Cullinan Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | — | — | $0 | $18.9M |
| Research and development | $187.4M | $142.9M | $148.2M | $91.9M | $57.8M |
| Operating expenses | $241.6M | $196.9M | $190.6M | $132.1M | $86.9M |
| Operating income | -$241.6M | -$196.9M | -$191.1M | $144.6M | -$68.0M |
| Pretax income | -$219.9M | -$167.5M | -$169.2M | $151.3M | -$67.5M |
| Income tax expense | $0 | $117,000 | -$14.1M | $42.1M | $0 |
| Net income | -$219.9M | -$167.4M | -$153.2M | $111.2M | -$65.6M |
| Balance Sheet | |||||
| Cash and equivalents | $88.3M | $83.0M | $98.4M | $156.2M | $59.8M |
| Current assets | $386.8M | $414.7M | $480.2M | $474.5M | $296.6M |
| Total assets | $448.4M | $621.8M | $484.2M | $561.1M | $437.2M |
| Current liabilities | $37.7M | $30.6M | $28.1M | $22.5M | $11.7M |
| Total liabilities | $39.6M | $31.5M | $30.3M | $26.1M | $11.8M |
| Stockholders' equity | $408.7M | $590.3M | $453.7M | $535.0M | $425.0M |
| Cash Flow Statement | |||||
| Cash from operations | -$175.8M | -$145.3M | -$134.3M | -$126.7M | -$43.4M |
| Depreciation and amortization | $311,000 | $306,000 | $310,000 | $93,000 | $53,000 |
| Stock-based compensation | $36.0M | $37.8M | $30.4M | $28.0M | $24.4M |
| Capital expenditure | $49,000 | $0 | $208,000 | $1.1M | $0 |
| Free cash flow | -$175.8M | -$145.3M | -$134.5M | -$127.8M | -$43.4M |
| Impairments | — | — | — | — | $0 |
Shares outstanding 61.5M · Free float 48.3%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.