Cullinan Therapeutics, Inc. (CGEM) Financials

CGEM

FY2025 annual

Revenue Not reported for FY2025

Net Income -$219.9M -31.2% YoY

Free Cash Flow -$175.8M -21.0% YoY

Operating Cash Flow -$175.8M -21.0% YoY

Market Cap $960.6M as of Oct 7, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 3.0x on $321.8M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 7, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CGEM SEC filings page.

This page shows Cullinan Therapeutics, 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 2026-10-04

Cullinan’s reported economics are dominated by research spending: losses and cash outflows are growing while the balance sheet is being drawn down.

By FY2025, research and development reached $187.4M, while operating cash flow was -$175.8M; compared with FY2024, heavier research investment translated into a larger funding requirement rather than improving earnings. The close relationship between these figures makes the company’s cash needs primarily an operating-development issue, not a fixed-asset expansion story.

Earnings quality is weak in the specific sense that accounting losses and cash use point in the same direction: FY2025 net loss was $219.9M against operating cash flow of -$175.8M. Free cash flow was -$175.8M, nearly identical to operating cash flow, because capital expenditures were only $49K; reported cash use therefore centers on research costs rather than facilities.

The balance sheet became less buffered as total assets fell from $621.8M in FY2024 to $448.4M in FY2025. Total liabilities rose to $39.6M while the reported liquidity comparison stood at 29.8 months, indicating short-term coverage coexisting with a shrinking asset base.

Financial Health Signals

Financial health score not available

Cullinan Therapeutics, 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.

Piotroski F-Score Partial

1/6

Cullinan Therapeutics, 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).

Earnings Quality No Cash Backing

N/A

Cullinan Therapeutics, 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

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Earnings & Revenue

EBITDA

-$57.2M

YoY+24.5%

QoQ-6.6%

Cullinan Therapeutics, Inc.'s EBITDA was -$57.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.5% from the same quarter a year earlier. Against the prior quarter it is down 6.6%.

Net Income

-$53.7M

YoY+23.3%

QoQ-8.1%

Cullinan Therapeutics, Inc. reported -$53.7M in net income in Q2 2026. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is down 8.1%.

Revenue

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$78.6M

YoY+8.0%

QoQ+4.7%

5Y CAGR-8.7%

Cullinan Therapeutics, Inc. held $78.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

64M

YoY+8.9%

QoQ+4.7%

5Y CAGR+8.1%

Cullinan Therapeutics, Inc. had 64M shares outstanding in Q2 2026. This represents an increase of 8.9% from the same quarter a year earlier. Against the prior quarter it is up 4.7%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-16.7%

YoY-2.5pp

QoQ-3.1pp

Cullinan Therapeutics, Inc.'s ROE was -16.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$44.4M

YoY-27.2%

QoQ+5.5%

Cullinan Therapeutics, Inc. invested $44.4M in research and development in Q2 2026. This represents a decrease of 27.2% from the same quarter a year earlier. Against the prior quarter it is up 5.5%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

CGEM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CGEM quarterly income statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K
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
EBITDA	N/A	-$241.3M-22.7%	-$196.6M-3.1%	-$190.8M-231.8%	$144.7M+313.2%	-$67.9M-12.7%	-$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 (Basic)	N/A	N/A	N/A	-$3.69-250.0%	$2.46+261.8%	-$1.52	N/A
EPS (Diluted)	—	N/A	N/A	-$3.69-255.0%	$2.38+256.6%	-$1.52	N/A
Diluted Shares (Avg)	N/A	N/A	N/A	42M-10.9%	47M+8.3%	43M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
R&D Expenses	$44.4M-27.2%	$42.1M+1.6%	N/A	$42.0M+18.2%	$61.0M+68.3%	$41.5M+35.3%	N/A	$35.5M+5.0%
SG&A Expenses	$12.8M-13.2%	$11.6M-14.5%	N/A	$13.6M+2.1%	$14.8M+7.3%	$13.5M+9.7%	N/A	$13.3M+21.6%
Operating Income	-$57.3M+24.5%	-$53.7M+2.4%	N/A	-$55.6M-13.8%	-$75.8M-51.5%	-$55.0M-27.9%	N/A	-$48.9M-8.0%
EBITDA	-$57.2M+24.5%	-$53.6M+2.4%	N/A	-$55.5M-13.8%	-$75.7M-51.6%	-$54.9M-28.0%	N/A	-$48.8M-8.0%
Net Income	-$53.7M+23.3%	-$49.7M-2.4%	N/A	-$50.6M-24.8%	-$70.1M-66.7%	-$48.5M-30.6%	N/A	-$40.6M-3.5%
EPS (Basic)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$0.69+24.2%
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$0.69+24.2%
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	58M+36.5%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, Income Tax.

CGEM Balance Sheet

CGEM quarterly balance sheet

Metric	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K
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
Short-Term Investments	$289.6M-8.4%	$316.0M-14.3%	$368.6M+18.5%	$311.1M+34.9%	$230.7M+449.2%	$42.0M
Long-Term Investments	$58.3M-71.5%	$204.4M	$0-100.0%	$82.8M-41.0%	$140.4M	$0
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
Non-Current Liabilities	$1.9M+124.1%	$849K-60.5%	$2.1M-40.1%	$3.6M+5423.1%	$65K-12.2%	$74K
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$363.8M-30.1%	$403.0M-30.5%	$448.4M-27.9%	$484.1M-25.9%	$520.3M-23.6%	$579.7M+29.0%	$621.8M+28.4%	$653.3M+32.0%
Current Assets	$342.0M+23.9%	$361.4M+13.7%	$386.8M-6.7%	$342.2M-42.2%	$275.9M-59.3%	$317.8M-28.7%	$414.7M-13.6%	$592.0M+24.2%
Cash & Equivalents	$78.6M+8.0%	$75.1M-2.1%	$88.3M+6.4%	$103.3M+1.2%	$72.8M-36.7%	$76.7M+3.3%	$83.0M-15.7%	$102.1M+57.4%
Short-Term Investments	$255.9M+32.8%	$276.8M+21.8%	$289.6M-8.4%	$229.3M-51.8%	$192.7M-64.8%	$227.2M-36.7%	$316.0M-14.3%	$476.0M+18.5%
Long-Term Investments	$19.0M-92.2%	$38.5M-85.2%	$58.3M-71.5%	$140.0M+141.5%	$242.3M	$259.4M	$204.4M	$58.0M+274.0%
Total Liabilities	$42.0M+49.1%	$36.8M+32.2%	$39.6M+25.9%	$32.8M+29.0%	$28.2M+12.8%	$27.8M+17.2%	$31.5M+4.0%	$25.4M-1.9%
Current Liabilities	$40.6M+44.8%	$35.2M+28.5%	$37.7M+23.1%	$32.8M+35.3%	$28.1M+19.5%	$27.3M+24.7%	$30.6M+8.9%	$24.2M+3.2%
Non-Current Liabilities	$1.4M+1024.0%	$1.7M+236.3%	$1.9M+124.1%	$0-100.0%	$125K-91.8%	$493K-73.2%	$849K-60.5%	$1.2M-51.4%
Total Equity	$321.8M-34.6%	$366.2M-33.6%	$408.7M-30.8%	$451.4M-28.1%	$492.1M-25.0%	$551.8M+29.6%	$590.3M+30.1%	$627.9M+33.9%
Retained Earnings	-$691.5M-42.0%	-$637.8M-53.0%	-$588.1M-59.7%	-$537.4M-67.6%	-$486.8M-73.8%	-$416.7M-75.1%	-$368.2M-83.3%	-$320.6M-81.1%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

CGEM Cash Flow Statement

CGEM quarterly cash flow statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K
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
Depreciation & Amortization	N/A	$311K+1.6%	$306K-1.3%	$310K+233.3%	$93K+75.5%	$53K-14.5%	$62K
Stock-Based Compensation	N/A	$36.0M-4.7%	$37.8M+24.3%	$30.4M+8.9%	$28.0M+14.7%	$24.4M+63.5%	$14.9M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$38.2M+33.7%	-$46.0M-6.7%	-$38.1M-4.0%	-$36.9M-8.0%	-$57.6M-58.7%	-$43.2M-12.8%	-$36.6M-102.0%	-$34.1M0.0%
Depreciation & Amortization	$79K+2.6%	$79K+3.9%	$79K+2.6%	$79K+3.9%	$77K0.0%	$76K0.0%	$77K0.0%	$76K-5.0%
Stock-Based Compensation	$8.4M-14.6%	$7.6M-18.8%	N/A	$9.5M+0.4%	$9.9M-6.1%	$9.4M+13.9%	N/A	$9.4M+21.8%
Capital Expenditures	N/A	N/A	$11K	N/A	N/A	N/A	$0	$0
Free Cash Flow	N/A	N/A	-$38.1M-4.1%	N/A	N/A	N/A	-$36.6M-102.0%	-$34.1M0.0%
Investing Cash Flow	$40.7M-23.8%	$32.4M-11.9%	$22.4M+40.3%	$67.4M+239.0%	$53.4M+128.8%	$36.8M+184.1%	$16.0M-69.0%	$19.9M+146.3%
Financing Cash Flow	$1.1M+194.9%	$380K	$715K-54.8%	$0-100.0%	$373K-99.9%	$0-100.0%	$1.6M+537.9%	$1.3M+1083.0%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

CGEM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CGEM quarterly financial ratios

Metric	FY25DEF 14A	FY24DEF 14A	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K
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
Asset Turnover	N/A	N/A	N/A	0.000.0x	0.040.0x	0.00
FCF Margin	N/A	N/A	N/A	N/A	-229.3%	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-16.7%-2.5pp	-13.6%-4.8pp	N/A	-11.2%-4.8pp	-14.2%-7.8pp	-8.8%-0.1pp	N/A	-6.5%+1.9pp
Return on Assets	-14.8%-1.3pp	-12.3%-4.0pp	N/A	-10.4%-4.2pp	-13.5%-7.3pp	-8.4%-0.1pp	N/A	-6.2%+1.7pp
Current Ratio	8.42-1.4x	10.28-1.3x	10.25-3.3x	10.45-14.0x	9.83-19.0x	11.62-8.7x	13.53-3.5x	24.46+4.1x
Debt-to-Equity	0.13+0.1x	0.10+0.1x	0.100.0x	0.070.0x	0.060.0x	0.050.0x	0.050.0x	0.040.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Cullinan Therapeutics, Inc. CGEM	FY2025	N/A	-$219.9M	N/A	$960.6M	—
Autolus Therapeutics plc AUTL	FY2025	$75.4M	-$287.5M	N/A	$487.1M	57/100
Lexicon Pharmaceuticals, Inc. LXRX	FY2025	$49.8M	-$50.3M	N/A	$774.2M	65/100
PureTech Health plc American PRTC	FY2025	$4.7M	-$110.1M	N/A	$424.0M	53/100
Inhibrx Biosciences, Inc. INBX	FY2025	$1.3M	-$140.1M	N/A	$1.4B	21/100

Where Cullinan Therapeutics, Inc. Ranks

Frequently Asked Questions

Is Cullinan Therapeutics, Inc. profitable?

No, Cullinan Therapeutics, Inc. (CGEM) reported a net income of -$219.9M in fiscal year 2025.

What is Cullinan Therapeutics, Inc.'s EBITDA?

Cullinan Therapeutics, Inc. (CGEM) had EBITDA of -$241.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Cullinan Therapeutics, Inc.'s return on equity (ROE)?

Cullinan Therapeutics, 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 Therapeutics, Inc.'s free cash flow?

Cullinan Therapeutics, 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 Therapeutics, Inc.'s operating cash flow?

Cullinan Therapeutics, 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 Therapeutics, Inc.'s total assets?

Cullinan Therapeutics, Inc. (CGEM) had $448.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Cullinan Therapeutics, Inc.'s capital expenditures?

Cullinan Therapeutics, Inc. (CGEM) invested $49K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Cullinan Therapeutics, Inc. spend on research and development?

Cullinan Therapeutics, Inc. (CGEM) invested $187.4M in research and development during fiscal year 2025.

How many shares does Cullinan Therapeutics, Inc. have outstanding?

Cullinan Therapeutics, Inc. (CGEM) had 61M shares outstanding as of fiscal year 2025.

What is Cullinan Therapeutics, Inc.'s current ratio?

Cullinan Therapeutics, Inc. (CGEM) had a current ratio of 10.25 as of fiscal year 2025, which is generally considered healthy.

What is Cullinan Therapeutics, Inc.'s debt-to-equity ratio?

Cullinan Therapeutics, 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 Therapeutics, Inc.'s return on assets (ROA)?

Cullinan Therapeutics, 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 Therapeutics, Inc.'s P/E ratio?

Cullinan Therapeutics, Inc. (CGEM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $960.6M as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Cullinan Therapeutics, Inc.'s price-to-sales ratio?

Cullinan Therapeutics, Inc. (CGEM) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $960.6M as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Cullinan Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Cullinan Therapeutics, Inc. (CGEM) held $436.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $175.8M over that year. Dividing the one by the other, the reported balance equals about 30 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Cullinan Therapeutics, Inc.'s Piotroski F-Score?

Cullinan Therapeutics, 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 Therapeutics, Inc.'s earnings high quality?

Cullinan Therapeutics, 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.