Why did cyn stock go down?

Cyngn Inc. (CYN) has experienced a decline in its stock price due to a combination of factors:

1. Short Cash Runway: The company has a short cash runway, with cash reserves of only about 10 months as of March 2023, based on its cash burn rate. This financial instability can lead to concerns among investors about the company's ability to sustain its operations.
2. Unprofitability: Cyngn has not yet produced significant operating revenue and has reported losses in both the first quarter of 2024 and the previous year. This lack of profitability raises questions about the company's ability to generate revenue and turn a profit.
3. Operational Costs: The company's total costs and expenses decreased slightly from $6.7 million in the first quarter of 2023 to $6.0 million in the first quarter of 2024. However, this reduction may not be sufficient to offset other factors contributing to the stock's decline.
4. Stock Market Sentiment: The stock market sentiment towards Cyngn may be negative due to concerns about its financial health, lack of profitability, and short cash runway. This sentiment can be amplified by the media and investors, leading to a decline in the stock price.

In conclusion, Cyngn Inc.'s stock price decline is likely a result of a combination of its short cash runway, unprofitability, operational costs, and negative market sentiment.