Cullinan Oncology Inc Financials

CGEM

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 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).

Rhea AI CGEM FY2025 2026-05-07

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 $142.9M in FY2024 to $187.4M in FY2025 while SG&A stayed near $54.2M. That means the larger loss reflects deeper investment in the pipeline rather than a broad expansion of corporate overhead.

The balance sheet remains lightly leveraged, with liabilities of only $39.6M against equity of $408.7M, and a current ratio of 10.2x indicates near-term obligations are well covered. But cash itself was only $88.3M at year-end, so day-to-day flexibility now depends more on the wider current-asset pool than on cash alone.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Cullinan Oncology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Cullinan Oncology Inc carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 10.25, Cullinan Oncology Inc holds $10.25 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Cullinan Oncology Inc generates a -53.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -28.4% the prior year.

Piotroski F-Score Weak

1/9

Cullinan Oncology Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Cullinan Oncology Inc generates $0.80 in operating cash flow (-$175.8M OCF vs -$219.9M 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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Earnings & Revenue

Revenue

N/A

EBITDA

-$241.3M

YoY-22.7%

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.

Net Income

-$219.9M

YoY-31.2%

Cullinan Oncology Inc reported -$219.9M in net income in fiscal year 2025. This represents a decrease of 31.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$175.8M

YoY-21.0%

Cullinan Oncology Inc generated -$175.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 21.0% from the prior year.

Cash & Debt

$88.3M

YoY+6.4%

5Y CAGR-12.1%

Cullinan Oncology Inc held $88.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

60M

YoY+3.0%

5Y CAGR+15.1%

Cullinan Oncology Inc had 60M shares outstanding in fiscal year 2025. This represents an increase of 3.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-53.8%

YoY-25.4pp

5Y CAGR-27.8pp

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.

Capital Allocation

R&D Spending

$187.4M

YoY+31.1%

5Y CAGR+34.1%

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.

Share Buybacks

N/A

Capital Expenditures

$49K

5Y CAGR+37.4%

Cullinan Oncology Inc invested $49K in capex in fiscal year 2025, funding long-term assets and infrastructure.

CGEM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	$0-100.0%	$18.9M	$0
Cost of Revenue	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
R&D Expenses	$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	$54.2M+0.4%	$54.0M+27.1%	$42.5M+5.7%	$40.2M+37.9%	$29.1M+70.2%	$17.1M
Operating Income	-$241.6M-22.7%	-$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	N/A
Income Tax	$0-100.0%	$117K+100.8%	-$14.1M-133.5%	$42.1M	$0	N/A
Net Income	-$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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$42.1M	N/A	$42.0M-31.2%	$61.0M+47.2%	$41.5M	N/A	$35.5M-2.1%	$36.3M
SG&A Expenses	$11.6M	N/A	$13.6M-7.7%	$14.8M+9.1%	$13.5M	N/A	$13.3M-3.0%	$13.8M
Operating Income	-$53.7M	N/A	-$55.6M+26.7%	-$75.8M-37.8%	-$55.0M	N/A	-$48.9M+2.3%	-$50.0M
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	N/A
Net Income	-$49.7M	N/A	-$50.6M+27.8%	-$70.1M-44.4%	-$48.5M	N/A	-$40.6M+3.5%	-$42.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	$-0.69+8.0%	$-0.75

CGEM Balance Sheet

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
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$403.0M-10.1%	$448.4M-7.4%	$484.1M-7.0%	$520.3M-10.2%	$579.7M-6.8%	$621.8M-4.8%	$653.3M-4.1%	$681.2M
Current Assets	$361.4M-6.6%	$386.8M+13.0%	$342.2M+24.0%	$275.9M-13.2%	$317.8M-23.4%	$414.7M-30.0%	$592.0M-12.7%	$677.8M
Cash & Equivalents	$75.1M-15.0%	$88.3M-14.5%	$103.3M+41.9%	$72.8M-5.0%	$76.7M-7.7%	$83.0M-18.7%	$102.1M-11.2%	$115.0M
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	$36.8M-7.1%	$39.6M+21.0%	$32.8M+16.2%	$28.2M+1.2%	$27.8M-11.6%	$31.5M+24.0%	$25.4M+1.6%	$25.0M
Current Liabilities	$35.2M-6.9%	$37.7M+15.2%	$32.8M+16.7%	$28.1M+2.6%	$27.3M-10.8%	$30.6M+26.6%	$24.2M+3.1%	$23.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$366.2M-10.4%	$408.7M-9.4%	$451.4M-8.3%	$492.1M-10.8%	$551.8M-6.5%	$590.3M-6.0%	$627.9M-4.3%	$656.2M
Retained Earnings	-$637.8M-8.4%	-$588.1M-9.4%	-$537.4M-10.4%	-$486.8M-16.8%	-$416.7M-13.2%	-$368.2M-14.9%	-$320.6M-14.5%	-$280.0M

CGEM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$175.8M-21.0%	-$145.3M-8.2%	-$134.3M-6.0%	-$126.7M-191.6%	-$43.4M-45.9%	-$29.8M
Capital Expenditures	$49K	$0-100.0%	$208K-81.6%	$1.1M	$0-100.0%	$10K
Free Cash Flow	-$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	$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	$1.1M-99.6%	$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	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$6.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$46.0M-20.8%	-$38.1M-3.3%	-$36.9M+36.0%	-$57.6M-33.5%	-$43.2M-17.8%	-$36.6M-7.3%	-$34.1M+5.9%	-$36.3M
Capital Expenditures	N/A	$11K	N/A	N/A	N/A	$0	$0	$0
Free Cash Flow	N/A	-$38.1M	N/A	N/A	N/A	-$36.6M-7.3%	-$34.1M+5.9%	-$36.3M
Investing Cash Flow	$32.4M+44.8%	$22.4M-66.8%	$67.4M+26.2%	$53.4M+45.1%	$36.8M+130.5%	$16.0M-19.7%	$19.9M+110.7%	-$185.1M
Financing Cash Flow	$380K-46.9%	$715K	$0-100.0%	$373K	$0-100.0%	$1.6M+19.4%	$1.3M-99.5%	$262.2M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
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	10.25-3.3	13.53-3.5	17.07-4.0	21.09-4.2	25.25+10.4	14.82
Debt-to-Equity	0.10+0.0	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	N/A	-229.3%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-13.6%	N/A	-11.2%+3.0pp	-14.2%-5.4pp	-8.8%	N/A	-6.5%-0.1pp	-6.4%
Return on Assets	-12.3%	N/A	-10.4%+3.0pp	-13.5%-5.1pp	-8.4%	N/A	-6.2%-0.0pp	-6.2%
Current Ratio	10.28+0.0	10.25-0.2	10.45+0.6	9.83-1.8	11.62-1.9	13.53-10.9	24.46-4.4	28.87
Debt-to-Equity	0.100.0	0.10+0.0	0.07+0.0	0.060.0	0.050.0	0.05+0.0	0.040.0	0.04
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 -$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) generated -$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) generated -$175.8M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Cullinan Oncology Inc have outstanding?

Cullinan Oncology Inc (CGEM) had 60M shares outstanding as of 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 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 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) has an earnings quality ratio of 0.80x, 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.

How financially healthy is Cullinan Oncology Inc?

Cullinan Oncology Inc (CGEM) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.