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Saturday 7 November 2026
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Cullinan Therapeutics, Inc.
CGEM Healthcare Biotechnology
- EPS
- +24.3%
- Free cash flow
- +33.7%
Quarter to June 2026, against a year earlier
11.34
0.54
+5.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 19 | — | — | — | — | — | — | 14 | 56 | 66 | +117.3% | |
| Gross margin, % | — | — | — | — | — | 100.00 | — | — | — | — | — | — | ||||||
| EBT | — | — | — | (22) | (59) | (67) | 151 | (169) | (167) | (220) | (205) | +47.2% | ||||||
| EBT margin, % | — | — | — | 0.00 | 0.00 | (356.25) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| Net income | — | 0 | — | (22) | (59) | (67) | 109 | (155) | (168) | (220) | (205) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 0.00 | 0.44 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | |||||
| Earnings | — | — | — | (3.38) | (2.60) | (1.52) | 2.46 | (3.69) | (2.78) | (3.36) | (3.10) | (0.1%) | ||||||
| Cash flow | — | — | — | (3.27) | (1.50) | (1.01) | (2.80) | (3.23) | (2.70) | (2.98) | (2.59) | (1.5%) | ||||||
| Capex | — | — | — | 0.00 | 0.00 | 0.00 | (0.02) | 0.00 | 0.00 | 0.00 | 0.00 | (20.2%) | ||||||
| Free cash flow | — | — | — | (3.27) | (1.50) | (1.01) | (2.83) | (3.24) | (2.70) | (2.98) | (2.59) | (1.6%) | ||||||
| Book value | — | — | — | (6.24) | 10.07 | 9.87 | 11.85 | 10.92 | 10.98 | 6.92 | 5.23 | n/m | ||||||
| Shares, m | — | — | — | 6 | 20 | 43 | 45 | 42 | 54 | 59 | 60 | +44.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | — | — | — | — | 0.00 | — | |||||
| P/S | — | — | — | — | — | 0.00 | — | — | — | — | 0.00 | — | ||||||
| P/B | — | — | — | — | — | 1.56 | — | — | — | — | 2.17 | — | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | — | — | — | — | 0.00 | — | ||||||
| EV/FCF | — | — | — | — | — | (8.61) | — | — | — | — | (2.28) | — | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (21) | (30) | (43) | (127) | (134) | (145) | (176) | (159) | +42.6% | |||||
| Capex | — | — | — | 0 | 0 | — | (1) | 0 | — | 0 | 0 | +16.1% | ||||||
| Free cash flow | — | — | — | (21) | (30) | (43) | (128) | (134) | (145) | (176) | (159) | +42.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 98 | 198 | 285 | 452 | 452 | 384 | 349 | 301 | +23.7% | |||||
| Net debt | — | — | — | (99) | (210) | (290) | (467) | (467) | (399) | (378) | (335) | +25.1% | ||||||
| Shareholders’ equity | — | — | — | (40) | 200 | 425 | 535 | 454 | 590 | 409 | 322 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (41.12) | (32.87) | (20.12) | 22.28 | (29.30) | (30.27) | (41.09) | (46.30) | 0.0 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | (31.48) | 133.46 | 0.00 | (64.32) | (489.82) | 0.00 | (489.8) pt | ||||||
| ROE | — | — | — | 35.54 | (64.59) | (20.96) | 23.16 | (30.98) | (32.06) | (44.02) | (50.30) | (79.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 20 | 24 | 31 | 62 | 85 | 111 | 109 | — | +32.7% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.00 | 0.61 | 0.00 | 0.00 | 0.00 | 0.00 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2021 · latest quarter Mar 2021 · fundamentals updated 25 Oct 2026
Cullinan Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| LXRX Lexicon Pharmaceuticals, Inc. | $716.4M | — (loss-making) | — (loss-making) | −20.67% (below 0%: shrinking) | n/m | +66.10% (above 0%: growing) | 99.30% | (128.84%) | Compare |
| OABI OmniAb, Inc. | $704.5M | — (loss-making) | — (loss-making) | +78.34% (above 0%: growing) | n/m | +206.33% (above 0%: growing) | 92.26% | (409.92%) | Compare |
| SANA Sana Biotechnology, Inc. | $700.5M | — (loss-making) | — | — | n/m | −5.46% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| CGEM Cullinan Therapeutics, Inc. | $695.0M | — (loss-making) | 4.8× | — | n/m | +33.66% (above 0%: growing) | 100.00% | 0.00% | |
| ATTO Attovia Therapeutics, Inc. | $684.8M | — | — | — | n/m | — | 100.00% | (4,845.11%) | Compare |
| DNA Ginkgo Bioworks Holdings, Inc. | $670.7M | — (loss-making) | — (loss-making) | −59.37% (below 0%: shrinking) | n/m | −16.38% (below 0%: shrinking) | 91.47% | (290.47%) | Compare |
| SLDB Solid Biosciences Inc. | $662.7M | — (loss-making) | — (loss-making) | −100.00% (below 0%: shrinking) | n/m | −39.56% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| AURA Aura Biosciences, Inc. | $657.5M | — (loss-making) | — | — | n/m | −56.26% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| ACHV Achieve Life Sciences, Inc. | $656.0M | — (loss-making) | — | +54.44% (above 0%: growing) | n/m | −19.01% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $677.7M | — | — | −20.67% | — | −16.38% | 45.74% | (64.42%) |
Pay and ownership Proxy statement filed 28 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 5.10m | 2.33m | 98.10 |
| 2024 | 7.68m | 8.90m | 115.45 |
| 2023 | 4.01m | (184.88k) | 96,590.00 |
Ownership
Directors and executive officers, together
8.60%
Lynx1 Capital Management LP
14.59%
UBS Oncology Impact Fund L.P
12.45%
Entities affiliated with BVF, Inc.
9.99%
BlackRock, Inc.
7.06%
The Vanguard Group
5.37%
Nadim Ahmed
5.21%
Kynam Capital Management, LP
5.07%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement