Cullinan Therapeutics, Inc.

NASDAQ•CGEM

CEO: Mr. Nadim Ahmed

Sector: Healthcare

Industry: Medical - Pharmaceuticals

Listing Date: 2021-01-08

Cullinan Therapeutics, Inc., a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer. In addition, the company's development products comprise CLN-617, a fusion protein for the treatment of solid tumors; and CLN-978, a T cell engaging antibody for the treatment relapsed/refractory B-cell non-Hodgkin lymphoma. It has license and collaboration agreement with Adimab, LLC to discover and/or optimize antibodies; Harbour BioMed US Inc. for the development, manufacturing, and commercialization of CLN-418; and co-development agreement with Taiho Pharmaceutical Co., Ltd to develop Zipalertinib. Cullinan Therapeutics, Inc. 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.

Contact Information

One Main Street, Suite 1350, Cambridge, MA, 02142, United States

617-410-4650

cullinantherapeutics.com

Market Cap

$962.94M

P/E (TTM)

-4.3

467.1

Dividend Yield

52W High

$16.74

52W Low

$5.68

52W Range

96%

Rank44Top 53.8%

3.7

F-Score

Modified Piotroski Analysis

Based on 7-year fundamentals

Weak • 3.7 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2019-2025

Financial Dashboard

Q3 2025 Data

Revenue

$0.00+0.00%

4-Quarter Trend

EPS

-$0.86+22.57%

4-Quarter Trend

FCF

$0.00-100.00%

4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

R&D Spending Surge Nine month R&D expenses reached $144.5M, up 41.1%, driven by $20.0M upfront licensing fee.

Quarterly Net Loss Widens Net loss attributable to Cullinan for the quarter was $50.61M, compared to $40.56M loss previously reported.

Strategic Pipeline Addition Acquired global rights for velinotamig via Genrix agreement in June 2025, recording $20.0M expense.

Sufficient Liquidity Runway Cash, equivalents, and short-term investments totaled $332.6M, funding operations through at least twelve months.

Risk Factors

Clinical Trial Enrollment Difficulty Difficulty enrolling patients delays clinical trials, potentially preventing regulatory approval and delaying future product revenue.

Program Discontinuation Impact Development discontinued for CLN-619 and CLN-617 in November 2025 following emerging clinical data review.

Future Capital Requirements Expect continued operating losses; future viability depends on success and ability to access additional capital funding.

Regulatory Submission Delays Ongoing U.S. government shutdown may delay acceptance and review of the planned zipalertinib NDA submission.

Outlook

Zipalertinib Regulatory Filing Taiho plans rolling NDA submission for relapsed EGFR ex20ins NSCLC by the end of 2025.

CLN-978 Data Sharing Initial safety and B cell depletion data for CLN-978 in SLE and RA expected in first half 2026.

Velinotamig China Trial Genrix plans to initiate Phase 1 clinical trial for velinotamig in China by the end of 2025.

Office Lease Extension Operating lease extended through September 2028, increasing future minimum lease payments by $2.4 million.

Peer Comparison

Revenue (TTM)

CYH

$12.49B

-1.2%

EHAB

$1.05B

+1.0%

VREX

$854.40M

+4.1%

Gross Margin (Latest Quarter)

BCYC

100.0%

+1705.8pp

ADCT

92.7%

-2.7pp

LAB

83.5%

-3.2pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
CGEM	$962.94M	-4.3	-41.6%	0.2%
RAPT	$959.51M	-14.8	-61.8%	1.6%
OMER	$821.74M	-6.4	57.3%	103.2%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

N/M

Revenue Volatile

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:Mar 5, 2026

EPS:-$0.80

Revenue:$5.00M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data