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Cullinan Therapeutics (CGEM) Financials

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$15.21 +0.27 (+1.80%)
As of 01:50 PM Eastern
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Annual Income Statements for Cullinan Therapeutics

Annual Income Statements for Cullinan Therapeutics

This table shows Cullinan Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -52 -66 111 -153 -167 -220
Consolidated Net Income / (Loss)		 -59 -67 109 -155 -168 -220
Net Income / (Loss) Continuing Operations		 -60 -67 109 -155 -168 -220
Total Pre-Tax Income 		-60 -67 151 -169 -167 -220
Total Operating Income		 -60 -68 145 -191 -197 -242
Total Gross Profit		 0.00 19 0.00 0.00 0.00 0.00
Total Revenue		 0.00 19 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 60 87 -145 191 197 242
Selling, General & Admin Expense		 17 29 40 42 54 54
Research & Development Expense		 43 58 92 148 143 187
Total Other Income / (Expense), net		 0.00 0.47 6.67 22 29 22
Interest & Investment Income		 - 0.48 6.61 22 30 22
Other Income / (Expense), net		 - -0.01 0.06 0.24 -0.20 -0.44
Income Tax Expense		 - - 42 -14 0.12 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -7.66 -1.92 -2.02 -1.94 -0.19 0.00
Basic Earnings per Share		 ($2.60) - $2.46 ($35.33) ($30.56) ($36.93)
Weighted Average Basic Shares Outstanding		 19.89M 43.08M 45.16M 42.16M 54.42M 59.70M
Diluted Earnings per Share		 ($2.60) - $2.38 ($35.33) ($30.56) ($36.93)
Weighted Average Diluted Shares Outstanding		 19.89M 43.08M 46.64M 42.16M 54.42M 59.70M
Weighted Average Basic & Diluted Shares Outstanding		 19.89M 43.08M 39.33M 43.07M 58.51M 60.53M

Quarterly Income Statements for Cullinan Therapeutics

This table shows Cullinan Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -32 -39 -24 -37 -42 -41 -48 -49 -70 -51 -51
Consolidated Net Income / (Loss)		 -32 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51
Net Income / (Loss) Continuing Operations		 -32 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51
Total Pre-Tax Income 		-32 -39 -40 -37 -42 -41 -48 -49 -70 -51 -51
Total Operating Income		 -38 -45 -45 -43 -50 -49 -55 -55 -76 -56 -55
Total Operating Expenses		 38 45 45 43 50 49 55 55 76 56 55
Selling, General & Admin Expense		 10 11 11 12 14 13 15 14 15 14 12
Research & Development Expense		 27 34 35 31 36 36 40 41 61 42 43
Total Other Income / (Expense), net		 5.39 6.06 5.80 5.65 8.00 8.30 7.52 6.50 5.74 4.99 4.55
Interest & Investment Income		 5.32 5.88 5.92 5.69 8.07 8.38 7.51 6.58 5.92 5.09 4.62
Other Income / (Expense), net		 0.07 0.18 -0.12 -0.04 -0.07 -0.09 0.01 -0.09 -0.18 -0.11 -0.07
Basic Earnings per Share		 ($0.82) ($0.91) ($32.18) ($8.26) ($7.51) ($6.89) $2.30 $0.00 ($11.77) ($8.49) ($16.67)
Weighted Average Basic Shares Outstanding		 39.95M 42.73M 42.16M 43.66M 55.70M 58.99M 0.00 0.00 59.66M 59.72M 59.70M
Diluted Earnings per Share		 ($0.82) ($0.91) ($32.18) ($8.26) ($7.51) ($6.89) $2.30 $0.00 ($11.77) ($8.49) ($16.67)
Weighted Average Diluted Shares Outstanding		 39.95M 42.73M 42.16M 43.66M 55.70M 58.99M 0.00 0.00 59.66M 59.72M 59.70M
Weighted Average Basic & Diluted Shares Outstanding		 42.73M 42.78M 43.07M 57.63M 57.98M 58.23M 58.51M 59.01M 59.07M 59.08M 60.53M

Annual Cash Flow Statements for Cullinan Therapeutics

This table details how cash moves in and out of Cullinan Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 105 -108 96 -58 -15 5.33
Net Cash From Operating Activities		 -30 -43 -127 -134 -145 -176
Net Cash From Continuing Operating Activities		 -30 -43 -127 -134 -145 -176
Net Income / (Loss) Continuing Operations		 -59 -67 109 -155 -168 -220
Consolidated Net Income / (Loss)		 -59 -67 109 -155 -168 -220
Depreciation Expense		 0.06 0.05 0.09 0.31 0.31 0.31
Amortization Expense		 0.23 - 1.29 -10 -15 -6.31
Non-Cash Adjustments To Reconcile Net Income		 23 28 -248 31 38 36
Changes in Operating Assets and Liabilities, net		 6.85 -3.54 11 -0.34 -0.39 14
Net Cash From Investing Activities		 -5.42 -334 249 36 -136 180
Net Cash From Continuing Investing Activities		 -5.42 -334 249 36 -136 180
Purchase of Property, Plant & Equipment		 -0.01 0.00 -1.13 -0.21 0.00 -0.05
Purchase of Investments		 -70 -526 -378 -373 -721 -237
Sale and/or Maturity of Investments		 63 192 353 409 585 417
Net Cash From Financing Activities		 140 269 -26 41 266 1.09
Net Cash From Continuing Financing Activities		 140 269 -26 41 266 1.09
Repayment of Debt		 - 0.00 -2.20 0.00 0.00 0.00
Payment of Dividends		 1.21 0.00 -33 0.00 -4.45 0.00
Issuance of Preferred Equity		 - 0.00 2.38 1.83 0.00 0.00
Issuance of Common Equity		 145 271 6.02 39 271 1.09
Other Financing Activities, net		 0.06 -1.77 1.15 0.00 0.00 0.00
Cash Income Taxes Paid		 - 0.00 38 -4.43 -2.27 -2.97

Quarterly Cash Flow Statements for Cullinan Therapeutics

This table details how cash moves in and out of Cullinan Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 20 -77 34 -24 41 -13 -19 -6.35 -3.84 31 -15
Net Cash From Operating Activities		 -31 -34 -18 -38 -36 -34 -37 -43 -58 -37 -38
Net Cash From Continuing Operating Activities		 -31 -34 -18 -38 -36 -34 -37 -43 -58 -37 -38
Net Income / (Loss) Continuing Operations		 -32 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51
Consolidated Net Income / (Loss)		 -32 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51
Depreciation Expense		 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
Amortization Expense		 - - -3.62 -3.31 - - -3.51 -2.31 -1.71 -1.36 -0.93
Non-Cash Adjustments To Reconcile Net Income		 4.40 12 7.65 8.23 3.50 16 9.63 9.37 9.89 9.47 7.31
Changes in Operating Assets and Liabilities, net		 -4.65 -0.18 3.31 -5.90 -1.15 1.84 4.82 -1.79 4.19 5.55 6.14
Net Cash From Investing Activities		 12 -43 51 13 -185 20 16 37 53 67 22
Net Cash From Continuing Investing Activities		 12 -43 51 13 -185 20 16 37 53 67 22
Purchase of Property, Plant & Equipment		 -0.05 - - - - - - - - - -0.01
Purchase of Investments		 -81 -137 -66 -131 -325 -97 -168 -126 -79 -13 -20
Sale and/or Maturity of Investments		 94 94 117 144 140 117 184 163 132 80 42
Net Cash From Financing Activities		 39 0.11 0.25 1.09 262 1.33 1.58 0.00 0.37 - 0.72
Net Cash From Continuing Financing Activities		 39 0.11 0.25 1.09 262 1.33 1.58 0.00 0.37 - 0.72
Issuance of Common Equity		 0.21 0.11 39 1.09 3.34 1.98 264 0.00 0.37 - 0.72

Annual Balance Sheets for Cullinan Therapeutics

This table presents Cullinan Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 215 437 561 484 622 448
Total Current Assets		 212 297 474 480 415 387
Cash & Equivalents		 168 60 156 98 83 88
Short-Term Investments		 42 231 311 369 316 290
Prepaid Expenses		 2.07 6.10 7.18 13 16 8.86
Plant, Property, & Equipment, net		 0.13 0.08 1.17 0.99 0.68 0.42
Total Noncurrent Assets		 2.30 141 85 3.00 206 61
Long-Term Investments		 0.00 140 81 0.00 204 58
Other Noncurrent Operating Assets		 2.30 0.15 4.59 3.00 2.03 2.93
Total Liabilities & Shareholders' Equity		 215 437 561 484 622 448
Total Liabilities		 14 12 26 30 31 40
Total Current Liabilities		 14 12 22 28 31 38
Accounts Payable		 9.68 3.17 2.66 2.49 1.68 0.84
Accrued Expenses		 4.64 8.58 14 24 28 36
Other Current Liabilities		 - 0.00 1.42 1.44 1.30 0.78
Total Noncurrent Liabilities		 0.07 0.07 3.59 2.15 0.85 1.90
Other Noncurrent Operating Liabilities		 - 0.00 3.59 2.15 0.85 1.90
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 200 425 535 454 590 409
Total Preferred & Common Equity		 199 425 535 454 590 409
Preferred Stock		 - - 0.00 0.00 0.00 0.00
Total Common Equity		 199 425 535 454 590 409
Common Stock		 292 585 585 655 959 996
Retained Earnings		 -93 -159 -48 -201 -368 -588
Accumulated Other Comprehensive Income / (Loss)		 -0.00 -0.84 -2.60 -0.13 -0.13 1.02
Noncontrolling Interest		 1.30 0.40 0.00 0.19 0.00 0.00

Quarterly Balance Sheets for Cullinan Therapeutics

This table presents Cullinan Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 617 515 522 495 449 681 653 580 520 484
Total Current Assets		 582 399 498 477 446 678 592 318 276 342
Cash & Equivalents		 243 122 142 65 74 115 102 77 73 103
Short-Term Investments		 333 269 350 402 359 547 476 227 193 229
Prepaid Expenses		 6.12 8.33 6.44 10 13 15 14 14 10 9.64
Plant, Property, & Equipment, net		 0.79 1.24 1.16 1.07 0.91 0.84 0.76 0.61 0.57 0.49
Total Noncurrent Assets		 34 115 23 17 2.80 2.58 60 261 244 141
Long-Term Investments		 29 110 19 14 0.00 0.00 58 259 242 140
Other Noncurrent Operating Assets		 4.96 4.28 3.96 3.38 2.80 2.58 2.48 1.92 1.55 1.41
Total Liabilities & Shareholders' Equity		 617 515 522 495 449 681 653 580 520 484
Total Liabilities		 31 29 22 26 24 25 25 28 28 33
Total Current Liabilities		 27 26 20 23 22 23 24 27 28 33
Accounts Payable		 1.52 2.03 2.49 0.95 3.71 1.56 2.12 3.40 2.46 1.72
Accrued Expenses		 14 18 16 21 17 21 21 23 24 30
Other Current Liabilities		 0.70 1.55 1.65 1.55 1.33 1.22 1.26 1.35 1.39 1.19
Total Noncurrent Liabilities		 3.99 3.17 2.73 2.45 1.84 1.52 1.19 0.49 0.13 0.00
Other Noncurrent Operating Liabilities		 3.99 3.17 2.73 2.45 1.84 1.52 1.19 0.49 0.13 0.00
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 586 486 500 469 426 656 628 552 492 451
Total Preferred & Common Equity		 586 486 500 469 426 656 628 552 492 451
Preferred Stock		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 586 486 500 469 426 656 628 552 492 451
Common Stock		 611 593 639 647 664 937 947 968 978 988
Retained Earnings		 -21 -106 -138 -177 -238 -280 -321 -417 -487 -537
Accumulated Other Comprehensive Income / (Loss)		 -3.93 -1.24 -1.63 -1.05 -0.33 -0.48 0.97 0.51 0.61 0.97
Noncontrolling Interest		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Cullinan Therapeutics

This table displays calculated financial ratios and metrics derived from Cullinan Therapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 43,684,540.00 - - - 59,076,259.00
DEI Adjusted Shares Outstanding		 0.00 43,684,540.00 - - - 59,076,259.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -1.50 - - - -3.72
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -42 -48 104 -134 -138 -169
Return On Investment Capital (ROIC_SIMPLE)		 - - - -29.47% -23.35% -41.39%
Earnings before Interest and Taxes (EBIT)		 -60 -68 145 -191 -197 -242
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -60 -68 146 -201 -212 -248
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -52 112 -134 -138 -155
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -9.89 -5.49 -13 -13 -13 -27
Increase / (Decrease) in Invested Capital		 0.00 4.40 -7.66 -0.03 0.08 -14
Book Value per Share		 $10.01 $9.73 $11.69 $10.61 $10.14 $6.92
Tangible Book Value per Share		 $10.01 $9.73 $11.69 $10.61 $10.14 $6.92
Total Capital		 200 425 535 454 590 409
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -210 -431 -548 -467 -603 -436
Capital Expenditures (CapEx)		 0.01 0.00 1.04 0.21 0.00 0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -12 -5.65 -15 -15 -15 -29
Debt-free Net Working Capital (DFNWC)		 198 285 452 452 384 349
Net Working Capital (NWC)		 198 285 452 452 384 349
Net Nonoperating Expense (NNE)		 17 20 -4.81 21 30 51
Net Nonoperating Obligations (NNO)		 -210 -431 -548 -467 -603 -436
Total Depreciation and Amortization (D&A)		 0.30 0.05 1.39 -9.84 -15 -6.00
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.52) $2.46 ($3.69) $0.00 ($36.93)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 44.61M 45.16M 41.55M 0.00 59.70M
Adjusted Diluted Earnings per Share		 $0.00 ($1.52) $2.38 ($3.69) $0.00 ($36.93)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 44.61M 46.64M 41.55M 0.00 59.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.52) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 43.08M 39.33M 43.07M 58.51M 60.53M
Normalized Net Operating Profit after Tax (NOPAT)		 -42 -48 -95 -134 -138 -169
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for Cullinan Therapeutics

This table displays calculated financial ratios and metrics derived from Cullinan Therapeutics' official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
DEI Shares Outstanding		 - - - - - - - 58,512,826.00 59,014,667.00 59,074,391.00 59,076,259.00
DEI Adjusted Shares Outstanding		 - - - - - - - 58,512,826.00 59,014,667.00 59,074,391.00 59,076,259.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - -0.83 -1.19 -0.86 -0.86
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 -26 -32 -32 -30 -35 -34 -39 -38 -53 -39 -39
Return On Investment Capital (ROIC_SIMPLE)		 - - -7.01% - - - -6.53% -6.98% -10.78% -8.62% -9.46%
Earnings before Interest and Taxes (EBIT)		 -38 -45 -46 -43 -50 -49 -55 -55 -76 -56 -55
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -37 -45 -49 -46 -50 -49 -58 -57 -78 -57 -56
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -65 -40 -32 -38 -40 -37 -39 -34 -44 -26 -24
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -11 -11 -13 -7.35 -6.27 -8.19 -13 -11 -16 -21 -27
Increase / (Decrease) in Invested Capital		 39 8.08 -0.03 8.15 4.58 2.97 0.08 -4.03 -9.36 -13 -14
Book Value per Share		 $12.69 $10.97 $10.61 $9.88 $11.39 $10.83 $10.14 $9.43 $8.34 $7.64 $6.92
Tangible Book Value per Share		 $12.69 $10.97 $10.61 $9.88 $11.39 $10.83 $10.14 $9.43 $8.34 $7.64 $6.92
Total Capital		 500 469 454 426 656 628 590 552 492 451 409
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -510 -480 -467 -433 -662 -636 -603 -563 -508 -473 -436
Capital Expenditures (CapEx)		 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -13 -13 -15 -9.22 -8.17 -10 -15 -13 -18 -23 -29
Debt-free Net Working Capital (DFNWC)		 479 453 452 424 654 568 384 290 248 309 349
Net Working Capital (NWC)		 479 453 452 424 654 568 384 290 248 309 349
Net Nonoperating Expense (NNE)		 5.89 7.51 -6.28 7.25 7.01 6.36 9.11 10 17 12 12
Net Nonoperating Obligations (NNO)		 -510 -480 -467 -433 -662 -636 -603 -563 -508 -473 -436
Total Depreciation and Amortization (D&A)		 0.08 0.08 -3.54 -3.23 0.08 0.08 -3.43 -2.24 -1.63 -1.28 -0.85
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.82) ($0.91) ($32.18) ($0.86) ($0.75) ($0.69) $2.30 $0.00 ($11.77) ($8.49) ($16.67)
Adjusted Weighted Average Basic Shares Outstanding		 39.95M 42.73M 42.16M 43.01M 55.05M 58.34M 0.00 0.00 59.66M 59.72M 59.70M
Adjusted Diluted Earnings per Share		 ($0.82) ($0.91) ($32.18) ($0.86) ($0.75) ($0.69) $2.30 $0.00 ($11.77) ($8.49) ($16.67)
Adjusted Weighted Average Diluted Shares Outstanding		 39.95M 42.73M 42.16M 43.01M 55.05M 58.34M 0.00 0.00 59.66M 59.72M 59.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.73M 42.78M 43.07M 57.63M 57.98M 58.23M 58.51M 59.01M 59.07M 59.08M 60.53M
Normalized Net Operating Profit after Tax (NOPAT)		 -26 -32 -32 -30 -35 -34 -39 -38 -53 -39 -39
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Financials Breakdown Chart

Key Financial Trends

Cullinan Therapeutics (CGEM) shows a high cash burn profile with no meaningful revenue across the latest four years, but it has intermittently tapped equity financing and occasional investing inflows to support liquidity. Key quarterly figures show persistent net losses, heavy R&D spend, and negative operating cash flow, with liquidity largely sustained by capital raises and investment activity.

  • Large equity financing in 2024: issuance of common stock totaling about $264.2 million helped shore up liquidity to fund ongoing R&D and operations.
  • Investing activity generated notable cash inflows in 2025: Q3 2025 saw around $80.0 million from sale/maturity of investments, boosting liquidity during a period of operating losses.
  • Financing activity has provided recurring but modest liquidity in several quarters, reflecting ongoing access to capital markets when needed (examples include multi‑million positive cash flows in select periods).
  • Revenue remains effectively zero in core quarters (Total Revenue reported as 0 in recent periods), indicating no product revenue to date.
  • R&D expense remains the dominant cost driver, typically ranging from about $41M to $62M per quarter in 2025, underscoring heavy pipeline spending.
  • Selling, General & Administrative expenses are material but smaller than R&D (roughly in the mid-teens of millions in 2025), contributing to overall operating losses.
  • Net losses persist: 2025 Q4 Consolidated Net Income / (Loss) around -$50.7 million; 2024–2025 quarters show similar substantial losses, implying no near-term profitability.
  • Operating cash flow remains negative across the period (e.g., 2025 Q4 Net Cash From Continuing Operating Activities about -$38.1 million), signaling ongoing cash burn from core operations.
  • Total equity declined over time (approximately $627.9 million in 2024 Q3 down to about $451.4 million in 2025 Q3), indicating losses outweighed early raises despite equity fundraising.
  • Per‑share profitability remains negative: Weighted average shares around 59–60 million with EPS negative in recent quarters (e.g., Q4 2025 Basic EPS -$16.67, Q2 2025 -$11.77, Q3 2025 -$8.49), reflecting ongoing losses per share.
05/06/26 01:51 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Cullinan Therapeutics' Financials

When does Cullinan Therapeutics' financial year end?

According to the most recent income statement we have on file, Cullinan Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Cullinan Therapeutics' net income changed over the last 5 years?

Cullinan Therapeutics' net income appears to be on an upward trend, with a most recent value of -$219.88 million in 2025, rising from -$59.46 million in 2020. The previous period was -$167.58 million in 2024. See where experts think Cullinan Therapeutics is headed by visiting Cullinan Therapeutics' forecast page.

What is Cullinan Therapeutics' operating income?
Cullinan Therapeutics' total operating income in 2025 was -$241.65 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $241.65 million
How has Cullinan Therapeutics' revenue changed over the last 5 years?

Over the last 5 years, Cullinan Therapeutics' total revenue changed from $0.00 in 2020 to $0.00 in 2025, a change of 0.0%.

How much debt does Cullinan Therapeutics have?

Cullinan Therapeutics' total liabilities were at $39.64 million at the end of 2025, a 25.9% increase from 2024, and a 175.4% increase since 2020.

How much cash does Cullinan Therapeutics have?

In the past 5 years, Cullinan Therapeutics' cash and equivalents has ranged from $59.77 million in 2021 to $168.20 million in 2020, and is currently $88.33 million as of their latest financial filing in 2025.

How has Cullinan Therapeutics' book value per share changed over the last 5 years?

Over the last 5 years, Cullinan Therapeutics' book value per share changed from 10.01 in 2020 to 6.92 in 2025, a change of -30.9%.


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Financial statements for NASDAQ:CGEM last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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