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Cingulate Inc. Report Shows $300K Will Last Until September For New ADHD Drug

Kansas City, KS pharmaceutical company Cingulate Inc. has $300,000 to fund its first drug and bring it to market, currently seeking additional funds. Photo Credit: Google Maps

Posted August 23, 2023

The Kansas City, Kansas-based pharmaceutical company Cingulate Inc., developing a drug for ADHD, released its second-quarter financial report claiming the company has $300,000 in cash.

While Cingulate reported only $300,000 in cash assets, the company also completed Phase 3 of its first product, a once-daily medication to combat attention-deficit/hyperactivity disorder (ADHD).

“We believe the Phase 3 adult efficacy and safety trial is a significant clinical milestone and validation of what Cingulate has set out to accomplish: create the only ADHD medication that overcomes the major unmet needs of currently available treatments with clear and unmatched differentiation,” Cingulate Chairman and CEO, Shane J. Schaffer, PharmD said.

Subsequent to June 30, 2023, Cingulate raised a total of $1.8 million in net proceeds from the Market Offering Agreement with H.C. Wainwright & Co. LLC and a purchase agreement with Lincoln Park Capital Fund LLC. An additional $1 million capital investment from Werth Family Investment Associates LLC was closed on August 11, 2023.

Cingulate claims the $300,000 will last its research and development and operating expenditures into September.

The company’s management is currently evaluating new strategies to obtain funding, which may include additional offerings of common stock, issuance of debt, or other capital sources, including potential collaborations with other companies or other strategic transactions, according to the report.

View the full report, here.