Cullinan Therapeutics, Inc.
CGEM · Price history
Price at last available close
$15.43
+$0.48 (+3.21%) 1M
2026-10-28
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Company & revenue
About Cullinan Therapeutics, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States. It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in patients with relapsed and refractory acute myeloid leukemia or myelodysplastic syndrome. The company is also developing Zipalertinib, an orally available small-molecule, irreversible epidermal growth factor receptor inhibitor in Phase 2b portion of the REZILIENT1 clinical trial in patients with EGFR ex20ins non-small cell lung cancer.
How they make money
Cullinan Therapeutics is a clinical-stage biopharmaceutical company that does not currently generate revenue from product sales. Its business model relies on research and development of therapeutic candidates, funded through capital raises and potential future milestone payments or royalties from license and collaboration agreements.
Products & services
The company develops a pipeline of T cell engagers and immunotherapeutic candidates for autoimmune diseases and cancer, including CLN-978, velinotamig, CLN-049, and zipalertinib.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer categories were not separately identified in the reviewed source set.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Contract Manufacturing Organizations — The company relies on unnamed third-party contract manufacturing organizations for the production of clinical trial materials.Source
Business relationships & partnerships
- Chongqing Genrix Biopharmaceutical Co., Ltd. — Licensing agreement for the development of velinotamig, a BCMAxCD3 bispecific T cell engager.Source
Strengths
- Clinical-stage pipeline focused on T cell engagersSource
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
27
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
28
Poor
Financial Strength
39
Business Quality / Moat
29
Management
40
Growth Quality
0
Risk / Durability
15
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
25
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
38/100
Building Historical Record
Model Score 38/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •Valuation is a weaker part of the current profile
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for CGEM
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •How long can CGEM fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is CGEM likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for CGEM to reach sustainable profitability?
- •What future growth or profitability would be needed to justify CGEM's current valuation?
- •What does the current none warning mean for the reliability or interpretation of CGEM's score?
Essential Investment Snapshot
Wall Street Score
27
Opportunity Score
25
Market Cap
$945.2M
P/E Ratio
-4.2
EPS
$-3.37
52-Week High
$23.19
52-Week Low
$6.73
Beta
-0.01
Analyst Target
$36.00
Shares Outstanding
59.0M
Total Revenue
$0
Total Debt
$2.1M
Dividend
No current dividend
Liquidation Value / Share
$5.45
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Elevated movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total callsNo personal call yet on CGEM.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Clinical-stage pipeline focused on T cell engagers.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Biotechnology industry.
- −History of operating losses and expectation of future losses.
- −Dependence on success of clinical trials and regulatory approval.
- −Negative free cash flow may increase the need for outside financing and dilution.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
6 historical score records availablePrevious Score
26
Oct 1, 2026
Change
+0.1
points
Current Score
27
Oct 23, 2026
Category Changes
CGEM increased 0.1 points because overall fundamentals improved.
Projected Score
Projected Score
19
Projected Change
-7.7 points
Preliminary comparable-period financial changes suggest decline of approximately 7.7 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$15.38
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $0.00 | $0.00 | $306K | $0.00 | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $0.00 | $0.00 | -$306K | $0.00 | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $171.5M | $187.4M | $142.9M | $148.2M | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $50.3M | $54.2M | $53.7M | $42.5M | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $221.8M | $241.6M | $196.6M | $191.1M | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$208.4M | -$219.6M | -$167.2M | -$190.3M | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$221.8M | -$241.6M | -$196.9M | -$191.1M | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$204.7M | -$219.9M | -$167.5M | -$169.2M | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $0.00 | $0.00 | $117K | -$14.1M | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$204.7M | -$219.9M | -$167.4M | -$153.2M | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-3.37 | $-3.72 | $-3.11 | $-3.69 | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 61.49M | 59.05M | 53.77M | 41.51M | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 61.49M | 59.05M | 53.77M | 41.55M | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$0
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.81
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+36.3%
Cash Change
+8.0%
Margin Change
Not available
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
What Weakened
- Debt increased
Potential Score Impact
Positive indicators included cash levels. Pressure indicators included EPS growth, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
EPS declined 31.9%. Cash increased 8.0%. Total debt increased 36.3%.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
6 historical recordsHistorical Score Chart
3 of 6 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
BiotechnologyNews
Zipalertinib Demonstrates Clinically Meaningful Intracranial Antitumor Activity in Patients with NSCLC with EGFR Exon 20 Insertion or Uncommon EGFR Mutations and Active CNS Metastases
Cullinan Therapeutics Announces First Patient Dosed in Planned Registrational Phase 2 Study of CLN-049 in Relapsed/Refractory Acute Myeloid Leukemia
New Drug Application Submission Initiated for Zipalertinib Plus Chemotherapy in First-Line EGFR Exon 20 Insertion Mutation NSCLC for Review Under FDA Real-Time Oncology Review Program
Cullinan Therapeutics: Compelling Pullback For CLN-978's Potential In Autoimmune Diseases
Rumor Mill · CGEM
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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