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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% | - | 31.4% |
| 2024 | $0M | $-197M | $-167M | $-145M | -28.4% | - | 9.3% |
| 2023 | $0M | $-190M | $-153M | $-134M | -33.8% | - | -237.7% |
| 2022 | $0M | $-132M | $111M | $-128M | 20.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 0 |
| Operating Revenue | - | 0 | 0 | 0 | 0 |
| Operating Expense | - | 132.14 | 190.65 | 196.92 | 241.65 |
| Research And Development | - | 91.95 | 148.16 | 142.90 | 187.40 |
| Selling General And Administration | - | 40.19 | 42.49 | 54.02 | 54.25 |
| Total Expenses | - | 132.14 | 190.65 | 196.92 | 241.65 |
| Operating Income | - | -132.14 | -190.65 | -196.92 | -241.65 |
| Total Operating Income As Reported | - | 144.65 | -191.09 | -196.92 | -241.65 |
| EBITDA | - | -132.04 | -190.34 | -196.61 | -241.34 |
| Normalized EBITDA | - | -408.83 | -189.90 | -196.61 | -241.34 |
| EBIT | - | -132.14 | -190.65 | -196.92 | -241.65 |
| Interest Income | - | 6.61 | 21.63 | 29.66 | 22.21 |
| Net Interest Income | - | 6.61 | 21.63 | 29.66 | 22.21 |
| Other Non Operating Income Expenses | - | 0.06 | 0.24 | -0.20 | -0.44 |
| Other Income Expense | - | 276.84 | -0.20 | -0.20 | -0.44 |
| Interest Income Non Operating | - | 6.61 | 21.63 | 29.66 | 22.21 |
| Net Non Operating Interest Income Expense | - | 6.61 | 21.63 | 29.66 | 22.21 |
| Pretax Income | - | 151.32 | -169.22 | -167.46 | -219.88 |
| Tax Provision | - | 42.12 | -14.12 | 0.12 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 76.97 | -0.04 | 0 | 0 |
| Net Income Continuous Operations | - | 109.20 | -155.10 | -167.58 | -219.88 |
| Net Income From Continuing And Discontinued Operation | - | 111.21 | -153.16 | -167.38 | -219.88 |
| Net Income From Continuing Operation Net Minority Interest | - | 111.21 | -153.16 | -167.38 | -219.88 |
| Net Income | - | 111.21 | -153.16 | -167.38 | -219.88 |
| Net Income Common Stockholders | - | 111.21 | -153.16 | -167.38 | -219.88 |
| Net Income Including Noncontrolling Interests | - | 109.20 | -155.10 | -167.58 | -219.88 |
| Normalized Income | - | -88.60 | -152.76 | -167.38 | -219.88 |
| Diluted NI Availto Com Stockholders | - | 111.21 | -153.16 | -167.38 | -219.88 |
| Basic Average Shares | 43.08 | 45.16 | 41.55 | 53.77 | - |
| Diluted Average Shares | 43.08 | 46.64 | 41.55 | 53.77 | - |
| Reconciled Depreciation | - | 0.09 | 0.31 | 0.31 | 0.31 |
| Total Unusual Items | 0 | 276.79 | -0.44 | 0 | - |
| Total Unusual Items Excluding Goodwill | 0 | 276.79 | -0.44 | 0 | - |
| Minority Interests | - | 2.02 | 1.94 | 0.19 | 0 |
| Special Income Charges | 0 | 276.79 | -0.44 | 0 | - |
| Gain On Sale Of Business | 0 | 276.79 | 0 | - | - |
| Impairment Of Capital Assets | - | 0 | 0.44 | 0 | - |
| General And Administrative Expense | - | 40.19 | 42.49 | 54.02 | 54.25 |
| Other Gand A | - | 40.19 | 42.49 | 54.02 | 54.25 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cullinan Therapeutics, Inc.this co. | CGEM | $887M | -4.03 | 2.17 | -53.8% | -3.32 |
| ARS Pharmaceuticals, Inc. | SPRY | $901M | -5.26 | 7.88 | -149.9% | -5.66 |
| Annexon, Inc. | ANNX | $893M | -4.32 | 4.22 | -97.7% | -3.54 |
| Pacira BioSciences, Inc. | PCRX | $892M | 126.89 | 1.29 | 1.0% | 8.75 |
| Xencor, Inc. | XNCR | $890M |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.40 |
| -14.5% |
| - |
| MeiraGTx Holdings plc | MGTX | $886M | -7.76 | -152.99 | 1971.4% | -10.17 |
| Jade Biosciences, Inc. | JBIO | $876M | - | -18.71 | -38.3% | - |
| Certara, Inc. | CERT | $873M | -547.16 | 0.82 | -0.2% | 9.65 |
| Talkspace, Inc. | TALK | $871M | 111.78 | 7.44 | 6.7% | 129.10 |
| Peer Median | - | -4.79 | 1.34 | -7.3% | 2.60 | |