0001493152-23-016183 | 10-Q | XBRL Viewer

Related Party Note Payable	3 Months Ended
Mar. 31, 2023
Related Party Note Payable
Related Party Note Payable	(7) Related Party Note Payable On August 10, 2022, the Company received $5.0 million of debt financing from Werth Family Investment Associates LLC (WFIA). Peter Werth, manager of WFIA, is a member of the Company’s Board of Directors. This promissory note is unsecured with interest accruing at 15% per annum. Outstanding principal and all accrued and unpaid interest are due and payable on August 8, 2025, or 120 days following written demand made by WFIA during the first five business days of a calendar quarter beginning April 1, 2023. WFIA did not demand payment in April 2023. The Company may prepay the note, in whole or in part, without premium or penalty; provided, that no amount repaid may be reborrowed. As of March 31, 2023, and December 31, 2022, the entire $5.0 million was outstanding on the note. On May 9, 2023, the Company received an additional $3.0 million of debt financing from WFIA by amending and restating the note to increase the principal amount to $8.0 million. All other terms of the note remained the same. During the three months ended March 31, 2023, the Company recognized $187,500 of interest expense relating to this note. This interest expense is included in accrued expenses on the consolidated balance sheet at March 31, 2023.

Related Party Note Payable

3 Months Ended

Mar. 31, 2023

(7) Related Party Note Payable

On August 10, 2022, the Company received $5.0 million of debt financing from Werth Family Investment Associates LLC (WFIA). Peter Werth, manager of WFIA, is a member of the Company’s Board of Directors. This promissory note is unsecured with interest accruing at 15% per annum. Outstanding principal and all accrued and unpaid interest are due and payable on August 8, 2025, or 120 days following written demand made by WFIA during the first five business days of a calendar quarter beginning April 1, 2023. WFIA did not demand payment in April 2023. The Company may prepay the note, in whole or in part, without premium or penalty; provided, that no amount repaid may be reborrowed. As of March 31, 2023, and December 31, 2022, the entire $5.0 million was outstanding on the note.

On May 9, 2023, the Company received an additional $3.0 million of debt financing from WFIA by amending and restating the note to increase the principal amount to $8.0 million. All other terms of the note remained the same.

During the three months ended March 31, 2023, the Company recognized $187,500 of interest expense relating to this note. This interest expense is included in accrued expenses on the consolidated balance sheet at March 31, 2023.

Schedule of Prepaid Expenses (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expenses
Research and development	$ 901,601	$ 1,377,391
Active pharmaceutical ingredients	209,156	209,156
Professional fees	20,775	61,524
Dues and subscriptions	$ 73,976	$ 37,684

Label	Element	Value
IncreaseDecreaseInOperatingLeaseRightOfUseAssets	CING_IncreaseDecreaseInOperatingLeaseRightOfUseAssets	$ (62,359)
IncreaseDecreaseInOperatingLeaseRightOfUseAssets	CING_IncreaseDecreaseInOperatingLeaseRightOfUseAssets	(53,889)
Permanent differences	CING_IncomeTaxReconciliationPermanentDifference	3,669
Permanent differences	CING_IncomeTaxReconciliationPermanentDifference	5,665
Research and development costs	CING_DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent	450,718
Research and development costs	CING_DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent	343,087
DeferredTaxLiabilitiesAccrualToCashCurrent	CING_DeferredTaxLiabilitiesAccrualToCashCurrent	11,228
DeferredTaxLiabilitiesAccrualToCashCurrent	CING_DeferredTaxLiabilitiesAccrualToCashCurrent	11,228
Unrealized losses on available for sale investments	CING_AociUnrealizedLossesOnAvailableForSaleInvestments
Unrealized losses on available for sale investments	CING_AociUnrealizedLossesOnAvailableForSaleInvestments
Unrealized losses on available for sale investments	CING_AociUnrealizedLossesOnAvailableForSaleInvestments
Unrealized losses on available for sale investments	CING_AociUnrealizedLossesOnAvailableForSaleInvestments
Unrealized losses on available for sale investments	CING_AociUnrealizedLossesOnAvailableForSaleInvestments	(2,948)
Unrealized losses on available for sale investments	CING_AociUnrealizedLossesOnAvailableForSaleInvestments	(2,948)
DeferredTaxAssetsOtherCurrent	CING_DeferredTaxAssetsOtherCurrent	59,018
DeferredTaxAssetsOtherCurrent	CING_DeferredTaxAssetsOtherCurrent	59,018
Right-of-use assets	CING_DeferredTaxAssetsRightofuseAssets	58,012
Right-of-use assets	CING_DeferredTaxAssetsRightofuseAssets	$ 63,563
Unaudited Interim Financial Information	CING_UnauditedInterimFinancialInformationPolicyTextBlock	(b) Unaudited Interim Financial Information The accompanying consolidated balance sheet as of March 31, 2023, the consolidated statements of operations and comprehensive loss for the three-month periods ended March 31, 2023 and 2022, the consolidated statements of stockholders’ equity for the three-month periods ended March 31, 2023 and 2022, the consolidated statements of cash flows for the three- month periods ended March 31, 2023 and 2022, and the related interim disclosures are unaudited. These unaudited consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto.
Milestone payment	CING_MilestonePayment	$ 250,000
Milestone payment	CING_MilestonePayment	250,000
Milestone payment	CING_MilestonePayment	250,000
Milestone payment	CING_MilestonePayment	500,000
Milestone payment	CING_MilestonePayment	250,000
Accrued milestone payment	CING_AccruedMilestonePayment	$ 250,000
Weighted Average Remaining Contractual Term, Granted	CING_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2	9 years 10 months 28 days
Weighted Average Remaining Contractual Term, Granted	CING_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2	9 years 11 months 4 days
Long-term portion of operating lease liability	CING_IncreaseDecreaseInLongtermPortionOfOperatingLeaseLiability	$ (83,266)
Long-term portion of operating lease liability	CING_IncreaseDecreaseInLongtermPortionOfOperatingLeaseLiability	(78,995)
Unvested stock options	CING_DeferredTaxAssetsUnvestedStockOptionsNonCurrent	283,259
Unvested stock options	CING_DeferredTaxAssetsUnvestedStockOptionsNonCurrent	$ 204,380

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