Cullinan Therapeutics, Inc.
CGEM · Biological Products, (No Diagnostic Substances) · 61.5M shares · +8%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$31M (gross $7M, SBC $38M)
Reference price $14.60 · est. market cap ~$897M — last insider sale, 2026-05-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C65Well-capitalized T-cell-engager developer with a partnered asset (zipalertinib) at NDA stage, offset by meaningful pipeline attrition.
Strengths
- $436M cash (84th pct), current ratio 10.2, ~9.9-quarter runway
- Zipalertinib NDA submitted for accelerated approval via Taiho, with milestone/50% profit economics — real de-risking
Risks
- Negative returns (ROA -0.49, ROE -0.54) and FCF -$176M; core wholly-owned assets (CLN-978/049) still Phase 1
- Discontinued three programs (CLN-619, -617, -418) in 2024-25, signaling pipeline risk
Notable findings
- Cash burnNegative free cash flow (-175.8M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +8%/yr over 1y (dilution, book value/share -22%)
- Strong balance sheetStrong balance sheet — $436M cash & investments, ~10 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 17 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-53.8%
Return on assets
-49.0%
Current ratio
10.2×
Free cash flow
-$176M
EBITDA
-$241M
Tangible book value
$409M
Cash & investments
$436M
Cash runway
10q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-05 | Michaelson Jennifer | Sell | 7.8K | $14.60 |
| 2026-05-05 | Michaelson Jennifer | Option exercise | 4.0K | $4.30 |
| 2026-05-05 | Michaelson Jennifer | Sell | 200 | $15.58 |
| 2026-03-05 | Michaelson Jennifer | Option exercise | 4.0K | $4.30 |
| 2026-03-05 | Michaelson Jennifer | Sell | 8.0K | $15.68 |
| 2026-02-25 | Michaelson Jennifer | Sell | 1.8K | $14.14 |
| 2026-02-24 | Michaelson Jennifer | Sell | 3.6K | $14.47 |
| 2026-02-24 | AHMED NADIM | Sell | 14K | $14.47 |
| 2026-02-24 | Jones Jeffrey Alan | Sell | 4.6K | $14.47 |
| 2026-02-24 | SUMER JACQUELYN L | Sell | 3.6K | $14.47 |
| 2026-02-23 | Michaelson Jennifer | Sell | 1.8K | $13.99 |
| 2026-02-20 | Jones Jeffrey Alan | Sell | 5.0K | $13.62 |
| 2026-02-20 | Fenton Mary Kay | Sell | 4.4K | $13.62 |
| 2026-02-20 | Michaelson Jennifer | Sell | 3.7K | $13.62 |
| 2026-02-20 | Michaelson Jennifer | Option exercise | 8.0K | $4.30 |
| 2026-02-20 | Michaelson Jennifer | Sell | 8.0K | $14.30 |
| 2026-02-20 | SUMER JACQUELYN L | Sell | 3.7K | $13.62 |
| 2026-02-20 | AHMED NADIM | Sell | 16K | $13.62 |
| 2026-02-18 | Fenton Mary Kay | Grant | 69K | — |
| 2026-02-18 | Michaelson Jennifer | Grant | 58K | — |
| 2026-02-12 | Michaelson Jennifer | Sell | 416 | $12.03 |
| 2026-01-22 | Michaelson Jennifer | Sell | 4.0K | $12.30 |
| 2025-12-31 | Fenton Mary Kay | Grant | 27 | $6.49 |
| 2025-12-23 | AHMED NADIM | Sell | 9.9K | $10.01 |
| 2025-12-19 | Michaelson Jennifer | Sell | 1.3K | $10.01 |
| 2025-12-18 | SUMER JACQUELYN L | Sell | 3.5K | $9.67 |
| 2025-12-18 | Jones Jeffrey Alan | Sell | 4.6K | $9.67 |
| 2025-12-18 | Michaelson Jennifer | Sell | 2.9K | $9.67 |
| 2025-12-15 | Michaelson Jennifer | Sell | 995 | $11.90 |
| 2025-12-12 | Michaelson Jennifer | Sell | 2.1K | $12.38 |
| 2025-11-24 | Michaelson Jennifer | Sell | 4.0K | $12.30 |
| 2025-10-28 | Lynx1 Capital Management LP | Buy | 166K | $8.40 |
| 2025-10-17 | Lynx1 Capital Management LP | Buy | 32K | $7.84 |
| 2025-10-16 | Lynx1 Capital Management LP | Buy | 150K | $8.86 |
| 2025-10-15 | Lynx1 Capital Management LP | Buy | 52K | $7.94 |
| 2025-10-14 | Lynx1 Capital Management LP | Buy | 15K | $7.59 |
| 2025-10-10 | Lynx1 Capital Management LP | Buy | 277K | $7.36 |
| 2025-10-09 | Lynx1 Capital Management LP | Buy | 626K | $6.70 |
| 2025-10-08 | Lynx1 Capital Management LP | Buy | 556K | $6.46 |
| 2025-02-25 | Jones Jeffrey Alan | Sell | 4.9K | $8.53 |
| 2025-02-25 | Michaelson Jennifer | Sell | 3.8K | $8.53 |
| 2025-02-25 | AHMED NADIM | Sell | 13K | $8.53 |
| 2025-02-25 | SUMER JACQUELYN L | Sell | 3.8K | $8.53 |
| 2025-02-19 | Michaelson Jennifer | Grant | 50K | — |
| 2025-02-19 | Savill Corrine | Grant | 38K | — |
| 2025-02-19 | SUMER JACQUELYN L | Grant | 50K | — |
| 2025-02-19 | AHMED NADIM | Grant | 180K | — |
| 2025-02-19 | Jones Jeffrey Alan | Grant | 65K | — |
| 2025-02-19 | Fenton Mary Kay | Grant | 60K | — |
| 2025-01-06 | Michaelson Jennifer | Sell | 4.0K | $12.51 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07041099 ↗ | A Study of CLN-978, a Subcutaneously Administered CD19-directed T Cell Engager, in Subjects With Sjogren's Disease Sjögren, Sjogren Disease | PHASE1 | Recruiting | 2028-03-15 |
| NCT06994143 ↗ | A Study of CLN-978, a Subcutaneously Administered CD19-directed T Cell Engager, in Subjects With Rheumatoid Arthritis Rheumatoid Arthritis (RA | PHASE1 | Recruiting | 2027-12-30 |
| NCT05143996 ↗ | CLN-049 in Patients With Relapsed/Refractory Acute Myeloid Leukemia (AML) or Myelodysplastic Syndrome (MDS) Relapsed/Refractory Acute Myeloid Leukemia (AML), Myelodysplastic Syndrome (MDS) | PHASE1 | Recruiting | 2027-01-01 |
| NCT06613360 ↗ | A Study of CLN-978, a Subcutaneously Administered CD19-directed T Cell Engager, in Subjects With Systemic Lupus Erythematosus SLE, SLE (Systemic Lupus) | PHASE1 | Recruiting | 2026-12-01 |
| NCT05879744 ↗ | A Study of CLN-978 in Patients With Relapsed or Refractory (R/R) B Cell Non-Hodgkin Lymphoma (B-NHL) NHL, NHL, Relapsed, Adult | PHASE1 | Active Not Recruiting | 2026-11-01 |
| NCT06381141 ↗ | A Study of CLN-619 (Anti-MICA/MICB Antibody) in Patients With Relapsed and Refractory Multiple Myeloma Multiple Myeloma | PHASE1 | Active Not Recruiting | 2026-09-01 |
| NCT05117476 ↗ | A Study of CLN-619 Alone and in Combination With Pembrolizumab in Advanced Solid Tumors Advanced Solid Tumor, NSCLC | PHASE1 | Active Not Recruiting | 2026-03-01 |
| NCT04036682 ↗ | A Phase 1/2 Trial of CLN-081 in Patients With Non-Small Cell Lung Cancer Non Small Cell Lung Cancer, EGFR Exon 20 Mutation | PHASE1/PHASE2 | Active Not Recruiting | 2025-10-13 |
| NCT06035744 ↗ | CLN-617 Alone and in Combination With Pembrolizumab in Patients With Advanced Solid Tumors Advanced Solid Tumor | PHASE1 | Terminated | 2026-06-16 |
| NCT03682055 ↗ | Phase 1/2a Study of VK-2019 in Patients With Epstein-Barr Virus (EBV)-Positive Nasopharyngeal Carcinoma (NPC) Nasopharyngeal Carcinoma, Nasopharyngeal Cancer | PHASE1/PHASE2 | Terminated | 2020-06-23 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Shareholder vote | filing ↗ |
| 2026-06-10 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-08 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-18 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
| 2026-01-08 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-12-08 | Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001193125-26-272890 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001193125-26-264916 ↗ |
| 8-K | 2026-06-08 | 2026-06-06 | 0001193125-26-260640 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001193125-26-229173 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-210304 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210290 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001193125-26-099362 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001193125-26-099355 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001193125-26-006998 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0001193125-25-310764 ↗ |
| 8-K | 2025-11-21 | 2025-11-18 | 0001193125-25-291448 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-268041 ↗ |