return on Assets | -30.2% | N/A | -69.8%-32.8pp | -37.0%-6.1pp | -30.9% | N/A | -30.4%+32.6pp | -63.0% |
| Current Ratio | 2.55+1.4 | 1.16-0.1 | 1.26-0.3 | 1.52-0.4 | 1.87-0.7 | 2.55-4.8 | 7.35+6.1 | 1.23 |
| Debt-to-Equity | 0.64-4.4 | 5.01+3.0 | 2.03+0.6 | 1.44+0.3 | 1.10+0.1 | 0.99+0.9 | 0.13-0.5 | 0.66 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Cingulate Inc profitable?
No, Cingulate Inc (CING) reported a net income of -$22.4M in fiscal year 2025.
What is Cingulate Inc's EBITDA?
Cingulate Inc (CING) had EBITDA of -$19.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cingulate Inc's return on equity (ROE)?
Cingulate Inc (CING) has a return on equity of -894.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cingulate Inc's free cash flow?
Cingulate Inc (CING) generated -$17.4M in free cash flow during fiscal year 2025. This represents a 6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cingulate Inc's operating cash flow?
Cingulate Inc (CING) generated -$17.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cingulate Inc's total assets?
Cingulate Inc (CING) had $15.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cingulate Inc's capital expenditures?
Cingulate Inc (CING) invested $162K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cingulate Inc spend on research and development?
Cingulate Inc (CING) invested $9.8M in research and development during fiscal year 2025.
What is Cingulate Inc's current ratio?
Cingulate Inc (CING) had a current ratio of 1.16 as of fiscal year 2025, which is considered adequate.
What is Cingulate Inc's debt-to-equity ratio?
Cingulate Inc (CING) had a debt-to-equity ratio of 5.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cingulate Inc's return on assets (ROA)?
Cingulate Inc (CING) had a return on assets of -148.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cingulate Inc's cash runway?
Based on fiscal year 2025 data, Cingulate Inc (CING) had $11.0M in cash against an annual operating cash burn of $17.2M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cingulate Inc's Piotroski F-Score?
Cingulate Inc (CING) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cingulate Inc's earnings high quality?
Cingulate Inc (CING) has an earnings quality ratio of 0.77x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cingulate Inc cover its interest payments?
Cingulate Inc (CING) has an interest coverage ratio of -22.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cingulate Inc?
Cingulate Inc (CING) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.