The company remains in a pre-commercial phase with no revenue, while R&D expenses of $42.1 million in 2026Q1 continue to drive deep operating losses.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 18.94M | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - | - |
| Cost of Goods Sold | 79K | 0 | 306K | 0 | 0 | 0 | 62K | 70K | 43K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -79K | 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 | 240.35M | 241.65M | 196.61M | 191.09M | -144.65M | 86.9M | 60.34M | 22.27M | 14.59M |
| OpEx % of Revenue | - | - | - | - | - | 458.73% | - | - | - |
| Selling, General & Admin | 52.28M | 54.25M | 53.71M | 42.49M | 40.19M | 29.15M | 17.12M | 5.48M | 5M |
| SG&A % of Revenue | - | - | - | - | - | 153.86% | - | - | - |
| Research & Development | 188.07M | 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 | -240.35M | -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 | -240.03M | -241.34M | -196.61M | -190.78M | 144.74M | -67.9M | -60.27M | -22.2M | -14.54M |
| EBITDA Margin % | - | - | - | - | - | -358.45% | - | - | - |
| EBITDA Growth % | -15.06% | -22.75% | -3.06% | -231.81% | 313.16% | -12.66% | -171.5% | -52.65% | - |
| D&A (Non-Cash Add-back) | 314K | 311K | 306K | 310K | 93K | 53K | 62K | 70K | 43K |
| EBIT | -235.36M | -241.65M | -167.46M | -190.65M | -132.14M | -67.95M | -60.34M | -22.27M | -14.59M |
| Net Interest Income | 19.73M | 22.21M | 29.66M | 21.63M | 6.61M | 477K | 888K | 620K | 0 |
| Interest Income | 19.73M | 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 | 19.31M | 21.77M | 29.46M | 21.87M | 6.67M | 469K | 877K | 616K | 397K |
| Pretax Income | -221.04M | -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 | -221.04M | -219.88M | -167.38M | -153.16M | 111.21M | -65.57M | -51.8M | -20.04M | -14.19M |
| Net Margin % | - | - | - | - | - | -346.14% | - | - | - |
| Net Income Growth % | -23.67% | -31.36% | -9.28% | -237.72% | 269.61% | -26.59% | -158.52% | -41.22% | - |
| Net Income (Continuing) | -221.04M | -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) | -3.73 | -3.72 | -3.11 | -3.69 | 2.38 | -1.48 | -1.19 | -19.68 | -17.74 |
| EPS Growth % | -21.36% | -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 | 59.2M | 59.05M | 53.77M | 41.55M | 46.64M | 44.29M | 43.52M | 1.02M | 800.04K |
| Basic Shares Outstanding | 59.2M | 59.05M | 53.77M | 41.51M | 45.16M | 44.29M | 43.52M | 1.02M | 800K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial funding runway
As reported in financial statements, Cullinan Therapeutics maintains a high-cost structure dominated by research and development, which reached $42.1 million in 2026Q1, reflecting the capital-intensive nature of advancing multiple clinical-stage assets without any offsetting product revenue to mitigate the ongoing operational burn.
The company's cost structure is almost entirely comprised of R&D and SG&A expenses, which consistently outpace any minor operational activity. This reliance on external capital to fund clinical trials suggests that the firm remains highly sensitive to the timing of regulatory milestones and the availability of equity financing.
Based on the provided income statement data, the company's operating leverage is currently non-existent, as evidenced by a consistent operating loss of $53.7 million in 2026Q1, indicating that the firm has yet to achieve the scale necessary to begin amortizing its fixed research and administrative overhead.
The lack of revenue generation means that every dollar spent on clinical development directly expands the net loss. Investors should monitor whether the hub-and-spoke model can eventually provide cost efficiencies, though current figures suggest that overhead remains a significant burden on the company's limited cash reserves.
According to recent SEC filings, the company's net income is heavily impacted by non-cash stock-based compensation, which reached $9.9 million in 2025Q2, suggesting that the reported net loss of $49.7 million in 2026Q1 may understate the actual cash requirements needed to sustain operations.
The reliance on equity-based incentives to manage cash outflows is a common strategy in pre-revenue biotech, but it creates a persistent dilution risk for shareholders. Analysts should adjust for these non-cash items to better understand the true underlying cash burn rate required to reach pivotal data readouts.
As indicated by the reported $88.3 million cash position, the company faces a precarious financial situation, as the quarterly net loss of $49.7 million in 2026Q1 implies a very limited operational runway that may necessitate dilutive financing before the next major clinical data inflection point.
Short-sellers would likely focus on the mismatch between the company's ambitious clinical pipeline and its dwindling cash balance. This vulnerability suggests that the firm may be forced to raise capital under unfavorable terms if clinical progress does not accelerate or if partnership milestones are delayed.
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.