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
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | -$220M | — | — | -$176M | — | $88M |
| 2024 | — | -$168M | — | — | -$145M | — | $83M |
| 2023 | — | -$155M | — | — | -$134M | — | $98M |
| 2022 | $0 | $111M | — | — | -$128M | — | $156M |
| 2021 | $19M | -$66M | 0.0% | -358.7% | -$43M | — | $60M |
| 2020 | $0 | -$52M | — | — | -$30M | — | $168M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | -$50M | — | — | — | — | $75M |
| Dec '25 | — | -$51M | — | — | -$38M | — | $88M |
| Sep '25 | — | -$51M | — | — | — | — | $103M |
| Jun '25 | — | -$70M | — | — | — | — | $73M |
| Mar '25 | — | -$49M | — | — | — | — | $77M |
| Dec '24 | — | -$48M | — | — | -$37M | — | $83M |
| Sep '24 | — | -$41M | — | — | -$34M | — | $102M |
| Jun '24 | — | -$42M | — | — | -$36M | — | $115M |
| Mar '24 | — | -$37M | — | — | -$38M | — | $74M |
| Dec '23 | — | -$26M | — | — | -$18M | — | $98M |
| Sep '23 | — | -$39M | — | — | -$34M | — | $65M |
| Jun '23 | — | -$32M | — | — | -$31M | — | $142M |
| Mar '23 | — | -$58M | — | — | -$51M | — | $122M |
| Dec '22 | $0 | -$27M | — | — | -$26M | — | $156M |
| Sep '22 | $0 | -$25M | — | — | -$55M | — | $243M |
| Jun '22 | $0 | $174M | — | — | -$25M | — | $354M |
| Mar '22 | $0 | -$13M | — | — | -$22M | — | $76M |
| Dec '21 | $0 | -$34M | — | — | -$15M | — | $60M |
| Sep '21 | $0 | -$18M | — | — | — | — | $88M |
| Jun '21 | $0 | -$16M | — | — | — | — | $124M |
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 5.7× (Mar '23) to 5.6× (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 —.
What is CGEM's P/E ratio?
As of Jun '26, Cullinan Therapeutics, Inc. traded at a price-to-earnings ratio of about 5.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E have moved with the share price. These are computed facts, not advice.
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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.