Cullinan Therapeutics Inc
CGEMHealthcare|Biotechnology|USA
$18.13
-0.24 (-1.31%)
Tangible Book
$5.96
Earnings Power
$7.63
Financials
Financial Snapshot
Market Cap
$1.11B
Enterprise Value
$349.5M
Revenue (TTM)
$0.00
Net Income (TTM)
$-221.0M
Cash & Equivalents
—
Net Cash/Share
$5.13
Free Cash Flow (TTM)
$-178.6M
Operating CF (TTM)
$-178.6M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$44.7M
Monthly Burn
$14.9M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $33.8M | $98.6M | $210.2M | $290.5M | $467.3M | $467.1M | $399.0M | $377.9M | $351.9M | |
| Operating Cash Flow | $-13.5M | $-20.9M | $-29.8M | $-43.4M | $-126.7M | $-134.3M | $-145.3M | $-175.8M | $-178.6M | |
| Free Cash Flow | $-13.8M | $-20.9M | $-29.8M | $-43.4M | $-127.8M | $-134.5M | $-145.3M | $-175.8M | $-178.7M | |
| Capital Expenditure | $-261.0K | $-20.0K | $-10.0K | $0.00 | $-1.1M | $-208.0K | $0.00 | $-49.0K | $-11.0K | |
| Financing Cash Flow | $-29.0K | $85.7M | $140.1M | $268.8M | $-25.9M | $40.8M | $266.2M | $1.1M | $1.5M |
R&D Spending
R&D (TTM)
$188.1M
R&D Intensity
—
R&D Growth YoY
+0.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $18.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $9.6M | $16.8M | $43.2M | $57.8M | $91.9M | $148.2M | $142.9M | $187.4M | $188.1M | |
| R&D % of Revenue | — | — | — | 304.9% | — | — | — | — | — | |
| SG&A | $5.0M | $5.5M | $17.1M | $29.1M | $40.2M | $42.5M | $54.0M | $54.2M | $52.3M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $18.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $18.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $9.6M | $16.8M | $43.2M | $57.8M | $91.9M | $148.2M | $142.9M | $187.4M | $188.1M | |
| SG&A | $5.0M | $5.5M | $17.1M | $29.1M | $40.2M | $42.5M | $54.0M | $54.2M | $52.3M | |
| Operating Income | $-14.6M | $-22.3M | $-60.3M | $-68.0M | $-132.1M | $-190.6M | $-196.9M | $-241.6M | $-240.3M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-14.2M | $-21.7M | $-59.5M | $-67.5M | $151.3M | $-169.2M | $-167.5M | $-219.9M | $-221.0M | |
| Net Income | $-14.2M | $-20.7M | $-51.8M | $-65.6M | $111.2M | $-153.2M | $-167.4M | $-219.9M | $-221.0M | |
| EPS (Diluted) | -1.24 | -1.07 | -1.37 | -1.52 | 2.38 | -3.21 | -2.78 | -3.36 | -3.36 | |
| EBITDA | $-14.5M | $-22.2M | $-60.3M | $-67.9M | $-132.0M | $-190.3M | $-196.6M | $-241.3M | $-240.0M | |
| Shares Out. (M) | 11.45 | 19.36 | 41.40 | 43.08 | 46.64 | 41.55 | 53.77 | 59.05 | 60.46 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.8M | $63.3M | $168.2M | $59.8M | $156.2M | $98.4M | $83.0M | $88.3M | $75.1M | |
| Marketable Securities | $0.00 | $35.4M | $42.0M | $230.7M | $311.1M | $368.6M | $316.0M | $289.6M | $276.8M | |
| Total Current Assets | $34.2M | $100.1M | $212.3M | $296.6M | $474.5M | $480.2M | $414.7M | $386.8M | $361.4M | |
| Total Assets | $34.6M | $100.5M | $214.7M | $437.2M | $561.1M | $484.2M | $621.8M | $448.4M | $403.0M | |
| Total Current Liabilities | $1.3M | $2.5M | $14.3M | $11.7M | $22.5M | $28.1M | $30.6M | $37.7M | $35.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $55.3M | $140.4M | $14.4M | $11.8M | $26.1M | $30.3M | $31.5M | $39.6M | $36.8M | |
| Stockholders' Equity | $-20.7M | $-40.8M | $199.0M | $425.0M | $535.0M | $453.7M | $590.3M | $408.7M | $366.2M | |
| Retained Earnings | $-20.9M | $-41.5M | $-93.3M | $-158.9M | $-47.7M | $-200.9M | $-368.2M | $-588.1M | $-637.8M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-13.5M | $-20.9M | $-29.8M | $-43.4M | $-126.7M | $-134.3M | $-145.3M | $-175.8M | $-178.6M | |
| Capital Expenditure | $-261.0K | $-20.0K | $-10.0K | $0.00 | $-1.1M | $-208.0K | $0.00 | $-49.0K | $-11.0K | |
| Free Cash Flow | $-13.8M | $-20.9M | $-29.8M | $-43.4M | $-127.8M | $-134.5M | $-145.3M | $-175.8M | $-178.7M | |
| Investing Cash Flow | $-261.0K | $-35.4M | $-5.4M | $-333.8M | $249.0M | $35.8M | $-136.3M | $180.0M | $175.6M | |
| Financing Cash Flow | $-29.0K | $85.7M | $140.1M | $268.8M | $-25.9M | $40.8M | $266.2M | $1.1M | $1.5M | |
| Issuance of Stock | $1.0K | $0.00 | $145.4M | $267.3M | $0.00 | $38.4M | $262.7M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $2.4M | $1.8M | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-2.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $17.0K | $14.9M | $24.4M | $28.0M | $30.4M | $37.8M | $36.0M | $34.3M | |
| Net Change in Cash | $-13.8M | $29.4M | $104.9M | $-108.4M | $96.4M | $-57.7M | $-15.4M | $5.3M | $-1.6M |
Dilution Tracker
Shares outstanding grew 40.4% over 5 years — significant dilution
Shares Outstanding
60M
5-Year Share Growth
+40.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 11.45 | 19.36 | 41.40 | 43.08 | 46.64 | 41.55 | 53.77 | 59.05 | 60.46 | |
| YoY Change % | — | 69.1% | 113.8% | 4.1% | 8.3% | -10.9% | 29.4% | 9.8% | 2.4% | |
| Stock Issuance | $1.0K | $0.00 | $145.4M | $267.3M | $0.00 | $38.4M | $262.7M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $17.0K | $14.9M | $24.4M | $28.0M | $30.4M | $37.8M | $36.0M | $34.3M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | -358.7% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | -346.1% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | -358.4% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | -229.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | 0.0% | -65.5% | -21.0% | 23.2% | -31.0% | -32.1% | -44.0% | -48.7% | |
| ROA % | -41.0% | -30.6% | -32.9% | -20.1% | 22.3% | -29.3% | -30.3% | -41.1% | -45.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical13.08 / 27.71 / 91.46
Industry Med.9.49
P/B3.04
Historical0.61 / 1.30 / 3.84
Industry Med.2.93
EV/EBITDA-3.19
Historical-24.24 / -3.56 / 0.57
Industry Med.13.02
EV/Revenue—
Historical-2.06 / 12.75 / 68.28
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$5.96
Net Current Assets
$5.280
Net-Net Working Capital
$5.13
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | At Loss | 4.43 | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | 35.07 | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 1.61 | 0.90 | 0.96 | 1.21 | 1.53 | 3.04 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | -5.79 | -0.16 | 0.14 | -1.61 | -1.03 | -3.19 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 20.77 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $16.36M | $42.82M | $31.44M |
| Net Income | $-197.77M | $-183.79M | $-258.04M |
| EPS | -3.29 | -2.40 | -3.04 |
| Book Value per Share | 5.76 | 5.25 | 5.68 |
| Operating Cash Flow per Share | -2.48 | -1.47 | -2.48 |
| Operating CF | $-149.95M | $-88.88M | $-149.95M |
Dividends
Revenue Segments
By Business
| Segment | 2021 |
|---|---|
| Business of developing immunology and oncology therapies | $18.9M |
By Geography
| Segment | 2021 |
|---|---|
| United States | $18.9M |