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CGEM

Cullinan Therapeutics, Inc.

CGEM

Cullinan Therapeutics, Inc. • NASDAQ
$11.37 ▼ -3.15% (-0.37)
Market Cap $671.69 M
52w High $13.78
52w Low $5.68
Dividend Yield 0%
P/E -3.42
Volume 612.18K
Outstanding Shares 59.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $55.595M ▼ $-50.61M ▲ 0% $0 ▲ $-50.531M ▲
Q2-2025 $0 $75.798M ▲ $-70.055M ▼ 0% $-1.19 ▼ $-75.721M ▼
Q1-2025 $0 $54.996M ▼ $-48.501M ▼ 0% $-0.82 ▼ $-54.92M ▲
Q4-2024 $0 $55.048M ▲ $-47.647M ▼ 0% $-0.81 ▼ $-54.971M ▼
Q3-2024 $0 $48.855M $-40.56M 0% $-0.7 $-48.779M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $332.596M ▲ $484.126M ▼ $32.757M ▲ $451.369M ▼
Q2-2025 $265.482M ▼ $520.329M ▼ $28.183M ▲ $492.146M ▼
Q1-2025 $303.827M ▼ $579.681M ▼ $27.842M ▼ $551.839M ▼
Q4-2024 $398.977M ▼ $621.824M ▼ $31.496M ▲ $590.328M ▼
Q3-2024 $578.078M $653.254M $25.392M $627.862M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-50.61M ▲ $-36.877M ▲ $67.392M ▲ $0 ▼ $30.515M ▲ $0 ▲
Q2-2025 $-70.055M ▼ $-57.609M ▼ $53.401M ▲ $373K ▲ $-3.835M ▲ $-57.609M ▼
Q1-2025 $-48.501M ▼ $-43.155M ▼ $36.805M ▲ $0 ▼ $-6.35M ▲ $-43.155M ▼
Q4-2024 $-47.647M ▼ $-36.626M ▼ $15.964M ▼ $1.582M ▲ $-19.08M ▼ $-36.626M ▼
Q3-2024 $-40.56M $-34.139M $19.878M $1.325M $-12.936M $-34.139M

Five-Year Company Overview

Income Statement

Income Statement Cullinan is still essentially a pre‑revenue biotech, with no meaningful product sales so far. Its income statement is driven almost entirely by research and development and other operating costs, which leads to recurring losses each year. There was a one‑off profitable year in the recent past, which likely reflects a milestone or accounting event rather than sustainable earnings. Overall, the pattern is what you would expect from a clinical‑stage company: spending ahead of revenue in order to advance its pipeline, with future profitability entirely dependent on successful drug approvals and partnerships.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a small clinical‑stage company. Total assets and shareholder equity have grown over time, suggesting successful capital raises and a build‑up of cash and research assets. Debt is minimal to non‑existent, which reduces financial risk and interest burden. Cash levels have trended down from their peak as the company funds trials, but they still appear meaningful relative to its size, giving it some runway. The main risk is that, without revenue, the company remains reliant on external financing over the long term.

Cash Flow

Cash Flow Cullinan consistently uses cash rather than generates it, driven by spending on clinical development and operations. Operating and free cash flow are steadily negative, but the burn rate looks measured rather than extreme for this stage of development. There is essentially no spending on heavy fixed assets, underscoring an asset‑light, R&D‑focused model. Over time, continued negative cash flow will require either fresh capital, partnerships, or eventual product revenue, so the sustainability of the cash runway is a key factor to watch.

Competitive Edge

Competitive Edge Cullinan occupies a focused niche in oncology and autoimmune diseases, aiming at areas with high unmet need and complex biology. Its pipeline includes a differentiated oral EGFR inhibitor for a specific lung cancer mutation and several T‑cell engaging antibodies that could be used across blood cancers and autoimmune conditions. The company’s strategy of being “modality‑agnostic” and highly selective about which programs to advance helps concentrate resources on the most promising assets. However, it competes against much larger pharmaceutical companies and other innovators targeting similar pathways, and all advantages are still largely unproven at commercial scale until late‑stage data and regulatory decisions play out.

Innovation and R&D

Innovation and R&D Innovation is the core of Cullinan’s story. The company emphasizes a disciplined “thriller or killer” approach—moving quickly to shut down weaker programs and double down on those that show strong signals. It is advancing next‑generation targeted therapies and T‑cell engagers designed for better selectivity, safety, and patient convenience, including under‑the‑skin dosing and off‑the‑shelf biologics instead of complex cell therapies. The pipeline spans both oncology and autoimmune disease, which broadens potential impact but also adds execution complexity. Overall, Cullinan’s R&D engine appears thoughtfully constructed and scientifically ambitious, though clinical and regulatory outcomes remain the decisive tests.

Summary

Cullinan Therapeutics is a classic clinical‑stage biotech: no meaningful revenue yet, recurring operating losses, and reliance on capital markets, but supported by a clean balance sheet, meaningful cash, and essentially no debt. The investment case revolves almost entirely around its pipeline, which targets specific, underserved cancer and autoimmune indications with differentiated technologies such as oral targeted inhibitors and advanced T‑cell engagers. If its lead programs achieve regulatory success, the financial profile could change dramatically; if not, the current losses and cash burn will become more challenging to sustain. Overall, the company combines solid financial footing for its stage with a high‑risk, high‑potential R&D portfolio, where upcoming trial readouts and regulatory milestones are the key swing factors for its long‑term outlook.

NEWS

November 20, 2025 · 7:00 AM UTC

Taiho Oncology, Taiho Pharmaceutical and Cullinan Therapeutics Initiate Rolling Submission of New Drug Application to U.S. Food and Drug Administration for Zipalertinib for Treatment of Locally Advanced or Metastatic Non-Small Cell Lung Cancer with EGFR Exon 20 Insertion Mutations

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November 10, 2025 · 7:00 AM UTC

Cullinan Therapeutics to Participate in Upcoming Investor Conferences and Host Analyst and Investor Event at 2025 ASH Annual Meeting

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November 6, 2025 · 7:00 AM UTC

Cullinan Therapeutics Provides Corporate Update and Reports Third Quarter 2025 Financial Results

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November 3, 2025 · 9:11 AM UTC

Cullinan Therapeutics to Showcase New Data Demonstrating Compelling Clinical Activity for CLN-049, a Novel FLT3xCD3 T Cell Engager, in AML Patients in an Oral Presentation at the 67th ASH Annual Meeting

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October 25, 2025 · 11:01 AM UTC

Cullinan Therapeutics Shares Additional Preclinical B Cell Depletion Data for CLN-978, Supporting Clinical Development Across Multiple Autoimmune Diseases, at ACR Convergence 2025

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