Cullinan Therapeutics IncCullinan Therapeutics Inc
Cullinan Therapeutics Inc

Cullinan Therapeutics Inc

CGEM
Health Care·Biotechnology

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the developing of oncology and immuno-oncology therapies. Its pipeline includes CLN-978, CLN-619, Zipalertinib CLN-081/TAS6417, CLN-049, and CLN-617. The company was founded by Patrick A. Baeuerle on September 15, 2016 and is headquartered in Cambridge, MA.

Massachusetts; U.S.A
Market cap
No dataNo data
Revenue
No dataNo data
Net income
$-219.9M−31.4% YoY
Free cash flow
$-175.8M−21.0% YoY

Market

Listed stock
CGEMPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
No dataNo data
Operating income
$-241.6M−22.7% YoY
Net income
$-219.9M−31.4% YoY
Free cash flow
$-175.8M−21.0% YoY

Revenue, profit & cash trend

Revenue
Reference
Revenue: 2021 $18.9M, 2022 $0, 2023 $500K, 2024 $0. Reference line: Reference at $0.

Growth & profitability

Revenue growth
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Gross margin
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Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-68M, 2022-12-31 $144.6M, 2023-12-31 $-191.1M, 2024-12-31 $-196.9M, 2025-12-31 $-241.6M. Net income: 2021-12-31 $-65.6M, 2022-12-31 $111.2M, 2023-12-31 $-153.2M, 2024-12-31 $-167.4M, 2025-12-31 $-219.9M. Free cash flow: 2021-12-31 $-43.4M, 2022-12-31 $-127.8M, 2023-12-31 $-134.5M, 2024-12-31 $-145.3M, 2025-12-31 $-175.8M

Growth heatmap

202220232024CAGR
Revenue
-100.0%
No data
-100.0%
No data
Gross profit
+100.3%
+400.0%
-100.0%
No data
Operating income
+312.9%
-232.1%
-3.1%
-22.7%
No data
Free cash flow
-194.2%
-5.2%
-8.0%
-21.0%
No data

Earnings quality

Operating cash flow
$-175.8M−21.0% YoY
Net income
$-219.9M−31.4% YoY
Free cash flow
$-175.8M−21.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 80%, 2024-12-31 87%, 2023-12-31 88%, 2022-12-31 -114%, 2021-12-31 66%. Free cash flow: 2025-12-31 80%, 2024-12-31 87%, 2023-12-31 88%, 2022-12-31 -115%, 2021-12-31 66%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
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Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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