NASDAQ · Financial Statements

Cullinan Therapeutics, Inc. (CGEM) Financial Statements

$14.37 NASDAQ: CGEM Market Cap $883.15M

Cullinan Therapeutics, Inc. most recently reported annual revenue of $0, a net loss of $220.0M. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Cullinan Therapeutics, Inc.: net profit was positive in 1 of 8 reported years; the most recent year shows a net loss of $220.0M.

Income Statement — 8 Years (USD millions)

Metric20182019202020212022202320242025
Revenue$0$0$0$19.0M$0$0$0$0
Operating Expenses$15.0M$22.0M$60.0M$87.0M$-145.0M$191.0M$197.0M$242.0M
Operating Profit$-15.0M$-22.0M$-60.0M$-68.0M$145.0M$-191.0M$-197.0M$-242.0M
Operating Margin0.0%0.0%0.0%-358.7%0.0%0.0%0.0%0.0%
Other Income$0$1.0M$1.0M$0$7.0M$22.0M$29.0M$22.0M
Interest$0$0$0$0$0$0$0$0
Depreciation$0$0$0$0$0$0$0$0
Profit Before Tax$-14.0M$-22.0M$-59.0M$-67.0M$151.0M$-169.0M$-167.0M$-220.0M
Tax$0$0$0$0$27.8M$8.3M$-70,000$0
Net Profit$-14.0M$-20.0M$-52.0M$-66.0M$111.0M$-153.0M$-167.0M$-220.0M
EPS$-17.74$-19.68$-1.19$-1.48$2.38$-3.69$-3.11$-3.72
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$0$0$0$0$0$0$0$0$0$0$0$0
Operating Expenses$45.0M$45.0M$43.0M$50.0M$49.0M$55.0M$55.0M$76.0M$56.0M$55.0M$54.0M$57.0M
Operating Profit$-45.0M$-45.0M$-43.0M$-50.0M$-49.0M$-55.0M$-55.0M$-76.0M$-56.0M$-55.0M$-54.0M$-57.0M
Operating Margin0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Interest$0$0$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$-39.0M$-40.0M$-37.0M$-42.0M$-41.0M$-48.0M$-49.0M$-70.0M$-51.0M$-51.0M$-50.0M$-54.0M
Tax$0$35.6M$0$0$0$-250,000$0$0$0$0$0$0
Net Profit$-39.0M$-24.0M$-37.0M$-42.0M$-41.0M$-48.0M$-49.0M$-70.0M$-51.0M$-51.0M$-50.0M$-54.0M
EPS$-0.92$-0.56$-0.86$-0.76$-0.70$-0.81$-0.82$-1.19$-0.86$-0.86$-0.84$-0.81

Over the 8 years reported for Cullinan Therapeutics, Inc., cash stood at $88.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 10.18 times.

Balance Sheet — 8 Years (USD millions)

Metric20182019202020212022202320242025
Total Assets$35.0M$100.0M$215.0M$437.0M$561.0M$484.0M$622.0M$448.0M
Current Assets$34.0M$100.0M$212.0M$297.0M$474.0M$480.0M$415.0M$387.0M
Cash$34.0M$63.0M$168.0M$60.0M$156.0M$98.0M$83.0M$88.0M
Inventory$0$0$0$0$0$0$0$0
Receivables$0$0$0$0$0$0$3.0M$0
Fixed Assets$0$0$0$0$5.0M$4.0M$2.0M$3.0M
Capital Work in Progress$0$0$0$0$0$0$0$0
Investments$0$35.0M$42.0M$371.0M$392.0M$369.0M$520.0M$348.0M
Other Assets$0$0$0$0$0$0$0$0
Total Liabilities$55.0M$140.0M$14.0M$12.0M$26.0M$30.0M$31.0M$40.0M
Current Liabilities$1.0M$3.0M$14.0M$12.0M$22.0M$28.0M$31.0M$38.0M
Borrowings$0$0$0$0$5.0M$4.0M$2.0M$3.0M
Other Liabilities$55.0M$140.0M$14.0M$12.0M$21.0M$27.0M$29.0M$37.0M
Equity$0$0$0$0$0$0$0$0
Reserves$-21.0M$-41.0M$199.0M$425.0M$535.0M$454.0M$590.0M$409.0M

For Cullinan Therapeutics, Inc., operating cash flow was positive in 0 of 8 reported years; free cash flow in the latest year was negative at $176.0M; free cash flow was positive in 0 of 8 years.

Cash Flow Statement — 8 Years (USD millions)

Metric20182019202020212022202320242025
Operating Cash Flow$-14.0M$-21.0M$-30.0M$-43.0M$-127.0M$-134.0M$-145.0M$-176.0M
Investing Cash Flow$-1.0M$-35.0M$-5.0M$-334.0M$248.0M$36.0M$-136.0M$180.0M
Financing Cash Flow$0$0$0$2.0M$-32.0M$1.0M$4.0M$0
Net Cash Flow$-14.0M$29.0M$105.0M$-108.0M$96.0M$-58.0M$-15.0M$5.0M
Free Cash Flow$-14.0M$-21.0M$-30.0M$-44.0M$-128.0M$-134.0M$-145.0M$-176.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-1.46
EV / EBITDA-4.21
FCF Yield-16.71%
Quick Ratio8.42
Interest Coverage—
Return 1Y107.44%
Return 3Y67.44%
Return 5Y-33.52%

Cullinan Therapeutics, Inc. (CGEM) financials — frequently asked questions

What is Cullinan Therapeutics, Inc.'s annual revenue?

Cullinan Therapeutics, Inc. (CGEM) reported annual revenue of $0 in its most recent fiscal year.

What is Cullinan Therapeutics, Inc.'s net profit?

Cullinan Therapeutics, Inc. (CGEM) reported a net loss of $220.0M in its most recent fiscal year.

What is CGEM EV/EBITDA?

Cullinan Therapeutics, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -4.21. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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