Cullinan Therapeutics, Inc. CGEM
We are a biopharmaceutical company developing potential first- or best-in-class, high-impact therapies for autoimmune diseases and cancer. We pursue promising therapeutic targets while leveraging core expertise in T cell engagers, which are established in oncology and are now advancing into autoimmune diseases. With a clinical-stage pipeline built on a rigorous scientific approach and purposeful innovation, we are advancing our mission to deliver new standards of care for patients. Our current programs are summarized in the diagram and bullets below:
•CLN-978 is a CD19xCD3 bispecific T cell engager that we are developing for autoimmune diseases. In the Phase 1 OUTRACE Program, CLN-978 is being evaluated in patients with systemic lupus erythematosus ("SLE"), rheumatoid arthritis ("RA"), and Sjögren's disease ("SjD"). The OUTRACE SLE Study is an ongoing global Phase 1 clinical trial in patients with moderate to severe SLE. The OUTRACE RA Study is a Phase 1 clinical trial in patients with active, difficult-to-treat RA, which is ongoing in Europe. We plan to share initial clinical data in SLE and RA in the second quarter of 2026 and repeat dosing data in RA in the third quarter of 2026. The OUTRACE SjD Study is an ongoing global Phase 1 clinical trial in patients with active, moderate to severe Sjögren's disease. We plan to share initial clinical data in Sjögren's disease in the fourth quarter of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $18.9M | $0 | — |
| R&D | $187.4M | $142.9M | $148.2M | $91.9M | $57.8M | $43.2M | — |
| SG&A | $54.2M | $54.0M | $42.5M | $40.2M | $29.1M | $17.1M | — |
| Total operating expenses | $241.6M | $196.9M | $190.6M | $132.1M | $86.9M | $60.3M | — |
| Operating income | -$241.6M | -$196.9M | -$191.1M | $144.6M | -$68.0M | -$60.3M | — |
| Pre-tax income | -$219.9M | -$167.5M | -$169.2M | $151.3M | -$67.5M | — | — |
| Income tax | $0 | $117.0K | $14.1M | $42.1M | $0 | — | — |
| Net income | -$219.9M | -$167.6M | -$155.1M | $111.2M | -$65.6M | -$51.8M | — |
| EPS, basic | — | — | -3.69 | 2.46 | -1.52 | — | — |
| EPS, diluted | — | — | -3.69 | 2.38 | -1.52 | -2.60 | — |
| Shares, diluted (wtd. avg.) | — | — | 41.5M | 46.6M | 43.1M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $88.3M | $83.0M | $98.4M | $156.2M | $59.8M | $168.2M | — |
| Short-term investments | $289.6M | $316.0M | $368.6M | $311.1M | $230.7M | $42.0M | — |
| Total current assets | $386.8M | $414.7M | $480.2M | $474.5M | $296.6M | $212.3M | — |
| Property, plant and equipment | $421.0K | $683.0K | $989.0K | $1.2M | $77.0K | $130.0K | — |
| Total assets | $448.4M | $621.8M | $484.2M | $561.1M | $437.2M | $214.7M | — |
| Accounts payable | $841.0K | $1.7M | $2.5M | $2.7M | $3.2M | $9.7M | — |
| Total current liabilities | $37.7M | $30.6M | $28.1M | $22.5M | $11.7M | $14.3M | — |
| Total liabilities | $39.6M | $31.5M | $30.3M | $26.1M | $11.8M | $14.4M | — |
| Retained earnings | -$588.1M | -$368.2M | -$200.9M | -$47.7M | -$158.9M | -$93.3M | -$41.5M |
| Total equity | $408.7M | $590.3M | $453.9M | $535.0M | $425.4M | $200.3M | $97.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$175.8M | -$145.3M | -$134.3M | -$126.7M | -$43.4M | -$29.8M | — |
| Depreciation and amortisation | $311.0K | $306.0K | $310.0K | $93.0K | $53.0K | $62.0K | — |
| Stock-based compensation | $36.0M | $37.8M | $30.4M | $28.0M | $24.4M | $14.9M | — |
| Capital expenditure | $49.0K | $0 | $208.0K | $1.1M | $0 | $10.0K | — |
| Investing cash flow | $180.0M | -$136.3M | $35.8M | $249.0M | -$333.8M | -$5.4M | — |
| Financing cash flow | $1.1M | $266.2M | $40.8M | -$25.9M | $268.8M | $140.1M | — |
| Buybacks | — | — | — | — | — | $6.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-183465.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $18.9M | $0 | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$51.8M | -$65.6M | $111.2M | -$155.1M | -$167.6M | -$219.9M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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