CGEM · CIK 0001789972
CULLINAN THERAPEUTICS, INC.
Annual figures as reported, FY2019–FY2025. Ratios and growth rates derived on-page.
Biological Products, (No Diagnostic Substances)
Company profile
Net income
−$219.9M
▼ −31.4% vs FY2024
Free cash flow
−$175.8M
▼ −21.0% vs FY2024
Diluted EPS
−$3.69
▼ −255.0% vs FY2022
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersNet income — Mar ’26 quarter
−$49.7M
▼ −2.4% vs Mar ’25
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | — | — | — | −$49.7M | — | — |
| Dec ’25 | — | — | — | −$50.7M | — | — |
| Sep ’25 | — | — | — | −$50.6M | — | — |
| Jun ’25 | — | — | — | −$70.1M | — | — |
| Mar ’25 | — | — | — | −$48.5M | — | — |
| Dec ’24 | — | — | — | −$47.6M | — | — |
| Sep ’24 | — | — | — | −$40.6M | — | — |
| Jun ’24 | — | — | — | −$42.0M | — | — |
Profitability & returns
quality of earningsReturns on capital
Net income vs year-end equity and assets
Return on equityReturn on assets
Cash flow
cash generationFree cash flow
Operating cash flow less capital expenditure
Operating cash flow
Net cash from operations
Shareholder returns
capital allocationDiluted shares outstanding
Falling count means buybacks outpace dilution
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Key ratios
derived per fiscal year| Fiscal year | ROE | ROA | Current ratio |
|---|---|---|---|
| FY2025 | −53.8% | −49.0% | 10.25× |
| FY2024 | −28.4% | −26.9% | 13.53× |
| FY2023 | −33.8% | −31.6% | 17.07× |
| FY2022 | 20.8% | 19.8% | 21.09× |
| FY2021 | −15.4% | −15.0% | 25.25× |
| FY2020 | −26.0% | −24.1% | 14.82× |
| FY2019 | — | — | — |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | — | — | −$241.6M | −$219.9M | — | −$175.8M | $49K | $448.4M | $39.6M | $408.7M | $88.3M | — |
| FY2024 | — | — | −$196.9M | −$167.4M | — | −$145.3M | $0 | $621.8M | $31.5M | $590.3M | $83.0M | — |
| FY2023 | — | — | −$191.1M | −$153.2M | −$3.69 | −$134.3M | $208K | $484.2M | $30.3M | $453.7M | $98.4M | — |
| FY2022 | — | — | $144.6M | $111.2M | $2.38 | −$126.7M | $1.1M | $561.1M | $26.1M | $535.0M | $156.2M | — |
| FY2021 | — | — | −$68.0M | −$65.6M | −$1.52 | −$43.4M | $0 | $437.2M | $11.8M | $425.0M | $59.8M | — |
| FY2020 | — | — | −$60.3M | −$51.8M | −$2.60 | −$29.8M | $10K | $214.7M | $14.4M | $199.0M | $168.2M | — |
| FY2019 | — | — | — | — | — | — | — | — | — | $97.0M | — | — |
Latest filings
the most recent regulatory filings4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-06-18 ↗4Insider ownership filing2026-06-18 ↗4Insider ownership filing2026-06-18 ↗4Insider ownership filing2026-06-18 ↗4Insider ownership filing2026-06-18 ↗4Insider ownership filing2026-06-18 ↗8-KCurrent report — material event2026-06-16 ↗8-KCurrent report — material event2026-06-10 ↗
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