Free cash flow remains deeply negative at $46.0 million for 2026Q1, with an OCF/NI ratio of 0.93 suggesting that cash burn is tightly coupled with net losses.
| Cash from Operations | -178.64M | -175.75M | -145.3M | -134.28M | -126.66M | -43.43M | -29.77M | -20.9M | -13.55M |
| Operating CF Margin % | - | - | - | - | - | -229.28% | - | - | - |
| Operating CF Growth % | -77.51% | -20.95% | -8.21% | -6.01% | -191.63% | -45.89% | -42.47% | -54.23% | - |
| Net Income | -221.04M | -219.88M | -167.57M | -153.16M | 109.19M | -67.48M | -51.8M | -20.66M | -14.19M |
| Depreciation & Amortization | 314K | 311K | 306K | 310K | 93K | 53K | 62K | 70K | 43K |
| Stock-Based Compensation | 26.67M | 36.04M | 37.82M | 30.44M | 27.96M | 24.38M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.1M | 0 | 0 | 0 |
| Other Non-Cash Items | 2.84M | -6.31M | -15.47M | -11.52M | -275.08M | 67K | 15.11M | -445K | 252K |
| Working Capital Changes | 12.57M | 14.08M | -389K | -339K | 11.18M | -3.54M | 6.85M | 135K | 345K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -892K | -839K | -812K | -167K | -509K | -4.83M | 5.58M | 639K | 225K |
| Cash from Investing | 175.6M | 179.99M | -136.31M | 35.81M | 248.97M | -333.77M | -5.42M | -35.4M | -261K |
| Capital Expenditures | -11K | -49K | 0 | -208K | -1.13M | -589.23K | -10K | -20K | -261K |
| CapEx % of Revenue | - | - | - | - | - | 3.11% | - | - | - |
| Acquisitions | 0 | 0 | 0 | -36.01K | 275M | 923K | 1.45M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -38K | 0 | 0 | 36.01K | 91K | -333.77K | 0 | 0 | 0 |
| Cash from Financing | 1.47M | 1.09M | 266.19M | 40.75M | -25.93M | 268.78M | 140.14M | 85.72M | -29K |
| Debt Issued (Net) | 0 | 0 | 0 | 1.82M | -2.2M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.09M | 1.09M | 262.65M | 38.39M | 8.39M | 267.27M | 140.14M | 85.72M | -20K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 373K | 0 | 3.54M | 538K | -32.13M | 1.52M | 0 | 0 | -9K |
| Net Change in Cash | -1.57M | 5.33M | -15.43M | -57.72M | 96.38M | -108.42M | 104.95M | 29.42M | -13.84M |
| Free Cash Flow | -178.69M | -175.8M | -145.3M | -134.48M | -127.8M | -44.02M | -29.78M | -20.92M | -13.81M |
| FCF Margin % | - | - | - | - | - | -232.39% | - | - | - |
| FCF Growth % | -18.96% | -20.99% | -8.05% | -5.23% | -190.3% | -47.81% | -42.38% | -51.46% | - |
| FCF per Share | -3.02 | -2.98 | -2.70 | -3.24 | -2.74 | -0.99 | -0.68 | -20.55 | -17.26 |
| FCF Conversion (FCF/Net Income) | 0.81x | 0.80x | 0.87x | 0.88x | -1.14x | 0.66x | 0.57x | 1.04x | 0.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 37.8M | 0 | 0 | 0 | 0 |
Clinical trial funding runway
As reported in financial statements, Cullinan Therapeutics consistently exhibits an OCF/NI ratio below 1.0, with the 2026Q1 figure of 0.93 highlighting that cash outflows are closely tracking net losses, leaving little room for operational efficiency to mitigate the ongoing burn of the clinical-stage pipeline.
The persistent gap between net income and operating cash flow suggests that non-cash expenses, while present, are insufficient to offset the heavy cash requirements of clinical development. Investors should monitor this conversion ratio, as any further deterioration may indicate that the company is struggling to manage its working capital effectively while scaling its research activities.
Based on the provided quarterly data, the company's free cash flow remains deeply negative, with a 2026Q1 outflow of $46.0 million, underscoring a trajectory that is entirely dependent on external capital infusions to sustain the current pace of R&D and clinical trial execution.
The lack of positive free cash flow is expected for a pre-revenue biotech, yet the magnitude of the quarterly burn relative to the reported cash position warrants caution. This trend suggests that the company is in a high-stakes phase where capital consumption is accelerating, potentially forcing management to prioritize near-term liquidity over long-term asset development.
According to recent SEC filings, working capital changes have fluctuated significantly, ranging from a $6.1 million inflow in 2025Q4 to a $3.3 million outflow in 2026Q1, reflecting the inherent unpredictability of managing clinical trial-related payables and vendor obligations in a pre-commercial environment.
This volatility suggests that the company's cash position is sensitive to the timing of clinical trial milestones and associated vendor payments. Analysts should interpret these swings as a reflection of the company's limited ability to smooth out cash outflows, which may exacerbate liquidity pressures during periods of high clinical activity.
As indicated by the reported financial data, stock-based compensation has consistently hovered near $9-10 million per quarter, which effectively masks the true cash-based operational burn by inflating the net loss figures without requiring an immediate cash outlay from the company's limited reserves.
While SBC is a standard tool for talent retention in biotech, its consistent use suggests that the company is relying on equity-based incentives to preserve cash. Investors should be aware that this practice, while helpful for short-term liquidity, creates a persistent overhang of potential dilution that may impact future per-share value.
Quick answers to the most common questions about buying CGEM stock.
Cullinan Therapeutics, Inc. (CGEM) generated $-175.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cullinan Therapeutics, Inc. (CGEM) reported negative free cash flow of $175.8M in 2025, indicating capital requirements exceeded cash from operations.
Cullinan Therapeutics, Inc. (CGEM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.