Financial health
- The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
CGEM Financials Cullinan Therapeutics, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | -$220M | — | — | -53.8% | -49.0% | -$176M | — | $88M |
| 2024 | — | -$168M | — | — | -28.4% | -26.9% | -$145M | — | $83M |
| 2023 | — | -$155M | — | — | -34.2% | -32.0% | -$134M | — | $98M |
| 2022 | $0 | $111M | — | — | 20.8% | 19.8% | -$128M | — | $156M |
| 2021 | $19M | -$66M | 0.0% | -358.7% | -15.4% | -15.0% | -$43M | — | $60M |
| 2020 | $0 | -$52M | — | — | -25.9% | -24.1% | -$30M | — | $168M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | — | -$54M | — | — | -16.7% | -14.8% | — | — | $79M |
| Mar '26 | — | -$50M | — | — | -13.6% | -12.3% | — | — | $75M |
| Dec '25 | — | -$51M | — | — | -12.4% | -11.3% | -$38M | — | $88M |
| Sep '25 | — | -$51M | — | — | -11.2% | -10.5% | — | — | $103M |
| Jun '25 | — | -$70M | — | — | -14.2% | -13.5% | — | — | $73M |
| Mar '25 | — | -$49M | — | — | -8.8% | -8.4% | — | — | $77M |
| Dec '24 | — | -$48M | — | — | -8.1% | -7.7% | -$37M | — | $83M |
| Sep '24 | — | -$41M | — | — | -6.5% | -6.2% | -$34M | — | $102M |
| Jun '24 | — | -$42M | — | — | -6.4% | -6.2% | -$36M | — | $115M |
| Mar '24 | — | -$37M | — | — | -8.8% | -8.3% | -$38M | — | $74M |
| Dec '23 | — | -$26M | — | — | -5.6% | -5.3% | -$18M | — | $98M |
| Sep '23 | — | -$39M | — | — | -8.4% | -7.9% | -$34M | — | $65M |
| Jun '23 | — | -$32M | — | — | -6.4% | -6.2% | -$31M | — | $142M |
| Mar '23 | — | -$58M | — | — | -12.0% | -11.3% | -$51M | — | $122M |
| Dec '22 | $0 | -$27M | — | — | -5.1% | -4.8% | -$26M | — | $156M |
| Sep '22 | $0 | -$25M | — | — | -4.2% | -4.0% | -$55M | — | $243M |
| Jun '22 | $0 | $174M | — | — | 28.8% | 26.1% | -$25M | — | $354M |
| Mar '22 | $0 | -$13M | — | — | -3.1% | -2.9% | -$22M | — | $76M |
| Dec '21 | $0 | -$34M | — | — | -8.0% | -7.8% | -$15M | — | $60M |
| Sep '21 | $0 | -$18M | — | — | -4.1% | -4.0% | — | — | $88M |
Valuation over time
How the market has priced CGEM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 5.9× (Mar '23) to 5.9× (Dec '23).
P/E
Frequently asked questions
Is CGEM growing its revenue and profit?
See the revenue and net-income charts above for Cullinan Therapeutics, Inc.'s multi-year trend.
How much debt does CGEM have?
As of FY2025, Cullinan Therapeutics, Inc. reported — of total debt against $88M of cash.
What is CGEM's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.