Detailed financial statements for Cullinan Therapeutics, Inc. (CGEM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States. It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in pat...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $20.63, CGEM has negative trailing earnings (P/E not meaningful) and an ROE of -52.89%. Market capitalisation stands at $1.3B.
Balance sheet quality for CGEM: current ratio of 10.2, net cash position of $375.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | $18.9M | 0 | 0 | 0 | 0 |
| Cost of Revenue | $43000 | $70000 | $62000 | 0 | 0 | 0 | $306000 | 0 |
| Gross Profit | -$43000 | -$70000 | -$62000 | $18.9M | 0 | 0 | -$306000 | 0 |
| Research & Development | $9.6M | $16.8M | $43.2M | $57.8M | $91.9M | $148.2M | $142.9M | $187.4M |
| Selling, General & Admin | $5.0M | $5.5M | $17.1M | $29.1M | $40.2M | $42.5M | $53.7M | $54.2M |
| Operating Expenses | $14.6M | $22.3M | $60.3M | $86.9M | -$144.6M | $191.1M | $196.6M | $241.6M |
| Operating Income | -$14.6M | -$22.3M | -$60.3M | -$68.0M | $144.6M | -$191.1M | -$196.9M | -$241.6M |
| EBITDA | -$14.5M | -$22.2M | -$60.3M | -$67.4M | -$132.0M | -$190.3M | -$167.2M | -$219.6M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$14.2M | -$21.7M | -$59.5M | -$67.5M | $151.3M | -$169.2M | -$167.5M | -$219.9M |
| Income Tax | 0 | 0 | 0 | 0 | $42.1M | -$14.1M | $117000 | 0 |
| Net Income | -$14.2M | -$20.0M | -$51.8M | -$65.6M | $111.2M | -$153.2M | -$167.4M | -$219.9M |
| EPS | $-17.74 | $-19.70 | $-1.19 | $-1.48 | $2.46 | $-3.69 | $-3.11 | $-3.72 |
| EPS (Diluted) | $-17.74 | $-19.68 | $-1.19 | $-1.48 | $2.38 | $-3.69 | $-3.11 | $-3.72 |
| Shares Outstanding (Diluted) | $800038 | $1.0M | $43.5M | $44.3M | $46.6M | $41.5M | $53.8M | $59.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$55.6M | -$55.3M | -$53.7M | -$57.3M |
| EBITDA | -$50.5M | -$50.6M | -$53.6M | -$53.6M |
| Net Income | -$50.6M | -$50.7M | -$49.7M | -$53.7M |
| EPS | $-0.86 | $-0.86 | $-0.84 | $-0.81 |
| EPS (Diluted) | $-0.86 | $-0.86 | $-0.84 | $-0.81 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $33.8M | $63.2M | $168.2M | $59.8M | $156.2M | $98.4M | $83.0M | $88.3M |
| Short-term Investments | 0 | $35.4M | $42.0M | $230.7M | $311.1M | $368.6M | $316.0M | $289.6M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | $3.0M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $34.2M | $100.1M | $212.3M | $296.6M | $474.5M | $480.2M | $414.7M | $386.8M |
| Property, Plant & Equipment | $233000 | $182000 | $130000 | $77000 | $5.3M | $3.5M | $2.4M | $3.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $34.6M | $100.5M | $214.7M | $437.2M | $561.1M | $484.2M | $621.8M | $448.4M |
| Accounts Payable | $296000 | $934000 | $9.7M | $3.2M | $2.7M | $2.5M | $1.7M | $841000 |
| Short-term Debt | 0 | 0 | 0 | 0 | $178000 | 0 | 0 | 0 |
| Total Current Liabilities | $1.3M | $2.5M | $14.3M | $11.7M | $22.5M | $28.1M | $30.6M | $37.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.9M |
| Total Liabilities | $55.3M | $140.4M | $14.4M | $11.8M | $26.1M | $30.3M | $31.5M | $39.6M |
| Retained Earnings | -$20.9M | -$41.5M | -$93.3M | -$158.9M | -$47.7M | -$200.9M | -$368.2M | -$588.1M |
| Total Equity | -$20.7M | -$40.8M | $199.0M | $425.0M | $535.0M | $453.7M | $590.3M | $408.7M |
| Total Debt | 0 | 0 | 0 | 0 | $5.2M | $3.6M | $2.2M | $2.7M |
| Net Debt | -$33.8M | -$98.6M | -$210.2M | -$290.5M | -$462.1M | -$463.5M | -$396.8M | -$375.2M |
| Working Capital | $32.9M | $97.6M | $198.0M | $284.8M | $452.0M | $452.1M | $384.0M | $349.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $103.3M | $88.3M | $75.1M | $78.6M |
| Total Assets | $484.1M | $448.4M | $403.0M | $363.8M |
| Total Liabilities | $32.8M | $39.6M | $36.8M | $42.0M |
| Total Equity | $451.4M | $408.7M | $366.2M | $321.8M |
| Total Debt | $1.2M | $2.7M | $2.4M | $2.1M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$14.2M | -$20.7M | -$51.8M | -$67.5M | $109.2M | -$153.2M | -$167.6M | -$219.9M |
| Depreciation & Amortization | $43000 | $70000 | $62000 | $53000 | $93000 | $310000 | $306000 | $311000 |
| Stock-based Compensation | 0 | 0 | 0 | $24.4M | $28.0M | $30.4M | $37.8M | $36.0M |
| Change in Working Capital | $345000 | $135000 | $6.9M | -$3.5M | $11.2M | -$339000 | -$389000 | $14.1M |
| Operating Cash Flow | -$13.5M | -$20.9M | -$29.8M | -$43.4M | -$126.7M | -$134.3M | -$145.3M | -$175.8M |
| Capital Expenditure | -$261000 | -$20000 | -$10000 | -$589225 | -$1.1M | -$208000 | 0 | -$49000 |
| Acquisitions | 0 | 0 | $1.4M | $923000 | $275.0M | -$36014 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.8M | -$20.9M | -$29.8M | -$44.0M | -$127.8M | -$134.5M | -$145.3M | -$175.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$36.9M | -$38.1M | -$46.0M | -$38.2M |
| Capital Expenditure | 0 | -$11000 | 0 | 0 |
| Free Cash Flow | -$36.9M | -$38.1M | -$46.0M | -$38.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $9.5M | $7.3M | $7.6M | $8.4M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | -100.0% | | | |
| Net Income Growth (YoY) | | -41.2% | -158.5% | -26.6% | +269.6% | -237.7% | -9.3% | -31.4% |
| EPS Growth (YoY) | | -11.0% | +94.0% | -24.4% | +266.2% | -250.0% | +15.7% | -19.6% |
| Shares Change (YoY) | | +27.2% | +4175.1% | +1.8% | +5.3% | -10.9% | +29.4% | +9.8% |
| FCF Growth (YoY) | | -51.5% | -42.4% | -47.8% | -190.3% | -5.2% | -8.0% | -21.0% |
| Gross Margin | | | | 100.0% | | | | |
| Operating Margin | | | | -358.7% | | | | |
| EBITDA Margin | | | | -356.0% | | | | |
| Net Margin | | | | -346.1% | | | | |
| FCF Margin | | | | -232.4% | | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 27.8% | 8.3% | -0.1% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-17.26 | $-20.55 | $-0.68 | $-0.99 | $-2.74 | $-3.24 | $-2.70 | $-2.98 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $800000 | $1.0M | $43.5M | $44.3M | $45.2M | $41.5M | $53.8M | $59.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -52.89% |
| Return on Invested Capital | -68.50% |
| Return on Assets | -56.27% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 8.42 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 6.57 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1.69 | -1.52 | -25.13 | -10.43 | 4.29 | -2.76 | -3.92 | -2.78 |
| P/B | -1.16 | -0.75 | 6.54 | 1.61 | 0.89 | 0.93 | 1.11 | 1.50 |
| P/S | 0.00 | 0.00 | 0.00 | 36.08 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -358.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | -346.1% | 0.0% | 0.0% | 0.0% | 0.0% |