CGEM (Cullinan Therapeutics, Inc.) Stock Financials & Earnings | Market Cap Arena

CGEM (Cullinan Therapeutics, Inc.) Stock Financials & Earnings | Market Cap Arena

CGEMCullinan Therapeutics, Inc.

Mkt Cap$894M

Healthcare·Medical - Pharmaceuticals·🇺🇸 United States·NASDAQ

Revenue (TTM)$0

Net Income (TTM)-$217M

EPS (TTM)-$3.68

Free Cash Flow (TTM)-$139M

Gross Margin—

Op. Margin—

Net Margin—

FCF Margin—

P/S Ratio (TTM)—

P/E Ratio (TTM)—

YoY Rev Growth—

Employees—

Earnings Reports

Next: Q4 2025 · Mar 12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$0	$0	-$33M
Q1 23	$0	$0	-$63M
Q2 23	$0	$0	-$38M
Q3 23	$0	$0	-$45M
Q4 23	$0	-$77K	-$45M
Q1 24	$0	-$76K	-$43M
Q2 24	$0	-$77K	-$50M
Q3 24	$0	$0	-$49M
Q4 24	$0	$0	-$55M
Q1 25	$0	$0	-$55M
Q2 25	$0	$0	-$76M
Q3 25	$0	$0	-$56M

Valuation

Quarter	P/S	P/E
Q4 22	—	8.0x
Q1 23	—	13.7x
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$51M	-$51M
Q2 23	-$31M	-$31M
Q3 23	-$34M	-$34M
Q4 23	-$18M	-$18M
Q1 24	-$38M	-$38M
Q2 24	-$36M	-$36M
Q3 24	-$34M	-$34M
Q4 24	-$37M	-$37M
Q1 25	-$43M	-$43M
Q2 25	-$58M	-$58M
Q3 25	-$37M	$0
Q4 25	-$38M	-$38M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$159K
Q2 23	$49K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$37M
Q4 25	$11K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	—	-5.1%
Q1 23	—	+92.2%
Q2 23	—	+115.7%
Q3 23	—	+52.0%
Q4 23	—	+39.5%
Q1 24	—	-31.5%
Q2 24	—	+33.0%
Q3 24	—	+8.0%
Q4 24	—	+21.0%
Q1 25	—	+27.9%
Q2 25	—	+51.5%
Q3 25	—	+13.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$7M	—
Q2 23	$8M	—
Q3 23	$8M	—
Q4 23	$8M	—
Q1 24	$8M	—
Q2 24	$11M	—
Q3 24	$9M	—
Q4 24	$10M	—
Q1 25	$9M	—
Q2 25	$10M	—
Q3 25	$9M	—
Q4 25	$7M	—

OpEx Breakdown

Quarter	R&D	G&A
Q4 22	$21M	$11M
Q1 23	$52M	$11M
Q2 23	$27M	$10M
Q3 23	$34M	$11M
Q4 23	$35M	$11M
Q1 24	$31M	$12M
Q2 24	$36M	$14M
Q3 24	$36M	$13M
Q4 24	$40M	$15M
Q1 25	$41M	$14M
Q2 25	$61M	$15M
Q3 25	$42M	$14M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$122M	$269M	$391M
Q2 23	$142M	$350M	$492M
Q3 23	$65M	$402M	$466M
Q4 23	$98M	$369M	$467M
Q1 24	$74M	$359M	$433M
Q2 24	$115M	$547M	$662M
Q3 24	$102M	$476M	$578M
Q4 24	$83M	$316M	$399M
Q1 25	$77M	$227M	$304M
Q2 25	$73M	$193M	$265M
Q3 25	$103M	$229M	$333M
Q4 25	$88M	$290M	$378M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	46M	+0.3%
Q1 23	41M	-11.1%
Q2 23	40M	-1.8%
Q3 23	43M	+7.0%
Q4 23	43M	+0.1%
Q1 24	43M	+0.5%
Q2 24	55M	+28.0%
Q3 24	58M	+6.0%
Q4 24	59M	+0.4%
Q1 25	59M	+0.6%
Q2 25	59M	+0.2%
Q3 25	59M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	$0	24
FY 21	$611K	31
FY 22	$0	62
FY 23	$0	85
FY 24	$0	111
FY 25	$0	200K