Cullinan Therapeutics, Inc. (CGEM) 10-Year Financial Performance & Capital Metrics

CGEM • • Industrial / General

HealthcarePharmaceuticalsBiopharmaceutical R&DOncology Therapeutics

AboutCullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the developing of oncology and immuno-oncology therapies. Its pipeline includes CLN-978, CLN-619, Zipalertinib CLN-081/TAS6417, CLN-049, and CLN-617. The company was founded by Patrick A. Baeuerle on September 15, 2016 and is headquartered in Cambridge, MA.Show more

Revenue $0
EBITDA -$197M -3.1%
Net Income -$167M -9.3%
EPS (Diluted) -3.11 +15.7%
Gross Margin -
EBITDA Margin -
Operating Margin -
Net Margin -
ROE -32.06% -3.5%
ROIC -34.01% +11.8%
Debt/Equity 0.00 -53.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 85 (top 15%)
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Shares diluted 29.4% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-51.05%

EPS CAGR

10Y-

5Y-

3Y-

TTM2.08%

ROCE

10Y Avg-26.56%

5Y Avg-21.64%

3Y Avg-15.34%

Latest-37.61%

Peer Comparison

Oncology Therapeutics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
HCMHUTCHMED (China) Limited	2.63B	15.31	69.59	-24.8%	77.53%	37.59%	0.12
SHPHShuttle Pharmaceuticals Holdings, Inc.	2.85M	1.48	-0.00			-7.68%	1.65
BGMSBio Green Med Solution, Inc.	7.01M	1.43	-0.00	-89.76%	-67.15%	-76.65%
SBFMSunshine Biopharma, Inc.	5.99M	1.22	-0.17	44.75%	-17.35%	-24.55%	0.04
RNTXRein Therapeutics Inc.	30.49M	1.16	-0.33			-127.48%
CGEMCullinan Therapeutics, Inc.	629.75M	10.66	-3.43			-48.03%	0.00
ONCBeOne Medicines Ltd.	34.44B	338.29	-55.28	54.96%	1.38%	1.66%	0.32

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	0	0	18.94M	0	0	0
Revenue Growth %	-	-	-	-	-1%	-	-
Cost of Goods Sold+	43K	70K	62K	0	0	0	306K
COGS % of Revenue	-	-	-	-	-	-	-
Gross Profit+	-43K	-70K	-62K	18.94M	0	0	-306K
Gross Margin %	-	-	-	1%	-	-	-
Gross Profit Growth %	-	-0.63%	0.11%	306.53%	-1%	-	-
Operating Expenses+	14.59M	22.27M	60.34M	86.9M	-144.65M	191.09M	196.61M
OpEx % of Revenue	-	-	-	4.59%	-	-	-
Selling, General & Admin	5M	5.48M	17.12M	29.15M	40.19M	42.49M	53.71M
SG&A % of Revenue	-	-	-	1.54%	-	-	-
Research & Development	9.58M	16.79M	43.21M	57.75M	91.95M	148.16M	142.9M
R&D % of Revenue	-	-	-	3.05%	-	-	-
Other Operating Expenses	0	0	0	0	-276.79M	440K	0
Operating Income+	-14.59M	-22.27M	-60.34M	-67.95M	144.65M	-191.09M	-196.92M
Operating Margin %	-	-	-	-3.59%	-	-	-
Operating Income Growth %	-	-0.53%	-1.71%	-0.13%	3.13%	-2.32%	-0.03%
EBITDA+	-14.54M	-22.2M	-60.27M	-67.9M	144.74M	-190.78M	-196.61M
EBITDA Margin %	-	-	-	-3.58%	-	-	-
EBITDA Growth %	-	-0.53%	-1.72%	-0.13%	3.13%	-2.32%	-0.03%
D&A (Non-Cash Add-back)	43K	70K	62K	53K	93K	310K	306K
EBIT	-14.59M	-22.27M	-60.34M	-67.95M	-132.14M	-190.65M	-167.46M
Net Interest Income+	0	620K	888K	477K	6.61M	21.63M	29.66M
Interest Income	397K	620K	888K	477K	6.61M	21.63M	29.66M
Interest Expense	0	0	0	0	0	0	0
Other Income/Expense	397K	616K	877K	469K	6.67M	21.87M	29.46M
Pretax Income+	-14.19M	-21.65M	-59.46M	-67.48M	151.32M	-169.22M	-167.46M
Pretax Margin %	-	-	-	-3.56%	-	-	-
Income Tax+	0	0	0	0	42.12M	-14.12M	117K
Effective Tax Rate %	1%	0.93%	0.87%	0.97%	0.73%	0.91%	1%
Net Income+	-14.19M	-20.04M	-51.8M	-65.57M	111.21M	-153.16M	-167.38M
Net Margin %	-	-	-	-3.46%	-	-	-
Net Income Growth %	-	-0.41%	-1.59%	-0.27%	2.7%	-2.38%	-0.09%
Net Income (Continuing)	-14.19M	-21.65M	-59.46M	-67.48M	109.19M	-155.1M	-167.57M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	1K	864K	1.3M	403K	0	192K	0
EPS (Diluted)+	-17.74	-19.68	-1.19	-1.48	2.38	-3.69	-3.11
EPS Growth %	-	-0.11%	0.94%	-0.24%	2.61%	-2.55%	0.16%
EPS (Basic)	-17.74	-19.70	-1.19	-1.48	2.46	-3.69	-3.11
Diluted Shares Outstanding	800.04K	1.02M	43.52M	44.29M	46.64M	41.55M	53.77M
Basic Shares Outstanding	800K	1.02M	43.52M	44.29M	45.16M	41.51M	53.77M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	34.22M	100.09M	212.28M	296.56M	474.47M	480.19M	414.67M
Cash & Short-Term Investments	33.83M	98.63M	210.21M	290.47M	467.29M	467.07M	398.98M
Cash Only	33.83M	63.25M	168.2M	59.77M	156.15M	98.43M	83M
Short-Term Investments	0	35.38M	42.01M	230.69M	311.14M	368.63M	315.97M
Accounts Receivable	0	0	0	0	0	0	3M
Days Sales Outstanding	-	-	-	-	-	-	-
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	7.18M	13.12M	12.69M
Total Non-Current Assets+	421K	370K	2.43M	140.62M	86.64M	3.99M	207.16M
Property, Plant & Equipment	233K	182K	130K	77K	5.3M	3.53M	2.35M
Fixed Asset Turnover	-	-	-	246.01x	-	-	-
Goodwill	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	140.4M	80.88M	0	204.44M
Other Non-Current Assets	188K	188K	2.3M	147K	459K	459K	366K
Total Assets+	34.64M	100.46M	214.71M	437.19M	561.12M	484.18M	621.82M
Asset Turnover	-	-	-	0.04x	-	-	-
Asset Growth %	-	1.9%	1.14%	1.04%	0.28%	-0.14%	0.28%
Total Current Liabilities+	1.32M	2.52M	14.32M	11.75M	22.5M	28.14M	30.65M
Accounts Payable	296K	934K	9.68M	3.17M	2.66M	2.49M	1.68M
Days Payables Outstanding	2.51K	4.87K	56.98K	-	-	-	2.01K
Short-Term Debt	0	0	0	0	178K	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0
Other Current Liabilities	27K	523K	1.76M	3.55M	1.96M	7.9M	1.44M
Current Ratio	25.85x	39.67x	14.82x	25.25x	21.09x	17.07x	13.53x
Quick Ratio	25.85x	39.67x	14.82x	25.25x	21.09x	17.07x	13.53x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	53.97M	137.85M	74K	65K	3.59M	2.15M	849K
Long-Term Debt	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	3.59M	2.15M	849K
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	53.97M	137.85M	74K	65K	0	0	0
Total Liabilities	55.29M	140.37M	14.39M	11.81M	26.09M	30.29M	31.5M
Total Debt+	0	0	0	0	5.19M	3.59M	2.15M
Net Debt	-33.83M	-63.25M	-168.2M	-59.77M	-150.96M	-94.84M	-80.85M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.00x
Debt / EBITDA	-	-	-	-	0.04x	-	-
Net Debt / EBITDA	-	-	-	-	-1.04x	-	-
Interest Coverage	-	-	-	-	-	-	-
Total Equity+	-20.65M	-39.91M	200.31M	425.37M	535.03M	453.89M	590.33M
Equity Growth %	-	-0.93%	6.02%	1.12%	0.26%	-0.15%	0.3%
Book Value per Share	-25.81	-39.21	4.60	9.60	11.47	10.92	10.98
Total Shareholders' Equity	-20.65M	-40.77M	199.01M	424.97M	535.03M	453.7M	590.33M
Common Stock	1K	1K	3K	4K	5K	4K	6K
Retained Earnings	-20.87M	-41.54M	-93.34M	-158.91M	-47.7M	-200.86M	-368.24M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	-4K	-2K	-838K	-2.6M	-129K	-133K
Minority Interest	1K	864K	1.3M	403K	0	192K	0

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-13.55M	-20.9M	-29.77M	-43.43M	-126.66M	-134.28M	-145.3M
Operating CF Margin %	-	-	-	-2.29%	-	-	-
Operating CF Growth %	-	-0.54%	-0.42%	-0.46%	-1.92%	-0.06%	-0.08%
Net Income	-14.19M	-20.66M	-51.8M	-67.48M	109.19M	-153.16M	-167.57M
Depreciation & Amortization	43K	70K	62K	53K	93K	310K	306K
Stock-Based Compensation	0	0	0	24.38M	27.96M	30.44M	37.82M
Deferred Taxes	0	0	0	3.1M	0	0	0
Other Non-Cash Items	252K	-445K	15.11M	67K	-275.08M	-11.52M	-15.47M
Working Capital Changes	345K	135K	6.85M	-3.54M	11.18M	-339K	-389K
Change in Receivables	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	225K	639K	5.58M	-4.83M	-509K	-167K	-812K
Cash from Investing+	-261K	-35.4M	-5.42M	-333.77M	248.97M	35.81M	-136.31M
Capital Expenditures	-261K	-20K	-10K	-589.23K	-1.13M	-208K	0
CapEx % of Revenue	-	-	-	0.03%	-	-	-
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	0	0	0	-333.77K	91K	36.01K	0
Cash from Financing+	-29K	85.72M	140.14M	268.78M	-25.93M	40.75M	266.19M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	-9K	0	0	1.52M	-32.13M	538K	3.54M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	-13.81M	-20.92M	-29.78M	-44.02M	-127.8M	-134.48M	-145.3M
FCF Margin %	-	-	-	-2.32%	-	-	-
FCF Growth %	-	-0.51%	-0.42%	-0.48%	-1.9%	-0.05%	-0.08%
FCF per Share	-17.26	-20.55	-0.68	-0.99	-2.74	-3.24	-2.70
FCF Conversion (FCF/Net Income)	0.95x	1.04x	0.57x	0.66x	-1.14x	0.88x	0.87x
Interest Paid	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	37.8M	0	0

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-64.59%	-20.96%	23.16%	-30.98%	-32.06%
Return on Invested Capital (ROIC)	-	-	-	-25.63%	28.94%	-38.57%	-34.01%
Gross Margin	-	-	-	100%	-	-	-
Net Margin	-	-	-	-346.14%	-	-	-
Debt / Equity	-	-	-	-	0.01x	0.01x	0.00x
FCF Conversion	0.95x	1.04x	0.57x	0.66x	-1.14x	0.88x	0.87x
Revenue Growth	-	-	-	-	-100%	-	-

Frequently Asked Questions

Growth & Financials

Cullinan Therapeutics, Inc. (CGEM) grew revenue by 0.0% over the past year. Growth has been modest.

Cullinan Therapeutics, Inc. (CGEM) reported a net loss of $216.8M for fiscal year 2024.

Dividend & Returns

Cullinan Therapeutics, Inc. (CGEM) has a return on equity (ROE) of -32.1%. Negative ROE indicates the company is unprofitable.

Cullinan Therapeutics, Inc. (CGEM) had negative free cash flow of $137.4M in fiscal year 2024, likely due to heavy capital investments.

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