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Cullinan Therapeutics (CGEM) Financials

Cullinan Therapeutics logo
$17.10 -0.18 (-1.04%)
Closing price 07/24/2026 04:00 PM Eastern
Extended Trading
$17.11 +0.01 (+0.09%)
As of 07/24/2026 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -39 -24 -37 -42 -41 -48 -49 -70 -51 -51 -50
Consolidated Net Income / (Loss)		 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51 -50
Net Income / (Loss) Continuing Operations		 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51 -50
Total Pre-Tax Income 		-39 -40 -37 -42 -41 -48 -49 -70 -51 -51 -50
Total Operating Income		 -45 -45 -43 -50 -49 -55 -55 -76 -56 -55 -54
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 45 45 43 50 49 55 55 76 56 55 54
Selling, General & Admin Expense		 11 11 12 14 13 15 14 15 14 12 12
Research & Development Expense		 34 35 31 36 36 40 41 61 42 43 42
Impairment Charge		 - - - - - - 0.00 - - - 0.00
Total Other Income / (Expense), net		 6.06 5.80 5.65 8.00 8.30 7.52 6.50 5.74 4.99 4.55 4.04
Interest & Investment Income		 5.88 5.92 5.69 8.07 8.38 7.51 6.58 5.92 5.09 4.62 4.10
Other Income / (Expense), net		 0.18 -0.12 -0.04 -0.07 -0.09 0.01 -0.09 -0.18 -0.11 -0.07 -0.06
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -1.76 -0.19 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Basic Earnings per Share		 ($0.91) ($32.18) ($8.26) ($7.51) ($6.89) $2.30 ($8.16) ($11.77) ($8.49) ($16.67) ($8.27)
Weighted Average Basic Shares Outstanding		 42.73M 42.16M 43.66M 55.70M 58.99M 0.00 59.55M 59.66M 59.72M 59.70M 61.02M
Diluted Earnings per Share		 ($0.91) ($32.18) ($8.26) ($7.51) ($6.89) $2.30 ($8.16) ($11.77) ($8.49) ($16.67) ($8.27)
Weighted Average Diluted Shares Outstanding		 42.73M 42.16M 43.66M 55.70M 58.99M 0.00 59.55M 59.66M 59.72M 59.70M 61.02M
Weighted Average Basic & Diluted Shares Outstanding		 42.78M 43.07M 57.63M 57.98M 58.23M 58.51M 59.01M 59.07M 59.08M 60.53M 61.46M

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Change in Cash & Equivalents		 -77 34 -24 41 -13 -19 -6.35 -3.84 31 -15 -13
Net Cash From Operating Activities		 -34 -18 -38 -36 -34 -37 -43 -58 -37 -38 -46
Net Cash From Continuing Operating Activities		 -34 -18 -38 -36 -34 -37 -43 -58 -37 -38 -46
Net Income / (Loss) Continuing Operations		 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51 -50
Consolidated Net Income / (Loss)		 -39 -26 -37 -42 -41 -48 -49 -70 -51 -51 -50
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 -0.78
Non-Cash Adjustments To Reconcile Net Income		 12 7.65 8.23 3.50 16 9.63 9.37 9.89 9.47 7.31 7.62
Changes in Operating Assets and Liabilities, net		 -0.18 3.31 -5.90 -1.15 1.84 4.82 -1.79 4.19 5.55 6.14 -3.30
Net Cash From Investing Activities		 -43 51 13 -185 20 16 37 53 67 22 32
Net Cash From Continuing Investing Activities		 -43 51 13 -185 20 16 37 53 67 22 32
Purchase of Property, Plant & Equipment		 - - - - - - 0.00 - - -0.01 0.00
Purchase of Investments		 -137 -66 -131 -325 -97 -168 -126 -79 -13 -20 -20
Sale and/or Maturity of Investments		 94 117 144 140 117 184 163 132 80 42 53
Net Cash From Financing Activities		 0.11 0.25 1.09 262 1.33 1.58 0.00 0.37 - 0.72 0.38
Net Cash From Continuing Financing Activities		 0.11 0.25 1.09 262 1.33 1.58 0.00 0.37 - 0.72 0.38
Payment of Dividends		 - - - - -0.66 - 0.00 - - - 0.00
Issuance of Common Equity		 0.11 39 1.09 3.34 1.98 264 0.00 0.37 - 0.72 0.38
Cash Income Taxes Paid		 - -9.14 -3.87 1.60 - - 0.00 -2.97 - - 0.00

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 0.00
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 Q1 2026
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 3/31/2026
Total Assets		 617 515 522 495 449 681 653 580 520 484 403
Total Current Assets		 582 399 498 477 446 678 592 318 276 342 361
Cash & Equivalents		 243 122 142 65 74 115 102 77 73 103 75
Short-Term Investments		 333 269 350 402 359 547 476 227 193 229 277
Prepaid Expenses		 6.12 8.33 6.44 10 13 15 14 14 10 9.64 9.52
Plant, Property, & Equipment, net		 0.79 1.24 1.16 1.07 0.91 0.84 0.76 0.61 0.57 0.49 0.34
Total Noncurrent Assets		 34 115 23 17 2.80 2.58 60 261 244 141 41
Long-Term Investments		 29 110 19 14 0.00 0.00 58 259 242 140 39
Other Noncurrent Operating Assets		 4.96 4.28 3.96 3.38 2.80 2.58 2.48 1.92 1.55 1.41 2.73
Total Liabilities & Shareholders' Equity		 617 515 522 495 449 681 653 580 520 484 403
Total Liabilities		 31 29 22 26 24 25 25 28 28 33 37
Total Current Liabilities		 27 26 20 23 22 23 24 27 28 33 35
Accounts Payable		 1.52 2.03 2.49 0.95 3.71 1.56 2.12 3.40 2.46 1.72 2.51
Accrued Expenses		 14 18 16 21 17 21 21 23 24 30 32
Other Current Liabilities		 0.70 1.55 1.65 1.55 1.33 1.22 1.26 1.35 1.39 1.19 0.73
Total Noncurrent Liabilities		 3.99 3.17 2.73 2.45 1.84 1.52 1.19 0.49 0.13 0.00 1.66
Other Noncurrent Operating Liabilities		 3.99 3.17 2.73 2.45 1.84 1.52 1.19 0.49 0.13 0.00 1.66
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 586 486 500 469 426 656 628 552 492 451 366
Total Preferred & Common Equity		 586 486 500 469 426 656 628 552 492 451 0.00
Preferred Stock		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 586 486 500 469 426 656 628 552 492 451 366
Common Stock		 611 593 639 647 664 937 947 968 978 988 1,004
Retained Earnings		 -21 -106 -138 -177 -238 -280 -321 -417 -487 -537 -638
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 0.13
Noncontrolling Interest		 0.00 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
DEI Shares Outstanding		 - - - - - - 58,512,826.00 59,014,667.00 59,074,391.00 59,076,259.00 60,526,128.00
DEI Adjusted Shares Outstanding		 - - - - - - 58,512,826.00 59,014,667.00 59,074,391.00 59,076,259.00 60,526,128.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.83 -1.19 -0.86 -0.86 -0.82
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Growth		 -51.97% -49.60% 27.66% -33.55% -8.64% -18.98% -23.89% -44.40% -5.92% - 4.99%
EBIT Growth		 -51.39% -41.14% 31.31% -33.47% -8.61% -20.70% -28.00% -51.66% -13.81% - 2.40%
NOPAT Growth		 -52.00% -39.49% 31.50% -33.03% -7.98% -21.02% -27.93% -51.51% -13.80% - 2.36%
Net Income Growth		 -57.42% 5.63% 35.78% -30.47% -3.51% -86.39% -29.89% -66.69% -24.78% - -2.39%
EPS Growth		 -68.52% -5,448.28% 39.44% 8.54% 24.18% 107.15% 100.00% -56.72% -23.22% - -1.35%
Operating Cash Flow Growth		 37.19% 27.43% 25.00% -17.05% 0.01% -102.01% -12.83% -58.74% -8.02% - -6.70%
Free Cash Flow Firm Growth		 -2,551.35% -109.71% -112.46% 39.10% 6.50% -21.39% 9.86% -10.34% 30.35% - 28.20%
Invested Capital Growth		 42.00% -0.21% 52.59% 42.20% 26.58% 0.63% -54.83% -149.25% -159.06% - -112.89%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Q/Q Growth		 -20.10% -9.25% 5.87% -8.13% 2.31% -19.66% 1.98% -35.40% 26.58% - 3.07%
EBIT Q/Q Growth		 -20.05% -1.20% 5.63% -16.42% 2.31% -12.46% -0.07% -37.94% 26.69% - 2.84%
NOPAT Q/Q Growth		 -20.31% -0.53% 5.49% -16.37% 2.34% -12.68% 0.09% -37.82% 26.65% - 2.83%
Net Income Q/Q Growth		 -21.63% 34.76% -46.07% -12.55% 3.49% -17.47% -1.79% -44.44% 27.76% - 2.07%
EPS Q/Q Growth		 -10.98% -3,436.26% -59.26% 12.79% 8.00% 433.33% -100.00% 0.00% 27.87% - 50.39%
Operating Cash Flow Q/Q Growth		 -10.11% 46.89% -110.95% 5.11% 5.93% -7.28% -17.83% -33.49% 35.99% - -20.82%
Free Cash Flow Firm Q/Q Growth		 38.87% 19.97% -20.20% -3.56% 6.15% -3.91% 10.74% -26.76% 40.76% - -1.70%
Invested Capital Q/Q Growth		 -2.79% -18.05% 44.23% 14.59% -30.57% -59.78% 13.10% -37.49% -35.71% - 11.74%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Tax Burden Percent		 100.00% 64.41% 100.00% 100.00% 100.00% 100.25% 100.00% 100.00% 100.00% - 100.00%
Interest Burden Percent		 86.95% 87.02% 86.77% 83.89% 82.87% 86.35% 88.05% 92.20% 90.86% - 92.38%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 -29.69% -31.37% -29.47% -24.94% -26.53% -32.10% -36.57% -36.01% -40.18% - -48.16%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Common Equity (ROCE)		 -29.69% -31.36% -29.47% -24.94% -26.53% -32.09% -36.57% -36.01% -40.18% - -48.16%
Return on Equity Simple (ROE_SIMPLE)		 -33.41% 0.00% -31.55% -21.96% -23.17% 0.00% -32.39% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -32 -32 -30 -35 -34 -39 -38 -53 -39 -39 -38
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Nonoperating Expense Percent (NNEP)		 -1.38% 1.24% -1.55% -1.20% -1.14% -1.70% -2.01% -2.90% -2.11% - -2.53%
Return On Investment Capital (ROIC_SIMPLE)		 - -7.01% - - - -6.53% -6.98% -10.78% -8.62% -9.46% -10.27%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings before Interest and Taxes (EBIT)		 -45 -46 -43 -50 -49 -55 -55 -76 -56 -55 -54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -45 -49 -46 -50 -49 -58 -57 -78 -57 -56 -54
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.82 0.96 1.72 1.53 1.55 1.20 0.80 0.90 0.78 - 2.35
Price to Tangible Book Value (P/TBV)		 0.82 0.96 1.72 1.53 1.55 1.20 0.80 0.90 0.78 - 2.35
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -1.03 -1.03 -1.03 -1.01 -1.02 -1.03 -1.02 -1.02 -1.03 - -1.04
Leverage Ratio		 1.05 1.06 1.06 1.04 1.05 1.06 1.05 1.05 1.05 - 1.07
Compound Leverage Factor		 0.92 0.92 0.92 0.87 0.87 0.91 0.93 0.96 0.96 - 0.99
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 100.00% 99.96% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 9.26 8.86 18.60 24.46 23.04 13.13 8.83 8.24 5.25 - 12.33
Noncontrolling Interest Sharing Ratio		 0.00% 0.02% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 20.33 17.07 20.33 28.87 24.46 13.53 11.62 9.83 10.45 - 10.28
Quick Ratio		 19.90 16.60 19.75 28.22 23.88 13.02 11.11 9.46 10.15 - 10.01
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -40 -32 -38 -40 -37 -39 -34 -44 -26 -24 -25
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -11 -13 -7.35 -6.27 -8.19 -13 -11 -16 -21 -27 -24
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Increase / (Decrease) in Invested Capital		 8.08 -0.03 8.15 4.58 2.97 0.08 -4.03 -9.36 -13 -14 -13
Enterprise Value (EV)		 -93 -31 301 343 334 106 -120 -63 -122 - 470
Market Capitalization		 387 436 734 1,005 971 709 443 444 350 - 860
Book Value per Share		 $10.97 $10.61 $9.88 $11.39 $10.83 $10.14 $9.43 $8.34 $7.64 $6.92 $6.05
Tangible Book Value per Share		 $10.97 $10.61 $9.88 $11.39 $10.83 $10.14 $9.43 $8.34 $7.64 $6.92 $6.05
Total Capital		 469 454 426 656 628 590 552 492 451 409 366
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		 -480 -467 -433 -662 -636 -603 -563 -508 -473 -436 -390
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -13 -15 -9.22 -8.17 -10 -15 -13 -18 -23 -29 -26
Debt-free Net Working Capital (DFNWC)		 453 452 424 654 568 384 290 248 309 349 326
Net Working Capital (NWC)		 453 452 424 654 568 384 290 248 309 349 326
Net Nonoperating Expense (NNE)		 7.51 -6.28 7.25 7.01 6.36 9.11 10 17 12 12 12
Net Nonoperating Obligations (NNO)		 -480 -467 -433 -662 -636 -603 -563 -508 -473 -436 -390
Total Depreciation and Amortization (D&A)		 0.08 -3.54 -3.23 0.08 0.08 -3.43 -2.24 -1.63 -1.28 -0.85 -0.70
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.91) ($32.18) ($0.86) ($0.75) ($0.69) $2.30 $0.00 ($11.77) ($8.49) ($16.67) ($8.27)
Adjusted Weighted Average Basic Shares Outstanding		 42.73M 42.16M 43.01M 55.05M 58.34M 0.00 0.00 59.66M 59.72M 59.70M 61.02M
Adjusted Diluted Earnings per Share		 ($0.91) ($32.18) ($0.86) ($0.75) ($0.69) $2.30 $0.00 ($11.77) ($8.49) ($16.67) ($8.27)
Adjusted Weighted Average Diluted Shares Outstanding		 42.73M 42.16M 43.01M 55.05M 58.34M 0.00 0.00 59.66M 59.72M 59.70M 61.02M
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		 42.78M 43.07M 57.63M 57.98M 58.23M 58.51M 59.01M 59.07M 59.08M 60.53M 61.46M
Normalized Net Operating Profit after Tax (NOPAT)		 -32 -32 -30 -35 -34 -39 -38 -53 -39 -39 -38
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% -2.63% -3.06% -2.65% 0.00% -0.32% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -2.63% -3.06% -2.65% 0.00% -0.32% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Cullinan Therapeutics (NASDAQ: CGEM) remains a cash-rich clinical-stage biotech, but the latest results show that it is still burning substantial cash with no product revenue yet. The company ended Q1 2026 with a strong balance sheet, but operating losses continue to run near the same level seen over the last several quarters.

  • Strong liquidity position: As of March 31, 2026, Cullinan held $75.1 million in cash and equivalents plus $276.8 million in short-term investments, along with $38.5 million in long-term investments.
  • Large equity cushion: Total common equity was $366.2 million at the end of Q1 2026, indicating the company still has meaningful financial flexibility.
  • Investment income helps offset losses: Q1 2026 included $4.1 million in interest and investment income, which partially reduced the impact of operating losses.
  • No debt pressure visible in the data: The balance sheet shows only modest liabilities of $36.8 million, which is relatively low versus assets of $403.0 million.
  • Operating losses remain very large: Q1 2026 net loss was $49.7 million, compared with $50.7 million in Q4 2025 and $48.5 million in Q1 2025.
  • No revenue yet: Revenue was still $0 in Q1 2026, so the company is not yet generating sales to support its research spending.
  • R&D remains the biggest expense: Research and development expense was $42.1 million in Q1 2026, reflecting continued pipeline investment.
  • Cash burn improved quarter over quarter in investing activity, but operations stayed negative: Operating cash flow was still a loss of $46.0 million in Q1 2026.
  • Share count has increased over time: Weighted average diluted shares were about 61.0 million in Q1 2026, up from roughly 59.0 million a year earlier, which can pressure per-share results.
  • Cash declined in the latest quarter: Net cash and equivalents fell by $13.3 million in Q1 2026, driven primarily by operating losses.
  • Long-term trend shows persistent losses: Over the last four years, Cullinan has consistently posted quarterly losses and negative operating cash flow, with no sign yet of sustainable profitability.
  • Rising expenses over time: Compared with early 2024, quarterly R&D and SG&A costs are materially higher, keeping pressure on cash reserves.

Bottom line: Cullinan Therapeutics looks financially stable for now because of its sizable investment portfolio and low liabilities, but it is still a pre-revenue biotech with ongoing heavy losses. Investors should watch whether the pipeline can move closer to commercialization before the cash balance begins to narrow more quickly.

07/26/26 06:22 AM ETAI Generated. May Contain Errors.

Cullinan Therapeutics Financials - Frequently Asked Questions

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.

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.

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

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%.

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.

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.

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 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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