$CGEM

Cullinan Therapeutics, Inc.

CIK:0001789972|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 44,437	$ 61,030	$ 86,560	$ 102,489
General and administrative expense	12,817	14,768	24,391	28,305
Total operating expenses	57,254	75,798	110,951	130,794
Loss from operations	(57,254)	(75,798)	(110,951)	(130,794)
Other income (expense):
Interest income	3,648	5,924	7,746	12,504
Other expense, net	(98)	(181)	(160)	(266)
Total other income	3,550	5,743	7,586	12,238
Net loss	(53,704)	(70,055)	(103,365)	(118,556)
Comprehensive income (loss):
Net Loss	(53,704)	(70,055)	(103,365)	(118,556)
Unrealized gain (loss) on investments	(261)	102	(1,154)	740
Comprehensive loss	$ (53,965)	$ (69,953)	$ (104,519)	$ (117,816)
Common Stock
Basic and diluted net loss per share attributable to Cullinan:
Net loss per share, basic	$ (0.81)	$ (1.07)	$ (1.56)	$ (1.81)
Net loss per share, diluted	$ (0.81)	$ (1.07)	$ (1.56)	$ (1.81)
Weighted-average shares used in computing basic and diluted net loss per share attributable to Cullinan:
Weighted-average shares outstanding - basic	61,493	59,015	60,980	58,960
Weighted-average shares outstanding - diluted	61,493	59,015	60,980	58,960
Preferred Stock
Basic and diluted net loss per share attributable to Cullinan:
Net loss per share, basic	$ (8.1)	$ (10.7)	$ (15.63)	$ (18.12)
Net loss per share, diluted	$ (8.1)	$ (10.7)	$ (15.63)	$ (18.12)
Weighted-average shares used in computing basic and diluted net loss per share attributable to Cullinan:
Weighted-average shares outstanding - basic	479	648	517	648
Weighted-average shares outstanding - diluted	479	648	517	648

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (103,365)	$ (118,556)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation expense	16,063	19,261
Accretion of discount on marketable securities	(1,331)	(4,017)
Depreciation and amortization	158	153
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,426	5,259
Accounts payable	2,883	779
Accrued expenses and other liabilities	(98)	(3,643)
Net cash used in operating activities	(84,264)	(100,764)
Investing activities:
Maturities of marketable securities	107,799	294,572
Purchase of marketable securities	(34,707)	(204,366)
Net cash provided by investing activities	73,092	90,206
Financing activities:
Issuance of common stock under equity-based compensation plans	1,480	373
Net cash provided by financing activities	1,480	373
Net decrease in cash and cash equivalents	(9,692)	(10,185)
Cash and cash equivalents at beginning of period	88,332	83,005
Cash and cash equivalents at end of period	78,640	72,820
Non-cash investing and financing activities and supplemental disclosure of cash flow information:
Cash refunded for income taxes	0	(2,970)
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities	$ 0	$ 38

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 78,640	$ 88,332
Short-term investments	255,898	289,564
Prepaid expenses and other current assets	7,436	8,860
Total current assets	341,974	386,756
Property and equipment, net	263	421
Operating lease right-of-use assets	2,233	2,630
Other assets	297	297
Long-term investments	19,020	58,270
Total assets	363,787	448,374
Current liabilities:
Accounts payable	3,725	841
Accrued expenses and other current liabilities	36,237	36,120
Operating lease liabilities, current	666	780
Total current liabilities	40,628	37,741
Long-term liabilities:
Operating lease liabilities, net of current portion	1,405	1,903
Total liabilities	42,033	39,644
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 204,209 and 555,935 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 64,345,770 and 60,244,136 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	6	6
Additional paid-in capital	1,013,366	995,823
Accumulated other comprehensive income (loss)	(134)	1,020
Accumulated deficit	(691,484)	(588,119)
Total stockholders' equity	321,754	408,730
Total liabilities and stockholders' equity	$ 363,787	$ 448,374