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olivLaw · US equity research

Cullinan Therapeutics, Inc. CGEM

Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

12.49USD−20.70% · 1 dayClose 04 Nov 2026

Cullinan Therapeutics is a clinical-stage biopharmaceutical company developing bispecific 'T cell engagers' for autoimmune diseases and cancer. In the second quarter of 2026 research and development expenses were 44.4 million USD, and the company says its cash should fund operations into 2029, making the clinical steps in the second half of the year decisive for assessing the pipeline.

At the close of 04 Nov 2026, Cullinan Therapeutics, Inc. (CGEM) stock was 12.49 USD (−20.70% on the day), with market capitalisation 803.8 m USD, beta 1.08, 52-week range 7.19–22.95 USD. Latest reported quarter (Q2 2026): net income of -53.7 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
803.8 m USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.86 · TTM to 30 Sept 2024
E/P (TTM)
-22.87%
TTM to 30 Sept 2024
Dividend yield
unavailable
Beta (2y)
1.08
Volatility (1y) 79%
52-week range
7.1922.95

Price history

Loading chart…

Technical reading

RSI (14)
33.9
weak (30–45)
Bollinger (20, 2)
12.91 – 16.31
below the lower band · %B -0.12 · band width 23.3%
SMA 50 / 200
17.44 / 15.86
mixed trend
MACD (12, 26, 9)
-0.64 / -0.75
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−22.1%−1.1%−21.0 pp—
3 months−29.1%−0.5%−28.6 pp—
6 months−16.7%+4.4%−21.1 pp—
Year to date+20.7%+12.3%+8.4 pp—
1 year+68.8%+13.5%+55.2 pp−3.8%
3 years+25.9%+76.4%−50.5 pp+18.6%
5 years−46.0%+63.7%−109.7 pp—
Max drawdown (1y)
−45.6%
25 Aug 2026 → 04 Nov 2026
Max drawdown (5y)
−80.4%
07 May 2024 → 02 Oct 2025
Compound annual growth (5y)
−11.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
-53.7 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Research & development35.5 m40.5 m41.5 m61.0 m42.0 m42.9 m42.1 m44.4 m
Operating income-48.9 m-55.0 m-55.0 m-75.8 m-55.6 m-55.3 m-53.7 m-57.3 m
Depreciation & amortisation76.0 k ≈77.0 k76.0 k77.0 k ≈79.0 k ≈79.0 k79.0 k79.0 k ≈
Net income-40.6 m-47.6 m-48.5 m-70.1 m-50.6 m-50.7 m-49.7 m-53.7 m
Diluted EPS-0.69———————
Operating cash flow-34.1 m ≈-36.6 m-43.2 m-57.6 m ≈-36.9 m ≈-38.1 m-46.0 m-38.2 m ≈
Capex0 ≈0———11.0 k——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202020212022202320242025
Revenue018.9 m0unavailableunavailableunavailable
Revenue YoYunavailableunavailable−100.0%unavailableunavailableunavailable
Net income-51.8 m-65.6 m111.2 m-153.2 m-167.4 m-219.9 m
Net income YoYunavailableunavailableunavailable−237.7%unavailableunavailable
Diluted EPSunavailable-1.522.38-3.69unavailableunavailable
Diluted EPS YoYunavailableunavailableunavailable−255.0%unavailableunavailable
net %unavailable-346.1%unavailableunavailableunavailableunavailable
Free cash flow-29.8 m-43.4 m-127.8 m-134.5 m-145.3 m-175.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
88.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
408.7 m USD
Total assets
448.4 m USD
Debt / equity
unavailable
Current ratio
10.25x
ROE
-44.0%
ROA
-41.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Revenue
2023
—
2024
—
2025
—

SEC (XBRL)· 09 Mar 2023verified

Research & development
2023
148.2 m
2024
142.9 m
2025
187.4 m

SEC (XBRL)· 10 Mar 2026verified

Operating income
2023
-191.1 m
2024
-196.9 m
2025
-241.6 m

SEC (XBRL)· 10 Mar 2026verified

Depreciation & amortisation
2023
310.0 k
2024
306.0 k
2025
311.0 k

SEC (XBRL)· 10 Mar 2026verified

EBITDA
2023
-190.8 m ≈
2024
-196.6 m ≈
2025
-241.3 m ≈

SEC (XBRL)· 10 Mar 2026derived

Pre-tax income
2023
-169.2 m
2024
-167.5 m
2025
-219.9 m

SEC (XBRL)· 10 Mar 2026verified

Income tax
2023
-14.1 m
2024
117.0 k
2025
0

SEC (XBRL)· 10 Mar 2026verified

Net income
2023
-153.2 m
2024
-167.4 m
2025
-219.9 m

SEC (XBRL)· 10 Mar 2026verified

Diluted EPS
2023
-3.69
2024
—
2025
—

SEC (XBRL)· 14 Mar 2024verified

Weighted average diluted shares
2023
41.6 m
2024
—
2025
—

SEC (XBRL)· 14 Mar 2024verified

Balance sheet · USD

Cash
2023
98.4 m
2024
83.0 m
2025
88.3 m

SEC (XBRL)· 10 Mar 2026verified

Current assets
2023
480.2 m
2024
414.7 m
2025
386.8 m

SEC (XBRL)· 10 Mar 2026verified

Property, plant & equipment, net
2023
989.0 k
2024
683.0 k
2025
421.0 k

SEC (XBRL)· 10 Mar 2026verified

Total assets
2023
484.2 m
2024
621.8 m
2025
448.4 m

SEC (XBRL)· 10 Mar 2026verified

Accounts payable
2023
2.5 m
2024
1.7 m
2025
841.0 k

SEC (XBRL)· 10 Mar 2026verified

Current liabilities
2023
28.1 m
2024
30.6 m
2025
37.7 m

SEC (XBRL)· 10 Mar 2026verified

Total liabilities
2023
30.3 m
2024
31.5 m
2025
39.6 m

SEC (XBRL)· 10 Mar 2026verified

Equity
2023
453.9 m
2024
590.3 m
2025
408.7 m

SEC (XBRL)· 10 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-134.3 m
2024
-145.3 m
2025
-175.8 m

SEC (XBRL)· 10 Mar 2026verified

Capex
2023
208.0 k
2024
0
2025
49.0 k

SEC (XBRL)· 10 Mar 2026verified

Free cash flow
2023
-134.5 m ≈
2024
-145.3 m ≈
2025
-175.8 m ≈

SEC (XBRL)· 10 Mar 2026derived

Investing cash flow
2023
35.8 m
2024
-136.3 m
2025
180.0 m

SEC (XBRL)· 10 Mar 2026verified

Financing cash flow
2023
40.8 m
2024
266.2 m
2025
1.1 m

SEC (XBRL)· 10 Mar 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Mar 2022verified

Computed indicators

Growth

Revenue growth (YoY)
-100.0%
computed by olivLawFY 2022
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
-50.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-46.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-68.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
8.4x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
1.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-159.3 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
49.0 k USD
computed by olivLawFY 2025
Free cash flow
-159.3 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
803.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-25.5%
computed by olivLawTTM to 30 Jun 2026
P/B
2.5x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-19.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 12.5% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

12.49 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 803.8 m USD

Key indicators

Market capitalisation
803.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.5x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-50.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
-100.0%
computed by olivLawFY 2022
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 652derived 57

Score by group

13% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet8.4x100 (on a fixed band)33%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-19.8%0 (on a fixed band)67%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CULLINAN THERAPEUTICS, INC. (CGEM). Latest full fiscal year: 2022; data up to 2026-06-30.

Figures computed from the financial statements: revenue 0 USD in 2022; YoY growth -100.0%; ROE -50.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 8.4x

What contradicts it

  • FCF yield: -19.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 38.4x
EV/EBITDA
—
vertical median 19.6x
P/S
—
vertical median 7.6x
P/B
2.5x
vertical median 5.8x
below median (−57.2%)
ROE
-50.3%
vertical median -38.1%
below median
Net margin
—
vertical median -122.2%
EBIT margin
—
vertical median -128.0%
Revenue YoY
-100.0%
vertical median 4.4%
below median (−2,395.2%)
Net debt/EBITDA
—
vertical median 2.7x
Dividend yield
—
vertical median 0.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMGNAmgen Inc.258.8 bn27.778.4%24.1%+10.0%+39% / +77%
GILDGilead Sciences, Inc.216.4 bn—-22.3%-12.5%+2.4%+39% / +128%
MRNAModerna, Inc.103.2 bn—-39.0%-141.4%−39.9%+895% / +233%
RVMDRevolution Medicines, Inc.43.2 bn—-93.6%-946.8%unavailable+157% / +756%
BIIBBiogen Inc.37.6 bn108.81.9%3.4%+2.2%+40% / +9%
MESOMesoblast Limited18.5 bn—-19.0%-593.9%+191.4%−17% / +425%
EXELExelixis, Inc.17.8 bn21.744.3%35.5%+7.0%+65% / +234%
HALOHalozyme Therapeutics, Inc.14.8 bn38.4173.7%24.9%+37.6%+83% / +238%
KYMRKymera Therapeutics, Inc.11.6 bn—-27.3%-341.8%−16.7%+101% / +556%
TWSTTwist Bioscience Corporation8.9 bn—-29.6%-31.7%+20.3%+345% / +493%
SCNIScinai Immunotherapeutics Ltd.6.2 bn—-91.9%-633.6%+99.2%−96% / −99%
CGONCG Oncology, Inc.6.0 bn—-26.4%-3,602.7%+254.7%+51% / unavailable
TARSTarsus Pharmaceuticals, Inc.3.4 bn—-319.8%-102.9%+146.7%−14% / +318%
DNLIDenali Therapeutics Inc.3.4 bn—-33.9%-1,470.5%unavailable+8% / +13%
VCELVericel Corporation2.3 bn107.77.2%7.9%+16.5%+13% / +28%
ADMAAdma Biologics, Inc.2.3 bn13.641.9%35.1%+19.6%−45% / +183%
BCRXBiocryst Pharmaceuticals, Inc.2.1 bn——-37.4%+94.1%+15% / +40%
VIRVir Biotechnology, Inc.2.0 bn—-21.8%-61.0%−7.6%+83% / +24%
ALVOAlvotech1.5 bn46.7—4.8%+19.7%−8% / −51%
INBXInhibrx Biosciences, Inc.1.3 bn—-1,773.6%—+550.0%+3% / unavailable
EVAXEvaxion A1.2 bn—-100.2%-102.4%+125.1%−50% / −93%
CGEMCullinan Therapeutics, Inc.803.8 m—-50.3%—−100.0%+69% / +26%
CADLCandel Therapeutics, Inc.692.5 m—-81.8%—0.0%+90% / +907%
SRZNSurrozen, Inc.372.0 m——-2,885.3%−67.4%+91% / +340%
AUTLAutolus Therapeutics plc367.3 m—-133.0%-238.7%+644.9%−2% / −68%

1- and 3-year price returns: for CGEM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Cullinan Therapeutics is a clinical-stage biopharmaceutical company developing bispecific 'T cell engagers' for autoimmune diseases and cancer. In the second quarter of 2026 research and development expenses were 44.4 million USD, and the company says its cash should fund operations into 2029, making the clinical steps in the second half of the year decisive for assessing the pipeline.23

SWOT

Strengths

  • The company has a diversified clinical pipeline with several programs in clinical stage and a strong position in the T cell engager field.
  • Agreements with Taiho could bring regulatory-linked payments and profit participation if zipalertinib obtains approvals.

Weaknesses

  • The company has no approved products and has not generated product sales revenue since inception.
  • Operating losses are recurring, and the net loss in the second quarter of 2026 was 53.7 million USD.
  • Much of the pipeline is still at early stages, and several programs depend on studies that have not yet read out.

Opportunities

  • If multi-dose data in RA and SLE hold up, the company could expand studies into Phase 2 and new autoimmune indications.
  • A US approval of zipalertinib could trigger payments to the company and produce long-term profit income.
  • A Phase 2 study in AML, if started on time, could open a path to a registrational study for a broad patient population.

Threats

  • Early clinical results do not guarantee success in larger studies, and data can be interpreted differently.
  • Competition in B cell and engager therapies may reduce the competitive edge of the company's candidates.
  • Dependence on further financing and capital market conditions could limit development plans.

Risks

  • Failure of clinical studieshigh

    Preclinical and clinical studies may not sufficiently demonstrate the safety and efficacy of candidates, which could delay or stop development.

  • Dependence on partner Taihomedium

    The value of zipalertinib depends on decisions and results of studies run by Taiho, which Cullinan does not fully control.

  • Need for additional fundingmedium

    The company has continuing operating losses and could need additional capital if plans change.

  • Regulatory risksmedium

    Filings depend on FDA acceptance and the requirements of other authorities, and timelines may be postponed.

  • Open-label study datalow

    Some studies are open-label, meaning patients and investigators know the treatment, which may exaggerate the observed effect.

Investment thesis

What would need to be true (bull case)

  • If multi-dose RA and SLE data confirm the observed immune modulation, the company could become an important player in autoimmune treatment with T cell engagers.
  • With a cash runway into 2029, the company could have time to advance several programs to Phase 2 without immediate capital pressure.
  • If zipalertinib obtains US approvals, the Taiho agreement could generate payments and profit participation, which could reduce reliance on share issuance.

What would break the thesis

  • Most candidates are still at early stages, and preliminary data do not guarantee results in larger studies.
  • The company has no approved products and continues to incur operating losses, which could require new share issuance.
  • Competition in B cell and bispecific engager therapies is intense, and the stated advantages still need confirmation.

What to watch

  • REZILIENT3 top-line results from Taihoend 2026
  • FDA decision on zipalertinib27 February 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Cullinan Therapeutics aims to develop potentially first- or best-in-class therapies for autoimmune diseases and cancer, using its expertise in 'T cell engagers', a technology established in oncology that is now advancing into autoimmune diseases.1 The company has no product approved for sale and has not generated product sales revenue since inception, funding itself through equity offerings and through licensing or selling rights to its candidates.1 As of June 30, 2026 it had received 842.2 million USD in net equity proceeds, and its accumulated deficit was 691.5 million USD.2

Financing partly depends on regulatory and profit-linked payments. For zipalertinib, Cullinan is eligible for Taiho payments tied to US approvals, and each party would receive 50% of any future potential pre-tax profits from US sales.13

Segments

Zipalertinib (collaboration with Taiho)

Zipalertinib is an orally available EGFR inhibitor developed with a Taiho affiliate for EGFR exon 20 insertion lung cancer. Cullinan could receive 30 million USD and up to 100 million USD on US approvals in second- and first-line settings, plus a share of profits.3

Market context

The target market includes B cell-mediated autoimmune diseases and oncology indications such as acute myeloid leukemia, where current treatments are fragmented and broadly applicable options are limited.1 The company describes CD19 as a target validated across several autoimmune diseases, although data for most candidates remain preliminary.1

For AML, the company cites an estimate of roughly 22,720 newly diagnosed US patients in 2026, and approved FLT3 mutant inhibitors are limited to about 30% of the AML population.1 These are external estimates quoted by the company, not its own revenue, and they show where a FLT3 engager could be relevant.1

Trends

  • B cell depleting therapies and bispecific engagerstailwind

    A growing number of clinical studies report that broad B cell depletion can reset the immune system in some autoimmune diseases, supporting interest in CD19 and T cell engagers.1 If clinical data hold up, this could support expansion of Cullinan's programs into Phase 2 studies.3

  • Intense competition in CD19 and BCMA therapiesheadwind

    Companies in the field are developing monoclonal antibodies, CAR T therapies and other engagers against the same targets, which may make differentiation harder.1 Cullinan cites advantages such as subcutaneous administration and no need for lymphodepleting chemotherapy, but these must be shown in studies.1

  • Dependence on the regulatory calendarmixed

    Several potential revenue streams depend on FDA decisions and on studies run by Taiho, which makes the regulatory timetable an important factor.23

  • Equity financing via at-the-market programmixed

    The company renewed an at-the-market sales program of up to 200 million USD with no sales through June 30, 2026, showing an available funding option.2

Competitive position

Competition also comes from other companies working on T cell engagers and CD19 therapies for autoimmune diseases, and Cullinan relies on early preclinical and clinical evidence to support its position.1

  • Genrix Biopharmaceutical (Chongqing)

    China partner evaluating velinotamig in a Phase 1/2 autoimmune study and granted priority review in multiple myeloma.

  • Taiho Pharmaceutical

    Partner developing and to commercialize zipalertinib and conducting the REZILIENT studies.

  • CAR T and CD19 antibody developers

    Companies with CD19 alternatives competing for the same autoimmune indications, as described in the annual report.

News & filings

In the press

The latest news item in our archive is from 10 Jul 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Current report04 Nov 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report02 Oct 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report24 Sept 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report14 Sept 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report13 Aug 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Quarterly report06 Aug 2026
  • Current report06 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report16 Jun 2026
    Shareholder vote
  • Current report10 Jun 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report08 Jun 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cullinan Therapeutics, Inc. · 10 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cullinan Therapeutics, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Cullinan Therapeutics, Inc. · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.