Cullinan remains pre-revenue with no gross margin, and operating losses have hovered around $55M per quarter, with a notable spike to -$75.8M in 2025Q2 due to a $61.0M R&D surge.
Cullinan Therapeutics, Inc. (CGEM) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 18.94M | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 306K | 0 | 0 | 0 | 62K | 70K | 43K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | -306K | 0 | 0 | 18.94M | -62K | -70K | -43K |
| Gross Margin % | - | - | - | - | - | 100% | - | - | - |
| Gross Profit Growth % | - | 100% | - | - | -100% | 30653.23% | 11.43% | -62.79% | - |
| Operating Expenses | 221.81M | 241.65M | 196.61M | 191.09M | -144.65M | 86.9M | 60.34M | 22.27M | 14.59M |
| OpEx % of Revenue | - | - | - | - | - | 458.73% | - | - | - |
| Selling, General & Admin | 50.33M | 54.25M | 53.71M | 42.49M | 40.19M | 29.15M | 17.12M | 5.48M | 5M |
| SG&A % of Revenue | - | - | - | - | - | 153.86% | - | - | - |
| Research & Development | 171.47M | 187.4M | 142.9M | 148.16M | 91.95M | 57.75M | 43.21M | 16.79M | 9.58M |
| R&D % of Revenue | - | - | - | - | - | 304.87% | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 440K | -276.79M | 0 | 0 | 0 | 0 |
| Operating Income | -221.81M | -241.65M | -196.92M | -191.09M | 144.65M | -67.95M | -60.34M | -22.27M | -14.59M |
| Operating Margin % | - | - | - | - | - | -358.73% | - | - | - |
| Operating Income Growth % | - | -22.71% | -3.05% | -232.11% | 312.86% | -12.63% | -170.92% | -52.68% | - |
| EBITDA | -221.49M | -241.34M | -196.61M | -190.78M | 144.74M | -67.9M | -60.27M | -22.2M | -14.54M |
| EBITDA Margin % | - | - | - | - | - | -358.45% | - | - | - |
| EBITDA Growth % | 5.5% | -22.75% | -3.06% | -231.81% | 313.16% | -12.66% | -171.5% | -52.65% | - |
| D&A (Non-Cash Add-back) | 316K | 311K | 306K | 310K | 93K | 53K | 62K | 70K | 43K |
| EBIT | -208.72M | -219.88M | -167.46M | -190.65M | -132.14M | -67.48M | -60.34M | -22.27M | -14.59M |
| Net Interest Income | 17.45M | 22.21M | 29.66M | 21.63M | 6.61M | 477K | 888K | 620K | 0 |
| Interest Income | 17.45M | 22.21M | 29.66M | 21.63M | 6.61M | 477K | 888K | 620K | 397K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 17.12M | 21.77M | 29.46M | 21.87M | 6.67M | 469K | 877K | 616K | 397K |
| Pretax Income | -204.69M | -219.88M | -167.46M | -169.22M | 151.32M | -67.48M | -59.46M | -21.65M | -14.19M |
| Pretax Margin % | - | - | - | - | - | -356.25% | - | - | - |
| Income Tax | 0 | 0 | 117K | -14.12M | 42.12M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.07% | 8.35% | 27.84% | 0% | 0% | 0% | 0% |
| Net Income | -204.69M | -219.88M | -167.38M | -153.16M | 111.21M | -65.57M | -51.8M | -20.04M | -14.19M |
| Net Margin % | - | - | - | - | - | -346.14% | - | - | - |
| Net Income Growth % | 1% | -31.36% | -9.28% | -237.72% | 269.61% | -26.59% | -158.52% | -41.22% | - |
| Net Income (Continuing) | -204.69M | -219.88M | -167.57M | -155.1M | 109.19M | -67.48M | -59.46M | -21.65M | -14.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 192K | 0 | 403K | 1.3M | 864K | 1K |
| EPS (Diluted) | -3.33 | -3.72 | -3.11 | -3.69 | 2.38 | -1.48 | -1.19 | -19.68 | -17.74 |
| EPS Growth % | 4.26% | -19.61% | 15.72% | -255.04% | 260.81% | -24.37% | 93.95% | -10.94% | - |
| EPS (Basic) | - | -3.72 | -3.11 | -3.69 | 2.46 | -1.48 | -1.19 | -19.70 | -17.74 |
| Diluted Shares Outstanding | 61.49M | 59.05M | 53.77M | 41.55M | 46.64M | 44.29M | 43.52M | 1.02M | 800.04K |
| Basic Shares Outstanding | 61.49M | 59.05M | 53.77M | 41.51M | 45.16M | 44.29M | 43.52M | 1.02M | 800K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CGEM stock.
For fiscal year 2025, Cullinan Therapeutics, Inc. (CGEM) reported total revenue of $0.0M.
Cullinan Therapeutics, Inc. (CGEM) reported a net loss of $219.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Pre-Revenue Pipeline Drives Stable Burn
Cullinan remains pre-revenue with no product sales, as R&D spending held near $42-44M in recent quarters, reflecting a stable clinical-stage trajectory. According to the latest income statement data, operating losses have hovered around $55M per quarter.
Revenue is absent, consistent with a clinical-stage biotech, and the sequential stability in R&D spend suggests a deliberate pace of clinical advancement rather than aggressive expansion. The slight uptick in 2026Q2 R&D to $44.4M may indicate increased activity in pivotal trials, but the overall trend is one of controlled investment. Investors should monitor whether the company can maintain this spending discipline as later-stage trials typically require larger outlays.
No Gross Margin Until Commercialization
Gross margin is undefined as the company has no product revenue, with COGS only nominal in 2024 quarters. As reported in financial statements, operating margins remain deeply negative, reflecting the absence of a commercialized product.
The lack of revenue means gross margin analysis is moot; the company's economics are entirely dependent on future product sales or partnership milestones. The minimal COGS in early 2024 likely relates to pilot manufacturing or supply for trials, but it is immaterial. The path to positive margins hinges on successful regulatory approval and commercial launch, which remains speculative at this stage.
Operating Leverage Absent in R&D-Heavy Model
Operating losses have scaled with R&D investment, with no revenue to absorb fixed costs, indicating no operating leverage. Based on reported figures, SG&A has remained relatively flat at $12-14M per quarter, while R&D dominates the cost structure.
The company's cost structure is typical for a clinical-stage biotech: R&D is the primary driver of operating losses, and SG&A is a secondary but stable component. The lack of revenue means operating leverage cannot be achieved until commercialization, and even then, it will depend on the margin profile of future products. The recent uptick in R&D in 2026Q2 suggests a potential increase in burn as pivotal trials expand, which may pressure the cash runway.
Net Losses Driven by R&D and SBC
Net losses have consistently exceeded operating losses due to stock-based compensation, which averaged $8-10M per quarter. As reported in the income statement, SBC represents a significant non-cash expense that dilutes shareholders without immediate cash outflow.
The gap between operating and net income is primarily attributable to SBC, which is a non-cash charge but still reduces reported earnings per share. The EPS dilution is evident, with diluted EPS ranging from -$0.70 to -$1.19, reflecting both the net loss and the increasing share count from SBC. Investors should adjust for SBC to assess the true cash burn, which is lower than the reported net loss.
R&D and SG&A Show Spending Discipline
R&D expenses have remained in the $40-44M range for the last five quarters, while SG&A has been held below $15M, indicating disciplined cost management. According to the latest financial data, total operating costs have not escalated despite pipeline expansion.
The stability in R&D and SG&A suggests management is carefully managing the cash burn, likely to extend the runway given the reported $88.3M cash position. The slight increase in R&D in 2026Q2 may reflect the initiation of pivotal trials for zipalertinib, but the overall trend is one of controlled spending. However, the cash position implies a limited runway, and investors should monitor whether the company can maintain this discipline or will need to raise capital.
2025Q2 Spike Marks a Temporary Surge
The most notable inflection occurred in 2025Q2, when R&D jumped to $61.0M and operating loss widened to -$75.8M, a 38% increase from the prior quarter. This spike appears to be a one-time event, as spending reverted to prior levels in subsequent quarters.
The 2025Q2 surge in R&D likely reflects a one-time expense, possibly related to a milestone payment or a large clinical trial initiation. The subsequent normalization to ~$42M in R&D suggests the spike was not a new run-rate. This volatility in quarterly spending is common in biotech and may complicate year-over-year comparisons, but the underlying trend is one of steady investment rather than exponential growth.
Cash Burn Threatens Operational Runway
With only $88.3M in cash and quarterly operating losses averaging $55M, the company may have less than two quarters of funding, according to the latest balance sheet data. This suggests a high likelihood of dilutive financing or partnership deals in the near term.
The cash position is critically low relative to the burn rate, which is a major risk for shareholders. Even with the recent stabilization in spending, the company will likely need to raise capital or secure new partnerships to fund ongoing trials. The lack of guidance in the latest earnings report adds uncertainty, and investors should brace for potential dilution. The company's ability to execute on its pipeline is contingent on securing additional funding, which may not be available on favorable terms.