UPDATE: Cingulate (CING) - The Dilution Gap Just Became a Chasm

In my deep dive on Cingulate, I established a clear thesis: the pharmacokinetic science behind their Precision Timed Release (PTR) platform is elegant, but the balance sheet is a ticking time bomb.

I warned you about the Dilution Gap — the reality that their $11.0 million in cash was not enough to cross the finish line of their May 31, 2026 PDUFA date without tapping the equity markets. This week, management filed a flurry of SEC documents that confirmed our worst fears about their financial runway.