Cingulate Inc. Warrants (CINGW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CINGW SEC filings page.
This page shows Cingulate Inc. Warrants (CINGW) 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 development-funded model requires recurring operating cash while equity shrinks and liabilities carry more of the balance sheet.
In FY2025, the net loss widened to-$22.4M even as operating cash outflow eased to-$17.2M from-$18.5M in FY2024. That divergence means accounting earnings and cash consumption are not moving together, so reported loss alone does not describe the funding requirement.
The balance sheet became more liability-dependent: total liabilities rose to
Positive financing cash flow of
Financial Health Signals
Cingulate Inc. Warrants does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Cingulate Inc. Warrants passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Cingulate Inc. Warrants reported a net loss of $22.4M while operations used $17.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cingulate Inc. Warrants reported an operating loss of $19.9M against $901K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cingulate Inc. Warrants's EBITDA was -$5.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.1% from the same quarter a year earlier. Against the prior quarter it is up 31.9%.
Cingulate Inc. Warrants reported -$5.9M in net income in Q2 2026. This represents a decrease of 17.8% from the same quarter a year earlier. Against the prior quarter it is up 37.0%.
Cingulate Inc. Warrants earned -$0.45 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 52.6%.
Not reported for Q2 2026.
Cash & Balance Sheet
Cingulate Inc. Warrants recorded an outflow of $6.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. Against the prior quarter it is up 14.4%.
Cingulate Inc. Warrants held $28.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Cingulate Inc. Warrants's ROE was -25.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 65.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.3 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Cingulate Inc. Warrants invested $1.5M in research and development in Q2 2026. This represents a decrease of 45.0% from the same quarter a year earlier. Against the prior quarter it is down 31.9%.
Cingulate Inc. Warrants invested $67K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 9.6%.
Not reported for Q2 2026.
CINGW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $1.5M-45.0% | $2.2M-1.7% | N/A | $2.8M+99.4% | $2.7M+43.6% | $2.2M+23.0% | N/A | $1.4M-63.6% |
| SG&A Expenses | $3.9M+101.5% | $5.7M+286.9% | N/A | $3.1M+69.8% | $1.9M+47.1% | $1.5M+30.0% | N/A | $1.9M+1.5% |
| Operating Income | -$5.4M-16.5% | -$7.9M-113.8% | N/A | -$6.0M-82.7% | -$4.6M-45.0% | -$3.7M-25.7% | N/A | -$3.3M+42.9% |
| EBITDA | -$5.3M-18.1% | -$7.8M-120.4% | N/A | -$5.9M-89.0% | -$4.5M-48.0% | -$3.5M-27.2% | N/A | -$3.1M+44.3% |
| Interest Expense | $236K+10.6% | $348K+66.1% | N/A | N/A | $214K+6211.3% | $210K+570.9% | N/A | N/A |
| Net Income | -$5.9M-17.8% | -$9.3M-141.7% | N/A | -$7.3M-77.9% | -$5.0M-54.3% | -$3.9M-29.6% | N/A | -$4.1M+31.0% |
| EPS (Basic) | -$0.45+60.5% | -$0.95+10.4% | -$0.84-594.1% | -$1.35+42.3% | -$1.14+79.2% | -$1.06+85.3% | $0.17+100.7% | -$2.34+96.8% |
| EPS (Diluted) | -$0.45 | -$0.95 | -$0.84 | -$1.35 | -$1.14 | -$1.06 | $0.17+100.7% | -$2.34 |
| Diluted Shares (Avg) | 13M | 10M | N/A | 5M | 4M | 4M | N/A | 2M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.
CINGW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $33.1M+145.5% | $30.9M+147.5% | $15.1M+1.4% | $10.5M-22.5% | $13.5M+162.7% | $12.5M+126.9% | $14.9M+325.7% | $13.6M+131.3% |
| Current Assets | $30.2M+195.5% | $27.9M+165.7% | $12.0M-5.2% | $7.4M-34.5% | $10.2M+306.3% | $10.5M+285.2% | $12.7M+2088.2% | $11.3M+290.8% |
| Cash & Equivalents | $28.4M+219.1% | $25.9M+172.0% | $11.0M-10.3% | $6.1M-39.1% | $8.9M+2236.4% | $9.5M+754.6% | $12.2M+23196.9% | $10.0M+405.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $9.6M+20.6% | $12.0M+83.5% | $12.6M+69.6% | $7.0M+356.7% | $8.0M+289.4% | $6.5M+187.0% | $7.4M-28.5% | $1.5M-74.1% |
| Current Liabilities | $8.6M+28.2% | $11.0M+95.2% | $10.3M+107.4% | $5.9M+281.3% | $6.7M+229.5% | $5.6M+150.1% | $5.0M-51.4% | $1.5M-73.1% |
| Non-Current Liabilities | $968K-20.9% | $1.0M+12.1% | $2.3M-7.6% | $1.2M | $1.2M | $924K+2686.8% | $2.4M+1703.8% | $0-100.0% |
| Total Equity | $23.5M+325.8% | $18.9M+218.1% | $2.5M-66.3% | $3.5M-71.1% | $5.5M+78.7% | $5.9M+84.4% | $7.5M+208.5% | $12.0M+12595.7% |
| Retained Earnings | -$147.6M-26.0% | -$141.7M-26.2% | -$132.4M-20.4% | -$126.1M-23.2% | -$117.1M-18.1% | -$112.3M-17.1% | -$109.9M-18.3% | -$102.4M-19.0% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
CINGW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.9M-23.0% | -$6.9M-50.0% | -$3.6M+11.8% | -$4.2M-9.3% | -$4.8M-175.3% | -$4.6M+47.3% | -$4.1M-59.2% | -$3.9M+9.5% |
| Depreciation & Amortization | $98K-33.2% | $121K-26.7% | $122K-24.0% | $107K-35.4% | $147K-10.3% | $165K+1.0% | $160K-7.0% | $165K+6.9% |
| Stock-Based Compensation | N/A | $593K+65.8% | N/A | N/A | N/A | $358K+117.3% | N/A | N/A |
| Capital Expenditures | $67K | $61K | $156K-21.3% | $0-100.0% | N/A | N/A | $198K+6.2% | -$141K |
| Free Cash Flow | -$6.0M | -$7.0M | -$3.8M+12.3% | -$4.2M-5.5% | N/A | N/A | -$4.3M-55.6% | -$4.0M+6.2% |
| Investing Cash Flow | -$67K | -$61K | -$156K+21.3% | $0-100.0% | N/A | N/A | -$198K-6.2% | $141K |
| Financing Cash Flow | $8.5M+102.7% | $21.9M+1043.8% | $8.6M+33.2% | $1.5M-89.1% | $4.2M+286.6% | $1.9M-80.6% | $6.4M+690.9% | $13.4M+126.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CINGW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -25.0%+65.4pp | -49.4%+15.6pp | N/A | -211.3%-177.1pp | -90.4%+14.3pp | -65.0%+27.5pp | N/A | -34.3% |
| Return on Assets | -17.8%+19.3pp | -30.2%+0.7pp | N/A | -69.8%-39.4pp | -37.0%+26.0pp | -30.9%+23.2pp | N/A | -30.4%+71.5pp |
| Current Ratio | 3.50+2.0x | 2.55+0.7x | 1.16-1.4x | 1.26-6.1x | 1.52+0.3x | 1.87+0.7x | 2.55+2.5x | 7.35+6.8x |
| Debt-to-Equity | 0.41-1.0x | 0.64-0.5x | 5.01+4.0x | 2.03+1.9x | 1.44+0.8x | 1.10+0.4x | 0.99 | 0.13 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cingulate Inc. Warrants CINGW | FY2025 | N/A | -$22.4M | N/A | N/A | — |
| Aspire-lakewood Holdings Inc ASBPW | FY2025 | $6K | N/A | N/A | N/A | — |
| Briacell Therapeutics Corp BCTXW | FY2025 | N/A | -$26.3M | N/A | N/A | — |
| Dermata Therapeutics Inc DRMAW | FY2025 | N/A | -$7.6M | N/A | N/A | — |
| Lixte Biotechnology Hldgs Inc LIXTW | FY2025 | N/A | -$6.1M | N/A | N/A | — |
| NewAmsterdam Pha NAMSW | FY2025 | $22.5M | -$203.0M | N/A | N/A | 67/100 |
Where Cingulate Inc. Warrants Ranks
Frequently Asked Questions
Is Cingulate Inc. Warrants profitable?
No, Cingulate Inc. Warrants (CINGW) reported a net income of -$22.4M in fiscal year 2025.
What is Cingulate Inc. Warrants's EBITDA?
Cingulate Inc. Warrants (CINGW) had EBITDA of -$19.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cingulate Inc. Warrants's return on equity (ROE)?
Cingulate Inc. Warrants (CINGW) 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. Warrants's free cash flow?
Cingulate Inc. Warrants (CINGW) recorded an outflow of $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. Warrants's operating cash flow?
Cingulate Inc. Warrants (CINGW) recorded an outflow of $17.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cingulate Inc. Warrants's total assets?
Cingulate Inc. Warrants (CINGW) had $15.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cingulate Inc. Warrants's capital expenditures?
Cingulate Inc. Warrants (CINGW) invested $162K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cingulate Inc. Warrants spend on research and development?
Cingulate Inc. Warrants (CINGW) invested $9.8M in research and development during fiscal year 2025.
What is Cingulate Inc. Warrants's current ratio?
Cingulate Inc. Warrants (CINGW) had a current ratio of 1.16 as of fiscal year 2025, which is considered adequate.
What is Cingulate Inc. Warrants's debt-to-equity ratio?
Cingulate Inc. Warrants (CINGW) 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. Warrants's return on assets (ROA)?
Cingulate Inc. Warrants (CINGW) had a return on assets of -148.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Cingulate Inc. Warrants's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cingulate Inc. Warrants (CINGW) held $11.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $17.2M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Cingulate Inc. Warrants's Piotroski F-Score?
Cingulate Inc. Warrants (CINGW) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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. Warrants's earnings high quality?
Cingulate Inc. Warrants (CINGW) reported a net loss of $22.4M while operations used $17.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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. Warrants cover its interest payments?
Cingulate Inc. Warrants (CINGW) reported an operating loss of $19.9M against $901K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.