Cingulate Raises $12M At-Market PIPE With 80% Warrant Coverage and 180-Day Lock-Up
Cingulate closed a $12 million at-market PIPE at $5.04 per share with 80% warrant coverage and a 180-day lock-up. Falcon Creek Capital will name two board members and proceeds will fund operations and CTx-1301’s commercial launch ahead of its May 31, 2026 PDUFA date.
1. PIPE Financing Details
Cingulate secured a $12 million private investment in public equity offering at $5.04 per share, featuring 80% warrant coverage and a six-month lock-up for all investors. The structure allows potential gross proceeds up to $21.4 million under Nasdaq’s at-the-market rules.
2. Governance Changes
Falcon Creek Capital Advisor LLC, as lead investor, earned the right to designate two directors to Cingulate’s board. The first designee is former board member Jeff Hargroves, who also participated significantly in the financing and brings deep pharmaceutical and strategic expertise.
3. Use of Proceeds and Milestones
Funds from the PIPE will support general operations and advance the commercial launch of CTx-1301, a once-daily ADHD therapy based on the Precision Timed Release platform. Cingulate is working toward FDA approval with a PDUFA target action date of May 31, 2026.