Start here if you're new
what it is
Cullinan is a 111-person biotech building 4 drug candidates for cancer and autoimmune disease.
how it gets paid
Last year Cullinan Therap made n/a in revenue. CLN-978 autoimmune was the main engine at $0M, or 25% of sales.
what just happened
Latest quarter EPS was -$2.30, and revenue was still $0.
At a glance
B balance sheet — gets the job done, barely
-$2.78 fy2024 eps est
$19M fy2021 rev est
0.95 beta
~$816M market cap
xvary composite: 40/100 — below average
What they do
Cullinan is a 111-person biotech building 4 drug candidates for cancer and autoimmune disease.
You are buying 4 named programs, not a business with sales. That is fragile. It is also the whole point. CLN-978 and velinotamig are bispecific T cell engagers, which means one molecule links two targets. So what: one clean trial readout can move the stock more than a normal quarter ever would.
How they make money
n/a
annual revenue
CLN-978 autoimmune
$0M
velinotamig autoimmune
$0M
zipalertinib oncology
$0M
CLN-049 oncology
$0M
The products that matter
autoimmune therapy candidate
CLN-978
initial SLE and RA data expected in 2026
management called 2026 a defining year, which tells you this program matters far more than the current $6.1M revenue line.
2026 catalyst
oral EGFR inhibitor
Zipalertinib
partnered with Taiho · new REZILIENT1 and REZILIENT2 data in 2025
this partnered program already produced new trial updates in 2025, so your read on Cullinan depends partly on data it does not fully control.
partnered asset
collaboration economics
Partnership revenue
$6.1M trailing revenue
it is the only visible revenue stream today, and it is tiny relative to a -$219.9M annual net loss. That's a reminder that the pipeline is still pre-commercial.
current cash trickle
Key numbers
$0M
revenue
No sales means the pipeline has to pay the bills.
-$2.78
fy2024 eps
The company lost $2.78 a share in 2024, so profit is still a future problem.
0.95
beta
Beta means how much the stock swings versus the market. 0.95 says the tape is calmer than most, but trial news still runs the show.
111
employees
A 111-person staff means you are backing a small team with big trial costs.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CGEM right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter EPS was -$2.30, and revenue was still $0.
EDGAR shows EPS at -$2.30, or -233% versus a year ago. Yahoo's trailing EPS sits at -$2.76, so the loss is still wide.
$0M
ttm revenue
-$2.30
eps
233%
vs. last year
the number that mattered
The number that mattered was -$2.30 EPS, because you still have losses and no sales to absorb them.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk here is CLN-978 and zipalertinib disappointing in 2026-era readouts. Cullinan does not have a product business to fall back on.
med
clinical trial failure
With $6.1M of trailing revenue and zero product sales, the equity story is almost entirely pipeline value. If the key data disappoints, there is not much operating business underneath to cushion the drop.
The stock already sits at an $816M market cap. A failed readout could force the market to value the company closer to cash than to pipeline hope.
med
cash burn and dilution
Cullinan posted a -$225M EBITDA line and a -$219.9M annual net loss. Management says $439M in cash funds the business through 2029, but that promise only holds if spending and timelines cooperate.
If burn runs hotter or data slips, the next financing could arrive before the science is fully de-risked. That usually means dilution at the worst possible moment.
med
partnership dependence
Zipalertinib is partnered with Taiho, and current revenue is collaboration-based. That means part of your thesis depends on counterparties, milestone timing, and economics outside Cullinan's complete control.
When your only visible revenue line is $6.1M, even small partnership disappointments matter because there is no commercial franchise to absorb them.
$6.1M of trailing revenue against a -$225M EBITDA line means almost the entire risk-reward equation sits on pipeline outcomes and whether the $439M cash balance really bridges the company to them.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
CLN-978 initial data in 2026
This is the most obvious catalyst on the page. If the defining year language proves accurate, this is the card that changes everything.
metric
cash versus burn
Management says $439M funds operations through 2029. Put that next to a -$219.9M annual net loss and watch the math every quarter.
trend
zipalertinib follow-through
REZILIENT1 and REZILIENT2 produced new data in 2025. The next question is whether that momentum keeps building or stalls in the handoff from news to value creation.
risk
insider and ownership signals
86.31% institutional ownership shows serious capital is involved. CEO Nadim Ahmed selling 13,515 shares in February 2026 is not a verdict, but it belongs on your screen.
Analyst rankings
coverage depth
thin
in human-speak, there is not enough broad sell-side coverage here to treat analyst rank tables like hard signal.
what matters more
2026 data
For CGEM, opinions will follow clinical readouts. The data leads. The targets usually chase it after.
source: institutional data
Institutional activity
institutional ownership data for CGEM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive