One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Cullinan Therapeutics, Inc.
CGEM · NMS · Healthcare · Biotechnology
Current price
$11.73
52-week range
$7.25 - $23.19
Market cap
$720.90M
Balance sheet
Healthy
-10.88x Concerning
Net cash $332.47M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
2 Risks
0 rewards · 2 risks
- Risk Return on equity was -50.3% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 0.4% (peer median: 1.7%).
What this company does
Cullinan Therapeutics, Inc.
Cullinan Therapeutics develops new medicines for serious illnesses like cancer and autoimmune diseases. Their main income, if they succeed, comes from getting these medicines approved and then selling them, which is a long and uncertain process in the drug development world. This matters because it means their current value is based on the potential of these experimental drugs rather than established sales.
How the company got here
Cullinan Therapeutics, Inc. was founded in 2016 and was formerly known as Cullinan Oncology, Inc.. The company's name change to Cullinan Therapeutics, Inc. in April 2024 reflects its expanded focus beyond just oncology to include autoimmune diseases. It operates as a clinical-stage biopharmaceutical company, meaning it is developing new medicines that are currently undergoing testing in human trials before they can be approved for sale. Cullinan's strategy involves identifying promising drug targets and then developing the best type of medicine for those targets, aiming to create therapies that can significantly improve patient outcomes.
What it actually does
Cullinan Therapeutics develops potential new medicines, called therapies, for serious diseases like cancer and autoimmune disorders. These are not yet approved drugs, but rather experimental treatments that the company is testing in clinical trials (studies in people) to see if they are safe and effective. The company focuses on creating 'first- or best-in-class' therapies, meaning they aim to be either the first treatment of their kind or a significantly improved version of existing treatments. Their approach involves deep expertise in how the immune system works, using this knowledge to design drugs that can either fight disease directly or help the body's own defenses combat illness.
Immunology
This part of Cullinan's work focuses on developing treatments for autoimmune diseases, which are conditions where the body's immune system mistakenly attacks its own healthy tissues. They are investigating therapies like CLN-978 and Velinotamig, which are designed to target specific parts of the immune system to calm down this overactivity. These therapies are in early-stage clinical trials, meaning they are being tested in small groups of people to assess safety and initial effectiveness. The goal is to create new ways to manage or even cure these often chronic and debilitating conditions.
Oncology
This segment of Cullinan's business is dedicated to creating new treatments for cancer. They are developing several drug candidates, including Zipalertinib and CLN-049, which target specific mechanisms within cancer cells or leverage the immune system to fight tumors. Zipalertinib, for example, is being studied in patients with a specific type of lung cancer. These oncology treatments are also in various stages of clinical trials, with the aim of offering more effective and targeted options for cancer patients.
What management is betting on now
Cullinan's leadership is focused on advancing their pipeline of promising drug candidates through clinical trials, with a particular emphasis on T cell engagers, a type of therapy that harnesses the immune system to fight disease. They are strategically prioritizing the most promising molecules that address significant unmet medical needs in both autoimmune diseases and cancer. The company is also leveraging partnerships and a lean operational model to efficiently move these potential therapies from development to potential commercialization, aiming to deliver new standards of care for patients.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-36.63M
FY2025 Q3
$-36.91M
FY2025 Q4
$-38.12M
FY2026 Q3
$-43.08M
Revenue
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Net income
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Diluted EPS
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Operating cash flow
$-43.08M
Free cash flow
$-43.08M
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Revenue
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Net income
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Diluted EPS
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Operating cash flow
$-38.22M
Free cash flow
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Revenue
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Net income
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Diluted EPS
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Operating cash flow
$-46.05M
Free cash flow
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Revenue
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Net income
$-50.71M
Diluted EPS
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Operating cash flow
$-38.11M
Free cash flow
$-38.12M
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Sources
Revenue
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Net income
$-50.61M
Diluted EPS
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Operating cash flow
$-36.88M
Free cash flow
$-36.91M
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Sources
Revenue
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Net income
$-70.06M
Diluted EPS
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Operating cash flow
$-57.61M
Free cash flow
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Revenue
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Net income
$-48.50M
Diluted EPS
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Operating cash flow
$-43.16M
Free cash flow
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Revenue
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Net income
$-47.65M
Diluted EPS
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Operating cash flow
$-36.63M
Free cash flow
$-36.63M
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Is it cheap or expensive?
Fair value — vs current price $11.73
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $332.5M - more cash than debt. Interest coverage -10.9x.
Net debt
$-332.47M
Interest coverage
-10.88x
Cullinan Therapeutics, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
CGEM
BASELINE
Cullinan Therapeutics, Inc.
Total debt $2.07M Interest coverage -10.88x This is the baseline the peer rows are being compared against.
Total debt $44.71M Interest coverage -7.91x Neither company has much profit cushion over interest right now.
Total debt $6.00M Interest coverage -54.07x Neither company has much profit cushion over interest right now.
Total debt $27.03M Interest coverage -11.20x Neither company has much profit cushion over interest right now.
Total debt $589.41M Interest coverage -8.08x Neither company has much profit cushion over interest right now.
Total debt $29.70M Interest coverage -3.49x Neither company has much profit cushion over interest right now.
What you should know
The case for and against CGEM
0 Rewards
2 Risks
Rewards
Risks
-
Return on equity was -50.3% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 0.4% (peer median: 1.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-4.75x
P/B
2.35x
P/S
—
EV/EBITDA
-1.91x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-50.3%
ROA
-31.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.01x
Current ratio
8.42x
Quick ratio
8.29x
Total debt
$2.07M
Total cash
$334.54M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
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EPS TTM
-3.11
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-165.46M
Free CF TTM
$-175.80M
FCF margin
—
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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