Cullinan Therapeutics (CGEM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Cullinan Therapeutics

NasdaqGS•Healthcare•Biotechnology

$22.09-0.07(<0.01%)Market closed

Market Cap

$1.31B

P/B

4.1x

Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States. It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in patients with relapsed and refractory acute myeloid leukemia or myelodysplastic syndrome. The company is also developing Zipalertinib, an orally available small-molecule, irreversible epidermal growth factor receptor inhibitor in Phase 2b portion of the REZILIENT1 clinical trial in patients with EGFR ex20ins non-small cell lung cancer. It has a license agreement with Chongqing Genrix Biopharmaceutical Co., Ltd to develop and commercialize velinotamig; a co-development agreement with Taiho Pharmaceutical Co., Ltd to develop zipalertinib; and a collaboration agreement with Adimab, LLC to discover and/or optimize antibodies. The company was formerly known as Cullinan Oncology, Inc. and changed its name to Cullinan Therapeutics, Inc. in April 2024. Cullinan Therapeutics, Inc. was incorporated in 2016 and is headquartered in Cambridge, Massachusetts.

How this company scores

WeakMetricSide Score: 37/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Growth (6/25).

Profitability8/25

Growth6/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality8/25

Strengths

Interest easily coveredProfit converts from growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 6.3x5y range 4.3x – 6.3x

Currently near its 4-quarter median.

P/S · 36.1x5y range 36.1x – 36.1x

P/B · 4.1x5y range 0.8x – 4.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.31B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $0
Q. Revenue: $0
TTM EBITDA: $-221.49M
TTM Op. Income: $-221.81M
Q. Op. Income: $-57.25M
TTM Net Income: $-204.69M
Q. Net Income: $-53.70M
EPS: $-0.81
Shares Out.: $61.49M

$0 in TTM revenue was flat at zero YoY, reaching $0 last quarter. TTM EBITDA of $-221.49M and TTM operating income of $-221.81M show growth is flowing through to the bottom line. However, net income is negative at $204.69M — growth is not yet reaching the bottom line.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: -5725400000.0%
Net Margin: -5370400000.0%

Op. margin of -5725400000.0% is up 1854400000.0% YoY — cost efficiency is improving. Net margin at -5370400000.0% Over the past year, operating margin is up 24% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: N/A
P/B Ratio: 4.1x

P/S of 0.0x and P/B of 4.1x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $363.79M
Cash: $78.64M
Long-Term Debt: N/A
Book Value: $321.75M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-38.22M
TTM Free Cash Flow: $-159.30M
FCF Margin: N/A
FCF / Net Income: 0.8

TTM FCF of $-159.30M on $-38.22M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 7% — an improving trend.