Cullinan Therapeutics, Inc.

Listed Company

CGEMCIK 0001789972NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-219.88M

Total Assets

$448.37M

Equity

$408.73M

Shares Out

60.53M

Op. Cash Flow

$-175.75M

Business

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company discovering and developing targeted immunology and oncology therapeutics. Its main product candidates include CLN-978 (CD19xCD3 T cell engager), CLN-619 (anti‑MICA/B monoclonal antibody), zipalertinib (EGFRex20 small‑molecule inhibitor), CLN-049 (FLT3xCD3 bispecific) and CLN-617 (IL‑2/IL‑12 fusion protein). The business is organized around two key segments—immunology and oncology—with programs advanced through clinical development and strategic collaborations. Cullinan conducts global clinical trials and relies on partnerships and contract manufacturers across North America, Europe and Asia for development, manufacturing and distribution.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	187	143	148	92	58
General and administrative expense	54	54	42	40	29
Total operating expenses	242	197	191	132	87
Loss from operations	−242	−197	−191	145	−68
Interest income	22	30	22	7	477,000
Other income (expense), net	−443,000	−199,000	239,000	57,000	−8,000
Net loss before income taxes	−220	−167	−169	151	−67
Effective tax rate	0	117,000	−14	42	0
Net loss	−220	−168	−155	109	−67
Net loss attributable to noncontrolling interests	0	−192,000	−2	−2	−2
Net loss attributable to Cullinan	−220	−167	−153	111	−66
Unrealized gain (loss) on investments	1	−4,000	2	−2	−836,000
Comprehensive loss	−219	−168	−153	107	−68
Comprehensive loss attributable to noncontrolling interests	0	−192,000	−2	−2	−2
Comprehensive loss attributable to Cullinan	−219	−167	−151	109	−66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	88	83	98	156	60
Short-term investments	290	316	369	311	231
Prepaid expenses and other current assets	9	16	13	7	6
Total current assets	387	415	480	474	297
Property and equipment, net	421,000	683,000	989,000	1	77,000
Operating lease right-of-use assets	3	2	3	4	1
Other assets	297,000	366,000	459,000	459,000	147,000
Long-term investments	58	204	0	81	140
Total assets	448	622	484	561	437
Accounts payable	841,000	2	2	3	3
Accrued expenses and other current liabilities	36	28	24	14	9
Operating lease liabilities, current	780,000	1	1	1	—
Total current liabilities	38	31	28	22	12
Operating lease liabilities, net of current portion	2	849,000	2	4	—
Total liabilities	40	31	30	26	12
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of December 31, 2025 and 2024; 555,935 and 647,500 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	0	0	0	0	—
Common stock, $0.0001 par value, 150,000,000 shares authorized as of December 31, 2025 and 2024; 60,244,136 and 58,510,610 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	6,000	6,000	4,000	5,000	4,000
Additional paid-in capital	996	959	655	585	585
Accumulated other comprehensive gain (loss)	1	−133,000	−129,000	−3	−838,000
Accumulated deficit	−588	−368	−201	−48	−159
Total Cullinan stockholders' equity	409	590	454	535	425
Noncontrolling interests	0	0	192,000	0	403,000
Total stockholders' equity	409	590	454	535	425
Total liabilities and stockholders' equity	448	622	484	561	437

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity-based compensation expense	36	38	30	28	24
Accretion on marketable securities	−6	−15	−10	1	3
Depreciation and amortization	311,000	306,000	310,000	93,000	53,000
Prepaid expenses and other current assets	7	−2	−6	−1	−3
Accounts payable	−839,000	−812,000	−167,000	−509,000	−5
Accrued expenses and other liabilities	8	3	10	9	5
Net cash used in operating activities	−176	−145	−134	−127	−43
Maturities of marketable securities	417	585	409	353	192
Purchase of marketable securities	−237	−721	−373	−378	−526
Purchase of property and equipment	−49,000	0	−208,000	−1	0
Net cash provided by (used in) investing activities	180	−136	36	249	−334
Issuance of common stock under equity-based compensation plans	1	8	538,000	6	—
Issuance of common stock and pre-funded warrants, net of issuance costs	0	263	38	0	3
Net cash provided by financing activities	1	266	41	−26	269
Net decrease in cash and cash equivalents	5	−15	−58	96	−108
Cash refunded for income taxes	−3	−2	−4	38	0

Filings

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