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Cingulate

CING Lead: NDA Submitted 6 Biotech Distilled articles ↓ 36 filings & releases ↓ Cash $28.4M (Jun 30, 2026) ↓ 6 verdicts ↓
Neurology Small Molecule

Market cap $61.9M 14.5M shares (10-Q, Aug 12, 2026) × $4.26 close Nov 6, 2026

Most recent annual filing: 2026-03-18

Pipeline (1 active programs)

Technology platforms

PTR · BDD Pharma

Precision Timed Release (PTR) drug delivery platform — proprietary multi-core tablet technology incorporating an Erosion Barrier Layer (EBL) to deliver precisely timed pulsatile drug releases; focus areas: ADHD and anxiety disorders. EBL formulation (Oralogik) licensed from BDD Pharma.

Precision Timed Release

PTR-enabled tri-modal release delivery platform for oral tablets; designed to provide morning onset and sustained active-day coverage in a single once-daily tablet; focus area: ADHD and potentially other CNS conditions

Precision Timed Release · BDD Pharma

PTR drug delivery platform incorporating a proprietary Erosion Barrier Layer (EBL) to control drug release at precise, pre-defined times; designed to enable true once-daily dosing; focus areas include ADHD and anxiety disorders. EBL formulation (Oralogik) licensed from BDD Pharma.

Capital (as filed)

Cash
$28.4M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$5.9M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$28.4M cash, runway mid-2027 per the update of Aug 13, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Cingulate, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-03-23 Watch Cingulate (CING) - Scientific Deep Dive on CTx-1301 and Pipeline Products Strong pharmacokinetic science but manufacturing risk from CDMO Form 483 is too opaque to justify a position ahead of the May 31 PDUFA date.
  2. 2026-03-28 Avoid UPDATE: Cingulate (CING) - The Dilution Gap Just Became a Chasm The $100M ATM and Lincoln Park equity facility create a structural dilution ceiling that makes the equity a trap regardless of the underlying science.
  3. 2026-04-05 Avoid UPDATE: Cingulate (CING) - Institutional Adult Supervision Enters the Boardroom Falcon Creek board appointment provides slight oversight on dilution but does not change the fundamental equity trap thesis; Sell/Avoid maintained.
  4. 2026-05-15 Avoid UPDATE: Cingulate (CING) - The CMC Shoe Drops 17 Days Before PDUFA FDA's formal CMC information request buried in the 10-Q materially raises the probability of a PDUFA extension or CRL, while the 64% share count explosion and Avondale CRL tripwire confirm the dilution trap is now operating reality.
  5. 2026-06-02 Avoid UPDATE: Cingulate (CING) - The CRL Lands, the Tripwire Arms FDA issued a CMC-only CRL confirming the manufacturing risk thesis; Avondale deferral right is now extinguished and the toxic debt tripwire is armed, making the equity a confirmed trap.
  6. 2026-08-14 Watch UPDATE: Cingulate (CING) - The Resubmission Nobody Will Date Going-concern cliff pushed to mid-2027 and IP moat improved with wholly-owned U.S. patent to 2042 and Prasco distribution deal, but no resubmission date and doubled share count limit the upgrade to Watch for event-driven traders only.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (36)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 14, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

11 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)