Cullinan Oncology Inc Financials

CGEM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Cullinan Oncology Inc (CGEM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Cullinan Oncology Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.87x

For every $1 of reported earnings, Cullinan Oncology Inc generates $0.87 in operating cash flow (-$145.3M OCF vs -$167.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$196.6M

YoY-3.1%

Cullinan Oncology Inc's EBITDA was -$196.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.1% from the prior year.

Free Cash Flow

-$145.3M

YoY-8.0%

Cullinan Oncology Inc generated -$145.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 8.0% from the prior year.

Net Income

-$167.4M

YoY-9.3%

Cullinan Oncology Inc reported -$167.4M in net income in fiscal year 2024. This represents a decrease of 9.3% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$83.0M

YoY-15.7%

Cullinan Oncology Inc held $83.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

59M

YoY+36.4%

Cullinan Oncology Inc had 59M shares outstanding in fiscal year 2024. This represents an increase of 36.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$142.9M

YoY-3.5%

Cullinan Oncology Inc invested $142.9M in research and development in fiscal year 2024. This represents a decrease of 3.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Cullinan Oncology Inc invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

CGEM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$0-100.0%	$18.9M	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$142.9M-3.5%	$148.2M+61.1%	$91.9M+59.2%	$57.8M+33.6%	$43.2M
SG&A Expenses	$54.0M+27.1%	$42.5M+5.7%	$40.2M+37.9%	$29.1M+70.2%	$17.1M
Operating Income	-$196.9M-3.1%	-$191.1M-232.1%	$144.6M+312.9%	-$68.0M-12.6%	-$60.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$117K+100.8%	-$14.1M-133.5%	$42.1M	$0	N/A
Net Income	-$167.4M-9.3%	-$153.2M-237.7%	$111.2M+269.6%	-$65.6M-26.6%	-$51.8M
EPS (Diluted)	N/A	$-3.69-255.0%	$2.38+256.6%	$-1.52	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$42.0M-31.2%	$61.0M+47.2%	$41.5M+16.8%	$35.5M-2.1%	$36.3M+18.3%	$30.6M	N/A	$33.8M
SG&A Expenses	$13.6M-7.7%	$14.8M+9.1%	$13.5M+1.4%	$13.3M-3.0%	$13.8M+11.5%	$12.3M	N/A	$11.0M
Operating Income	-$55.6M+26.7%	-$75.8M-37.8%	-$55.0M-12.6%	-$48.9M+2.3%	-$50.0M-16.4%	-$43.0M	N/A	-$45.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Net Income	-$50.6M+27.8%	-$70.1M-44.4%	-$48.5M-19.6%	-$40.6M+3.5%	-$42.0M-13.1%	-$37.1M	N/A	-$39.2M
EPS (Diluted)	N/A	N/A	N/A	$-0.69+8.0%	$-0.75+12.8%	$-0.86	N/A	$-0.91

CGEM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$621.8M+28.4%	$484.2M-13.7%	$561.1M+28.3%	$437.2M+103.6%	$214.7M
Current Assets	$414.7M-13.6%	$480.2M+1.2%	$474.5M+60.0%	$296.6M+39.7%	$212.3M
Cash & Equivalents	$83.0M-15.7%	$98.4M-37.0%	$156.2M+161.2%	$59.8M-64.5%	$168.2M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$31.5M+4.0%	$30.3M+16.1%	$26.1M+120.9%	$11.8M-17.9%	$14.4M
Current Liabilities	$30.6M+8.9%	$28.1M+25.1%	$22.5M+91.5%	$11.7M-18.0%	$14.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$590.3M+30.1%	$453.7M-15.2%	$535.0M+25.9%	$425.0M+113.5%	$199.0M
Retained Earnings	-$368.2M-83.3%	-$200.9M-321.1%	-$47.7M+70.0%	-$158.9M-70.2%	-$93.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$484.1M-7.0%	$520.3M-10.2%	$579.7M-6.8%	$621.8M-8.7%	$681.2M+51.6%	$449.4M-7.2%	$484.2M-2.1%	$494.7M
Current Assets	$342.2M+24.0%	$275.9M-13.2%	$317.8M-23.4%	$414.7M-38.8%	$677.8M+52.1%	$445.7M-7.2%	$480.2M+0.7%	$476.7M
Cash & Equivalents	$103.3M+41.9%	$72.8M-5.0%	$76.7M-7.7%	$83.0M-27.8%	$115.0M+55.0%	$74.2M-24.6%	$98.4M+51.8%	$64.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$32.8M+16.2%	$28.2M+1.2%	$27.8M-11.6%	$31.5M+26.0%	$25.0M+5.2%	$23.8M-21.5%	$30.3M+17.0%	$25.9M
Current Liabilities	$32.8M+16.7%	$28.1M+2.6%	$27.3M-10.8%	$30.6M+30.5%	$23.5M+7.1%	$21.9M-22.1%	$28.1M+20.0%	$23.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$451.4M-8.3%	$492.1M-10.8%	$551.8M-6.5%	$590.3M-10.0%	$656.2M+54.2%	$425.7M-6.2%	$453.7M-3.2%	$468.8M
Retained Earnings	-$537.4M-10.4%	-$486.8M-16.8%	-$416.7M-13.2%	-$368.2M-31.5%	-$280.0M-17.7%	-$238.0M-18.5%	-$200.9M-13.4%	-$177.1M

CGEM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$145.3M-8.2%	-$134.3M-6.0%	-$126.7M-191.6%	-$43.4M-45.9%	-$29.8M
Capital Expenditures	$0-100.0%	$208K-81.6%	$1.1M	$0-100.0%	$10K
Free Cash Flow	-$145.3M-8.0%	-$134.5M-5.2%	-$127.8M-194.2%	-$43.4M-45.8%	-$29.8M
Investing Cash Flow	-$136.3M-480.7%	$35.8M-85.6%	$249.0M+174.6%	-$333.8M-6058.2%	-$5.4M
Financing Cash Flow	$266.2M+553.2%	$40.8M+257.1%	-$25.9M-109.6%	$268.8M+91.8%	$140.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$6.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$36.9M+36.0%	-$57.6M-33.5%	-$43.2M-17.8%	-$36.6M-0.9%	-$36.3M+5.1%	-$38.2M-110.9%	-$18.1M+46.9%	-$34.1M
Capital Expenditures	N/A	N/A	N/A	$0	$0	$0	$0	$0
Free Cash Flow	N/A	N/A	N/A	-$36.6M-0.9%	-$36.3M+5.1%	-$38.2M-110.9%	-$18.1M+46.9%	-$34.1M
Investing Cash Flow	$67.4M+26.2%	$53.4M+45.1%	$36.8M+130.5%	$16.0M+108.6%	-$185.1M-1528.8%	$13.0M-74.8%	$51.5M+219.8%	-$43.0M
Financing Cash Flow	$0-100.0%	$373K	$0-100.0%	$1.6M-99.4%	$262.2M+24065.5%	$1.1M+337.5%	$248K+121.4%	$112K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CGEM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-358.7%	N/A
Net Margin	N/A	N/A	N/A	-346.1%	N/A
Return on Equity	N/A	N/A	20.8%	N/A	N/A
Return on Assets	-26.9%+4.7pp	-31.6%-51.4pp	19.8%+34.8pp	-15.0%+9.1pp	-24.1%
Current Ratio	13.53-3.5	17.07-4.0	21.09-4.2	25.25+10.4	14.82
Debt-to-Equity	0.05-0.0	0.07+0.0	0.05+0.0	0.03-0.0	0.07
FCF Margin	N/A	N/A	N/A	-229.3%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-10.4%+3.0pp	-13.5%-5.1pp	-8.4%-2.2pp	-6.2%-0.0pp	-6.2%+2.1pp	-8.3%	N/A	-7.9%
Current Ratio	10.45+0.6	9.83-1.8	11.62-1.9	13.53-15.3	28.87+8.5	20.33+3.3	17.07-3.3	20.33
Debt-to-Equity	0.07+0.0	0.060.0	0.050.0	0.05+0.0	0.04-0.0	0.06-0.0	0.07+0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Cullinan Oncology Inc profitable?

No, Cullinan Oncology Inc (CGEM) reported a net income of -$167.4M in fiscal year 2024.

What is Cullinan Oncology Inc's EBITDA?

Cullinan Oncology Inc (CGEM) had EBITDA of -$196.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Cullinan Oncology Inc's free cash flow?

Cullinan Oncology Inc (CGEM) generated -$145.3M in free cash flow during fiscal year 2024. This represents a -8.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Cullinan Oncology Inc's operating cash flow?

Cullinan Oncology Inc (CGEM) generated -$145.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Cullinan Oncology Inc's total assets?

Cullinan Oncology Inc (CGEM) had $621.8M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Cullinan Oncology Inc's capital expenditures?

Cullinan Oncology Inc (CGEM) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Cullinan Oncology Inc spend on research and development?

Cullinan Oncology Inc (CGEM) invested $142.9M in research and development during fiscal year 2024.

How many shares does Cullinan Oncology Inc have outstanding?

Cullinan Oncology Inc (CGEM) had 59M shares outstanding as of fiscal year 2024.

What is Cullinan Oncology Inc's current ratio?

Cullinan Oncology Inc (CGEM) had a current ratio of 13.53 as of fiscal year 2024, which is generally considered healthy.

What is Cullinan Oncology Inc's debt-to-equity ratio?

Cullinan Oncology Inc (CGEM) had a debt-to-equity ratio of 0.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cullinan Oncology Inc's return on assets (ROA)?

Cullinan Oncology Inc (CGEM) had a return on assets of -26.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Cullinan Oncology Inc's cash runway?

Based on fiscal year 2024 data, Cullinan Oncology Inc (CGEM) had $83.0M in cash against an annual operating cash burn of $145.3M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Cullinan Oncology Inc's Piotroski F-Score?

Cullinan Oncology Inc (CGEM) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cullinan Oncology Inc's earnings high quality?

Cullinan Oncology Inc (CGEM) has an earnings quality ratio of 0.87x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.