CGEM net incomeQ2 2026-$53.70M
CGEM net income was -$53.70M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$70.06M a year earlier. For the full fiscal 2025 it was -$219.88M, compared with -$167.38M in fiscal 2024.
Cullinan Therapeutics Inc. (CGEM) financials
For the twelve months ended Jun 30, 2026, Cullinan Therapeutics Inc. reported -$204.69M of net income.
- Net income, TTM
- -$204.69M
- Cash
- $78.64M
- Market cap
- $754.9M
FY2020FY2022
FY2020FY2025
FY2020FY2025
CGEM revenue and earnings growth
CGEM free cash flowQ4 2025-$38.12M
CGEM free cash flow was -$38.12M in fiscal Q4 2025 (ended Dec 31, 2025), compared with -$36.63M a year earlier. For the full fiscal 2025 it was -$175.80M, compared with -$145.30M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | - | $0 | $18.94M | $0 |
| Research and development | $187.40M | $142.90M | $148.16M | $91.95M | $57.75M | $43.21M |
| Selling, general and admin | $54.25M | $54.02M | $42.49M | $40.19M | $29.15M | $17.12M |
| Operating income | -$241.65M | -$196.92M | -$191.09M | $144.65M | -$67.95M | -$60.34M |
| Pre-tax income | -$219.88M | -$167.46M | -$169.22M | $151.32M | -$67.48M | - |
| Income tax | $0 | $117.0K | -$14.12M | $42.12M | $0 | - |
| Net income | -$219.88M | -$167.38M | -$153.16M | $111.21M | -$65.57M | -$51.80M |
| EPS, basic | - | - | -$3.69 | $2.46 | -$1.52 | -$2.60 |
| EPS, diluted | - | - | -$3.69 | $2.38 | -$1.52 | -$2.60 |
| Diluted shares | - | - | 41.5M | 46.6M | 43.1M | 19.9M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $88.33M | $83.00M | $98.43M | $156.15M | $59.77M | $168.20M |
| Short-term investments | $289.56M | $315.97M | $368.63M | $311.14M | $230.69M | $42.01M |
| Current assets | $386.76M | $414.67M | $480.19M | $474.47M | $296.56M | $212.28M |
| Total assets | $448.37M | $621.82M | $484.18M | $561.12M | $437.19M | $214.71M |
| Current liabilities | $37.74M | $30.65M | $28.14M | $22.50M | $11.75M | $14.32M |
| Total liabilities | $39.64M | $31.50M | $30.29M | $26.09M | $11.81M | $14.39M |
| Shareholders' equity | $408.73M | $590.33M | $453.89M | $535.03M | $425.37M | $200.31M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$175.75M | -$145.30M | -$134.28M | -$126.66M | -$43.43M | -$29.77M |
| Capital expenditures | $49.0K | $0 | $208.0K | $1.13M | $0 | $10.0K |
| Free cash flow | -$175.80M | -$145.30M | -$134.48M | -$127.80M | -$43.43M | -$29.78M |
| Investing cash flow | $179.99M | -$136.31M | $35.81M | $248.97M | -$333.77M | -$5.42M |
| Financing cash flow | $1.09M | $266.19M | $40.75M | -$25.93M | $268.78M | $140.14M |
| Share repurchases | - | - | - | - | - | $6.57M |
| Stock-based compensation | $36.04M | $37.82M | $30.44M | $27.96M | $24.38M | $14.91M |
| Depreciation and amortization | $311.0K | $306.0K | $310.0K | $93.0K | $53.0K | $62.0K |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | - | - | - | -100.0% | - | - |
| Operating margin | - | - | - | - | -358.7% | - |
| Net margin | - | - | - | - | -346.1% | - |
| Free cash flow margin | - | - | - | - | -229.3% | - |
| Return on equity | -53.8% | -28.4% | -33.7% | 20.8% | -15.4% | -25.9% |
| Return on assets | -49.0% | -26.9% | -31.6% | 19.8% | -15.0% | -24.1% |
| Current ratio | 10.25 | 13.53 | 17.07 | 21.09 | 25.25 | 14.82 |
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | $44.44M | $42.12M | $42.95M | $41.97M | $61.03M | $41.46M | $40.49M | $35.51M | $36.26M | $30.65M | $34.85M | $33.82M |
| Selling, general and admin | $12.82M | $11.57M | $12.31M | $13.63M | $14.77M | $13.54M | $14.56M | $13.35M | $13.77M | $12.34M | $10.64M | $10.98M |
| Operating income | -$57.25M | -$53.70M | -$55.26M | -$55.59M | -$75.80M | -$55.00M | -$55.05M | -$48.85M | -$50.03M | -$42.99M | -$45.48M | -$45.24M |
| Pre-tax income | - | - | - | - | - | - | - | - | - | - | -$39.69M | -$39.18M |
| Income tax | - | - | - | - | - | - | - | - | - | - | -$14.12M | $0 |
| Net income | -$53.70M | -$49.66M | -$50.71M | -$50.61M | -$70.06M | -$48.50M | -$47.65M | -$40.56M | -$42.03M | -$37.34M | -$23.80M | -$39.18M |
| EPS, basic | - | - | - | - | - | - | - | -$0.69 | -$0.75 | -$0.86 | -$0.54 | -$0.91 |
| EPS, diluted | - | - | - | - | - | - | - | -$0.69 | -$0.75 | -$0.86 | -$0.54 | -$0.91 |
| Diluted shares | - | - | - | - | - | - | - | 58.3M | 55.1M | 43.0M | - | 42.7M |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $78.64M | $75.08M | $88.33M | $103.33M | $72.82M | $76.66M | $83.00M | $102.08M | $115.02M | $74.23M | $98.43M | $64.85M |
| Short-term investments | $255.90M | $276.80M | $289.56M | $229.26M | $192.66M | $227.17M | $315.97M | $475.99M | $547.47M | $358.78M | $368.63M | $401.58M |
| Current assets | $341.97M | $361.41M | $386.76M | $342.24M | $275.91M | $317.77M | $414.67M | $592.04M | $677.80M | $445.72M | $480.19M | $476.71M |
| Total assets | $363.79M | $402.98M | $448.37M | $484.13M | $520.33M | $579.68M | $621.82M | $653.25M | $681.22M | $449.43M | $484.18M | $494.71M |
| Current liabilities | $40.63M | $35.15M | $37.74M | $32.76M | $28.06M | $27.35M | $30.65M | $24.20M | $23.48M | $21.93M | $28.14M | $23.44M |
| Total liabilities | $42.03M | $36.81M | $39.64M | $32.76M | $28.18M | $27.84M | $31.50M | $25.39M | $25.00M | $23.77M | $30.29M | $25.89M |
| Shareholders' equity | $321.75M | $366.17M | $408.73M | $451.37M | $492.15M | $551.84M | $590.33M | $627.86M | $656.22M | $425.67M | $453.89M | $468.82M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$38.22M | -$46.05M | -$38.11M | -$36.88M | -$57.61M | -$43.16M | -$36.63M | -$34.14M | -$36.29M | -$38.25M | -$18.13M | -$34.14M |
| Capital expenditures | - | - | $11.0K | - | - | - | $0 | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | - | - | -$38.12M | - | - | - | -$36.63M | -$34.14M | -$36.29M | -$38.25M | -$18.13M | -$34.14M |
| Investing cash flow | $40.68M | $32.41M | $22.39M | $67.39M | $53.40M | $36.80M | $15.96M | $19.88M | -$185.11M | $12.96M | $51.47M | -$42.96M |
| Financing cash flow | $1.10M | $380.0K | $715.0K | $0 | $373.0K | $0 | $1.58M | $1.32M | $262.20M | $1.08M | $248.0K | $112.0K |
| Stock-based compensation | $8.45M | $7.62M | $7.31M | $9.47M | $9.89M | $9.37M | $9.63M | $9.43M | $10.53M | $8.23M | $7.52M | $7.74M |
| Depreciation and amortization | $79.0K | $79.0K | $79.0K | $79.0K | $77.0K | $76.0K | $77.0K | $76.0K | $77.0K | $76.0K | $77.0K | $80.0K |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 8.42 | 10.28 | 10.25 | 10.45 | 9.83 | 11.62 | 13.53 | 24.46 | 28.87 | 20.33 | 17.07 | 20.33 |
Source: XBRL data Cullinan Therapeutics Inc. files with the SEC, latest filing dated Aug 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
CGEM peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| CGEM | - | - | -$204.69M | - | $754.9M |
| AMGN | $38.90B | +8.2% | $9.39B | 24.1% | $251.65B |
| GILD | $30.99B | +6.5% | -$3.86B | -12.5% | $210.01B |
| MRNA | $2.52B | +13.1% | -$2.79B | -110.5% | $107.39B |
| ARGX | $4.25B | +88.6% | $1.29B | 30.4% | $59.72B |
| RVMD | $0 | - | -$1.13B | - | $43.29B |
| BIIB | $10.30B | +2.3% | $347.50M | 3.4% | $37.67B |
| BNTX | €2.87B | +4.3% | -€1.14B | -39.6% | $21.98B |
| EXEL | $2.50B | +9.1% | $885.14M | 35.5% | $17.51B |
CGEM FAQ
4 questionsIs CGEM profitable?
No. Cullinan Therapeutics Inc. reported a net loss of $204.69M for the twelve months ended Jun 30, 2026.How much cash and debt does CGEM have?
Cullinan Therapeutics Inc. reported $78.64M in cash and cash equivalents on its most recent balance sheet in SEC filings.When did CGEM last report financial results?
The latest statements here come from Cullinan Therapeutics Inc.'s 10-Q filed on Aug 6, 2026, covering the period ended Jun 30, 2026.Where does this CGEM financial data come from?
Quantisnow builds these statements from the structured XBRL data Cullinan Therapeutics Inc. files with the SEC. It is provided for information only and is not investment advice.