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Stocks · Health care · Biological Products, (No Diagnostic Substances)

Cullinan Therapeutics, Inc.

CGEM Clue Score48
United States Fiscal year ends December CIK 0001789972
$15.53 +0.45% Close, 9 Oct 2026
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Price $15.53 −33.35% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 8 Jan 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue0.0Operating income−60.3Net income−51.8Fiscal year 2021Revenue18.9Operating income−68.0Net income−65.6EPS, diluted−1.52Fiscal year 2022Revenue0.0 −100.0%Operating income144.6Net income111.2EPS, diluted2.38Fiscal year 2023Operating income−191.1Net income−153.2 −237.7%EPS, diluted−3.69 −255.0%Fiscal year 2024Operating income−196.9Net income−167.4Fiscal year 2025Operating income−241.6Net income−219.9
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.0 18.9 0.0 n/a n/a n/a
Growth −100.0%
Operating income −60.3 −68.0 144.6 −191.1 −196.9 −241.6
Net income −51.8 −65.6 111.2 −153.2 −167.4 −219.9
Growth −237.7%
EPS, diluted n/a −1.52 2.38 −3.69 n/a n/a
Growth −255.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2020Fiscal year 2021Operating margin−358.7%Net margin−346.1%Free cash flow margin−229.3%Fiscal year 2022Fiscal year 2023Fiscal year 2024Fiscal year 2025
FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin n/a −358.7% n/a n/a n/a n/a
Net margin n/a −346.1% n/a n/a n/a n/a
Free cash flow margin n/a −229.3% n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−29.8Capital expenditure−0.0Free cash flow−29.8Buybacks−6.6Fiscal year 2021Operating cash flow−43.4Capital expenditure0.0Free cash flow−43.4Fiscal year 2022Operating cash flow−126.7Capital expenditure−1.1Free cash flow−127.8Fiscal year 2023Operating cash flow−134.3Capital expenditure−0.2Free cash flow−134.5Fiscal year 2024Operating cash flow−145.3Capital expenditure0.0Free cash flow−145.3Fiscal year 2025Operating cash flow−175.8Capital expenditure−0.0Free cash flow−175.8
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −29.8 −43.4 −126.7 −134.3 −145.3 −175.8
Capital expenditure −0.0 0.0 −1.1 −0.2 0.0 −0.0
Free cash flow −29.8 −43.4 −127.8 −134.5 −145.3 −175.8
Growth
Buybacks −6.6 n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2020Cash168.2Shareholders’ equity199.0Fiscal year 2021Cash59.8Shareholders’ equity425.0Fiscal year 2022Cash156.2Shareholders’ equity535.0Fiscal year 2023Cash98.4Shareholders’ equity453.7Fiscal year 2024Cash83.0Shareholders’ equity590.3Fiscal year 2025Cash88.3Shareholders’ equity408.7
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 168.2 59.8 156.2 98.4 83.0 88.3
Shareholders’ equity 199.0 425.0 535.0 453.7 590.3 408.7

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a −358.7% n/a n/a n/a n/a
n/a −356.3% n/a n/a n/a n/a
n/a −346.1% n/a n/a n/a n/a
n/a −229.3% n/a n/a n/a n/a
Spending
n/a 304.9% n/a n/a n/a n/a
n/a 153.9% n/a n/a n/a n/a
n/a 0.0% n/a n/a n/a n/a
n/a n/a 27.8% n/a n/a n/a
Returns
−26.0% −15.4% 20.8% −33.8% −28.4% −53.8%
−24.1% −15.0% 19.8% −31.6% −26.9% −49.0%
Balance and payout
6.7% 2.7% 4.6% 6.3% 5.1% 8.8%