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Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States. It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in patients with relapsed and refractory acute myeloid leukemia or myelodysplastic syndrome. The company is also developing Zipalertinib, an orally available small-molecule, irreversible epidermal growth factor receptor inhibitor in Phase 2b portion of the REZILIENT1 clinical trial in patients with EGFR ex20ins non-small cell lung cancer. It has a license agreement with Chongqing Genrix Biopharmaceutical Co., Ltd to develop and commercialize velinotamig; a co-development agreement with Taiho Pharmaceutical Co., Ltd to develop zipalertinib; and a collaboration agreement with Adimab, LLC to discover and/or optimize antibodies. The company was formerly known as Cullinan Oncology, Inc. and changed its name to Cullinan Therapeutics, Inc. in April 2024. Cullinan Therapeutics, Inc. was incorporated in 2016 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-241M | $-220M | $-176M | -53.8% | - | - |
| 2024 | $0M | $-197M | $-167M | $-145M | -28.4% | - | - |
| 2023 | $0M | $-190M | $-153M | $-134M | -33.7% | - | -237.7% |
| 2022 | $0M | $-132M | $111M | $-128M | 20.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 132.14 | 190.65 | 196.92 | 241.65 |
| Operating Income | -132.14 | -190.65 | -196.92 | -241.65 |
| EBITDA | -132.04 | -190.34 | -196.61 | -241.34 |
| EBIT | -132.14 | -190.65 | -196.92 | -241.65 |
| Pretax Income | 151.32 | -169.22 | -167.46 | -219.88 |
| Tax Provision | 42.12 | -14.12 | 0.12 | 0 |
| Net Income | 111.21 | -153.16 | -167.38 | -219.88 |
| Net Income Common Stockholders | 111.21 | -153.16 | -167.38 | -219.88 |
| Total Expenses | 132.14 | 190.65 | 196.92 | 241.65 |
| Interest Income | 6.61 | 21.63 | 29.66 | 22.21 |
| Research And Development | 91.95 | 148.16 | 142.90 | 187.40 |
| Selling General And Administration | 40.19 | 42.49 | 54.02 | 54.25 |
| Normalized EBITDA | -408.83 | -189.90 | -196.61 | -241.34 |
| Normalized Income | -88.60 | -152.76 | -167.38 | -219.88 |
| Basic EPS | 2.46 | -3.21 | -2.78 | 0 |
| Diluted EPS | 2.38 | -3.21 | -2.78 | 0 |
| Tax Effect Of Unusual Items | 76.97 | -0.04 | 0 | 0 |
| Tax Rate For Calcs | 0.28 | 0.08 | 0.21 | 0 |
| Total Unusual Items | 276.79 | -0.44 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 276.79 | -0.44 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 111.21 | -153.16 | -167.38 | -219.88 |
| Reconciled Depreciation | 0.09 | 0.31 | 0.31 | 0.31 |
| Net Interest Income | 6.61 | 21.63 | 29.66 | 22.21 |
| Net Income From Continuing And Discontinued Operation | 111.21 | -153.16 | -167.38 | -219.88 |
| Total Operating Income As Reported | 144.65 | -191.09 | -196.92 | -241.65 |
| Diluted Average Shares | 46.64 | 41.55 | 53.77 | 0 |
| Basic Average Shares | 45.16 | 41.55 | 53.77 | 0 |
| Diluted NI Availto Com Stockholders | 111.21 | -153.16 | -167.38 | -219.88 |
| Minority Interests | 2.02 | 1.94 | 0.19 | 0 |
| Net Income Including Noncontrolling Interests | 109.19 | -155.10 | -167.57 | -219.88 |
| Net Income Continuous Operations | 109.19 | -155.10 | -167.57 | -219.88 |
| Other Income Expense | 276.84 | -0.20 | -0.20 | -0.44 |
| Other Non Operating Income Expenses | 0.06 | 0.24 | -0.20 | -0.44 |
| Special Income Charges | 276.79 | -0.44 | 0 | 0 |
| Gain On Sale Of Business | 276.79 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0.44 | 0 | 0 |
| Net Non Operating Interest Income Expense | 6.61 | 21.63 | 29.66 | 22.21 |
| Interest Income Non Operating | 6.61 | 21.63 | 29.66 | 22.21 |
| General And Administrative Expense | 40.19 | 42.49 | 54.02 | 54.25 |
| Other Gand A | 40.19 | 42.49 | 54.02 | 54.25 |
| Operating Revenue | 0 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cullinan Therapeutics, Inc.this co. | CGEM | $790M | - | 1.89 | -53.8% | -1.67 |
| OPKO Health, Inc. | OPK | $838M | - | 0.66 | -17.8% | -7.47 |
| MeiraGTx Holdings plc | MGTX | $828M | - | -126.06 | 1971.4% | -8.05 |
| First Tracks Biotherapeutics, Inc. | TRAX | $821M | - | - | -41.8% | - |
| Arbutus Biopharma Corporation | ABUS | $813M |
| - |
| 10.38 |
| -43.7% |
| -26.98 |
| Nutex Health Inc. | NUTX | $781M | 10.68 | 2.41 | 16.7% | 2.52 |
| U.S. Physical Therapy, Inc. | USPH | $780M | 74.22 | 2.35 | 3.2% | 12.74 |
| ARS Pharmaceuticals, Inc. | SPRY | $778M | - | 6.81 | -149.9% | -3.94 |
| BioAge Labs, Inc. | BIOA | $749M | - | 2.32 | -29.6% | -5.11 |
| Peer Median | - | 42.45 | 2.35 | -23.7% | -5.11 | |