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Cullinan Therapeutics, Inc.

CGEM Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2020โ€“FY2025

Last close ยท Oct 23, 2026

$14.37

3.7%
Compare
Revenue Total sales reported in the income statement.
โ€”
vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
โˆ’$220M
Free cash flow Cash from operations minus capital spending.
โˆ’$176M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Cullinan Therapeutics, Inc. does

No business description yet.

Legal name
Cullinan Therapeutics, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 10, 2026
Accession ยท CIK
0001193125-26-099362
0001789972

Revenue and margins

Cullinan Therapeutics, Inc. had โ€” of revenue in fiscal 2025.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$176M in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cullinan Therapeutics, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Cullinan Therapeutics, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $290M$467M$467M$399M$378M
Current ratio 25.2x21.1x17.1x13.5x10.2x
Quick ratio 25.2x21.1x17.1x13.5x10.2x
Total assets $437M$561M$484M$622M$448M
Total liabilities $11.8M$26.1M$30.3M$31.5M$39.6M
Shareholders' equity $425M$535M$454M$590M$409M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ“ โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ“ โœ• โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ• โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ“ โœ• โœ• โœ• โœ•
Share count didn't rise โ€” โœ• โœ• โœ“ โ€” โ€”
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ• โ€” โ€” โ€”
F-score โ€” / 34 / 72 / 7โ€” / 6โ€” / 5โ€” / 5
Accruals ratio โˆ’10.3%โˆ’6.8%47.7%โˆ’3.6%โˆ’4.0%โˆ’8.2%
Altman Z'' 17.2639.8228.2717.8519.678.03

6 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.0M $18.9M $0.0M โ€” โ€” โ€”
Research and development $43.2M $57.8M $91.9M $148M $143M $187M
Operating income โˆ’$60.3M โˆ’$68.0M $145M โˆ’$191M โˆ’$197M โˆ’$242M
Pretax income โ€” โˆ’$67.5M $151M โˆ’$169M โˆ’$167M โˆ’$220M
Income tax โ€” $0.0M $42.1M โˆ’$14.1M $0.1M $0.0M
Net income โˆ’$51.8M โˆ’$65.6M $111M โˆ’$153M โˆ’$167M โˆ’$220M
Diluted EPS โˆ’$2.60 โˆ’$1.52 $2.38 โˆ’$3.69 โ€” โ€”
Diluted shares 0.02B 0.04B 0.05B 0.04B โ€” โ€”
Cash flow
Cash from operations โˆ’$29.8M โˆ’$43.4M โˆ’$127M โˆ’$134M โˆ’$145M โˆ’$176M
Capital expenditure $0.0M $0.0M $1.1M $0.2M $0.0M $0.0M
Free cash flow โˆ’$29.8M โˆ’$43.4M โˆ’$128M โˆ’$134M โˆ’$145M โˆ’$176M
Depreciation and amortization $0.1M $0.1M $0.1M $0.3M $0.3M $0.3M
Stock-based compensation $14.9M $24.4M $28.0M $30.4M $37.8M $36.0M
Acquisitions โˆ’$1.5M โ€” โ€” โ€” โ€” โ€”
Share buybacks $6.6M โ€” โ€” โ€” โ€” โ€”
Dividends and buybacks $6.6M โ€” โ€” โ€” โ€” โ€”
Balance sheet
Cash and short-term investments $210M $290M $467M $467M $399M $378M
Current assets $212M $297M $474M $480M $415M $387M
Current liabilities $14.3M $11.7M $22.5M $28.1M $30.6M $37.7M
Property and equipment, net $0.1M $0.1M $1.2M $1.0M $0.7M $0.4M
Total assets $215M $437M $561M $484M $622M $448M
Total liabilities $14.4M $11.8M $26.1M $30.3M $31.5M $39.6M
Preferred stock โ€” โ€” $0.0M $0.0M $0.0M $0.0M
Shareholders' equity $199M $425M $535M $454M $590M $409M
Margins
Operating margin โ€” โˆ’358.7% โ€” โ€” โ€” โ€”
EBITDA margin โ€” โˆ’358.4% โ€” โ€” โ€” โ€”
Net margin โ€” โˆ’346.1% โ€” โ€” โ€” โ€”
FCF margin โ€” โˆ’229.3% โ€” โ€” โ€” โ€”
Returns
Return on capital employed โˆ’30.1% โˆ’16.0% 26.9% โˆ’41.9% โˆ’33.3% โˆ’58.8%
Return on equity โˆ’26.0% โˆ’21.0% 23.2% โˆ’31.0% โˆ’32.1% โˆ’44.0%
Return on assets โˆ’24.1% โˆ’20.1% 22.3% โˆ’29.3% โˆ’30.3% โˆ’41.1%
Return on tangible equity โˆ’26.0% โˆ’15.4% 20.8% โˆ’33.8% โˆ’28.4% โˆ’53.8%
Growth
Revenue growth โ€” โ€” โˆ’100.0% โ€” โ€” โ€”
Net income growth โ€” โ€” โ€” โˆ’237.7% โ€” โ€”
EPS growth โ€” โ€” โ€” โˆ’255.0% โ€” โ€”
Share count change โ€” 116.6% 8.3% โˆ’10.9% โ€” โ€”
Financial health
Current ratio 14.8x 25.2x 21.1x 17.1x 13.5x 10.2x
Quick ratio 14.8x 25.2x 21.1x 17.1x 13.5x 10.2x
Capital allocation
Capex / revenue โ€” 0.0% โ€” โ€” โ€” โ€”
Stock comp / revenue โ€” 128.7% โ€” โ€” โ€” โ€”
Quality scores
Piotroski F-score โ€” 4.0 2.0 โ€” โ€” โ€”
Altman Z'' 17.3 39.8 28.3 17.8 19.7 8.0
Accruals ratio โˆ’10.3% โˆ’6.8% 47.7% โˆ’3.6% โˆ’4.0% โˆ’8.2%

Source: SEC EDGAR XBRL filings (CIK 0001789972). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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