CGEM Stock — Cullinan Therapeutics Inc.: Cash, EV, Pipeline

Share price

$21.08

Market cap

$1,356.6M

Cash

$334.5M

Enterprise value

$1,022.1M

Balance sheet

Cash	$334.5M
Debt	$0.0M
Net cash	$334.5M
Enterprise value	$1,022.1M
Basic shares	64.3M shares
Fully diluted shares	83.9M shares
Fully diluted market cap	$1,768.8M
Cash per share	$5.20

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

Loading CGEM daily closes…

Loading price history…

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24	CLN-619	Phase 1	Multiple Myeloma	—
Dec 13, 2026 - Jan 24, 2027	CLN-978	Phase 1	NHL; NHL, Relapsed, Adult	—
Jan 12 - Feb 23	CLN-978	Phase 1	SLE; SLE (Systemic Lupus)	—
Feb 12 - Mar 26	CLN-049	Phase 1	Relapsed/Refractory Acute Myeloid Leukemia (AML); Myelodysplastic Syndrome (MDS)	—
Nov 11 - Dec 23	CLN-049	Phase 1	AML (Acute Myeloid Leukemia)	—
Feb 10 - Mar 23	CLN-978	Phase 1	Rheumatoid Arthritis (RA	—
Apr 26 - Jun 7	CLN-978	Phase 1	Sjögren; Sjogren Disease; Sjogren's Syndrome	—
Feb 12 - Mar 26	Velinotamig specified dose on specified days.	Phase 2	Immune Thrombocytopenia (ITP); Warm Autoimmune Hemolytic Anemia (WAIHA)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Zipalertinib

Phase 3 · Active Modality: oral small molecule (irreversible inhibitor)

Aliases CLN-081, TAS6417

Target EGFR exon 20 insertion mutations

Partnerships Taiho Pharmaceutical affiliate: co-development (50/50 development cost share and 50% of US pre-tax profits); Taiho commercializes; up to $130M in US regulatory milestones for EGFR exon 20 NSCLC

Indications

EGFR exon 20 insertion NSCLC (post-platinum) (Phase 3)
1L EGFR exon 20 insertion NSCLC (with chemotherapy) (Phase 3)

Catalysts

— end of 2026
— February 27, 2027

Status note NDA accepted by FDA April 2026 based on pivotal Phase 2b REZILIENT1; REZILIENT2 Phase 2 parallel cohort and REZILIENT3 global Phase 3 ongoing.

CLN-049

Phase 1 · Active Modality: bispecific T cell engager

Target FLT3xCD3

Indications

Relapsed/refractory AML/MDS (Phase 1)

Catalysts

— Q3 2026
— Q4 2026

Status note Positive End-of-Phase 1 FDA meeting July 2026; Phase 2 to include parallel exploratory cohort of previously untreated TP53-mutated AML.

CLN-978

Phase 1 · Active Modality: bispecific T cell engager

Target CD19xCD3

Indications

Systemic lupus erythematosus (Phase 1)
Rheumatoid arthritis (Phase 1)
Sjogren's disease (Phase 1)

Catalysts

— Q3 2026
— Q4 2026

Status note OUTRACE Phase 1 program; initial clinical data in SLE and RA presented at EULAR and a June 2026 investor event.

Velinotamig

Phase 1 · Active Modality: bispecific T cell engager

Target BCMAxCD3

Partnerships Chongqing Genrix Biopharmaceutical: global (ex-China, ex-HK/Macau/Taiwan) exclusive license; $20M upfront, up to $292M development/regulatory milestones, up to $400M sales milestones, tiered mid-single to mid-teens royalties

Indications

Autoimmune diseases (SLE initial) (Phase 1)
Autoimmune cytopenias (ITP, AIHA) (Phase 1)

Catalysts

— Q4 2026
— early 2027

Status note Genrix enrolling a Phase 1/2 trial in China (moderate to severe SLE); initial clinical observations from two SLE patients with nephritis shared June 2026.

CLN-619

Phase 1 · Terminated Modality: monoclonal antibody

Target MICA/B

Indications

Gynecological cancers (Phase 1)
NSCLC and multiple myeloma (Phase 1)

Status note Discontinued May 2025 in gynecological cancers (data did not meet internal threshold) and November 2025 in NSCLC and multiple myeloma.

CLN-617

Phase 1 · Terminated Modality: fusion protein

Target IL-2/IL-12

Indications

Advanced solid tumors (Phase 1)

Status note Discontinued November 2025 after review of emerging clinical data.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Velinotamig specified dose on specified days.
Lead indication	Immune Thrombocytopenia (ITP)
Lead phase	Phase 2
Active trials	10

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07738822	Phase 2	Not yet recruiting	Sponsor	CGEM	—	Immune Thrombocytopenia (ITP); Warm Autoimmune Hemolytic Anemia (WAIHA)	—
NCT04036682	Phase 2	Active, not recruiting	Sponsor	CGEM	—	Non Small Cell Lung Cancer; EGFR Exon 20 Mutation	—
NCT05879744	Phase 1	Active, not recruiting	Sponsor	CGEM	—	NHL; NHL, Relapsed, Adult	—
NCT06613360	Phase 1	Recruiting	Sponsor	CGEM	—	SLE; SLE (Systemic Lupus)	—
NCT05143996	Phase 1	Recruiting	Sponsor	CGEM	—	Relapsed/Refractory Acute Myeloid Leukemia (AML); Myelodysplastic Syndrome (MDS)	—
NCT07722767	Phase 1	Not yet recruiting	Sponsor	CGEM	—	AML (Acute Myeloid Leukemia)	—
NCT06994143	Phase 1	Recruiting	Sponsor	CGEM	—	Rheumatoid Arthritis (RA	—
NCT07041099	Phase 1	Recruiting	Sponsor	CGEM	—	Sjögren; Sjogren Disease; Sjogren's Syndrome	—
NCT05117476	Phase 1	Active, not recruiting	Sponsor	CGEM	—	Advanced Solid Tumor; NSCLC	—
NCT06381141	Phase 1	Active, not recruiting	Sponsor	CGEM	—	Multiple Myeloma	—

Sponsor-matched active trials from ClinicalTrials.gov (10 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 10 active trials for Cullinan Therapeutics Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	2,364,347	+658,387	0.37%	2026-08-14
OrbiMed Advisors	0	-243,006	0.00%	2026-08-14
ADAR1 Capital Management	0	-50,000	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

CGEM — Cullinan Therapeutics Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders