Cingulate Inc. (NASDAQ: CING) reported first quarter 2026 financial results, showing increased cash and working capital while recording a higher net loss compared to the same period in 2025.

The biopharmaceutical company's cash and cash equivalents grew to $25.9 million as of March 31, 2026, representing a $14.9 million increase from December 31, 2025. The increase was primarily driven by a $12.0 million private placement completed in February 2026. Working capital increased to $17.0 million from $1.7 million at year-end 2025.

Net loss for the three months ended March 31, 2026 was $9.3 million, compared to $3.9 million for the same period in 2025. The increase was primarily attributed to higher general and administrative expenses, which rose to $5.7 million from $1.5 million in the prior year quarter due to commercial infrastructure development costs for CTx-1301, the company's ADHD treatment candidate.

Research and development expenses decreased slightly to $2.2 million from $2.2 million in the prior year quarter, reflecting lower clinical operations costs as clinical studies concluded in early 2025, offset by increased regulatory and manufacturing activities related to the New Drug Application review of CTx-1301.

The company is working with the FDA to respond to information requests related to manufacturing and chemistry, manufacturing and controls elements of its CTx-1301 NDA. The FDA had previously assigned a target action date of May 31, 2026 for the application.

Cingulate continues commercial preparation activities including market access planning, distribution infrastructure development, and sales team building through an agreement with IQVIA Inc. The company stated its current capital base is expected to fund operations into 2027.