Cingulate (CING) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-40874
Entity Registrant Name	Cingulate Inc.
Entity Central Index Key	0001862150
Entity Tax Identification Number	86-3825535
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1901 W. 47th Place
Entity Address, City or Town	Kansas City
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66205
City Area Code	(913)
Local Phone Number	942-2300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,046,479
Common Stock, par value $0.0001 per share
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CING
Security Exchange Name	NASDAQ
Warrants, exercisable for one share of common stock
Title of 12(b) Security	Warrants, exercisable for one share of common stock
Trading Symbol	CINGW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,113,830	$ 52,416
Miscellaneous receivables	2,247	14,622
Prepaid expenses and other current assets	1,610,765	511,556
Total current assets	2,726,842	578,594
Property and equipment, net	2,463,874	2,545,965
Operating lease right-of-use assets	303,799	366,877
Total assets	5,494,515	3,491,436
Current liabilities:
Accounts payable	737,949	5,199,105
Accrued expenses	1,117,638	1,651,519
Note payable		3,000,000
Finance lease liability, current	17,326	17,057
Operating lease liability, current	372,338	358,085
Total current liabilities	2,245,251	10,225,766
Long-term liabilities:
Finance lease liability, net of current		4,436
Operating lease liability, net of current	33,145	130,663
Total long-term liabilities	33,145	135,099
Total liabilities	2,278,396	10,360,865
Stockholders’ Equity
Common Stock, $0.0001 par value; 240,000,000 shares authorized and 5,010,470 and 1,167,521 shares issued and outstanding as of March 31, 2024 and December 31, 2023	502	118
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized and 0 shares issued and outstanding as of March 31, 2024 and December 31, 20223
Additional Paid-in-Capital	99,131,537	86,073,896
Accumulated deficit	(95,915,920)	(92,943,443)
Total stockholders’ equity	3,216,119	(6,869,429)
Total liabilities and stockholders’ equity	$ 5,494,515	$ 3,491,436

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	5,010,470	1,167,521
Common stock, shares outstanding	5,010,470	1,167,521
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 1,806,985	$ 2,128,616
General and administrative	1,141,232	1,721,379
Operating loss	(2,948,217)	(3,849,995)
Interest and other income (expense), net	(24,260)	(154,892)
Loss before income taxes	(2,972,477)	(4,004,887)
Income tax benefit (expense)
Net loss and comprehensive loss	$ (2,972,477)	$ (4,004,887)
Net loss per share of common stock, basic	$ (0.60)	$ (7.08)
Net loss per share of common stock, diluted	$ (0.60)	$ (7.08)
Weighted average number of shares used in computing net loss per share of common stock, basic	4,945,507	565,471
Weighted average number of shares used in computing net loss per share of common stock, diluted	4,945,507	565,471

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2022	$ 1,131	$ 73,289,387	$ (69,408,496)		$ 3,882,022
Balance, shares at Dec. 31, 2022	11,309,412
Unrealized losses on available for sale investments
Stock-based compensation expense		204,479			204,479
Net loss			(4,004,887)		(4,004,887)
Balance at Mar. 31, 2023	$ 1,131	73,493,866	(73,413,383)		81,614
Balance, shares at Mar. 31, 2023	11,309,412
Balance at Dec. 31, 2023	$ 118	86,073,896	(92,943,443)		(6,869,429)
Balance, shares at Dec. 31, 2023	1,167,520
Stock-based compensation expense		164,575			164,575
Net loss			(2,972,477)		(2,972,477)
Issuance of common stock in connection with At the Market Offering and Purchase Agreement, net of fees	$ 28	3,115,256			3,115,284
Issuance of common stock in connection with At the Market Offering and Purchase Agreement, net of fees, shares	283,800
Issuance of common stock in public offering, net of fees	$ 355	6,432,537			6,432,892
Issuance of common stock in public offering, net of fees, shares	3,552,000
Issuance of pre-funded warrants in connection with the conversion of related party note payable		2,734,739			2,734,739
Capital contribution in connection with conversion of related party note payable		586,511			586,511
Issuance of restricted common stock	$ 1	24,023			24,024
Issuance of restricted common stock, shares	7,150
Balance at Mar. 31, 2024	$ 502	$ 99,131,537	$ (95,915,920)		$ 3,216,119
Balance, shares at Mar. 31, 2024	5,010,470

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (2,972,477)	$ (4,004,887)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	163,600	100,629
Stock-based compensation	164,575	204,479
Changes in operating assets and liabilities:
Miscellaneous receivables	12,375	202,479
Prepaid expenses and other current assets	(1,099,209)	296,252
Operating lease right-of-use assets	63,078	62,359
Trade accounts payable and accrued expenses	(4,995,037)	(358,777)
Current portion of operating lease liability	14,253	4,271
Long-term portion of operating lease liability	(97,518)	(83,266)
Net cash used in operating activities	(8,746,360)	(3,576,461)
Investing activities:
Purchase of property and equipment	(81,508)	(37,135)
Net cash used in investing activities	(81,508)	(37,135)
Financing Activities:
Proceeds from the issuance of common stock and pre-funded common stock purchase warrants, net of fees	9,893,450
Principal payments on finance lease obligations	(4,167)	(3,920)
Net cash provided by (used in) financing activities	9,889,283	(3,920)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	1,061,415	(3,617,516)
Cash and cash equivalents at beginning of year	52,415	5,356,276
Cash and cash equivalents at end of year	1,113,830	1,738,760
Non-cash activities
Property and equipment accrued but not yet paid at end of period	160,800
Cash payments:
Interest paid	$ 308	$ 555

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (2,972,477)	$ (4,004,887)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of the Business and Liqu

Nature of the Business and Liquidity	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Nature of the Business and Liquidity	(1) Nature of the Business and Liquidity Organization Cingulate Inc. (Cingulate, or the Company), a Delaware corporation, is a biopharmaceutical company focused on the development of products utilizing its drug delivery platform technology that enables the formulation and manufacture of once-daily tablets of multi-dose therapies, with an initial focus on the treatment of Attention Deficit/Hyperactivity Disorder (ADHD). The Company is developing two proprietary, first-line stimulant medications, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), for the treatment of ADHD intended for all patient segments: children, adolescents, and adults. CTx-1301 and CTx-1302 utilize a flexible core tableting technology with target product profile designed to deliver a rapid onset and last the entire active day with a controlled descent of plasma drug level and have favorable tolerability. The Company has closed enrollment of Phase 3 clinical trials for CTx-1301 and plans to submit a New Drug Application (NDA) for CTx-1301in the first half of 2025. In addition, the Company has a third product to treat anxiety, CTx-2103, in a formulation stage. The consolidated financial statements and notes for the three-month periods ended March 31, 2024 and 2023, represent the full consolidation of Cingulate and its subsidiaries, including CTx and all references to the Company represent this full consolidation. Liquidity The Company has incurred losses and negative cash flows from operations since inception. As a pre-revenue entity, the Company is dependent on the ability to raise capital to support operations until such time as the product candidates under development are U.S. Food and Drug Administration (FDA) approved, manufactured, commercially available to the marketplace and produce revenues. The Company’s initial public offering, which was completed in December 2021, provided approximately $ 20.4 27 7.5

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The consolidated financial statements include the accounts of Cingulate and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. (b) Unaudited Interim Financial Information The accompanying consolidated balance sheet as of March 31, 2024, and the consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, 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 2023 audited consolidated financial statements and the notes thereto. (c) Concentration of Credit Risk The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $ 250,000 (d) Impairment of Long-lived Assets The Company assesses the carrying value of its long-lived assets, including property and equipment, as well as lease right of use (ROU) assets, when events or circumstances indicate that the carrying value of such assets may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted cash flows expected to be generated by the assets. If the sum of the expected future cash flows is less than the carrying amount, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived asset groups. No impairment was recognized during the three-month periods ended March 31, 2024 or 2023. (e) Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. See additional information in Note 10.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2024
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	(3) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following at March 31, 2024 and December 31, 2023: Schedule of Prepaid Expenses and Other Current Assets March 31, December 31, 2024 2023 Research and development $ 1,367,638 $ 183,452 Insurance 119,420 31,302 Active pharmaceutical ingredients 42,731 97,324 Deferred capital raise costs - 178,780 Dues and subscriptions 60,278 - Other 20,698 20,698 Total prepaid expenses and other current assets $ 1,610,765 $ 511,556

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	(4) Property and Equipment Property and equipment, net consisted of the following at March 31, 2024 and December 31, 2023: Schedule of Property and Equipment Estimated Useful Life March 31, December 31, (in years) 2024 2023 Equipment 2 7 $ 4,341,005 $ 4,321,816 Furniture and fixtures 7 145,754 145,754 Computer equipment 5 41,897 41,897 Leasehold improvements 5 471,505 471,505 Construction-in-process- equipment - 270,297 207,976 Property and equipment, gross 5,270,458 5,188,948 Less: accumulated depreciation (2,806,584 ) (2,642,983 ) Property and equipment, net $ 2,463,874 $ 2,545,965 Depreciation expense was $ 163,600 100,629

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	(5) Accrued Expenses Accrued expenses consisted of the following at March 31, 2024 and December 31, 2023: Schedule of Accrued Expenses March 31, December 31, 2024 2023 Employee compensation $ - $ 593,022 Interest - 290,000 Professional fees 183,812 213,922 Research and development 582,887 155,220 CIP- Equipment 155,800 155,800 State franchise taxes 120,570 120,570 Insurance - 56,088 Other 74,569 66,897 Total accrued expenses $ 1,117,638 $ 1,651,519

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(6) Contingencies The Company may, from time to time, be subject to legal proceedings and claims arising in the ordinary course of business and otherwise. A substantial legal liability against us could have an adverse effect on our business, financial condition and results of operations. The Company records legal costs associated with loss contingencies as incurred and establishes reserves when those matters present material loss contingencies that management determines to be both probable and reasonably estimable in accordance with ASC 450, Contingencies.

Related Party Note Payable

Related Party Note Payable	3 Months Ended
	Mar. 31, 2024
Related Party Note Payable
Related Party Note Payable	(7) Related Party Note Payable In August 2022, the Company received $ 5.0 15 3.0 8.0 On September 8, 2023, the Company and CTx entered into a note conversion agreement with WFIA, pursuant to which WFIA agreed to convert the original principal amount of $ 5.0 5,812,500 341,912 17.00 11.55 The pre-funded warrants had no expiration date and were exercisable immediately at an exercise price of $ 0.002 On January 25, 2024, the Company and CTx entered into another note conversion agreement with WFIA, pursuant to which WFIA agreed to convert the remaining principal amount of the note payable of $ 3.0 3,287,500 687,043 4.785 4.35 The pre-funded warrants had no expiration date and were exercisable immediately at an exercise price of $ 0.0001 7,053 WFIA exercised all of its pre-funded warrants in April 2024. The Company considered ASC 470-60, Troubled Debt Restructurings by Debtors During the three months ended March 31, 2024 and 2023, the Company recognized $ 31,250 187,500

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	(8) Stockholders’ Equity The Company has authorized 240,000,000 0.0001 10,000,000 0.0001 5,010,470 1,167,521 The holders of common stock are entitled to one vote for each share of common stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution, if any. Holders of the shares of common stock are entitled to dividends when, as and if declared by the Board of Directors. Reverse Stock Split On November 30, 2023, the Company completed a one-for-twenty reverse stock split 0.0001

Sale of Securities

Sale of Securities	3 Months Ended
	Mar. 31, 2024
Sale Of Securities
Sale of Securities	(9) Sale of Securities At the Market Offering In January 2023, the Company entered into the At-the-Market Agreement (ATM Agreement) with H.C. Wainwright & Co., LLC (HCW) pursuant to which the Company could issue and sell, from time to time, shares of the Company’s common stock having an aggregate offering price of up to $ 4.97 3 In January 2024, the Company sold 283,800 3,115,303 4.97 8.47 3.5 346,261 173,131 1.13 Conversion of Related Party Note The Company issued pre-funded warrants to purchase 694,096 In April 2024, WFIA exercised all of its pre-funded warrants, including pre-funded warrants it received in September 2023, as described in Note 7. Public Offering On February 2, 2024, the Company completed a public offering (the February 2024 Offering) pursuant to which the Company issued 1,375,000 2.00 2,375,000 1.999 0.0001 The holders of pre-Funded warrants may not exercise the warrants if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise. Each share of common stock and each pre-funded warrant were sold along with one Series A and 0.5 Series B warrants. 7.5 750,950 2,177,000

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(10) Stock-Based Compensation In September 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (the 2021 Plan), which provides for the grant of incentive stock options and non-qualified stock options to purchase shares of the Company’s common stock, stock appreciation rights, restricted stock units, restricted or unrestricted shares of common stock, performance shares, performance units, incentive bonus awards, other stock-based awards and other cash-based awards. No awards may be made under the 2021 Plan on or after September 24, 2031, but the 2021 Plan will continue thereafter while previously granted awards remain outstanding. The maximum number of shares of common stock available for issuance in connection with options and other awards granted under the 2021 Plan is 256,926 15,169 The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1st of each year until the expiration of the 2021 Plan, in an amount equal to 5% percent of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year, on a fully diluted basis, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would otherwise occur. The Company recorded stock-based compensation expense of $ 164,575 204,479 1,327,356 1,278,981 A summary of option activity under the Plan during the three-month periods ending March 31, 2024 and 2023, is as follows: Summary of Option Activity Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (years) Value Outstanding at January 1, 2023 43,051 Granted 19,225 $ 35.00 9.93 - Exercised - Forfeitures or expirations (281 ) Outstanding at March 31, 2023 61,995 Vested and expected to vest at March 31, 2023 61,995 Exercisable at March 31, 2023 14,312 Outstanding at January 1, 2024 57,300 Granted 191,834 $ 1.18 9.93 Exercised - Forfeitures or expirations (7,488 ) Outstanding at March 31, 2024 241,646 Vested and expected to vest at March 31, 2024 241,646 Exercisable at March 31, 2024 23,402 The Company’s stock options issued qualify for equity accounting treatment under ASC 718, Compensation- Stock Compensation, Schedule of Fair Value Assumption March 31, March 31, 2024 2023 Risk-free interest rate 3.980 % 3.662 % Expected term (in years) 5.55 6 Expected volatility 1.56 1.13 Expected dividend yield 0 % 0 % Risk-Free Interest Rate Expected Term: Expected Volatility Expected Dividend Yield The grant-date fair value of options granted during the three months ended March 31, 2024 ranged from $ 0.81 1.53 22.40 23.20 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock. The fair value per share of common stock was 1.10 19.70

Common Stock Purchase Warrants

Common Stock Purchase Warrants	3 Months Ended
	Mar. 31, 2024
Common Stock Purchase Warrants
Common Stock Purchase Warrants	(11) Common Stock Purchase Warrants For each of the 3,750,000 3,750,000 1,875,000 2.00 five two The Company evaluated the warrants for liability or equity classification in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging 2,375,000 2.00 2,177,000 In connection with the February 2024 Offering, the Company issued placement agent warrants to purchase up to 150,000 2.50 five The Series A, Series B and placement agent warrants issued in the February 2024 Offering were valued using a Black-Scholes model with a risk-free rate of 4.0 5.0 five two years 1.56 1.83 The following table summarizes the Company’s outstanding common stock purchase warrants as of March 31, 2024: Schedule of Warrants and Rights Outstanding Issuance Date Issuance Date Number of Exercise Fair Value Fair Value Warrants Price per Warrant Total December 2021 Initial Public Offering 239,584 $ 120.00 $ 95.40 $ 22,856,314 December 2021 Underwriter Warrants 10,418 $ 150.00 $ 92.79 966,686 September 2023 WFIA Pre-funded Warrants 341,912 $ 0.002 $ 11.55 3,949,084 September 2023 Public Offering Series A Warrants 346,261 $ 11.55 $ 10.82 3,746,544 September 2023 Public Offering Series B Warrants 173,131 $ 11.55 $ 8.42 1,457,763 September 2023 Placement Agent Warrants 17,316 $ 14.40 $ 10.63 184,069 January 2024 WFIA Pre-funded Warrants 694,086 $ 0.0001 $ 4.35 3,019,274 February 2024 Public Offering Series A Warrants 3,750,000 $ 2.00 $ 1.17 4,387,500 February 2024 Public Offering Series B Warrants 1,875,000 $ 2.00 $ 0.99 1,856,250 February 2024 Placement Agent Warrants 150,000 $ 2.50 $ 1.15 172,500 February 2024 Pre-funded warrants 198,000 $ 0.0001 $ 2.00 396,000 Balance- March 31, 2024 7,795,708 $ 42,991,984 In April 2024, WFIA exercised all of its pre-funded warrants, including pre-funded warrants it received in September 2023, as described in Note 7. The Company has accounted for these warrants as equity-classified instruments under ASC Subtopic 815-40, Derivatives and Hedging Contracts in Entity’s Own Equity, Fair Value of the Warrants to Additional Paid in Capital Percent Fair of Total Amount Value Fair Value Allocated Common Stock $ 2,750,000 19.76 % $ 1,482,000 Pre-Funded Warrants 4,750,000 34.13 % 2,559,750 Series A, B and Placement Agent Warrants 6,416,250 46.11 % 3,458,250 Total $ 13,916,250 100.00 % $ 7,500,000

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(12) Income Taxes Cingulate Inc. is taxed as a C corporation under the Internal Revenue Code. Cingulate Inc. records deferred income taxes to reflect the impact of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. CTx is a wholly-owned disregarded entity of Cingulate Inc., and all of the activity for CTx, along with its wholly-owned subsidiary Cingulate Works Inc., is included in the calculation of the current and deferred tax assets and liabilities for Cingulate Inc. No deferred income tax benefit or expense was recorded for the three-month periods ended March 31, 2024 and 2023, for federal or state income taxes. Income tax expense differed from the expected expense computed by applying the U.S. Federal income tax rate as follows: Schedule of Effective Income Tax Rate Reconciliation 2024 2023 Three Months Ended March 31, 2024 2023 Federal income tax benefit at statutory rate $ (588,266 ) $ (841,026 ) State income tax benefit (154,910 ) (221,470 ) Permanent differences 3,654 3,669 Change in valuation allowance 770,439 1,090,836 Other (30,917 ) (32,009 ) Total income tax expense $ - $ - Evaluating the need for, and amount of, a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence on a jurisdiction-by-jurisdiction basis. Such judgments require the Company to interpret existing tax law and other published guidance as applied to its circumstances. As part of this assessment, the Company considers both positive and negative evidence about its profitability and tax situation. A valuation allowance is provided if, based on available evidence, it is more likely than not that all or some portion of a deferred tax asset will not be realized. The Company determined that it was more likely than not that it would not realize its deferred tax assets, based on historical levels of income and future forecasts of taxable income, among other items. The Company recorded a valuation allowance of its net deferred tax assets totaling $ 13,373,133 12,631,033 The Company files income tax returns in the U.S. federal and various state jurisdictions. The Companies are not subject to U.S. federal and state income tax examinations by tax authorities for years before 2018. The Company follows the provisions of FASB ASC 740, Income Taxes

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	(a) Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The consolidated financial statements include the accounts of Cingulate and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	(b) Unaudited Interim Financial Information The accompanying consolidated balance sheet as of March 31, 2024, and the consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, 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 2023 audited consolidated financial statements and the notes thereto.
Concentration of Credit Risk	(c) Concentration of Credit Risk The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $ 250,000
Impairment of Long-lived Assets	(d) Impairment of Long-lived Assets The Company assesses the carrying value of its long-lived assets, including property and equipment, as well as lease right of use (ROU) assets, when events or circumstances indicate that the carrying value of such assets may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted cash flows expected to be generated by the assets. If the sum of the expected future cash flows is less than the carrying amount, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived asset groups. No impairment was recognized during the three-month periods ended March 31, 2024 or 2023.
Stock-Based Compensation	(e) Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. See additional information in Note 10.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expenses And Other Current Assets
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following at March 31, 2024 and December 31, 2023: Schedule of Prepaid Expenses and Other Current Assets March 31, December 31, 2024 2023 Research and development $ 1,367,638 $ 183,452 Insurance 119,420 31,302 Active pharmaceutical ingredients 42,731 97,324 Deferred capital raise costs - 178,780 Dues and subscriptions 60,278 - Other 20,698 20,698 Total prepaid expenses and other current assets $ 1,610,765 $ 511,556

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following at March 31, 2024 and December 31, 2023: Schedule of Property and Equipment Estimated Useful Life March 31, December 31, (in years) 2024 2023 Equipment 2 7 $ 4,341,005 $ 4,321,816 Furniture and fixtures 7 145,754 145,754 Computer equipment 5 41,897 41,897 Leasehold improvements 5 471,505 471,505 Construction-in-process- equipment - 270,297 207,976 Property and equipment, gross 5,270,458 5,188,948 Less: accumulated depreciation (2,806,584 ) (2,642,983 ) Property and equipment, net $ 2,463,874 $ 2,545,965

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at March 31, 2024 and December 31, 2023: Schedule of Accrued Expenses March 31, December 31, 2024 2023 Employee compensation $ - $ 593,022 Interest - 290,000 Professional fees 183,812 213,922 Research and development 582,887 155,220 CIP- Equipment 155,800 155,800 State franchise taxes 120,570 120,570 Insurance - 56,088 Other 74,569 66,897 Total accrued expenses $ 1,117,638 $ 1,651,519

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	A summary of option activity under the Plan during the three-month periods ending March 31, 2024 and 2023, is as follows: Summary of Option Activity Weighted-Average Weighted-Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Term (years) Value Outstanding at January 1, 2023 43,051 Granted 19,225 $ 35.00 9.93 - Exercised - Forfeitures or expirations (281 ) Outstanding at March 31, 2023 61,995 Vested and expected to vest at March 31, 2023 61,995 Exercisable at March 31, 2023 14,312 Outstanding at January 1, 2024 57,300 Granted 191,834 $ 1.18 9.93 Exercised - Forfeitures or expirations (7,488 ) Outstanding at March 31, 2024 241,646 Vested and expected to vest at March 31, 2024 241,646 Exercisable at March 31, 2024 23,402
Schedule of Fair Value Assumption	Schedule of Fair Value Assumption March 31, March 31, 2024 2023 Risk-free interest rate 3.980 % 3.662 % Expected term (in years) 5.55 6 Expected volatility 1.56 1.13 Expected dividend yield 0 % 0 %

Common Stock Purchase Warrants

Common Stock Purchase Warrants (Tables)	3 Months Ended
	Mar. 31, 2024
Common Stock Purchase Warrants
Schedule of Warrants and Rights Outstanding	Schedule of Warrants and Rights Outstanding Issuance Date Issuance Date Number of Exercise Fair Value Fair Value Warrants Price per Warrant Total December 2021 Initial Public Offering 239,584 $ 120.00 $ 95.40 $ 22,856,314 December 2021 Underwriter Warrants 10,418 $ 150.00 $ 92.79 966,686 September 2023 WFIA Pre-funded Warrants 341,912 $ 0.002 $ 11.55 3,949,084 September 2023 Public Offering Series A Warrants 346,261 $ 11.55 $ 10.82 3,746,544 September 2023 Public Offering Series B Warrants 173,131 $ 11.55 $ 8.42 1,457,763 September 2023 Placement Agent Warrants 17,316 $ 14.40 $ 10.63 184,069 January 2024 WFIA Pre-funded Warrants 694,086 $ 0.0001 $ 4.35 3,019,274 February 2024 Public Offering Series A Warrants 3,750,000 $ 2.00 $ 1.17 4,387,500 February 2024 Public Offering Series B Warrants 1,875,000 $ 2.00 $ 0.99 1,856,250 February 2024 Placement Agent Warrants 150,000 $ 2.50 $ 1.15 172,500 February 2024 Pre-funded warrants 198,000 $ 0.0001 $ 2.00 396,000 Balance- March 31, 2024 7,795,708 $ 42,991,984
Fair Value of the Warrants to Additional Paid in Capital	Fair Value of the Warrants to Additional Paid in Capital Percent Fair of Total Amount Value Fair Value Allocated Common Stock $ 2,750,000 19.76 % $ 1,482,000 Pre-Funded Warrants 4,750,000 34.13 % 2,559,750 Series A, B and Placement Agent Warrants 6,416,250 46.11 % 3,458,250 Total $ 13,916,250 100.00 % $ 7,500,000

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense differed from the expected expense computed by applying the U.S. Federal income tax rate as follows: Schedule of Effective Income Tax Rate Reconciliation 2024 2023 Three Months Ended March 31, 2024 2023 Federal income tax benefit at statutory rate $ (588,266 ) $ (841,026 ) State income tax benefit (154,910 ) (221,470 ) Permanent differences 3,654 3,669 Change in valuation allowance 770,439 1,090,836 Other (30,917 ) (32,009 ) Total income tax expense $ - $ -

Nature of the Business and Li_2

Nature of the Business and Liquidity (Details Narrative) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Feb. 02, 2024	Dec. 31, 2021	Mar. 31, 2024
Accounting Policies [Abstract]
Issuance of public offering	$ 7.5	$ 20.4	$ 27

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	Mar. 31, 2024 USD ($)
Accounting Policies [Abstract]
Federal deposit insurance corporation limit	$ 250,000

Schedule of Prepaid Expenses an

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expenses And Other Current Assets
Research and development	$ 1,367,638	$ 183,452
Insurance	119,420	31,302
Active pharmaceutical ingredients	42,731	97,324
Deferred capital raise costs		178,780
Dues and subscriptions	60,278
Other	20,698	20,698
Total prepaid expenses and other current assets	$ 1,610,765	$ 511,556

Schedule of Property and Equipm

Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,270,458	$ 5,188,948
Less: accumulated depreciation	(2,806,584)	(2,642,983)
Property and equipment, net	2,463,874	2,545,965
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,341,005	4,321,816
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	2 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	7 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 145,754	145,754
Property and equipment, estimated useful life	7 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 41,897	41,897
Property and equipment, estimated useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 471,505	471,505
Property and equipment, estimated useful life	5 years
Construction in Progress Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 270,297	$ 207,976

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 163,600	$ 100,629

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee compensation		$ 593,022
Interest		290,000
Professional fees	183,812	213,922
Research and development	582,887	155,220
CIP- Equipment	155,800	155,800
State franchise taxes	120,570	120,570
Insurance		56,088
Other	74,569	66,897
Total accrued expenses	$ 1,117,638	$ 1,651,519

Related Party Note Payable (Det

Related Party Note Payable (Details Narrative) - USD ($)				1 Months Ended		3 Months Ended
	Feb. 02, 2024	Jan. 25, 2024	Sep. 08, 2023	May 31, 2023	Aug. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Jan. 24, 2024	Aug. 09, 2023
Issuance of debt				$ 3,000,000
Debt face amount				$ 8,000,000
Issuance date fair value total						$ 42,991,984
Number of warrants						7,795,708
Debt instrument, description	The holders of pre-Funded warrants may not exercise the warrants if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise. Each share of common stock and each pre-funded warrant were sold along with one Series A and 0.5 Series B warrants.
Interest expense						$ 31,250	$ 187,500
Werth Family Investment Associates LLC [Member]
Issuance of debt					$ 5,000,000
Unsecured interest percentage									15%
Debt face amount		$ 3,000,000	$ 5,000,000
Issuance date fair value total		$ 3,287,500	$ 5,812,500
Number of warrants		687,043	341,912			7,053
Issuance date fair value per warrant		$ 4.785	$ 17
Exercise price			$ 11.55					$ 4.35
Debt instrument, description		The pre-funded warrants had no expiration date and were exercisable immediately at an exercise price of $0.0001 per share, to the extent that after giving effect to such exercise, WFIA and its affiliates would beneficially own, for purposes of Section 13(d) of the Exchange Act, no more than 19.99% of the outstanding shares of common stock of the Company.	The pre-funded warrants had no expiration date and were exercisable immediately at an exercise price of $0.002 per share, to the extent that after giving effect to such exercise, WFIA and its affiliates would beneficially own, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (Exchange Act), no more than 19.99% of the outstanding shares of common stock of the Company.
Exercise price		$ 0.0001	$ 0.002

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - $ / shares	Nov. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, shares authorized		240,000,000	240,000,000
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, par value		$ 0.0001	$ 0.0001
Common stock, shares issued		5,010,470	1,167,521
Common stock, shares outstanding		5,010,470	1,167,521
Reverse stock splits, description	one-for-twenty reverse stock split

Sale of Securities (Details Nar

Sale of Securities (Details Narrative) - USD ($)					1 Months Ended		3 Months Ended
	Mar. 18, 2024	Mar. 17, 2024	Feb. 02, 2024	Jan. 31, 2024	Jan. 31, 2023	Dec. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Jan. 25, 2024
Net proceeds							$ 9,893,450
Share issuance value							$ 6,432,892
Number of warrants							7,795,708
Debt descripition			The holders of pre-Funded warrants may not exercise the warrants if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise. Each share of common stock and each pre-funded warrant were sold along with one Series A and 0.5 Series B warrants.
Gross proceeds			$ 7,500,000			$ 20,400,000	$ 27,000,000
Placement agent fees			$ 750,950
Pre funded warrrants							42,991,984
Series A and Series B Warrants [Member]
Number of warrants			1,375,000
Share price			$ 2
Series A Warrants [Member]
Number of warrants			346,261
Exercise price			$ 2
Series B Warrants [Member]
Number of warrants			173,131
Exercise price			$ 2
Werth Family Investment Associates LLC [Member]
Number of warrants									694,096
Prefunded Warrants [Member]
Number of warrants			2,375,000
Exercise price			$ 2
Pre funded warrrants							2,177,000
Prefunded Warrants [Member] | Series A and Series B Warrants [Member]
Number of warrants			2,375,000
Share price			$ 1.999
Exercise price			0.0001
Common Stock [Member]
Share issuance value	$ 8,470,000	$ 4,970,000					$ 355
Share issuance value	$ 3,500,000
Share price			$ 1.13
ATM Agreement [Member] | Common Stock [Member]
Net proceeds				$ 3,115,303
Sale of stock, shares				283,800
ATM Agreement [Member] | H.C. Wain Wright and Co LLC [Member]
Sale of stock commission percent					3%
ATM Agreement [Member] | H.C. Wain Wright and Co LLC [Member] | Maximum [Member]
Net proceeds					$ 4,970,000

Summary of Option Activity (Det

Summary of Option Activity (Details) - 2021 [Equity Incentive Plan Plan Member] - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Common stock options, outstanding at Beginning Balance	57,300	43,051
Number of Shares, Granted	191,834	19,225
Weighted Average Exercise Price, Granted	$ 1.18	$ 35
Weighted Average Remaining Contractual Life (Years) Outstanding	9 years 11 months 4 days	9 years 11 months 4 days
Number of Shares, Exercised
Number of Shares, Forfeitures or expirations	(7,488)	(281)
Number of Shares Common stock options, outstanding at ending balance	241,646	61,995
Shares, Vested and expected to vest	241,646	61,995
Shares, Exercisable	23,402	14,312

Schedule of Fair Value Assumpti

Schedule of Fair Value Assumption (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.98%	3.662%
Expected term (in years)	5 years 6 months 18 days	6 years
Expected volatility	1.56%	1.13%
Expected dividend yield	0%	0%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 164,575	$ 204,479
Share-based compensation arrangements aggregate intrinsic value	$ 1.10	$ 19.70
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant-date fair value of options	0.81	22.40
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant-date fair value of options	$ 1.53	$ 23.20
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation, description	The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1st of each year until the expiration of the 2021 Plan, in an amount equal to 5% percent of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year, on a fully diluted basis, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would otherwise occur.
Stock-based compensation expense	$ 164,575	$ 204,479
Unrecognized compensation cost	$ 1,327,356		$ 1,278,981
2021 Equity Incentive Plan [Member] | Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares common stock options	15,169
2021 Equity Incentive Plan [Member] | Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares common stock options	256,926

Schedule of Warrants and Rights

Schedule of Warrants and Rights Outstanding (Details)	Mar. 31, 2024 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Number of warrants | shares	7,795,708
Issuance Date Fair Value Total | $	$ 42,991,984
December 2021 Initial Public Offering [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	239,584
Exercise price	$ 120
Issuance Date Fair Value Per Warrant	$ 95.40
Issuance Date Fair Value Total | $	$ 22,856,314
December 2021 Underwriter Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	10,418
Exercise price	$ 150
Issuance Date Fair Value Per Warrant	$ 92.79
Issuance Date Fair Value Total | $	$ 966,686
September 2023 WFIA Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	341,912
Exercise price	$ 0.002
Issuance Date Fair Value Per Warrant	$ 11.55
Issuance Date Fair Value Total | $	$ 3,949,084
September 2023 Public Offering Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	346,261
Exercise price	$ 11.55
Issuance Date Fair Value Per Warrant	$ 10.82
Issuance Date Fair Value Total | $	$ 3,746,544
September 2023 Public Offering Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	173,131
Exercise price	$ 11.55
Issuance Date Fair Value Per Warrant	$ 8.42
Issuance Date Fair Value Total | $	$ 1,457,763
September 2023 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	17,316
Exercise price	$ 14.40
Issuance Date Fair Value Per Warrant	$ 10.63
Issuance Date Fair Value Total | $	$ 184,069
January 2024 WFIA PreFunded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	694,086
Exercise price	$ 0.0001
Issuance Date Fair Value Per Warrant	$ 4.35
Issuance Date Fair Value Total | $	$ 3,019,274
February 2024 Public Offering Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	3,750,000
Exercise price	$ 2
Issuance Date Fair Value Per Warrant	$ 1.17
Issuance Date Fair Value Total | $	$ 4,387,500
February 2024 Public Offering Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	1,875,000
Exercise price	$ 2
Issuance Date Fair Value Per Warrant	$ 0.99
Issuance Date Fair Value Total | $	$ 1,856,250
February 2024 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	150,000
Exercise price	$ 2.50
Issuance Date Fair Value Per Warrant	$ 1.15
Issuance Date Fair Value Total | $	$ 172,500
February 2024 Prefunded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants | shares	198,000
Exercise price	$ 0.0001
Issuance Date Fair Value Per Warrant	$ 2
Issuance Date Fair Value Total | $	$ 396,000

Fair Value of the Warrants to A

Fair Value of the Warrants to Additional Paid in Capital (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair value	$ 13,916,250
Percent of Total Fair Value	100%
Amount Allocated	$ 7,500,000
Common Stock [Member]
Fair value	$ 2,750,000
Percent of Total Fair Value	19.76%
Amount Allocated	$ 1,482,000
Prefunded Warrants [Member]
Fair value	$ 4,750,000
Percent of Total Fair Value	34.13%
Amount Allocated	$ 2,559,750
Series A, B Placement Agent Warrants [Member]
Fair value	$ 6,416,250
Percent of Total Fair Value	46.11%
Amount Allocated	$ 3,458,250

Common Stock Purchase Warrant_2

Common Stock Purchase Warrants (Details Narrative)			3 Months Ended
	Feb. 05, 2024	Feb. 02, 2024 $ / shares shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023
Expected life			5 years 6 months 18 days	6 years
Number of warrants			7,795,708
Issuance date fair value total | $			$ 42,991,984
Series A Warrants [Member]
Number of warrants issued, shares		3,750,000
Warrant exercise price | $ / shares		$ 2
Expected life	5 years	5 years
Number of warrants		346,261
Series B Warrants [Member]
Number of warrants issued, shares		1,875,000
Warrant exercise price | $ / shares		$ 2
Expected life	2 years	2 years
Number of warrants		173,131
Prefunded Warrants [Member]
Warrant exercise price | $ / shares		$ 2
Number of warrants		2,375,000
Issuance date fair value total | $			$ 2,177,000
Placement Agent Warrants [Member]
Warrant exercise price | $ / shares		$ 2.50
Expected life		5 years
Number of warrants		150,000
Prefunded Warrants [Member]
Number of warrants issued, shares		3,750,000
Warrant [Member] | Series A Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants measurement input		4
Warrant [Member] | Series A Warrants [Member] | Measurement Input, Price Volatility [Member]
Warrants measurement input		0.0156
Warrant [Member] | Series B Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants measurement input		5
Warrant [Member] | Series B Warrants [Member] | Measurement Input, Price Volatility [Member]
Warrants measurement input		0.0183

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate	$ (588,266)	$ (841,026)
State income tax benefit	(154,910)	(221,470)
Permanent differences	3,654	3,669
Change in valuation allowance	770,439	1,090,836
Other	(30,917)	(32,009)
Total income tax expense

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Valuation allowance	$ 13,373,133	$ 12,631,033