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CGEM logoCullinan Therapeutics, Inc.(CGEM)Earnings, Financials & Key Ratios

CGEM•NASDAQ
$14.72
$905M mkt cap·Price updated May 7, 2026
SectorHealthcareIndustryPharmaceuticalsSub-IndustryClinical-Stage Biopharma Developers
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%
Technical→

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

  • ✗Profits declining 33.5% over 5 years
  • ✗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-23.67%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM5.83%

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

Full history →
●Beat EPS 8/12 qtrs (67%)
Q2 2026Latest
Mar 10, 2026
EPS
$0.77
Est $0.80
+3.8%
Revenue
—
Est $5M
Q4 2025
Nov 6, 2025
EPS
$0.77
Est $0.95
+18.9%
Revenue
—
Est $6M
Q3 2025
Aug 7, 2025
EPS
$1.07
Est $0.83
-28.9%
Revenue
—
Q2 2025
May 8, 2025
EPS
$0.74
Est $0.78
+5.1%
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 10, 2026
$0.77vs $0.80+3.8%
—vs $5M
Q4 2025Nov 6, 2025
$0.77vs $0.95+18.9%
—vs $6M
Q3 2025Aug 7, 2025
$1.07vs $0.83-28.9%
—
Q2 2025May 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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
IMVT logoIMVTImmunovant, Inc.Direct Competitor5.53B27.22-9.97-47.07%0.00
KYMR logoKYMRKymera Therapeutics, Inc.Direct Competitor6.91B84.63-22.94-16.72%-6.12%-25.02%0.05
RCUS logoRCUSArcus Biosciences, Inc.Direct Competitor2.5B24.80-7.54-4.26%-156.36%-68.97%0.16
PRCT logoPRCTPROCEPT BioRobotics CorporationDirect Competitor1.45B25.44-14.7937.22%-31.82%-27.7%0.14
TPST logoTPSTTempest Therapeutics, Inc.Direct Competitor54.97M1.97-1.31-5.68%0.80
AGEN logoAGENAgenus Inc.Direct Competitor132.45M3.75-1102.9410.37%0.1%
NKTR logoNKTRNektar TherapeuticsDirect Competitor1.69B83.37-8.57-43.89%-297.07%-399.1%1.66
ALNY logoALNYAlnylam Pharmaceuticals, Inc.Product Competitor39.48B295.9112765.19%13.46%98.29%1.62

Compare CGEM vs Peers

Cullinan Therapeutics, Inc. (CGEM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IMVT

Most directly comparable listed peer for CGEM.

Scale Benchmark

vs MRK

Larger-name benchmark to compare CGEM against a more recognizable public peer.

Peer Set

Compare Top 5

vs IMVT, KYMR, RCUS, PRCT

CGEM Income Statement

Cullinan Therapeutics, Inc. (CGEM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue00018.94M00000
Revenue Growth %-----100%----
Cost of Goods Sold43K70K62K000306K311K79K
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%
-79K▲ 0%
Gross Margin %---100%-----
Gross Profit Growth %--62.79%11.43%30653.23%-100%---1.63%-
Operating Expenses14.59M22.27M60.34M86.9M-144.65M191.09M196.61M241.65M240.35M
OpEx % of Revenue---458.73%-----
Selling, General & Admin5M5.48M17.12M29.15M40.19M42.49M53.71M54.25M52.28M
SG&A % of Revenue---153.86%-----
Research & Development9.58M16.79M43.21M57.75M91.95M148.16M142.9M187.4M188.07M
R&D % of Revenue---304.87%-----
Other Operating Expenses0000-276.79M440K000
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%
-240.35M▲ 0%
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-67.9M144.74M-190.78M-196.61M-241.34M-240.43M
EBITDA Margin %----358.45%-----
EBITDA Growth %--52.65%-171.5%-12.66%313.16%-231.81%-3.06%-22.75%-15.25%
D&A (Non-Cash Add-back)43K70K62K53K93K310K306K311K-76K
EBIT-14.59M-22.27M-60.34M-67.95M-132.14M-190.65M-167.46M-241.65M-186.65M
Net Interest Income0620K888K477K6.61M21.63M29.66M22.21M15.63M
Interest Income397K620K888K477K6.61M21.63M29.66M22.21M19.73M
Interest Expense000000000
Other Income/Expense397K616K877K469K6.67M21.87M29.46M21.77M19.31M
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%
-221.04M▲ 0%
Pretax Margin %----356.25%-----
Income Tax000042.12M-14.12M117K00
Effective Tax Rate %0%0%0%0%27.84%8.35%-0.07%0%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%
-221.04M▲ 0%
Net Margin %----346.14%-----
Net Income Growth %--41.22%-158.52%-26.59%269.61%-237.72%-9.28%-31.36%-23.67%
Net Income (Continuing)-14.19M-21.65M-59.46M-67.48M109.19M-155.1M-167.57M-219.88M-171.38M
Discontinued Operations000000000
Minority Interest1K864K1.3M403K0192K000
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%
-▲ 0%
EPS Growth %--10.94%93.95%-24.37%260.81%-255.04%15.72%-19.61%5.83%
EPS (Basic)-17.74-19.70-1.19-1.482.46-3.69-3.11-3.72-
Diluted Shares Outstanding800.04K1.02M43.52M44.29M46.64M41.55M53.77M59.05M0
Basic Shares Outstanding800K1.02M43.52M44.29M45.16M41.51M53.77M59.05M0
Dividend Payout Ratio---------

CGEM Balance Sheet

Cullinan Therapeutics, Inc. (CGEM) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets34.22M100.09M212.28M296.56M474.47M480.19M414.67M386.76M361.41M
Cash & Short-Term Investments33.83M98.63M210.21M290.47M467.29M467.07M398.98M377.9M351.88M
Cash Only33.83M63.25M168.2M59.77M156.15M98.43M83M88.33M75.08M
Short-Term Investments035.38M42.01M230.69M311.14M368.63M315.97M289.56M276.8M
Accounts Receivable0000003M00
Days Sales Outstanding---------
Inventory000000000
Days Inventory Outstanding---------
Other Current Assets00007.18M13.12M12.69M8.86M9.52M
Total Non-Current Assets421K370K2.43M140.62M86.64M3.99M207.16M61.62M41.58M
Property, Plant & Equipment233K182K130K77K5.3M3.53M2.35M3.05M2.78M
Fixed Asset Turnover---246.01x----0.00x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments000140.4M80.88M0204.44M58.27M479.07M
Other Non-Current Assets188K188K2.3M147K459K459K366K297K1.32M
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%
402.98M▲ 0%
Asset Turnover---0.04x----0.00x
Asset Growth %-190.01%113.72%103.62%28.35%-13.71%28.43%-27.89%-107.88%
Total Current Liabilities1.32M2.52M14.32M11.75M22.5M28.14M30.65M37.74M35.15M
Accounts Payable296K934K9.68M3.17M2.66M2.49M1.68M841K2.51M
Days Payables Outstanding2.51K4.87K56.98K---2.01K987.038.7K
Short-Term Debt0000178K00780K725K
Deferred Revenue (Current)000000000
Other Current Liabilities27K523K1.76M3.55M1.96M7.9M1.44M36.12M34.43M
Current Ratio25.85x39.67x14.82x25.25x21.09x17.07x13.53x10.25x10.25x
Quick Ratio25.85x39.67x14.82x25.25x21.09x17.07x13.53x10.25x10.25x
Cash Conversion Cycle---------
Total Non-Current Liabilities53.97M137.85M74K65K3.59M2.15M849K1.9M1.66M
Long-Term Debt00000001.9M1.66M
Capital Lease Obligations00003.59M2.15M849K0125K
Deferred Tax Liabilities000000000
Other Non-Current Liabilities53.97M137.85M74K65K00000
Total Liabilities55.29M140.37M14.39M11.81M26.09M30.29M31.5M39.64M36.81M
Total Debt00005.19M3.59M2.15M2.68M2.38M
Net Debt-33.83M-63.25M-168.2M-59.77M-150.96M-94.84M-80.85M-85.65M-72.7M
Debt / Equity----0.01x0.01x0.00x0.01x0.01x
Debt / EBITDA----0.04x----0.01x
Net Debt / EBITDA-----1.04x---0.30x
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%
366.17M▲ 0%
Equity Growth %--93.26%601.93%112.35%25.78%-15.16%30.06%-30.76%-117.52%
Book Value per Share-25.81-39.214.609.6011.4710.9210.986.925.96
Total Shareholders' Equity-20.65M-40.77M199.01M424.97M535.03M453.7M590.33M408.73M366.17M
Common Stock1K1K3K4K5K4K6K6K6K
Retained Earnings-20.87M-41.54M-93.34M-158.91M-47.7M-200.86M-368.24M-588.12M-637.78M
Treasury Stock000000000
Accumulated OCI0-4K-2K-838K-2.6M-129K-133K1.02M127K
Minority Interest1K864K1.3M403K0192K000

CGEM Cash Flow Statement

Cullinan Therapeutics, Inc. (CGEM) cash flow — operating, investing & free cash flow history

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations-13.55M-20.9M-29.77M-43.43M-126.66M-134.28M-145.3M-175.75M-175.75M
Operating CF Margin %----229.28%-----
Operating CF Growth %--54.23%-42.47%-45.89%-191.63%-6.01%-8.21%-20.95%-77.51%
Net Income-14.19M-20.66M-51.8M-67.48M109.19M-153.16M-167.57M-219.88M-221.04M
Depreciation & Amortization43K70K62K53K93K310K306K311K314K
Stock-Based Compensation00024.38M27.96M30.44M37.82M36.04M34.28M
Deferred Taxes0003.1M00000
Other Non-Cash Items252K-445K15.11M67K-275.08M-11.52M-15.47M-6.31M-8.07M
Working Capital Changes345K135K6.85M-3.54M11.18M-339K-389K14.08M15.88M
Change in Receivables000000000
Change in Inventory000000000
Change in Payables225K639K5.58M-4.83M-509K-167K-812K-839K-892K
Cash from Investing-261K-35.4M-5.42M-333.77M248.97M35.81M-136.31M179.99M175.6M
Capital Expenditures-261K-20K-10K-589.23K-1.13M-208K0-49K-11K
CapEx % of Revenue---3.11%-----
Acquisitions001.45M923K275M-36.01K000
Investments---------
Other Investing000-333.77K91K36.01K00-38K
Cash from Financing-29K85.72M140.14M268.78M-25.93M40.75M266.19M1.09M1.47M
Debt Issued (Net)0000-2.2M1.82M000
Equity Issued (Net)-20K85.72M140.14M267.27M8.39M38.39M262.65M1.09M715K
Dividends Paid000000000
Share Repurchases000000000
Other Financing-9K001.52M-32.13M538K3.54M0753K
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%
-1.57M▲ 0%
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%
-141.77M▲ 0%
FCF Margin %----232.39%-----
FCF Growth %--51.46%-42.38%-47.81%-190.3%-5.23%-8.05%-20.99%5.62%
FCF per Share-17.26-20.55-0.68-0.99-2.74-3.24-2.70-2.98-2.98
FCF Conversion (FCF/Net Income)0.95x1.04x0.57x0.66x-1.14x0.88x0.87x0.80x0.64x
Interest Paid000000000
Taxes Paid000037.8M0000

CGEM Key Ratios

Cullinan Therapeutics, Inc. (CGEM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2019202020212022202320242025TTM
Return on Equity (ROE)--64.59%-20.96%23.16%-30.98%-32.06%-44.02%-51.45%
Return on Invested Capital (ROIC)---25.63%28.94%-38.57%-34.01%-43.54%-43.54%
Gross Margin--100%-----
Net Margin---346.14%-----
Debt / Equity---0.01x0.01x0.00x0.01x0.01x
FCF Conversion1.04x0.57x0.66x-1.14x0.88x0.87x0.80x0.64x
Revenue Growth----100%----

CGEM SEC Filings & Documents

Cullinan Therapeutics, Inc. (CGEM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Mar 10, 2026·SEC

Material company update

Jan 8, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 10, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Mar 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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 $221.0M 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 $141.8M 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

Historical returns with dividends reinvested

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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