Cullinan Therapeutics, Inc. (CGEM)

Price$22.09Cached quoteAs of 2026-09-05 22:27 UTC

AI: Fair-priced

Price checkThe valuation looks fair only because late-stage success offsets a costly, loss-making pipeline.

Using 64.3 million June common shares, the quote implies about $1.33 billion of equity value. Against $356 million of cash and investments, the market assigns roughly $970 million to the drug pipeline; that is about 3.7 times liquid resources, with no product sales or meaningful earnings multiple. Zipalertinib’s Phase 3 success and Cullinan’s 50% share of potential U.S. pre-tax profit justify a premium, but approval and detailed results remain uncertain. That balance supports Fair-priced rather than either extreme.

Big pictureLosses remain large, and results follow clinical milestones rather than normal economic cycles.

Cullinan produced no revenue in 2025, lost $219.9 million, and used $175.8 million of cash in operations—cash spent running the business. First-half 2026 cash use improved to $84.3 million from $100.8 million, but it still points to ongoing losses. The $111.2 million profit in 2022 was not durable earnings: it followed a $276.8 million gain from selling the zipalertinib subsidiary. This business is not conventionally cyclical; value moves around trials, regulatory decisions, and partnership payments rather than consumer demand.

Business strengthA strong cash reserve buys trial time, though shareholders still face dilution.

June liquidity was $356 million, versus $42 million of total liabilities and only $2.1 million of lease obligations, giving substantial balance-sheet protection. Management says resources fund the current plan into 2029; simply annualizing first-half cash use gives about $169 million yearly, or roughly two years, so spending assumptions matter. Capital goes to trials, not dividends or buybacks. Share-based employee pay was $16.1 million. Including preferred shares convertible ten-for-one, the potential share base was 66.4 million; an unused $200 million share-sale program adds future dilution capacity.

What could change the storyApprovals could unlock cash and profits, while weak follow-up data would erase the premium.

The bull case is concrete: zipalertinib approval could pay $30 million in previously treated lung cancer and up to $100 million first-line, plus half of U.S. pre-tax profits. Stronger repeat-dose autoimmune results or a successful leukemia study would add wholly owned value. The bear case is equally specific: weak detailed survival or safety data, regulatory rejection, or failure to repeat early remissions would leave the roughly $970 million pipeline premium unsupported. The quote assumes at least one program becomes commercially meaningful before cash use forces heavy share issuance.

AI: News

First-line lung trial succeedsA late-stage lung-cancer study met its main goal, strengthening Cullinan’s profit-sharing opportunity.

On August 12, the 285-patient REZILIENT3 trial showed a statistically significant, clinically meaningful improvement in progression-free survival, meaning patients lived longer without their cancer worsening, for zipalertinib plus chemotherapy versus chemotherapy alone. Safety was described only as manageable, and full numerical results were scheduled for September 14. Shares closed roughly flat on announcement day, so the immediate trading does not establish a clear reaction. Approval could unlock up to a $100 million milestone and half of U.S. pre-tax profits.

Leukemia approval path advancesRegulator feedback allowed a potentially approval-supporting leukemia study, reducing one development step.

On July 28, Cullinan said the U.S. Food and Drug Administration agreed with a Phase 2 plan for relapsed or treatment-resistant acute myeloid leukemia. The study begins with brief dose selection and then moves directly into a single-group expansion that may support approval, with initiation planned for the third quarter. This can shorten development compared with requiring another large comparison study, but it does not guarantee approval. Updated Phase 1 results were scheduled for the fourth quarter.

Autoimmune proof appearsEarly patient results showed remissions and deep immune-cell depletion, but the evidence remains small.

Data reported June 6 covered 29 patients: 18 with lupus and 11 with rheumatoid arthritis. Among 14 lupus patients followed at least four weeks, 10 improved meaningfully and five reached remission; five of seven evaluable arthritis patients improved, including one remission. However, immune reactions occurred in 11 of 29 patients, mostly mild, with one severe case at the highest dose that stopped that cohort. These uncontrolled, early results support the concept but need larger repeat-dose studies and longer follow-up.

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Revenue

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2022

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2025

Net income

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Free cash flow

2020

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	$18.9M	$0
Research & development	$187.4M	$142.9M	$148.2M	$91.9M	$57.8M	$43.2M
Operating expenses	$241.6M	$196.9M	$190.6M	$132.1M	$86.9M	$60.3M
Operating income	−$241.6M	−$196.9M	−$191.1M	$144.6M	−$68.0M	−$60.3M
Operating margin	—	—	—	—	−358.73%	—
EBITDA	−$241.3M	−$196.6M	−$190.8M	$144.7M	−$67.9M	−$60.3M
EBITDA margin	—	—	—	—	−358.45%	—
Net income	−$219.9M	−$167.4M	−$153.2M	$111.2M	−$65.6M	−$51.8M
Net profit margin	—	—	—	—	−346.14%	—
Basic EPSper basic share	-$3.36	-$2.78	-$3.69	$2.46	-$1.52	-$2.60
Diluted EPSper diluted share	-$3.36	-$2.78	-$3.69	$2.38	-$1.52	-$2.60

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.12%of listed shares

MPM BIOIMPACT LLC9.73M shares · Jun 30, 2026

View holders

Top 20 reported holders of CGEM
Holder	% owned
MPM BIOIMPACT LLC	15.12%9.73M shares
Lynx1 Capital Management LP	13.93%8.96M shares
BVF INC/IL	8.94%5.75M shares
BlackRock, Inc.	8.13%5.23M shares
PRICE T ROWE ASSOCIATES INC /MD/	5.95%3.83M shares
STATE STREET CORP	5.70%3.67M shares
Kynam Capital Management, LP	4.84%3.11M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.06%2.61M shares
RTW INVESTMENTS, LP	3.67%2.36M shares
Siren, L.L.C.	2.94%1.89M shares
GEODE CAPITAL MANAGEMENT, LLC	2.40%1.55M shares
Blue Owl Capital Holdings LP	2.39%1.54M shares
Venrock Adviser, LLC	2.14%1.38M shares
BOOTHBAY FUND MANAGEMENT, LLC	1.68%1.08M shares
DIMENSIONAL FUND ADVISORS LP	1.63%1.05M shares
GOLDMAN SACHS GROUP INC	1.56%1M shares
Affinity Asset Advisors, LLC	1.36%875.76K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.15%738.74K shares
BOONE CAPITAL MANAGEMENT LLC	1.09%704.44K shares
Elmind Capital, LP	1.07%690K shares

Percentages use 64.35M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$13.33M disclosed value

Sells (SEC code S)38$2.54M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 5, 2026Form 4 · 10b5-1	Michaelson JenniferChief Scientific Officer	SellCommon Stock	200	$15.58	$3.1K	166.8K
May 5, 2026Form 4 · 10b5-1	Michaelson JenniferChief Scientific Officer	SellCommon Stock	7.8K	$14.60	$113.9K	167.0K
Mar 5, 2026Form 4 · 10b5-1	Michaelson JenniferChief Scientific Officer	SellCommon Stock	8.0K	$15.68	$125.4K	170.8K
Feb 25, 2026Form 4 · 10b5-1	Michaelson JenniferChief Scientific Officer	SellCommon Stock	1.8K	$14.14	$25.2K	174.8K
Feb 24, 2026Form 4 · 10b5-1	Michaelson JenniferChief Scientific Officer	SellCommon Stock	3.6K	$14.47	$52.1K	176.6K