Cullinan Therapeutics, Inc. (CGEM)
Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States. It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in patients with relapsed and refractory acute myeloid leukemia or myelodysplastic syndrome. The company is also developing Zipalertinib, an orally available small-molecule, irreversible epidermal growth factor receptor inhibitor in Phase 2b portion of the REZILIENT1 clinical trial in patients with EGFR ex20ins non-small cell lung cancer. It has a license agreement with Chongqing Genrix Biopharmaceutical Co., Ltd to develop and commercialize velinotamig; a co-development agreement with Taiho Pharmaceutical Co., Ltd to develop zipalertinib; and a collaboration agreement with Adimab, LLC to discover and/or optimize antibodies. The company was formerly known as Cullinan Oncology, Inc. and changed its name to Cullinan Therapeutics, Inc. in April 2024. Cullinan Therapeutics, Inc. was incorporated in 2016 and is headquartered in Cambridge, Massachusetts.
Sector: Biological Products, (No Diagnostic Substances)
Industry: Biotechnology
Cullinan Therapeutics, Inc.
NASDAQ:CGEMHealthcare · Biotechnology
-2.72%$15.03
AH$15.03+0.00%vs close
Mkt Cap$967.25M
Float53.54M
O/S64.35M
Vol
$ Vol
RVOL
Inst Own-
SI14.3%
Earnings
Dilution
Financials Summary
Revenue$0
Net Income-$219.88M
Total Assets$448.37M
Free Cash Flow-$175.8M
Debt & Equity
Debt 1%
Equity 99%
Total Debt$2.68M
Total Equity$408.73M
Shares Outstanding
Short Interest
Split History2 splits
- 2:1Forward splitAug 31, 20091 share → 2
- 6:1Forward splitMar 4, 20091 share → 6
Balance Sheet Details
Assets$448.37M
Liabilities$39.64M
Accounts Receivable$0
Accounts Payable$841K
Inventory$0
PP&E (Net)$3.05M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $0 | $0 | $0 | $0 | $18.94M | $0 | $0 | $0 |
| YoY Growth | - | - | - | - | - | - | - | - |
| Cost of Revenue | $0 | $306K | $0 | $0 | $0 | $62K | $70K | $43K |
| Gross Profit | $0 | -$306K | $0 | $0 | $18.94M | -$62K | -$70K | -$43K |
| Gross Margin | - | - | - | - | 100.0% | - | - | - |
| Research and Development | $187.4M | $142.9M | $148.16M | $91.95M | $57.75M | $43.21M | $16.79M | $9.58M |
| Selling, General, and Administrative | $54.25M | $53.71M | $42.49M | $40.19M | $29.15M | $17.12M | $5.48M | $5M |
| Other | $0 | $0 | $440K | -$276.79M | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $241.65M | $196.61M | $191.09M | -$144.65M | $86.9M | $60.34M | $22.27M | $14.59M |
| Operating Income (EBIT) | -$241.65M | -$196.92M | -$191.09M | $144.65M | -$67.95M | -$60.34M | -$22.27M | -$14.59M |
| Operating Margin | - | - | - | - | -358.7% | - | - | - |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $22.21M | $29.66M | $21.63M | $6.61M | $477K | $888K | $620K | $397K |
| Other Income (Expense) | $21.77M | $29.46M | $21.87M | $6.67M | $469K | $877K | $616K | $397K |
| Income Before Tax (EBT) | -$219.88M | -$167.46M | -$169.22M | $151.32M | -$67.48M | -$59.46M | -$21.65M | -$14.19M |
| Income Tax Expense | $0 | $117K | -$14.12M | $42.12M | $0 | $0 | $0 | $0 |
| Net Income | -$219.88M | -$167.38M | -$153.16M | $111.21M | -$65.57M | -$51.8M | -$20.04M | -$14.19M |
| Net Income Margin | - | - | - | - | -346.1% | - | - | - |
| Supplementary Data | ||||||||
| EPS | -3.72 | -3.11 | -3.69 | 2.46 | -1.48 | -1.19 | -19.70 | -17.74 |
| Diluted EPS | -3.72 | -3.11 | -3.69 | 2.38 | -1.48 | -1.19 | -19.68 | -17.74 |
| Weighted Average OS | 59.05M | 53.77M | 41.51M | 45.16M | 44.29M | 43.52M | 1.02M | 800,000 |
| EBITDA | -$219.57M | -$167.15M | -$190.34M | -$132.04M | -$67.43M | -$60.27M | -$22.2M | -$14.54M |
| EBITDA Margin | - | - | - | - | -356.0% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $88.33M | $83M | $98.43M | $156.15M | $59.77M | $168.2M | $63.25M | $33.83M |
| Short-Term Investments | $289.56M | $315.97M | $368.63M | $311.14M | $230.69M | $42.01M | $35.38M | $0 |
| Cash and Short-Term Investments | $377.9M | $398.98M | $467.07M | $467.29M | $290.47M | $210.21M | $98.63M | $33.83M |
| Accounts Receivable | $0 | $3M | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $8.86M | $12.69M | $13.12M | $7.18M | $0 | $0 | $0 | $0 |
| Total Current Assets | $386.76M | $414.67M | $480.19M | $474.47M | $296.56M | $212.28M | $100.09M | $34.22M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $3.05M | $2.35M | $3.53M | $5.3M | $77K | $130K | $182K | $233K |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $58.27M | $204.44M | $0 | $80.88M | $140.4M | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $297K | $366K | $459K | $459K | $147K | $2.3M | $188K | $188K |
| Total Long-Term Assets | $61.62M | $207.16M | $3.99M | $86.64M | $140.62M | $2.43M | $370K | $421K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $448.37M | $621.82M | $484.18M | $561.12M | $437.19M | $214.71M | $100.46M | $34.64M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $841K | $1.68M | $2.49M | $2.66M | $3.17M | $9.68M | $934K | $296K |
| Short-Term Debt | $0 | $0 | $0 | $178K | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $4.28M | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $10.95M | $1.44M | $7.9M | $1.96M | $3.55M | $1.76M | $523K | $27K |
| Total Current Liabilities | $37.74M | $30.65M | $28.14M | $22.5M | $11.75M | $14.32M | $2.52M | $1.32M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $1.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $65K | $74K | $137.85M | $53.97M |
| Total Long-Term Liabilities | $1.9M | $849K | $2.15M | $3.59M | $65K | $74K | $137.85M | $53.97M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $39.64M | $31.5M | $30.29M | $26.09M | $11.81M | $14.39M | $140.37M | $55.29M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $6K | $6K | $4K | $5K | $4K | $3K | $1K | $1K |
| Retained Earnings | -$588.12M | -$368.24M | -$200.86M | -$47.7M | -$158.91M | -$93.34M | -$41.54M | -$20.87M |
| Comprehensive Income & Other | $1.02M | -$133K | -$129K | -$2.6M | -$838K | -$2K | -$4K | $0 |
| Other Stockholders' Equity | $996.84M | $958.56M | $654.56M | $582.72M | $583.88M | $292.35M | $766K | $214K |
| Total Equity | $408.73M | $590.33M | $453.7M | $535.03M | $424.97M | $199.01M | -$40.77M | -$20.65M |
| Minority Interest | $0 | $0 | $192K | $0 | $403K | $1.3M | $864K | $1K |
| Total Liabilities and Equity | $448.37M | $621.82M | $483.99M | $561.12M | $436.78M | $213.4M | $99.6M | $34.64M |
| Supplementary Data | ||||||||
| Total Debt | $2.68M | $2.15M | $3.59M | $5.19M | $0 | $0 | $0 | $0 |
| Net Debt | -$85.65M | -$80.85M | -$94.84M | -$150.96M | -$59.77M | -$168.2M | -$63.25M | -$33.83M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | -$219.88M | -$167.57M | -$153.16M | $109.19M | -$67.48M | -$51.8M | -$20.66M | -$14.19M |
| Depreciation & Amortization | $311K | $306K | $310K | $93K | $53K | $62K | $70K | $43K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $3.1M | $0 | $0 | $0 |
| Stock-Based Compensation | $36.04M | $37.82M | $30.44M | $27.96M | $24.38M | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$839K | -$812K | -$167K | -$509K | -$4.83M | $5.58M | $639K | $225K |
| Other Working Capital | $14.92M | $423K | -$172K | $11.69M | $1.29M | $1.27M | -$504K | $120K |
| Total Working Capital Change | $14.08M | -$389K | -$339K | $11.18M | -$3.54M | $6.85M | $135K | $345K |
| Other Non-Cash Items | -$6.31M | -$15.47M | -$11.52M | -$275.08M | $67K | $15.11M | -$445K | $252K |
| Net Cash from Operating | -$175.75M | -$145.3M | -$134.28M | -$126.66M | -$43.43M | -$29.77M | -$20.9M | -$13.55M |
| Investing Activities | ||||||||
| Capital Expenditures | -$49K | $0 | -$208K | -$1.13M | -$589K | -$10K | -$20K | -$261K |
| Acquisitions | $0 | $0 | -$36K | $275M | $923K | $1.45M | $0 | $0 |
| Purchases of Investments | -$236.53M | -$721.13M | -$373.38M | -$377.92M | -$525.81M | -$69.76M | -$35.38M | $0 |
| Sales of Investments | $416.57M | $584.82M | $409.4M | $352.93M | $192.04M | $62.9M | $0 | $0 |
| Other Investing Activities | $0 | $0 | $36K | $91K | -$334K | $0 | $0 | $0 |
| Net Cash from Investing | $179.99M | -$136.31M | $35.81M | $248.97M | -$333.77M | -$5.42M | -$35.4M | -$261K |
| Financing Activities | ||||||||
| Debt Repaid | - | - | -$1.82M | -$175K | - | - | - | - |
| Common Stock Issuance | $1.09M | $262.65M | $38.39M | $8.39M | $267.27M | $140.14M | $85.72M | $1K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $3.54M | $538K | -$32.13M | $1.52M | $0 | $0 | -$9K |
| Net Cash from Financing | $1.09M | $266.19M | $40.75M | -$25.93M | $268.78M | $140.14M | $85.72M | -$29K |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $5.33M | -$15.43M | -$57.72M | $96.38M | -$108.42M | $104.95M | $29.42M | -$13.84M |
| Supplementary Data | ||||||||
| Operating Cash Flow | -$175.75M | -$145.3M | -$134.28M | -$126.66M | -$43.43M | -$29.77M | -$20.9M | -$13.55M |
| Capital Expenditure | -$49K | $0 | -$208K | -$1.13M | -$589K | -$10K | -$20K | -$261K |
| Free Cash Flow | -$175.8M | -$145.3M | -$134.48M | -$127.8M | -$44.02M | -$29.78M | -$20.92M | -$13.81M |
| Cash at Beginning | $83M | $98.43M | $156.15M | $59.77M | $168.2M | $63.25M | $33.83M | $47.67M |
| Cash at End | $88.33M | $83M | $98.43M | $156.15M | $59.77M | $168.2M | $63.25M | $33.83M |