Cullinan Management (CGEM) AI Stock Analysis

• Market Cap: $706.55M
• Dividend Yield: N/A
• Average Volume (3M): 644.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.04
• Revenue Growth: N/A
• EPS Growth: -27.86%
• Country: US
• Employees: 111
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Pharmaceuticals
• EPS (TTM): -0.77
• Shares Outstanding: 59,076,260
• 10 Day Avg. Volume: 611,074
• 30 Day Avg. Volume: 644,722
• PEG Ratio: 0.25
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.51
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -7.95K
• Enterprise Value/Ebitda: -2.56
• 1Y Price Target: $31.50
• Price Target Upside: 163.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): -3.03
• Revenue Forecast (FY): $26.65M

• Rating: 55 Neutral
• Price Target: $12.50 ▲(4.52% Upside)

The score is held back primarily by sustained losses and significant cash burn despite a low-debt balance sheet. Technicals are constructive with the stock above key moving averages, while valuation is constrained by negative earnings. Corporate updates provide meaningful upside catalysts but are offset by program discontinuations and typical clinical-stage execution risk.

Positive Factors

Balance sheet strength / Low leverage

Extremely low leverage and minimal debt provide durable financial flexibility for a clinical-stage biotech. This reduces near-term refinancing risk, lets management fund development choices, and supports strategic partnerships or selective M&A without immediate solvency pressure.

Substantial cash runway

Material cash and investments and an explicit runway into 2029 under the current plan allow the company to execute a multi-year clinical agenda. This funds multiple 2026 readouts and regulatory steps, lowering immediate dilution risk and enabling sustained investment in lead programs.

Regulatory progress and partner milestones

Fast Track status for CLN-049 and a partner-driven NDA pathway for zipalertinib create structural upside: accelerated review and external milestone/royalty economics de-risk financing needs and offer multiple standalone commercial pathways if clinical data confirm efficacy.

Negative Factors

High and persistent cash burn

Sustained large negative operating and free cash flow materially increase funding risk over time. If clinical timelines slip or readouts disappoint, management may need to dilute shareholders or cut programs, constraining long-term R&D optionality and strategic execution.

No revenue and sizeable net losses

Absence of product revenue leaves the company wholly dependent on financing and partner deals. Deep recurring losses erode equity and limit reinvestment capacity; sustainable profitability hinges on successful clinical outcomes or material commercial partnerships.

Pipeline attrition / execution risk

Program discontinuations signal scientific or strategic setbacks and raise the probability of further attrition. That narrows the company's clinical optionality, concentrates upside on fewer assets, and increases the long-term reliance on successful execution of remaining programs.

Cullinan Management Business Overview & Revenue Model

Company Description

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the developing of oncology and immuno-oncology therapies. Its pipeline includes CLN-978, CLN-619, Zipalertinib CLN-081/TAS6417, CLN-049, and CLN-617. The company was founded by Patrick A. Baeuerle on September 15, 2016 and is headquartered in Cambridge, MA.

How the Company Makes Money

Cullinan Oncology generates revenue primarily through strategic partnerships, collaborations, and licensing agreements with other pharmaceutical companies. These partnerships often involve milestone payments, royalties, and research funding, providing financial resources to advance their drug development programs. Additionally, Cullinan may earn revenue from out-licensing its pipeline candidates to commercial partners who have the capability to bring these therapies to market. The company's focus on developing promising oncology treatments positions it for potential future revenue from successful drug approvals and commercialization.

Cullinan Management Financial Statement Overview

Summary

Operating performance is very weak (TTM zero revenue, large net loss, and deeply negative EBIT) and cash burn remains heavy (negative operating cash flow and free cash flow). This is partially offset by a strong balance sheet with minimal leverage, though equity has been declining and ROE is sharply negative.

Income Statement

Profitability is weak in the most recent period, with TTM (Trailing-Twelve-Months) showing zero revenue and a sizable net loss (-$216.8M) alongside deeply negative operating results (EBIT -$241.4M). Losses have generally widened from 2023 to 2024 and again in TTM, suggesting rising operating spend without offsetting revenue. A notable outlier is 2022, which reported positive net income, but the company returned to heavy losses afterward—overall earnings quality and consistency are low.

Balance Sheet

The balance sheet is a relative strength: leverage is very low (TTM debt-to-equity ~0.003) and total debt is small ($1.2M) versus equity ($451.4M). However, equity has declined from 2024 to TTM (from $590.3M to $451.4M), and returns on equity are materially negative in TTM (about -41.6%), reflecting ongoing losses and potential continued erosion of the capital base if burn persists.

Cash Flow

Cash generation is pressured, with consistently negative operating cash flow and free cash flow across the periods. TTM (Trailing-Twelve-Months) operating cash flow is -$174.3M and free cash flow is -$137.4M, and free cash flow deteriorated versus the prior annual period (TTM free cash flow growth about -19.9%). While free cash flow tracks net income closely (cash losses roughly in line with reported losses), the magnitude and persistence of cash burn elevate funding risk over time.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	18.94M	0.00
Gross Profit	-76.00K	-306.00K	-310.00K	0.00	18.94M	-62.00K
EBITDA	-236.14M	-167.15M	-190.34M	-132.04M	-67.90M	-60.27M
Net Income	-216.81M	-167.38M	-153.16M	111.21M	-65.57M	-51.80M
Balance Sheet
Total Assets	484.13M	621.82M	484.18M	561.12M	437.19M	214.71M
Cash, Cash Equivalents and Short-Term Investments	332.60M	398.98M	467.07M	467.29M	290.47M	210.21M
Total Debt	1.19M	2.15M	3.59M	5.19M	0.00	0.00
Total Liabilities	32.76M	31.50M	30.29M	26.09M	11.81M	14.39M
Stockholders Equity	451.37M	590.33M	453.70M	535.03M	424.97M	199.01M
Cash Flow
Free Cash Flow	-137.39M	-145.30M	-134.48M	-127.80M	-44.02M	-29.78M
Operating Cash Flow	-174.27M	-145.30M	-134.28M	-126.66M	-43.43M	-29.77M
Investing Cash Flow	173.56M	-136.31M	35.81M	248.97M	-333.77M	-5.42M
Financing Cash Flow	1.96M	266.19M	40.75M	-25.93M	268.78M	140.14M

Cullinan Management Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CGEM, the sentiment is Positive. The current price of 11.96 is above the 20-day moving average (MA) of 11.22, above the 50-day MA of 10.87, and above the 200-day MA of 8.46, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 58.75 is Neutral, neither overbought nor oversold. The STOCH value of 57.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CGEM.

Cullinan Management Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CGEM	55 Neutral	$706.55M	―	-40.18%	―	―	-27.86%
RNTX	53 Neutral	$34.17M	-0.49	-83.28%	―	―	15.35%
NEUP	52 Neutral	$21.62M	-0.17	-59.91%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Cullinan Management Corporate Events

Cullinan Management Outlines Catalyst-Rich 2026 Pipeline Outlook

On January 8, 2026, Cullinan Therapeutics issued a corporate update outlining a catalyst-heavy 2026 centered on its T cell engager pipeline in immunology and oncology, alongside a solid balance sheet. In immunology, CLN-978 continues Phase 1 development across rheumatoid arthritis, systemic lupus erythematosus and Sjögren’s disease in the OUTRACE program, with completed lower-dose cohorts showing no dose-limiting toxicities and multiple clinical data readouts planned throughout 2026 that could establish Cullinan as an early mover in CD19 T cell engagers for autoimmune disease. The company is also advancing velinotamig for autoimmune indications via a Phase 1 study initiated in China by partner Genrix in December 2025, with data expected in late 2026 to inform global development. In oncology, CLN-049 for relapsed/refractory acute myeloid leukemia, which received U.S. FDA Fast Track designation in December 2025 after compelling data presented at ASH 2025, is slated for a series of key milestones in 2026 including initiation of monotherapy expansion cohorts, completion of enrollment to determine a Phase 2 dose for a planned pivotal trial, and launch of a frontline combination study. Meanwhile, partner Taiho is progressing zipalertinib for EGFR exon 20 insertion–mutant non-small cell lung cancer, with a rolling U.S. NDA for relapsed disease expected to finish in the first quarter of 2026 and full enrollment of the frontline REZILIENT3 trial targeted for the first half of 2026, positioning Cullinan to benefit from up to $130 million in U.S. regulatory milestones and a 50/50 U.S. profit share. The company reported unaudited preliminary cash and investments of $439 million as of December 31, 2025, providing runway into 2029 under its current plan, which supports an aggressive clinical agenda that could materially strengthen its competitive position in both autoimmune and oncology markets if the upcoming data and regulatory events break favorably.

The most recent analyst rating on (CGEM) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Cullinan Management stock, see the CGEM Stock Forecast page.

Cullinan Therapeutics Presents Promising CLN-049 Data

On December 8, 2025, Cullinan Therapeutics presented updated clinical data from its Phase 1 study of CLN-049 at the 67th American Society of Hematology Annual Meeting. The study, involving patients with relapsed/refractory acute myeloid leukemia and myelodysplastic syndrome, showed promising efficacy and safety results, with notable complete response rates and durability in heavily pretreated patients. CLN-049, a novel FLT3xCD3 bispecific T cell engager, demonstrated potential as a new treatment option, particularly for patients with high-risk genetic features. The development of CLN-049 will continue under the FDA’s Fast Track designation, with further dose escalation and expansion cohorts planned for early 2026.

The most recent analyst rating on (CGEM) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on Cullinan Management stock, see the CGEM Stock Forecast page.

Cullinan Management Ends Development of CLN-617

On November 18, 2025, Cullinan Amber Corp., a subsidiary of Cullinan Therapeutics, Inc., decided to cease further development of its cancer immunotherapy product, CLN-617. Consequently, the company notified MIT of its decision to terminate the Exclusive Patent License Agreement, effective February 18, 2026, and will return the licensed patent rights to MIT.

The most recent analyst rating on (CGEM) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Cullinan Management stock, see the CGEM Stock Forecast page.

Cullinan Management Reports Strong Q3 2025 Financial Results

Cullinan Therapeutics announced its financial results for the third quarter of 2025, reporting $475.5 million in cash and investments, with a financial runway extending into 2029. The company is strategically focusing on its clinical-stage programs, particularly CLN-978 and CLN-049, while discontinuing CLN-619 and CLN-617. Cullinan plans to present promising Phase 1 data for CLN-049 at the ASH 2025 meeting and share initial data for CLN-978 in autoimmune diseases in 2026. Additionally, Cullinan’s partner Taiho will initiate a rolling NDA submission for zipalertinib by the end of 2025. These developments are expected to drive significant value across Cullinan’s pipeline.

The most recent analyst rating on (CGEM) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Cullinan Management stock, see the CGEM Stock Forecast page.

Cullinan Management Unveils Promising CLN-049 Clinical Data

On November 3, 2025, Cullinan Therapeutics announced promising new clinical data from its Phase 1 study of CLN-049, a novel FLT3xCD3 T cell engager, in patients with relapsed/refractory acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The data, to be presented at the 67th American Society of Hematology Annual Meeting in December, showed significant anti-leukemic activity and a manageable safety profile, with a composite complete response rate of 31% at the highest dose level. These findings highlight CLN-049’s potential as a new treatment option for AML, a disease with limited current therapies, especially for patients with high-risk genetic features.

The most recent analyst rating on (CGEM) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Cullinan Management stock, see the CGEM Stock Forecast page.