CGEM Cullinan Therapeutics, Inc.
Price Chart
Executive Summary
Cullinan Therapeutics reported Q4 and full-year 2025 financial results, showing increased R&D spending and a wider net loss, while maintaining a strong cash position of $439.0 million that funds operations into 2029. The company highlighted upcoming clinical milestones in 2026, including initial data readouts for CLN-978 in SLE and RA, completion of zipalertinib's NDA submission, and advancement of CLN-049 toward registrational trials in AML.
Key Financial Metrics
Actionable Insight
Monitor upcoming Q2 2026 data readouts for CLN-978 as key catalysts; the extended cash runway into 2029 reduces near-term dilution risk despite increased losses.
Key Facts
- Cash, cash equivalents, and investments totaled $439.0 million as of December 31, 2025, down from $606.9 million in 2024.
- R&D expenses increased to $187.4 million in 2025 from $142.9 million in 2024.
- Net loss attributable to Cullinan was $219.9 million in 2025 vs. $167.4 million in 2024.
- Initial clinical data for CLN-978 in SLE and RA expected in Q2 2026; repeat dosing data in RA in Q3 2026.
- Zipalertinib rolling NDA submission completed with Taiho; REZILIENT3 frontline study fully enrolled, top-line results by end of 2026.
- Cullinan eligible for $30M and up to $100M upon 2L and 1L U.S. approvals of zipalertinib, plus 50/50 U.S. profit share.
Financial Impact
Increased R&D spend by $44.5M year-over-year; cash burn of $177.5M (net loss + interest income adjustment) in 2025.
Risk Factors
- Clinical data readouts may not meet expectations, especially for novel T cell engagers in autoimmune diseases.
- Dependence on partner Taiho for zipalertinib's regulatory progress and commercial success.
- Continuing high R&D spend could pressure cash runway if milestones are delayed.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3252628 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
3d ago
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Institutional Cluster
| $12.04 awaiting T+5 | awaiting T+5 | — | $13.70 (+13.79%) |
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Jun 10, 2026
4d ago
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Press Release
| $13.20 awaiting T+5 | awaiting T+5 | — | $13.70 (+3.79%) |
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Jun 8, 2026
6d ago
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8-K
| $13.51 awaiting T+5 | awaiting T+5 | — | $13.70 (+1.44%) |
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May 19, 2026
26d ago
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Press Release
| $14.18 $15.52 | ▲ +9.49% | ▲ +7.19% | $13.70 (−3.35%) |
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May 18, 2026
27d ago
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8-K
| $14.18 $15.52 | ▲ +9.49% | ▲ +7.19% | $13.70 (−3.35%) |
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May 18, 2026
27d ago
|
Press Release
| $14.18 $15.52 | ▲ +9.49% | ▲ +7.19% | $13.70 (−3.35%) |
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Mar 10, 2026
13w ago
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Press Release
| $14.91 $13.44 | ▼ −9.86% | ▼ −8.95% | $13.70 (−8.12%) |
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Feb 24, 2026
15w ago
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Insider Cluster
| $14.27 $15.73 | ▼ −10.23% | ▼ −11.26% | $13.70 (+3.99%) |
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Feb 24, 2026
15w ago
|
Insider Cluster
| $14.27 $15.73 | ▼ −10.23% | ▼ −11.26% | $13.70 (+3.99%) |
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Feb 24, 2026
15w ago
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Insider Cluster
| $14.27 $15.73 | ▼ −10.23% | ▼ −11.26% | $13.70 (+3.99%) |
US Market Status
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