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Cingulate Inc. (NASDAQ:CING), a pharmaceutical company with a market capitalization of $21.27 million, announced changes to its executive leadership, according to a statement released in a Securities and Exchange Commission filing. InvestingPro analysis indicates the company faces significant financial challenges, with an EBITDA of -$17.21 million in the last twelve months.
On August 14, the board of directors appointed John A. Roberts as executive chairman, effective immediately. In connection with this appointment, Shane Schaffer, the company’s chief executive officer, was placed on administrative leave. The board also determined that, effective as of August 14, Mr. Roberts will receive a cash retainer of $10,000 per month during his term as executive chairman, replacing compensation as a non-employee director. Dr. Schaffer’s salary was reduced to 75% of its previous amount during his leave, but he remains eligible to participate in the company’s employee benefit plans under the same terms as other employees.
Separately, the company disclosed that Laurie Myers’ employment ended on August 7. On Thursday, Cingulate Therapeutics LLC, a wholly owned subsidiary, and Ms. Myers executed a separation agreement. Under the terms of this agreement, Ms. Myers is subject to confidentiality, noncompetition, and nonsolicitation covenants from her prior employment agreement. She will receive separation pay of $436,720, to be paid in semi-monthly installments over twelve months, and all unvested stock options will vest and be exercisable for their full term. Ms. Myers also agreed to certain post-employment restrictive covenants, including non-disparagement obligations, and released claims against the company and its affiliates, provided she does not revoke her release within seven days of signing the agreement.
Cingulate’s common stock and warrants are listed on the Nasdaq Capital Market under the symbols CING and CINGW, respectively. The company is incorporated in Delaware and operates in the pharmaceutical preparations sector.
All information is based on a press release statement contained in a recent SEC filing.
In other recent news, Cingulate Inc. has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration for its ADHD treatment, CTx-1301. This submission marks a significant step for the company as it seeks approval for its lead candidate, an extended-release tablet designed for full-day efficacy with a single dose. Additionally, Cingulate has received a PDUFA fee waiver from the FDA for this application, saving the company approximately $4.3 million. In leadership developments, Cingulate’s CEO and Chairman, Shane Schaffer, has been placed on administrative leave following a criminal charge. Jennifer Callahan, the current Chief Financial Officer, has been appointed as interim CEO while maintaining her CFO responsibilities. John A. Roberts has been named Executive Chairman to support the management team. On the financial front, Ascendiant Capital has raised its price target for Cingulate to $62 from $61, maintaining a Buy rating on the stock. These developments reflect ongoing changes and strategic moves within Cingulate as it navigates both operational and leadership challenges.
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