Cingulate Inc.
CING, CINGW · Pharmaceutical Preparations · 13.3M shares · +59%/yr ↑ shares · EDGAR filings ↗
Reference price $5.04 · est. market cap ~$67M — last insider purchase, 2026-02-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D40Clinical/early-stage biotech — CNS clinical micro-cap, thin liquidity.
Strengths
- Liquidity — current ratio 1.2 (16th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-17.4M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +59%/yr over 2y (dilution)
- Insider buyingInsider buying — 5 open-market buy(s) by 5 insider(s) (cluster of 5 insiders, ~$656,964, last 6mo) Form 4 ↗
- New fund positionNotable fund(s) opened this quarter: STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 3 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC (as of 2026-03-31)
- AccumulatingInstitutional holders rose 1→3 QoQ (2025-12-31→2026-03-31)
Key metrics
Return on equity
-894.8%
Return on assets
-148.9%
Current ratio
1.2×
Free cash flow
-$17M
Tangible book value
$3M
Cash & investments
$11M
Cash runway
2q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-09 | Brams Matthew | Tax withheld | 1.0K | — |
| 2026-03-09 | Silva Raul R. | Grant | 4.5K | — |
| 2026-03-09 | Silva Raul R. | Tax withheld | 1.8K | — |
| 2026-03-09 | Schaffer Shane J. | Grant | 6.9K | — |
| 2026-03-09 | Schaffer Shane J. | Tax withheld | 3.0K | — |
| 2026-03-09 | Patel Nilay Dahyabhai | Grant | 5.5K | — |
| 2026-03-09 | Patel Nilay Dahyabhai | Tax withheld | 2.1K | — |
| 2026-03-09 | Callahan Jennifer L. | Grant | 15K | — |
| 2026-03-09 | Callahan Jennifer L. | Tax withheld | 6.4K | — |
| 2026-03-09 | Brams Matthew | Grant | 4.5K | — |
| 2026-02-13 | Hargroves Thomas Jeffrey | Buy | 97K | $5.04 |
| 2026-02-06 | Werth Peter J. | Buy | 19K | $5.04 |
| 2026-02-06 | Callahan Jennifer L. | Buy | 4.9K | $5.04 |
| 2026-02-06 | Schaffer Shane J. | Buy | 6.8K | $5.04 |
| 2026-02-06 | Brams Matthew | Buy | 1.9K | $5.04 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05631626 ↗ | Phase 3 Efficacy and Safety Study in Adults With ADHD Using CTx-1301. ADHD, ADHD - Combined Type | PHASE3 | Completed | 2023-06-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Reg FDExhibits | filing ↗ |
| 2026-06-02 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-19 | Exec/director change | filing ↗ |
| 2026-05-14 | ResultsExhibits | filing ↗ |
| 2026-04-02 | Exec/director change | filing ↗ |
| 2026-03-24 | Material agreementShareholder vote | filing ↗ |
| 2026-03-18 | ResultsOtherExhibits | filing ↗ |
| 2026-02-17 | 3.02Exec/director changeReg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001493152-26-028815 ↗ |
| 8-K | 2026-06-02 | 2026-06-02 | 0001493152-26-026760 ↗ |
| 8-K | 2026-05-19 | 2026-05-18 | 0001493152-26-024435 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001493152-26-022884 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001493152-26-022881 ↗ |
| 8-K | 2026-04-02 | 2026-03-27 | 0001493152-26-014914 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001493152-26-012417 ↗ |
| 10-K | 2026-03-18 | 2025-12-31 | 0001493152-26-010882 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0001493152-26-010881 ↗ |
| 8-K | 2026-02-17 | 2026-02-13 | 0001493152-26-006942 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0001493152-26-005561 ↗ |
| 8-K | 2026-01-28 | 2026-01-27 | 0001493152-26-004030 ↗ |