Cullinan Therapeutics, Inc.
Business
Cullinan Therapeutics is a biopharmaceutical company developing therapies for autoimmune diseases and oncology using T cell engagers and immunotherapeutic modalities. Its pipeline includes CLN-978 for systemic lupus erythematosus and rheumatoid arthritis, velinotamig licensed from Genrix, CLN-049 for acute myeloid leukemia, and zipalertinib co-developed with Taiho for non-small cell lung cancer. The company operates globally through clinical trials and collaborations with third-party manufacturers.
Summary from 10-K filed 2026-03-10
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Cullinan Therapeutics, Inc.'s CIK number?
Cullinan Therapeutics, Inc.'s SEC CIK number is 0001789972 (1789972). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Cullinan Therapeutics, Inc.'s SEC filings?
All of Cullinan Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Cullinan Therapeutics, Inc. last report earnings?
Cullinan Therapeutics, Inc. (CGEM) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-210290). This is Cullinan Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Cullinan Therapeutics, Inc.'s most recent earnings 8-K?
Cullinan Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001193125-26-210290. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Cullinan Therapeutics, Inc.'s latest earnings 8-K →
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