CGEM Stock — Cullinan Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a biopharmaceutical company developing potential first- or best-in-class, high-impact therapies for autoimmune diseases and cancer. We pursue promising therapeutic targets while leveraging core expertise in T cell engagers, which are established in oncology and are now advancing into autoimmune diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$11.34

Market cap

$729.9M

Cash

$289.6M

Enterprise value

$440.3M

Balance sheet

Cash	$289.6M
Debt	$0.0M
Net cash	$289.6M
Enterprise value	$440.3M
Basic shares	64.9M shares
Fully diluted shares	82.9M shares
Fully diluted market cap	$940.0M
Cash per share	$4.46
Quarterly burn	$38.2M
Cash runway	9.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

64.4M

Pre-funded warrants

0.0M

Options

13.2M

RSUs

0.6M

Warrants

0.0M

Converts

0.0M

Conv preferred

2.0M

ESPP reserve

2.7M

FDSO

82.9M

Cap table as of 2026-07-31.

Price history

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Next catalyst

CLN-619 · Now - Nov 24, 2026 Now · Phase 1 · Multiple Myeloma

Recently reported

zipalertinib plus chemotherapy Phase 3 Positive · 2026-08-12

REZILIENT3 · first-line EGFR exon 20 insertion mutation non-small cell lung cancer

Source release →

CLN-978 Mixed · 2024-04-16

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	CLN-619	Phase 1	Multiple Myeloma	—
GUIDEDDec 1-31 in 20d	CLN-049 Phase 1 dose escalation study in relapsed/refractory AML (updated data)	Phase 1	relapsed/refractory AML ()	December 2026
GUIDEDDec 1-31 in 20d	CLN-978 Multi-dose and single target dose regimen data in SLE, RA and Sjogren's disease	Not disclosed	SLE	December 2026
Dec 13, 2026 - Jan 24, 2027 in 5 wks	CLN-978	Phase 1	NHL; NHL, Relapsed, Adult	—
Jan 12 - Feb 23 in 9 wks	CLN-978	Phase 1	SLE; SLE (Systemic Lupus)	—
Feb 12 - Mar 26 in 13 wks	CLN-049	Phase 1	Relapsed/Refractory Acute Myeloid Leukemia (AML); Myelodysplastic Syndrome (MDS)	—
Nov 11 - Dec 23 in 12 mo	CLN-049	Phase 1	AML (Acute Myeloid Leukemia)	—
Feb 10 - Mar 23 in 15 mo	CLN-978	Phase 1	Rheumatoid Arthritis (RA	—
Apr 26 - Jun 7 in 18 mo	CLN-978	Phase 1	Sjögren; Sjogren Disease; Sjogren's Syndrome	—
Feb 12 - Mar 26 in 27 mo	Velinotamig specified dose on specified days.	Phase 2	Immune Thrombocytopenia (ITP); Warm Autoimmune Hemolytic Anemia (WAIHA)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Zipalertinib

Phase 3 · Active Modality: oral small molecule (irreversible inhibitor)

Aliases CLN-081, TAS6417

Target EGFR exon 20 insertion mutations

Partnerships Taiho Pharmaceutical affiliate: co-development (50/50 development cost share and 50% of US pre-tax profits); Taiho commercializes; up to $130M in US regulatory milestones for EGFR exon 20 NSCLC

Indications

EGFR exon 20 insertion NSCLC (post-platinum) (Phase 3)
1L EGFR exon 20 insertion NSCLC (with chemotherapy) (Phase 3)

Catalysts

— end of 2026
— February 27, 2027

Status note NDA accepted by FDA April 2026 based on pivotal Phase 2b REZILIENT1; REZILIENT2 Phase 2 parallel cohort and REZILIENT3 global Phase 3 ongoing.

CLN-049

Phase 1 · Active Modality: bispecific T cell engager

Target FLT3xCD3

Indications

Relapsed/refractory AML/MDS (Phase 1)

Catalysts

— Q3 2026
— Q4 2026

Status note Positive End-of-Phase 1 FDA meeting July 2026; Phase 2 to include parallel exploratory cohort of previously untreated TP53-mutated AML.

CLN-978

Phase 1 · Active Modality: bispecific T cell engager

Target CD19xCD3

Indications

Systemic lupus erythematosus (Phase 1)
Rheumatoid arthritis (Phase 1)
Sjogren's disease (Phase 1)

Catalysts

— Q3 2026
— Q4 2026

Status note OUTRACE Phase 1 program; initial clinical data in SLE and RA presented at EULAR and a June 2026 investor event.

Velinotamig

Phase 1 · Active Modality: bispecific T cell engager

Target BCMAxCD3

Partnerships Chongqing Genrix Biopharmaceutical: global (ex-China, ex-HK/Macau/Taiwan) exclusive license; $20M upfront, up to $292M development/regulatory milestones, up to $400M sales milestones, tiered mid-single to mid-teens royalties

Indications

Autoimmune diseases (SLE initial) (Phase 1)
Autoimmune cytopenias (ITP, AIHA) (Phase 1)

Catalysts

— Q4 2026
— early 2027

Status note Genrix enrolling a Phase 1/2 trial in China (moderate to severe SLE); initial clinical observations from two SLE patients with nephritis shared June 2026.

CLN-619

Phase 1 · Terminated Modality: monoclonal antibody

Target MICA/B

Indications

Gynecological cancers (Phase 1)
NSCLC and multiple myeloma (Phase 1)

Status note Discontinued May 2025 in gynecological cancers (data did not meet internal threshold) and November 2025 in NSCLC and multiple myeloma.

CLN-617

Phase 1 · Terminated Modality: fusion protein

Target IL-2/IL-12

Indications

Advanced solid tumors (Phase 1)

Status note Discontinued November 2025 after review of emerging clinical data.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	CLN-081
Lead indication	Non Small Cell Lung Cancer
Lead phase	Phase 2
Active trials	10

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07738822	Phase 2	Not yet recruiting	Sponsor	CGEM	—	Immune Thrombocytopenia (ITP); Warm Autoimmune Hemolytic Anemia (WAIHA)	—
NCT04036682	Phase 2	Active, not recruiting	Sponsor	CGEM	—	Non Small Cell Lung Cancer; EGFR Exon 20 Mutation	—
NCT05879744	Phase 1	Active, not recruiting	Sponsor	CGEM	—	NHL; NHL, Relapsed, Adult	—
NCT06613360	Phase 1	Recruiting	Sponsor	CGEM	—	SLE; SLE (Systemic Lupus)	December 2026
NCT05143996	Phase 1	Recruiting	Sponsor	CGEM	—	Relapsed/Refractory Acute Myeloid Leukemia (AML); Myelodysplastic Syndrome (MDS)	December 2026
NCT07722767	Phase 1	Not yet recruiting	Sponsor	CGEM	—	AML (Acute Myeloid Leukemia)	December 2026
NCT06994143	Phase 1	Recruiting	Sponsor	CGEM	—	Rheumatoid Arthritis (RA	—
NCT07041099	Phase 1	Recruiting	Sponsor	CGEM	—	Sjögren; Sjogren Disease; Sjogren's Syndrome	—
NCT05117476	Phase 1	Active, not recruiting	Sponsor	CGEM	—	Advanced Solid Tumor; NSCLC	—
NCT06381141	Phase 1	Active, not recruiting	Sponsor	CGEM	—	Multiple Myeloma	—

Sponsor-matched active trials from ClinicalTrials.gov (10 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 10 active trials for Cullinan Therapeutics Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	5,750,683	no change	2.68%	2026-08-14
RTW Investments	2,364,347	+658,387	0.37%	2026-08-14
Perceptive Advisors	426,478	+426,478	0.12%	2026-08-14
Great Point Partners	300,000	no change	1.29%	2026-08-14
OrbiMed Advisors	0	-243,006	0.00%	2026-08-14
ADAR1 Capital Management	0	-50,000	0.00%	2026-08-14
Deerfield Management	0	-386,169	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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CGEM — Cullinan Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

CGEM — Cullinan Therapeutics Inc.