24/7 Market News Snapshot 07 November, 2024 – Cingulate Inc. Common Stock (NASDAQ:CING)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NASDAQ:CING) are discussed in this article.
Cingulate Inc. is currently experiencing significant market momentum, trading at $3.641, marking an 8.36% increase from the previous close of $3.360. This surge reflects heightened investor confidence as the company’s trading volume reaches 753.04K, suggesting increased interest and potential volatility. Technical analysis indicates key resistance around $3.70, with support estimated at $3.30, warranting close attention to further price movements.

In a recent strategic update, Cingulate reported its financial results for the third quarter ending September 30, 2024. The company’s Chairman and CEO, Shane J. Schaffer, highlighted a successful capital raising effort totaling approximately $12.5 million this quarter. These funds will facilitate the advancement of CTx-1301, the company’s lead asset, as it aims for a New Drug Application (NDA) submission targeted for mid-2025.

The company is also expanding the reach of CTx-1301, recently securing European patents that encompass up to 30 territories, including the United Kingdom. This development underscores Cingulate’s dedication to addressing the increasing demand for Attention Deficit Hyperactivity Disorder (ADHD) treatments.

September marked the initiation of the final FDA-required trial for CTx-1301, a food effect study, with data expected by year-end. This is integral to the regulatory approval process, which Cingulate is poised to navigate.

Financially, Cingulate reported approximately $10 million in cash and equivalents as of September 30, a significant rise from the end of 2023, coupled with a notable reduction in total liabilities. Operating losses for the quarter stood at $3.2 million, a decrease from $6 million in the same period last year, attributable to lower research and development costs.

As Cingulate Inc. advances its mission to enhance treatment outcomes for patients with ADHD, it remains focused on innovation and potential future therapeutic opportunities.

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