Overview

• U.S. biopharma company's Q1 net loss widened and missed analyst expectations

• Net loss increase driven by higher G&A expenses for CTx-1301 commercial readiness

• Company raised $12 mln in private placement, boosting cash and working capital

Outlook

• Company expects current resources to fund operations into 2027

• Cingulate continues to engage with FDA on CTx-1301 approval process

• Company advancing commercial readiness and manufacturing for potential CTx-1301 launch

Result Drivers

• COMMERCIAL PREPARATIONS - Higher G&A expenses driven by build-out of commercial infrastructure for CTx-1301 launch, including increased headcount

• R&D SHIFT - Decrease in R&D expenses due to lower clinical operations costs as study activities concluded, offset by increased regulatory and manufacturing activities for NDA review

Company press release: ID:nGNX44Mv4H

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income	Miss	-$9.31 mln	-$4.71 mln (3 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Cingulate Inc is $24.50, about 398% above its May 13 closing price of $4.92

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