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Cullinan Therapeutics, Inc.(CGEM)Earnings, Financials & Key Ratios
CGEM•NASDAQ
$14.94
$900M mkt cap·Price updated May 6, 2026
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-$241M-22.7%
- Net Income-$220M-31.4%
- EPS (Diluted)-3.72-19.6%
- ROE-44.02%-37.3%
- ROIC-43.54%-28.0%
- Debt/Equity0.01+80.1%
CGEM Key Insights
Cullinan Therapeutics, Inc. (CGEM) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Momentum leader: RS Rating 82 (top 18%)
✗Weaknesses
- ✗Weak Piotroski F-Score: 1/9
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
CGEM Price & Volume
Cullinan Therapeutics, Inc. (CGEM) stock price & volume — 10-year historical chart
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CGEM Growth Metrics
Cullinan Therapeutics, Inc. (CGEM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-31.36%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-19.17%
Return on Capital
10 Years-29.27%
5 Years-23.2%
3 Years-41.42%
Last Year-48.24%
CGEM Recent Earnings
Cullinan Therapeutics, Inc. (CGEM) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (67%)
Q2 2026Latest
Mar 10, 2026EPS
$0.77
Est $0.80
+3.8%
Revenue
—
Est $5M
Q4 2025
Nov 6, 2025EPS
$0.77
Est $0.95
+18.9%
Revenue
—
Est $6M
Q3 2025
Aug 7, 2025EPS
$1.07
Est $0.83
-28.9%
Revenue
—
Q2 2025
May 8, 2025EPS
$0.74
Est $0.78
+5.1%
Revenue
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 10, 2026 | $0.77vs $0.80+3.8% | —vs $5M |
| Q4 2025 | Nov 6, 2025 | $0.77vs $0.95+18.9% | —vs $6M |
| Q3 2025 | Aug 7, 2025 | $1.07vs $0.83-28.9% | — |
| Q2 2025 | May 8, 2025 | $0.74vs $0.78+5.1% | — |
Based on last 12 quarters of dataView full earnings history →
CGEM Peer Comparison
Cullinan Therapeutics, Inc. (CGEM) competitors in Clinical-Stage Biopharma Developers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 IMVT | 5.66B | 27.84 | -10.20 | -47.07% | 0.00 | |||
 KYMR | 6.75B | 82.71 | -22.41 | -16.72% | -6.12% | -25.02% | 0.05 | |
 RCUS | 2.62B | 26.06 | -7.92 | -4.26% | -156.36% | -68.97% | 0.16 | |
 PRCT | 1.43B | 25.18 | -14.64 | 37.22% | -31.82% | -27.7% | 0.14 | |
 TPST | 59.99M | 2.15 | -1.43 | -5.68% | 0.80 | |||
 AGEN | 147.29M | 4.17 | -1226.47 | 10.37% | 0.1% | |||
 NKTR | 1.65B | 84.16 | -8.65 | -43.89% | -192.87% | -356.81% | 0.95 | |
 ALNY | 40.18B | 301.11 | 129.23 | 65.19% | 13.46% | 98.29% | 1.16% | 1.62 |
Compare CGEM vs Peers
Cullinan Therapeutics, Inc. (CGEM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CGEM Income Statement
Cullinan Therapeutics, Inc. (CGEM) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 0 | 0 | 18.94M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 43K | 70K | 62K | 0 | 0 | 0 | 306K | 311K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -43K▲ 0% | -70K▼ 62.8% | -62K▲ 11.4% | 18.94M▲ 30653.2% | 0▼ 100.0% | 0▲ 0% | -306K▲ 0% | -311K▼ 1.6% |
| Gross Margin % | - | - | - | 100% | - | - | - | - |
| Gross Profit Growth % | - | -62.79% | 11.43% | 30653.23% | -100% | - | - | -1.63% |
| Operating Expenses | 14.59M | 22.27M | 60.34M | 86.9M | -144.65M | 191.09M | 196.61M | 241.65M |
| OpEx % of Revenue | - | - | - | 458.73% | - | - | - | - |
| Selling, General & Admin | 5M | 5.48M | 17.12M | 29.15M | 40.19M | 42.49M | 53.71M | 54.25M |
| SG&A % of Revenue | - | - | - | 153.86% | - | - | - | - |
| Research & Development | 9.58M | 16.79M | 43.21M | 57.75M | 91.95M | 148.16M | 142.9M | 187.4M |
| R&D % of Revenue | - | - | - | 304.87% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -276.79M | 440K | 0 | 0 |
| Operating Income | -14.59M▲ 0% | -22.27M▼ 52.7% | -60.34M▼ 170.9% | -67.95M▼ 12.6% | 144.65M▲ 312.9% | -191.09M▼ 232.1% | -196.92M▼ 3.1% | -241.65M▼ 22.7% |
| Operating Margin % | - | - | - | -358.73% | - | - | - | - |
| Operating Income Growth % | - | -52.68% | -170.92% | -12.63% | 312.86% | -232.11% | -3.05% | -22.71% |
| EBITDA | -14.54M | -22.2M | -60.27M | -67.9M | 144.74M | -190.78M | -196.61M | -241.34M |
| EBITDA Margin % | - | - | - | -358.45% | - | - | - | - |
| EBITDA Growth % | - | -52.65% | -171.5% | -12.66% | 313.16% | -231.81% | -3.06% | -22.75% |
| D&A (Non-Cash Add-back) | 43K | 70K | 62K | 53K | 93K | 310K | 306K | 311K |
| EBIT | -14.59M | -22.27M | -60.34M | -67.95M | -132.14M | -190.65M | -167.46M | -241.65M |
| Net Interest Income | 0 | 620K | 888K | 477K | 6.61M | 21.63M | 29.66M | 22.21M |
| Interest Income | 397K | 620K | 888K | 477K | 6.61M | 21.63M | 29.66M | 22.21M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 397K | 616K | 877K | 469K | 6.67M | 21.87M | 29.46M | 21.77M |
| Pretax Income | -14.19M▲ 0% | -21.65M▼ 52.6% | -59.46M▼ 174.6% | -67.48M▼ 13.5% | 151.32M▲ 324.2% | -169.22M▼ 211.8% | -167.46M▲ 1.0% | -219.88M▼ 31.3% |
| Pretax Margin % | - | - | - | -356.25% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 42.12M | -14.12M | 117K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 27.84% | 8.35% | -0.07% | 0% |
| Net Income | -14.19M▲ 0% | -20.04M▼ 41.2% | -51.8M▼ 158.5% | -65.57M▼ 26.6% | 111.21M▲ 269.6% | -153.16M▼ 237.7% | -167.38M▼ 9.3% | -219.88M▼ 31.4% |
| Net Margin % | - | - | - | -346.14% | - | - | - | - |
| Net Income Growth % | - | -41.22% | -158.52% | -26.59% | 269.61% | -237.72% | -9.28% | -31.36% |
| Net Income (Continuing) | -14.19M | -21.65M | -59.46M | -67.48M | 109.19M | -155.1M | -167.57M | -219.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1K | 864K | 1.3M | 403K | 0 | 192K | 0 | 0 |
| EPS (Diluted) | -17.74▲ 0% | -19.68▼ 10.9% | -1.19▲ 94.0% | -1.48▼ 24.4% | 2.38▲ 260.8% | -3.69▼ 255.0% | -3.11▲ 15.7% | -3.72▼ 19.6% |
| EPS Growth % | - | -10.94% | 93.95% | -24.37% | 260.81% | -255.04% | 15.72% | -19.61% |
| EPS (Basic) | -17.74 | -19.70 | -1.19 | -1.48 | 2.46 | -3.69 | -3.11 | -3.72 |
| Diluted Shares Outstanding | 800.04K | 1.02M | 43.52M | 44.29M | 46.64M | 41.55M | 53.77M | 59.05M |
| Basic Shares Outstanding | 800K | 1.02M | 43.52M | 44.29M | 45.16M | 41.51M | 53.77M | 59.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
CGEM Balance Sheet
Cullinan Therapeutics, Inc. (CGEM) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 34.22M | 100.09M | 212.28M | 296.56M | 474.47M | 480.19M | 414.67M | 386.76M |
| Cash & Short-Term Investments | 33.83M | 98.63M | 210.21M | 290.47M | 467.29M | 467.07M | 398.98M | 377.9M |
| Cash Only | 33.83M | 63.25M | 168.2M | 59.77M | 156.15M | 98.43M | 83M | 88.33M |
| Short-Term Investments | 0 | 35.38M | 42.01M | 230.69M | 311.14M | 368.63M | 315.97M | 289.56M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 7.18M | 13.12M | 12.69M | 8.86M |
| Total Non-Current Assets | 421K | 370K | 2.43M | 140.62M | 86.64M | 3.99M | 207.16M | 61.62M |
| Property, Plant & Equipment | 233K | 182K | 130K | 77K | 5.3M | 3.53M | 2.35M | 3.05M |
| Fixed Asset Turnover | - | - | - | 246.01x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 140.4M | 80.88M | 0 | 204.44M | 58.27M |
| Other Non-Current Assets | 188K | 188K | 2.3M | 147K | 459K | 459K | 366K | 297K |
| Total Assets | 34.64M▲ 0% | 100.46M▲ 190.0% | 214.71M▲ 113.7% | 437.19M▲ 103.6% | 561.12M▲ 28.3% | 484.18M▼ 13.7% | 621.82M▲ 28.4% | 448.37M▼ 27.9% |
| Asset Turnover | - | - | - | 0.04x | - | - | - | - |
| Asset Growth % | - | 190.01% | 113.72% | 103.62% | 28.35% | -13.71% | 28.43% | -27.89% |
| Total Current Liabilities | 1.32M | 2.52M | 14.32M | 11.75M | 22.5M | 28.14M | 30.65M | 37.74M |
| Accounts Payable | 296K | 934K | 9.68M | 3.17M | 2.66M | 2.49M | 1.68M | 841K |
| Days Payables Outstanding | 2.51K | 4.87K | 56.98K | - | - | - | 2.01K | 987.03 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 178K | 0 | 0 | 780K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 27K | 523K | 1.76M | 3.55M | 1.96M | 7.9M | 1.44M | 36.12M |
| Current Ratio | 25.85x | 39.67x | 14.82x | 25.25x | 21.09x | 17.07x | 13.53x | 10.25x |
| Quick Ratio | 25.85x | 39.67x | 14.82x | 25.25x | 21.09x | 17.07x | 13.53x | 10.25x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 53.97M | 137.85M | 74K | 65K | 3.59M | 2.15M | 849K | 1.9M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 3.59M | 2.15M | 849K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 53.97M | 137.85M | 74K | 65K | 0 | 0 | 0 | 0 |
| Total Liabilities | 55.29M | 140.37M | 14.39M | 11.81M | 26.09M | 30.29M | 31.5M | 39.64M |
| Total Debt | 0 | 0 | 0 | 0 | 5.19M | 3.59M | 2.15M | 2.68M |
| Net Debt | -33.83M | -63.25M | -168.2M | -59.77M | -150.96M | -94.84M | -80.85M | -85.65M |
| Debt / Equity | - | - | - | - | 0.01x | 0.01x | 0.00x | 0.01x |
| Debt / EBITDA | - | - | - | - | 0.04x | - | - | - |
| Net Debt / EBITDA | - | - | - | - | -1.04x | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | -20.65M▲ 0% | -39.91M▼ 93.3% | 200.31M▲ 601.9% | 425.37M▲ 112.4% | 535.03M▲ 25.8% | 453.89M▼ 15.2% | 590.33M▲ 30.1% | 408.73M▼ 30.8% |
| Equity Growth % | - | -93.26% | 601.93% | 112.35% | 25.78% | -15.16% | 30.06% | -30.76% |
| Book Value per Share | -25.81 | -39.21 | 4.60 | 9.60 | 11.47 | 10.92 | 10.98 | 6.92 |
| Total Shareholders' Equity | -20.65M | -40.77M | 199.01M | 424.97M | 535.03M | 453.7M | 590.33M | 408.73M |
| Common Stock | 1K | 1K | 3K | 4K | 5K | 4K | 6K | 6K |
| Retained Earnings | -20.87M | -41.54M | -93.34M | -158.91M | -47.7M | -200.86M | -368.24M | -588.12M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -4K | -2K | -838K | -2.6M | -129K | -133K | 1.02M |
| Minority Interest | 1K | 864K | 1.3M | 403K | 0 | 192K | 0 | 0 |
CGEM Cash Flow Statement
Cullinan Therapeutics, Inc. (CGEM) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -13.55M | -20.9M | -29.77M | -43.43M | -126.66M | -134.28M | -145.3M | -175.75M |
| Operating CF Margin % | - | - | - | -229.28% | - | - | - | - |
| Operating CF Growth % | - | -54.23% | -42.47% | -45.89% | -191.63% | -6.01% | -8.21% | -20.95% |
| Net Income | -14.19M | -20.66M | -51.8M | -67.48M | 109.19M | -153.16M | -167.57M | -219.88M |
| Depreciation & Amortization | 43K | 70K | 62K | 53K | 93K | 310K | 306K | 311K |
| Stock-Based Compensation | 0 | 0 | 0 | 24.38M | 27.96M | 30.44M | 37.82M | 36.04M |
| Deferred Taxes | 0 | 0 | 0 | 3.1M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 252K | -445K | 15.11M | 67K | -275.08M | -11.52M | -15.47M | -6.31M |
| Working Capital Changes | 345K | 135K | 6.85M | -3.54M | 11.18M | -339K | -389K | 14.08M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 225K | 639K | 5.58M | -4.83M | -509K | -167K | -812K | -839K |
| Cash from Investing | -261K | -35.4M | -5.42M | -333.77M | 248.97M | 35.81M | -136.31M | 179.99M |
| Capital Expenditures | -261K | -20K | -10K | -589.23K | -1.13M | -208K | 0 | -49K |
| CapEx % of Revenue | - | - | - | 3.11% | - | - | - | - |
| Acquisitions | 0 | 0 | 1.45M | 923K | 275M | -36.01K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -333.77K | 91K | 36.01K | 0 | 0 |
| Cash from Financing | -29K | 85.72M | 140.14M | 268.78M | -25.93M | 40.75M | 266.19M | 1.09M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -2.2M | 1.82M | 0 | 0 |
| Equity Issued (Net) | -20K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9K | 0 | 0 | 1.52M | -32.13M | 538K | 3.54M | 0 |
| Net Change in Cash | -13.84M▲ 0% | 29.42M▲ 312.6% | 104.95M▲ 256.7% | -108.42M▼ 203.3% | 96.38M▲ 188.9% | -57.72M▼ 159.9% | -15.43M▲ 73.3% | 5.33M▲ 134.5% |
| Free Cash Flow | -13.81M▲ 0% | -20.92M▼ 51.5% | -29.78M▼ 42.4% | -44.02M▼ 47.8% | -127.8M▼ 190.3% | -134.48M▼ 5.2% | -145.3M▼ 8.0% | -175.8M▼ 21.0% |
| FCF Margin % | - | - | - | -232.39% | - | - | - | - |
| FCF Growth % | - | -51.46% | -42.38% | -47.81% | -190.3% | -5.23% | -8.05% | -20.99% |
| FCF per Share | -17.26 | -20.55 | -0.68 | -0.99 | -2.74 | -3.24 | -2.70 | -2.98 |
| FCF Conversion (FCF/Net Income) | 0.95x | 1.04x | 0.57x | 0.66x | -1.14x | 0.88x | 0.87x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 37.8M | 0 | 0 | 0 |
CGEM Key Ratios
Cullinan Therapeutics, Inc. (CGEM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | - | -64.59% | -20.96% | 23.16% | -30.98% | -32.06% | -44.02% |
| Return on Invested Capital (ROIC) | - | - | - | -25.63% | 28.94% | -38.57% | -34.01% | -43.54% |
| Gross Margin | - | - | - | 100% | - | - | - | - |
| Net Margin | - | - | - | -346.14% | - | - | - | - |
| Debt / Equity | - | - | - | - | 0.01x | 0.01x | 0.00x | 0.01x |
| FCF Conversion | 0.95x | 1.04x | 0.57x | 0.66x | -1.14x | 0.88x | 0.87x | 0.80x |
| Revenue Growth | - | - | - | - | -100% | - | - | - |
CGEM SEC Filings & Documents
Cullinan Therapeutics, Inc. (CGEM) SEC filings — annual & quarterly reports (10-K, 10-Q)
CGEM Frequently Asked Questions
Cullinan Therapeutics, Inc. (CGEM) stock FAQ — growth, dividends, profitability & financials explained
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 $219.9M for fiscal year 2025.
Dividend & Returns
Cullinan Therapeutics, Inc. (CGEM) has a return on equity (ROE) of -44.0%. Negative ROE indicates the company is unprofitable.
Cullinan Therapeutics, Inc. (CGEM) had negative free cash flow of $138.9M in fiscal year 2025, likely due to heavy capital investments.
Explore More CGEM
Cullinan Therapeutics, Inc. (CGEM) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
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Dividend History
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Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
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Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates