Cullinan Therapeutics
Develops bispecific T-cell engagers for autoimmune disease and cancer through a hub-and-spoke drug-development model.
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Profile
Develops bispecific T-cell engagers for autoimmune and blood-cancer indications through a hub-and-spoke structure that separately capitalizes each drug candidate, with a partnered lung-cancer therapy nearing its first FDA decision.
Founded in 2016 out of MPM Capital, the company built its early pipeline through a hub-and-spoke structure, housing each drug candidate in its own capitalized subsidiary rather than one research organization. That structure let Taiho Pharmaceutical acquire the subsidiary holding its lead lung-cancer compound in 2022 while the rest of the portfolio continued.
In 2024 the company renamed itself from Cullinan Oncology to Cullinan Therapeutics and redirected its bispecific T-cell engager CLN-978 from lymphoma into autoimmune diseases including lupus and rheumatoid arthritis. A second engager, CLN-049, is in early testing for acute myeloid leukemia; a third, licensed from Genrix Bio, targets autoimmune cytopenias.
Zipalertinib, the lung-cancer therapy co-owned with Taiho, is under FDA review with a target decision in early 2027 and is the nearest program to a first approved product. Every program remains in clinical development.
Company facts
Key statistics
Year to date +114% · Average volume (30d) 627.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 17, 2026 | UBS | Reiterate | Buy | $30 | $27 |
| Jul 29, 2026 | BTIG | Reiterate | Buy | $38 | $39 |
| May 8, 2026 | Wedbush | Reiterate | Outperform | $36 | $37 |
| Apr 28, 2026 | H.C. Wainwright | Target | $27 | $30 | |
| Mar 11, 2026 | Wedbush | Reiterate | Outperform | $34 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.80 | −$0.81 | −1.3% | $3.7M | — | — | +1.93% |
| May 7, 2026Q1 FY26 | −$0.84 | −$0.75 | +10.3% | $3.7M | — | — | −1.15% |
| Mar 10, 2026Q4 FY25 | −$0.80 | −$0.77 | +3.8% | $5.0M | — | — | −4.02% |
| Nov 6, 2025Q3 FY25 | −$0.95 | −$0.77 | +18.9% | $5.6M | — | — | −2.18% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$55.0M | −$75.8M | −$55.6M | −$55.3M | −$53.7M | −$57.3M | |
| Net income | −$48.5M | −$70.1M | −$50.6M | −$50.7M | −$49.7M | −$53.7M | |
| Diluted EPS | −$0.82 | −$1.19 | −$0.86 | −$0.86 | −$0.84 | −$0.81 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $18.9M · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $334.5M · Total debt $2.1M · Total assets $363.8M · Shareholders' equity $321.8M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 61.46M · Float 44.16M · 71.9% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bioimpact Capital LLC | 9.73M | 15.83% | 13F | Aug 14, 2026 |
| LYNX1 Capital Management LP | 8.96M | 14.58% | 13F | Aug 13, 2026 |
| BVF Inc/IL | 5.75M | 9.36% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 5.23M | 8.51% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 3.83M | 6.23% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −30,000 | $20.26 |
| Jul 6, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $17.82 |
| May 5, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $14.62 |
| Mar 5, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $15.68 |
| Feb 25, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −1,780 | $14.14 |
Peers
- Johnson & Johnson
Markets Rybrevant, the only FDA-approved targeted therapy in EGFR ex20ins NSCLC
- Kyverna Therapeutics
Autologous CD19 CAR-T racing toward first autoimmune CAR-T approval in SPS
- Cabaletta Bio
Late-stage autologous CD19 CAR-T therapy developer for autoimmune disease
- AstraZeneca (ADR)
EGFR-NSCLC and CD19-autoimmune overlap via Tagrisso and AZD0120
- AbbVie
In vivo anti-CD19 CAR-T in Phase 1 for RA/SLE, plus incumbent JAK franchise
- Amgen
Biotech giant advancing CD19xCD3 BiTE blinatumomab in autoimmune disease
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cullinan Therapeutics | $21.70 | +0.09% | $1.33B | — | — | — | — |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Kyverna Therapeutics | $8.53 | +2.03% | $508.9M | — | — | — | — |
| Cabaletta Bio | $3.18 | +2.25% | $508.7M | — | — | — | — |
| AstraZeneca (ADR) | $161.79 | −0.55% | $252.33B | 24.4 | 15.2 | 4.1 | +6.4% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| Median | 29.0 | 17.6 | 6.4 | +8.1% |