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
$14.81
52-week range
$5.68 - $23.19
Market cap
$910.19M
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
1 Risk
0 rewards · 1 risks
View details ↓What this company does
Cullinan Therapeutics, Inc.
Cullinan Therapeutics is a biotechnology company that develops new medicines for cancer and autoimmune diseases, but its drugs are still in clinical trials (the required testing process in people before a drug can be sold). Since it has no products to sell, the company's money comes from partnerships with other drug companies, meaning its future value depends entirely on these experimental treatments getting approved by regulators.
How the company got here
Cullinan was founded in 2016 with the name Cullinan Oncology, focusing entirely on developing new medicines for cancer. The company went public (first sold its stock to the public) in 2021 to raise money for its research. A major turning point came in April 2024, when it changed its name to Cullinan Therapeutics. This signaled a big strategic shift to also develop treatments for autoimmune diseases (illnesses where the body's immune system attacks itself), not just cancer.
What it actually does
Cullinan Therapeutics is a clinical-stage biopharmaceutical company, which means it discovers and tests potential new medicines that are not yet approved for sale. Because its drugs are still in development, the company does not have any product revenue (money from sales) yet. It focuses on creating treatments for two main areas: cancer and autoimmune diseases like lupus. The company develops different types of drugs, including some that work by helping a patient's own immune system find and destroy diseased cells.
Autoimmune Diseases Pipeline
This is the company's newest and fastest-growing area of focus. Cullinan is developing medicines for diseases like lupus and rheumatoid arthritis, where the body's immune system is overactive and attacks healthy tissue. A key technology they use is called a 'T-cell engager,' which is a special kind of drug designed to act as a bridge, connecting a patient's own immune cells to the problem-causing cells to destroy them. This part of the business represents a major bet on the company's future, but the potential medicines are still in the early stages of clinical trials (the multi-step process of testing drugs in humans for safety and effectiveness).
Oncology (Cancer) Pipeline
This was the company's original business and remains a very important part of its strategy. This segment focuses on developing targeted therapies that attack specific types of cancer cells. Their most advanced potential product is called zipalertinib, a pill for a specific type of non-small cell lung cancer. To manage the very high costs of late-stage testing, Cullinan is developing this drug with a partner company, Taiho Pharmaceutical, who shares the expenses in exchange for a share of the potential profits.
What management is betting on now
Management's main strategy is to prove that their scientific approach can work in the large and growing market for autoimmune diseases. [5, 8] They are spending significant resources to advance their autoimmune drug candidates, like CLN-978, through clinical trials. [18] At the same time, they are pushing their lead cancer drug, zipalertinib, toward a decision from the FDA (the U.S. Food and Drug Administration, which approves new drugs), hoping it will become their first approved product. [4] A successful cancer drug could provide the company with its first stream of revenue, which would help fund the development of its other potential medicines. [21]
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 Q3
$-34.14M
FY2024 Q4
$-36.63M
FY2025 Q3
$-36.91M
FY2025 Q4
$-38.12M
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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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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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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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
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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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Revenue
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Net income
$-40.56M
Diluted EPS
-0.69
Operating cash flow
$-34.14M
Free cash flow
$-34.14M
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Is it cheap or expensive?
Fair value — vs current price $14.81
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. is healthier than 0 of 1 peers on balance-sheet leverage.
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.
What you should know
The case for and against CGEM
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -50.3% last year — the company lost money on shareholders' equity.
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)
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Forward P/E
-5.55x
P/B
2.96x
P/S
—
EV/EBITDA
-2.80x
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
—
EPS TTM
-3.11
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-159.25M
Free CF TTM
$-175.80M
FCF margin
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Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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