Healthcare · Biotechnology
Price
$4.96
Market Cap
$27.8M
Employees
13
Beta
-0.85
Avg Volume
572,230
CEO
Shane J. Schaffer
Business Description
Cingulate Inc. is a biopharmaceutical enterprise currently in its clinical development phase, dedicated to devising therapeutic options for attention-deficit/hyperactivity disorder (ADHD). Leading its pipeline for ADHD are two drug candidates: CTx-1301 (dexmethylphenidate), which is currently progressing through Phase 3 clinical trials, and CTx-1302 (dextroamphetamine). The company is also engaged in the advancement of CTx-2103, a candidate intended for the management of anxiety disorders. Founded in 2012, Cingulate Inc. maintains its corporate headquarters in Kansas City, Kansas.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-1.20
Stock Price: $4.96
EPS (Diluted): -4.13
EPS (Diluted): -4.13
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
9.40
Stock Price: $4.96
Total Equity: $2.51M
Shares: 5,431,206
Total Equity: $2.51M
Shares: 5,431,206
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-1.10
Market Cap: $27.81M
Total Debt: $7.45M
Cash: $10.95M
EBITDA: -$19.40M
Total Debt: $7.45M
Cash: $10.95M
EBITDA: -$19.40M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$21.4M
Market Cap: $27.81M
Total Debt: $7.45M
Cash: $10.95M
Total Debt: $7.45M
Cash: $10.95M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.00
Stock Price: $4.96
Revenue: $0.00
Shares: 5,431,206
Revenue: $0.00
Shares: 5,431,206
EV/Sales (Total value vs revenue — works when P/E can't)
API0.00
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
0.0%
Gross Profit: $0.00
Revenue: $0.00
Revenue: $0.00
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.0%
Operating Income: -$19.94M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$22.45M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-894.8%
Net Income: -$22.45M
Total Equity: $2.51M
Total Equity: $2.51M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
1,999.8%
Operating Income: -$19.94M
Tax Rate: 0.0%
Equity: $2.51M
Total Debt: $7.45M
Cash: $10.95M
Tax Rate: 0.0%
Equity: $2.51M
Total Debt: $7.45M
Cash: $10.95M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.16
Current Assets: $12.01M
Current Liabilities: $10.31M
Current Liabilities: $10.31M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.97
Short-Term Debt: $6.30M
Long-Term Debt: $1.15M
Total Debt: $7.45M
Total Equity: $2.51M
Long-Term Debt: $1.15M
Total Debt: $7.45M
Total Equity: $2.51M
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 5,431,206
Shares: 5,431,206
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$0.46
Total Equity: $2.51M
Shares: 5,431,206
Shares: 5,431,206
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-3.21
Operating CF: -$17.25M
CapEx: -$162,138
Shares: 5,431,206
CapEx: -$162,138
Shares: 5,431,206
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $4.96
Stock Price: $4.96
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$22.45M
Net Income: -$22.45M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CING against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 11:45pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Cost of Revenue | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $0 | $0 | $0 | $0 | $0 |
| Operating Expenses | $20.7M | $17.5M | $22.8M | $15.6M | $19.9M |
| Operating Income | -$20.7M | -$17.5M | -$22.8M | -$15.6M | -$19.9M |
| Net Income | -$20.7M | -$17.7M | -$23.5M | -$16.6M | -$22.4M |
| EBITDA | -$20.0M | -$17.1M | -$22.2M | -$15.0M | -$19.4M |
| EPS | $-55.80 | $-31.20 | $-311.99 | $-10.20 | $-4.13 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 11:45pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $16.5M | $5.4M | $52,416 | $12.2M | $11.0M |
| Total Current Assets | $18.9M | $7.9M | $578,594 | $12.7M | $12.0M |
| Total Assets | $22.9M | $11.4M | $3.5M | $14.9M | $15.1M |
| Current Liabilities | $1.2M | $7.0M | $10.2M | $5.0M | $10.3M |
| Long-Term Debt | $0 | $0 | $0 | $2.4M | $1.2M |
| Total Liabilities | $2.0M | $7.5M | $10.4M | $7.4M | $12.6M |
| Total Equity | $20.8M | $3.9M | -$6.9M | $7.5M | $2.5M |
| Retained Earnings | -$51.7M | -$69.4M | -$92.9M | -$108.5M | -$132.4M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 11:45pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$10.4M | -$15.9M | -$15.0M | -$18.5M | -$17.2M |
| Capital Expenditure | $-814,736 | $-153,420 | $-224,096 | $-211,800 | $-162,138 |
| Free Cash Flow | -$11.2M | -$16.0M | -$15.3M | -$18.7M | -$17.4M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $15.3M | -$11.1M | -$5.3M | $12.2M | -$1.3M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 7:58pm (12h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$17.0M $1.6M – $66.5M
|
$20.2M $20.0M – $20.4M
|
$44.1M $15.0M – $135.0M
|
$70.4M $24.0M – $215.5M
|
| EBITDA | $0 | $0 | $0 | $0 |
| Net Income |
-$1.1M -$13.8M – $11.5M
|
-$6.1M -$6.5M – -$5.8M
|
$1.6M $224,948 – $5.8M
|
$10.3M $1.5M – $38.0M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 11:45pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | — | — | — | — |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | +15.4% | -30.0% | +31.3% | -27.4% |
| Net Income Growth | +14.6% | -33.1% | +29.6% | -35.6% |
| EBITDA Growth | +14.3% | -29.6% | +32.4% | -29.4% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CING — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30