Cingulate Inc (CING) AI Stock Analysis

• Market Cap: $46.43M
• Dividend Yield: N/A
• Average Volume (3M): 190.99K
• Price to Earnings (P/E): ―
• Beta (1Y): 5.94
• Revenue Growth: N/A
• EPS Growth: 93.84%
• Country: US
• Employees: 13
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.35
• Shares Outstanding: 7,738,730
• 10 Day Avg. Volume: 270,731
• 30 Day Avg. Volume: 190,985
• PEG Ratio: 0.01
• Price to Book (P/B): 2.52
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.01
• Enterprise Value/Market Cap: 0.77
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -26.11
• Enterprise Value/Ebitda: -0.62
• 1Y Price Target: $27.33
• Price Target Upside: 355.50% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $6.50 ▲(8.33% Upside)

The score is held down primarily by weak financial performance (no revenue, widening losses, and sustained cash burn with ongoing financing needs). Technicals provide a partial offset due to strong recent momentum, though the stock looks stretched. Corporate events modestly help via added funding and NDA progress, while valuation remains constrained by unprofitability.

Positive Factors

Regulatory Progress & Commercial Leadership

NDA acceptance and a dedicated commercial lead materially strengthen long-term go-to-market readiness. These steps reduce execution risk post-approval by aligning regulatory progress with commercial planning, improving prospects for structured product launch and subsequent revenue generation.

Improving Leverage

Lower debt-to-equity and reduced leverage enhance financial resilience versus prior periods, giving more runway flexibility for a pre-revenue biotech. Improved capital structure can reduce near-term bankruptcy risk and makes future financing or partnerships more feasible.

Secured Near-Term Financing Capacity

Access to committed private funds and a larger at-the-market facility provides durable liquidity options to fund clinical development. This financing flexibility lowers the immediate need for disruptive capital raises and supports continuity of R&D programs over multiple quarters.

Negative Factors

Pre-Revenue with Persistent Cash Burn

The company remains entirely pre-revenue while burning material cash, making operations dependent on external financing. Sustained negative free cash flow increases dilution risk and limits ability to self-fund late-stage development or commercialization over the medium term.

Dilutive, Complex Capital Structure

New convertible preferred, high dividend accrual and investor board rights create long-term dilution and governance complexity. These terms can squeeze existing equity holders, constrain strategic flexibility, and shift incentives toward investor returns over broader shareholder value.

Weak Cash Generation

Deep negative operating cash flow signals structural reliance on financing rather than operations. Continued outflows erode reserves and require recurring capital raises, which can limit investment choices, slow development pacing, and heighten execution risk over multiple quarters.

Cingulate Inc Business Overview & Revenue Model

Company Description

Cingulate Inc., a clinical-stage biopharmaceutical company, focuses on the development of product candidates for the treatment of attention-deficit/hyperactivity disorder. The company's lead product candidates are CTx-1301 (dexmethylphenidate), which is in phase 3 clinical trial, and CTx-1302 (dextroamphetamine) for the treatment of attention-deficit/hyperactivity disorders. It also focuses on developing CTx-2103 for the treatment of anxiety disorders. The company was founded in 2012 and is headquartered in Kansas City, Kansas.

How the Company Makes Money

Cingulate Inc. generates revenue through the research, development, and eventual commercialization of its proprietary drug formulations. The company focuses on advancing its product candidates through clinical trials and obtaining regulatory approvals, which would enable them to market these drugs to healthcare providers and patients. Revenue streams are expected to include sales of approved medications, licensing agreements, and potential partnerships with other pharmaceutical companies. Additionally, Cingulate may engage in collaborative research arrangements that provide funding and milestone payments, contributing to its financial inflows.

Cingulate Inc Financial Statement Overview

Summary

Financial profile is weak: the company is pre-revenue with persistent and widening losses (TTM net loss ~-$22.1M) and materially negative operating/free cash flow (TTM FCF ~-$17.9M). Balance sheet leverage has improved (debt-to-equity ~0.40), but shrinking equity and ongoing cash burn keep financing/dilution risk elevated.

Income Statement

Cingulate Inc remains pre-revenue (revenue is $0 across all periods), while losses are sizable and persistent. Net loss widened in TTM (Trailing-Twelve-Months) to about -$22.1M versus -$15.5M in 2024, signaling a higher burn rate. Gross profit is negative throughout (consistent with an R&D-stage biotech), and profitability metrics remain deeply negative, leaving the income statement highly dependent on external funding rather than operating traction.

Balance Sheet

Leverage appears moderate most recently, with total debt of ~$4.6M against equity of ~$3.5M in TTM (Trailing-Twelve-Months) (debt-to-equity ~0.40), an improvement versus 2024 (~0.68). However, equity has been volatile and has contracted sharply from 2021 levels, and the business is generating large losses (TTM return on equity is very negative), which can pressure the balance sheet over time. Total assets have also declined versus 2024, reducing financial flexibility.

Cash Flow

Cash generation is materially negative, with operating cash flow of about -$17.7M and free cash flow of about -$17.9M in TTM (Trailing-Twelve-Months), reflecting ongoing funding needs. Free cash flow improved versus 2024 (less negative), but it remains meaningfully outflowing and tied to continued operating losses. Overall, cash flow quality is weak given the sustained cash burn and lack of revenue to offset spending.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.37M	-653.09K	-582.92K	-621.99K	-808.44K	-842.35K
EBITDA	-57.44M	-14.89M	-22.95M	-17.05M	-19.87M	-6.29M
Net Income	-58.81M	-15.55M	-23.53M	-17.68M	-20.74M	-7.18M
Balance Sheet
Total Assets	10.52M	14.86M	3.49M	11.41M	22.89M	5.79M
Cash, Cash Equivalents and Short-Term Investments	6.12M	12.21M	52.42K	5.36M	16.49M	1.20M
Total Debt	4.58M	5.10M	3.51M	5.87M	1.19M	2.05M
Total Liabilities	7.05M	7.41M	10.36M	7.52M	2.04M	4.50M
Stockholders Equity	3.47M	7.46M	-6.87M	3.88M	20.84M	1.29M
Cash Flow
Free Cash Flow	-44.35M	-18.66M	-15.26M	-16.04M	-11.25M	-7.21M
Operating Cash Flow	-43.94M	-18.45M	-15.03M	-15.88M	-10.43M	-6.81M
Investing Cash Flow	-408.77K	-211.80K	-224.10K	-152.65K	-814.74K	-384.17K
Financing Cash Flow	30.95M	30.82M	9.95M	4.90M	26.54M	7.97M

Cingulate Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CING, the sentiment is Neutral. The current price of 6 is below the 20-day moving average (MA) of 6.06, above the 50-day MA of 5.02, and above the 200-day MA of 4.33, indicating a neutral trend. The MACD of 0.46 indicates Positive momentum. The RSI at 52.10 is Neutral, neither overbought nor oversold. The STOCH value of 25.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CING.

Cingulate Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CING	50 Neutral	$46.43M	-1.13	-284.50%	―	―	93.84%
ENLV	49 Neutral	$263.49M	-2.08	-57.64%	―	―	46.09%
BGMS	47 Neutral	$4.81M	-0.01	-226.28%	10.27%	9.46%	96.85%
BOLD	45 Neutral	$25.30M	-0.41	-44.88%	―	―	-0.50%
FBLG	44 Neutral	$16.70M	-0.52	-1292.87%	―	―	18.47%
NNVC	43 Neutral	$21.57M	-1.97	-94.03%	―	―	32.92%

Cingulate Inc Corporate Events

Cingulate Advances Capital Raise with Private Placement Financing

From January 6 to February 5, 2026, Cingulate Inc. issued multiple tranches of common stock to a lender in exchange for portions of outstanding debt, with share prices ranging from $4.35 to $6.01, as part of a series of unregistered, debt-for-equity transactions. On February 6, 2026, the company completed a $6.5 million portion of a previously announced private placement and indicated that an additional $5.5 million in financing is expected to close subject to remaining conditions, underscoring its ongoing efforts to strengthen liquidity and manage its capital structure.

The most recent analyst rating on (CING) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Cingulate Inc stock, see the CING Stock Forecast page.

Cingulate Announces Private Placement and New Preferred Stock

On January 27, 2026, Cingulate Inc. entered into a securities purchase agreement with a group of accredited investors, including certain company insiders, for a $12 million private placement comprising 2,147,471 common shares, 973 shares of Series A convertible preferred stock and warrants for 1,868,482 common shares, at an effective price of $5.14 per common share (including warrant value). The deal, expected to close by February 2, 2026 subject to customary conditions, will see Falcon Creek gain the right to designate up to two of seven board members, subject to ownership thresholds, while investors are bound by a 180-day lock-up and a 24‑month standstill limiting additional accumulation, activism, and control transactions; Cingulate plans to use the proceeds for working capital and general corporate purposes. In a related step, on January 28, 2026, the company filed a certificate of designation in Delaware establishing the Series A preferred stock, which carries a 12% cumulative annual dividend on its $1,000 stated value, no general voting rights, and an automatic conversion into common stock at $5.04 per share plus accrued dividends once shareholders approve the conversion, potentially reshaping the company’s capital structure and diluting existing holders over time, while the separately executed warrant grants investors additional upside leverage at a $5.04 exercise price.

The most recent analyst rating on (CING) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Cingulate Inc stock, see the CING Stock Forecast page.

Cingulate Expands At-The-Market Equity Offering Capacity

On January 12, 2026, Cingulate Inc. increased the maximum aggregate offering price of common stock that can be issued under its at-the-market offering agreement with H.C. Wainwright & Co., LLC, raising the cap from $23.5 million to $31.9 million. As part of this move, the company filed a new prospectus supplement covering an additional $8.84 million of shares, having previously sold approximately $15.1 million of stock under the program, a step that expands its capacity to raise equity capital and may have implications for its financing flexibility and shareholder dilution.

The most recent analyst rating on (CING) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Cingulate Inc stock, see the CING Stock Forecast page.

Cingulate continues stock-for-debt exchanges to reduce liabilities

Between November 21, 2025 and January 2, 2026, Cingulate Inc. issued multiple tranches of common stock to a lender in exchange for portions of outstanding debt, with share prices ranging from $3.39 to $4.13. The unregistered stock-for-debt exchanges reduce the company’s debt load but dilute existing shareholders, reflecting an ongoing effort to manage its capital structure without raising new cash in the public markets.

The most recent analyst rating on (CING) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Cingulate Inc stock, see the CING Stock Forecast page.

Cingulate Inc Reinstates Shane Schaffer as CEO

Cingulate Inc. announced that as of December 15, 2025, Shane Schaffer has been reinstated as Chief Executive Officer after being placed on administrative leave due to a personal legal matter. The board of directors had previously appointed John A. Roberts as Executive Chairman and Jennifer Callahan as interim CEO during Schaffer’s leave. With Schaffer’s return, Roberts will continue as Chairman and Callahan will remain as CFO. The company also amended Schaffer’s employment agreement, adjusting terms related to termination and salary.

The most recent analyst rating on (CING) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on Cingulate Inc stock, see the CING Stock Forecast page.