Shareholders' equity has declined significantly to $366.2 million as of 2026Q1, reflecting the impact of accumulated retained losses totaling $637.8 million.
| Total Current Assets | 361.41M | 386.76M | 414.67M | 480.19M | 474.47M | 296.56M | 212.28M | 100.09M | 34.22M |
| Cash & Short-Term Investments | 351.88M | 377.9M | 398.98M | 467.07M | 467.29M | 290.47M | 210.21M | 98.63M | 33.83M |
| Cash Only | 75.08M | 88.33M | 83M | 98.43M | 156.15M | 59.77M | 168.2M | 63.25M | 33.83M |
| Short-Term Investments | 276.8M | 289.56M | 315.97M | 368.63M | 311.14M | 230.69M | 42.01M | 35.38M | 0 |
| Accounts Receivable | 0 | 0 | 3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 9.52M | 8.86M | 12.69M | 13.12M | 7.18M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 41.58M | 61.62M | 207.16M | 3.99M | 86.64M | 140.62M | 2.43M | 370K | 421K |
| Property, Plant & Equipment | 2.78M | 3.05M | 2.35M | 3.53M | 5.3M | 77K | 130K | 182K | 233K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | 246.01x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 479.07M | 58.27M | 204.44M | 0 | 80.88M | 140.4M | 0 | 0 | 0 |
| Other Non-Current Assets | 297K | 297K | 366K | 459K | 459K | 147K | 2.3M | 188K | 188K |
| Total Assets | 402.98M | 448.37M | 621.82M | 484.18M | 561.12M | 437.19M | 214.71M | 100.46M | 34.64M |
| Asset Turnover | 0.00x | - | - | - | - | 0.04x | - | - | - |
| Asset Growth % | -107.88% | -27.89% | 28.43% | -13.71% | 28.35% | 103.62% | 113.72% | 190.01% | - |
| Total Current Liabilities | 35.15M | 37.74M | 30.65M | 28.14M | 22.5M | 11.75M | 14.32M | 2.52M | 1.32M |
| Accounts Payable | 2.51M | 841K | 1.68M | 2.49M | 2.66M | 3.17M | 9.68M | 934K | 296K |
| Days Payables Outstanding | 8.7K | - | 2.01K | - | - | - | 56.98K | 4.87K | 2.51K |
| Short-Term Debt | 725K | 780K | 0 | 0 | 178K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 31.92M | 36.12M | 1.44M | 7.9M | 1.96M | 3.55M | 1.76M | 523K | 27K |
| Current Ratio | 10.28x | 10.25x | 13.53x | 17.07x | 21.09x | 25.25x | 14.82x | 39.67x | 25.85x |
| Quick Ratio | 10.28x | 10.25x | 13.53x | 17.07x | 21.09x | 25.25x | 14.82x | 39.67x | 25.85x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.66M | 1.9M | 849K | 2.15M | 3.59M | 65K | 74K | 137.85M | 53.97M |
| Long-Term Debt | 1.66M | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 125K | 0 | 849K | 2.15M | 3.59M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 65K | 74K | 137.85M | 53.97M |
| Total Liabilities | 36.81M | 39.64M | 31.5M | 30.29M | 26.09M | 11.81M | 14.39M | 140.37M | 55.29M |
| Total Debt | 2.38M | 2.68M | 2.15M | 3.59M | 5.19M | 0 | 0 | 0 | 0 |
| Net Debt | -72.7M | -85.65M | -80.85M | -94.84M | -150.96M | -59.77M | -168.2M | -63.25M | -33.83M |
| Debt / Equity | 0.01x | 0.01x | 0.00x | 0.01x | 0.01x | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | 0.04x | - | - | - | - |
| Net Debt / EBITDA | 0.30x | - | - | - | -1.04x | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - |
| Total Equity | 366.17M | 408.73M | 590.33M | 453.89M | 535.03M | 425.37M | 200.31M | -39.91M | -20.65M |
| Equity Growth % | -117.52% | -30.76% | 30.06% | -15.16% | 25.78% | 112.35% | 601.93% | -93.26% | - |
| Book Value per Share | 6.19 | 6.92 | 10.98 | 10.92 | 11.47 | 9.60 | 4.60 | -39.21 | -25.81 |
| Total Shareholders' Equity | 366.17M | 408.73M | 590.33M | 453.7M | 535.03M | 424.97M | 199.01M | -40.77M | -20.65M |
| Common Stock | 6K | 6K | 6K | 4K | 5K | 4K | 3K | 1K | 1K |
| Retained Earnings | -637.78M | -588.12M | -368.24M | -200.86M | -47.7M | -158.91M | -93.34M | -41.54M | -20.87M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 127K | 1.02M | -133K | -129K | -2.6M | -838K | -2K | -4K | 0 |
| Minority Interest | 0 | 0 | 0 | 192K | 0 | 403K | 1.3M | 864K | 1K |
Clinical trial funding runway
As reported in financial statements, Cullinan Therapeutics has seen total assets decline from $681.2 million in 2024Q2 to $403.0 million in 2026Q1, reflecting a consistent trajectory of capital depletion as the company funds its clinical-stage pipeline without the benefit of recurring product revenue streams.
The steady contraction in total assets suggests that the company is consuming its capital base to sustain R&D activities rather than generating internal growth. Investors should monitor this trend, as the diminishing asset base limits the firm's financial flexibility and increases the urgency for successful clinical readouts or external financing.
Based on the provided quarterly data, cash reserves have fallen from a peak of $115.0 million in 2024Q2 to $75.1 million in 2026Q1, indicating a tightening liquidity position that may constrain the company's ability to fund multiple concurrent clinical programs over the coming fiscal year.
While the current ratio remains elevated at 10.28, this metric is somewhat misleading in a pre-revenue context where cash is the primary operational fuel. The rapid decline in absolute cash levels suggests that the company's runway is shortening, which may force management to prioritize specific assets at the expense of broader pipeline development.
According to recent balance sheet figures, shareholders' equity has eroded from $656.2 million in 2024Q2 to $366.2 million in 2026Q1, primarily driven by the accumulation of significant retained losses totaling $637.8 million as of the most recent reporting period.
The consistent growth in negative retained earnings highlights the high cost of clinical development and the lack of commercialized products to offset these expenditures. This trend warrants investigation into the potential for future equity dilution, as the company may need to issue additional shares to replenish its capital base.
As indicated by the reported financial data, the company's reliance on equity financing to cover operating losses creates a structural vulnerability, as the lack of debt leverage means the entire burden of clinical failure risk is borne directly by shareholders through potential future dilution.
While the low debt-to-equity ratio of 0.01 appears favorable, it reflects a lack of access to non-dilutive financing rather than financial strength. Investors should be wary that the absence of debt may be a temporary state, as the company's cash burn trajectory may eventually necessitate more aggressive capital-raising strategies that could significantly impact existing equity holders.
Quick answers to the most common questions about buying CGEM stock.
As of 2025, Cullinan Therapeutics, Inc. (CGEM) had total assets of $448.4M including $386.8M in current assets.
Cullinan Therapeutics, Inc. (CGEM) carries total debt of $2.7M, offset by $377.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cullinan Therapeutics, Inc. (CGEM) has total shareholders' equity (book value) of $408.7M ($6.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cullinan Therapeutics, Inc. (CGEM) reported a current ratio of 10.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.