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Other financials

Income statement

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Revenue-
Operating income-$57.3M+24.5%
Net income-$53.7M+23.3%
EPS (diluted)-$0.69+24.2%

Balance sheet

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Cash & equivalents$78.6M+8.0%
Total debt$2.1M+36.3%
Total equity$408.7M-30.8%
Total assets$363.8M-30.1%

Cash flow

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Operating cash flow-$38.2M+33.7%
CapEx$11.0K
Free cash flow-$38.1M-4.1%

Valuation

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Market cap$1.16B+148%
Enterprise value$1.08B+174%

Profitability

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Operating margin-358.7%
Net margin-346.1%

Returns & leverage

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Return on equity-44%+26.2pp
Debt / equity0.0×
Current ratio8.4×-1.4×

Where this comes from

Reported directly by Cullinan Therapeutics, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Cullinan Therapeutics, Inc.’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 7:10 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-336717
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Operating expenses:
Research and development$44,437$61,030$86,560$102,489
General and administrative12,81714,76824,39128,305
Total operating expenses57,25475,798110,951130,794
Loss from operations(57,254)(75,798)(110,951)(130,794)
Other income (expense):
Interest income3,6485,9247,74612,504
Other expense, net(98)(181)(160)(266)

Item 1. Financial Statements.

FAQ

What is Cullinan Therapeutics, Inc.'s R&D?
Cullinan Therapeutics, Inc. (CGEM) reported R&D of $44.44M in Q2 2026.
How has Cullinan Therapeutics, Inc.'s R&D changed year-over-year?
Cullinan Therapeutics, Inc.'s R&D decreased by 27.2% year-over-year, from $61.03M to $44.44M.
What is the long-term trend for Cullinan Therapeutics, Inc.'s R&D?
Over 4 years (2021 to 2025), Cullinan Therapeutics, Inc.'s R&D has grown at a 34.2% compound annual growth rate (CAGR), from $57.75M to $187.4M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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