Cullinan Oncology Inc Financials
This page shows Cullinan Oncology Inc (CGEM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Rising R&D-led cash burn is being funded by previous capital raises and asset drawdowns, not by recurring sales or debt.
In FY2025, operating cash burn of-$175.8M was almost identical to free cash flow of-$175.8M and still broadly tracked the net loss of-$219.9M , which suggests the deficit is coming from ongoing program spending rather than from non-cash accounting effects or heavy capital expenditure. At the same time, financing inflow fell from$266.2M in FY2024 to just$1.1M while investing cash flow turned into a$180.0M source of cash, showing FY2025 was funded mainly by drawing down invested assets built up earlier.
The cost mix became more development-heavy: R&D rose from
The balance sheet remains lightly leveraged, with liabilities of only
Financial Health Signals
Cullinan Oncology Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Cullinan Oncology Inc passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Cullinan Oncology Inc reported a net loss of $219.9M while operations used $175.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Cullinan Oncology Inc's EBITDA was -$241.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 22.7% from the prior year.
Cullinan Oncology Inc reported -$219.9M in net income in fiscal year 2025. This represents a decrease of 31.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Cullinan Oncology Inc recorded an outflow of $175.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 21.0% from the prior year.
Cullinan Oncology Inc held $88.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Cullinan Oncology Inc's ROE was -53.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Cullinan Oncology Inc invested $187.4M in research and development in fiscal year 2025. This represents an increase of 31.1% from the prior year.
Cullinan Oncology Inc invested $49K in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
CGEM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | $0-100.0% | $18.9M | $0 |
| R&D Expenses | N/A | $187.4M+31.1% | $142.9M-3.5% | $148.2M+61.1% | $91.9M+59.2% | $57.8M+33.6% | $43.2M |
| SG&A Expenses | N/A | $54.2M+0.4% | $54.0M+27.1% | $42.5M+5.7% | $40.2M+37.9% | $29.1M+70.2% | $17.1M |
| Operating Income | N/A | -$241.6M-22.7% | -$196.9M-3.1% | -$191.1M-232.1% | $144.6M+312.9% | -$68.0M-12.6% | -$60.3M |
| Income Tax | N/A | $0-100.0% | $117K+100.8% | -$14.1M-133.5% | $42.1M | $0 | N/A |
| Net Income | N/A | -$219.9M-31.2% | -$167.6M-8.0% | -$155.1M-239.5% | $111.2M+269.6% | -$65.6M-26.6% | -$51.8M |
| EPS (Diluted) | — | N/A | N/A | -$3.69-255.0% | $2.38+256.6% | -$1.52 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CGEM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $448.4M-27.9% | $621.8M+28.4% | $484.2M-13.7% | $561.1M+28.3% | $437.2M+103.6% | $214.7M |
| Current Assets | $386.8M-6.7% | $414.7M-13.6% | $480.2M+1.2% | $474.5M+60.0% | $296.6M+39.7% | $212.3M |
| Cash & Equivalents | $88.3M+6.4% | $83.0M-15.7% | $98.4M-37.0% | $156.2M+161.2% | $59.8M-64.5% | $168.2M |
| Total Liabilities | $39.6M+25.9% | $31.5M+4.0% | $30.3M+16.1% | $26.1M+120.9% | $11.8M-17.9% | $14.4M |
| Current Liabilities | $37.7M+23.1% | $30.6M+8.9% | $28.1M+25.1% | $22.5M+91.5% | $11.7M-18.0% | $14.3M |
| Total Equity | $408.7M-30.8% | $590.3M+30.1% | $453.7M-15.2% | $535.0M+25.9% | $425.0M+113.5% | $199.0M |
| Retained Earnings | -$588.1M-59.7% | -$368.2M-83.3% | -$200.9M-321.1% | -$47.7M+70.0% | -$158.9M-70.2% | -$93.3M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
CGEM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$159.3M | -$175.8M-21.0% | -$145.3M-8.2% | -$134.3M-6.0% | -$126.7M-191.6% | -$43.4M-45.9% | -$29.8M |
| Capital Expenditures | N/A | $49K | $0-100.0% | $208K-81.6% | $1.1M | $0-100.0% | $10K |
| Free Cash Flow | N/A | -$175.8M-21.0% | -$145.3M-8.0% | -$134.5M-5.2% | -$127.8M-194.2% | -$43.4M-45.8% | -$29.8M |
| Investing Cash Flow | $162.9M | $180.0M+232.0% | -$136.3M-480.7% | $35.8M-85.6% | $249.0M+174.6% | -$333.8M-6058.2% | -$5.4M |
| Financing Cash Flow | $2.2M | $1.1M-99.6% | $266.2M+553.2% | $40.8M+257.1% | -$25.9M-109.6% | $268.8M+91.8% | $140.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $6.6M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CGEM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | -358.7% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | -346.1% | N/A |
| Return on Equity | -53.8%-25.4pp | -28.4%+5.8pp | -34.2%-55.0pp | 20.8%+36.2pp | -15.4%+10.6pp | -26.0% |
| Return on Assets | -49.0%-22.1pp | -27.0%+5.1pp | -32.0%-51.8pp | 19.8%+34.8pp | -15.0%+9.1pp | -24.1% |
| Current Ratio | 10.25-3.3x | 13.53-3.5x | 17.07-4.0x | 21.09-4.2x | 25.25+10.4x | 14.82 |
| Debt-to-Equity | 0.100.0x | 0.050.0x | 0.070.0x | 0.050.0x | 0.030.0x | 0.07 |
| FCF Margin | N/A | N/A | N/A | N/A | -229.3% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Cullinan Oncology Inc Ranks
Frequently Asked Questions
Is Cullinan Oncology Inc profitable?
No, Cullinan Oncology Inc (CGEM) reported a net income of -$219.9M in fiscal year 2025.
What is Cullinan Oncology Inc's EBITDA?
Cullinan Oncology Inc (CGEM) had EBITDA of -$241.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cullinan Oncology Inc's return on equity (ROE)?
Cullinan Oncology Inc (CGEM) has a return on equity of -53.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cullinan Oncology Inc's free cash flow?
Cullinan Oncology Inc (CGEM) recorded an outflow of $175.8M in free cash flow during fiscal year 2025. This represents a -21.0% 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) recorded an outflow of $175.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cullinan Oncology Inc's total assets?
Cullinan Oncology Inc (CGEM) had $448.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cullinan Oncology Inc's capital expenditures?
Cullinan Oncology Inc (CGEM) invested $49K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cullinan Oncology Inc spend on research and development?
Cullinan Oncology Inc (CGEM) invested $187.4M in research and development during fiscal year 2025.
What is Cullinan Oncology Inc's current ratio?
Cullinan Oncology Inc (CGEM) had a current ratio of 10.25 as of fiscal year 2025, 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 0.10 as of fiscal year 2025, 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 -49.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cullinan Oncology Inc's cash runway?
Based on fiscal year 2025 data, Cullinan Oncology Inc (CGEM) had $88.3M in cash against an annual operating cash burn of $175.8M. This gives an estimated cash runway of approximately 6 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 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $219.9M while operations used $175.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.