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Cullinan Therapeutics, Inc.

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
$633.30M
P/E (TTM)
-2.9
252
Dividend Yield
--
52W High
$13.33
52W Low
$5.68
52W Range
66%
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)

Community Health Systems, Inc.CYH
$12.64B
+0.7%
Varex Imaging CorporationVREX
$844.60M
+4.1%
So-Young International Inc.SY
$198.57M
-3.8%

Gross Margin (Latest Quarter)

ADC Therapeutics SAADCT
92.7%
-2.7pp
So-Young International Inc.SY
47.3%
-14.5pp
Pacific Biosciences of California, Inc.PACB
41.4%
+16.3pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PACB$667.22M-1.3-289.5%87.5%
CGEM$633.30M-2.9-41.6%0.2%
VREX$570.91M-8.2-13.9%36.3%

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
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 26, 2026
|
EPS:-$0.80
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.86+22.6%
    N/A

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-1.19+56.6%
    N/A

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.82-4.7%
    N/A

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 27, 2025|
    Revenue: $0.00+0.0%
    |
    EPS: $-3.11+15.7%
    N/A

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.70-23.9%
    N/A

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.76-6.2%
    N/A

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 15, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.86-39.4%
    N/A

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 14, 2024|
    Revenue: $0.00+0.0%
    |
    EPS: $-3.69-250.0%
    N/A