# Cullinan Therapeutics, Inc. (CGEM)

> Source: Nexqual · https://nexqual.com/CGEM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cullinan Therapeutics, Inc. (CGEM), nexqual.com/CGEM" · informational, not investment advice.

**Price:** USD 14.92 (+0.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.89 · day 14.64–15.32 · 52w 6.73–23.19 · market cap $917M · NMS

## Key facts
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $1.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 34.5 (range 27–42).
- Total return with dividends: 1Y +93.0% vs S&P 500 +14.9%; 5Y -32.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-14, EPS estimate USD -0.84, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.9M | $0K | — | — | — | — |
| Operating income | -$68.0M | $145M | -$191M | -$197M | -$242M | -$222M |
| Net income | -$65.6M | $111M | -$153M | -$167M | -$220M | -$205M |
| EPS (diluted) | -$1.52 | $2.38 | -$3.69 | — | — | — |
| Free cash flow | -$43.4M | -$128M | -$134M | -$145M | -$176M | — |
| Operating margin | -358.7% | — | — | — | — | — |
| Net margin | -346.1% | — | — | — | — | — |
| Revenue growth | — | -100.0% | — | — | — | — |
| Cash + short-term investments | $290M | $467M | $467M | $399M | $378M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 2.9x · Earnings yield -22.32%

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Michaelson Jennifer | Chief Scientific Officer | 8,000 | $173K | 4.8% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-13 | Michaelson Jennifer | Chief Scientific Officer | 30,000 | $608K | 15.6% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Michaelson Jennifer | Chief Scientific Officer | 8,000 | $143K | 4.7% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-05 | Michaelson Jennifer | Chief Scientific Officer | 8,000 | $117K | 4.6% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 34.5 (low 27, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | BTIG | Reiterated | Buy | $40 |
| 2026-10-02 | HC Wainwright & Co. | Reiterated | Buy | $35 |
| 2026-09-25 | HC Wainwright & Co. | Target raised | Buy | $30 → $35 |
| 2026-09-25 | BTIG | Reiterated | Buy | $40 |
| 2026-09-14 | BTIG | Target raised | Buy | $39 → $40 |
| 2026-08-17 | HC Wainwright & Co. | Reiterated | Buy | $30 |
| 2026-08-13 | Wedbush | Target raised | Outperform | $39 → $42 |
| 2026-07-29 | BTIG | Target raised | Buy | $38 → $39 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +93.0% | -32.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +93.5% | -7.6% |
| Volatility (annualized) | 78.3% | 62.8% |
| Max drawdown | -43.7% (Aug 2026→Oct 2026) | -79.2% (Apr 2024→Sep 2025) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/CGEM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CGEM's own 10-K filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/1789972/000119312526099362/cgem-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Adimab | "We have a collaboration agreement (the "Adimab Collaboration Agreement"), with Adimab, LLC ("Adimab")." |
| Partner | Chongqing Genrix Biopharmaceutical | "In June 2025, we entered into a license agreement with Genrix (the "Genrix License Agreement"), pursuant to which Genrix granted us a global (excluding Greater China), exclusive license to develop and commercialize velin…" |
| Partner | Harbour BioMed US | "In August 2024, following a review of the data from the Phase 1 clinical trial in solid tumors, we notified Harbour of our decision to terminate the license and collaboration agreement for CLN-418 (the "Harbour License A…" |
| Partner | Taiho Pharmaceutical | "In collaboration with Taiho, we are pursuing a broad, parallel development plan designed to exploit the potential of zipalertinib in multiple patient populations in the REZILIENT program." |

## Company outlook (8-K filed 2026-08-06)

- "Additional multi-dose regimen data from the study are expected to be shared in Q4 2026. o Cullinan plans to initiate a global Phase 1/2 basket study in early 2027 in patients with autoimmune cytopenias, including immune thrombocytopenia (ITP) and autoimmune hemolytic anemia (AIHA)."
- "Taiho expects to obtain top-line results by the end of 2026. o Cullinan is eligible to receive $30 million and up to $100 million upon 2L and 1L U.S. regulatory approvals, respectively, and a 50/50 profit share in the U.S."
- "Moreover, except as required by law, neither the company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.84 | $-0.86 | -2.6% | $0 | 9 |
| Next quarter (ends 2026-12-31) | $-0.70 | $-0.50 | +40.1% | $11.6M | 9 |
| Current fiscal year (ends 2026-12-31) | $-3.13 | $-3.00 | +4.3% | $13.9M | 9 |
| Next fiscal year (ends 2027-12-31) | $-2.52 | $-2.53 | -0.4% | $52.8M | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-14): ±30.8%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 137.5% | ±30.8% |
| 2026-12-18 | 56 | 116.4% | ±36.4% |
| 2027-01-15 | 84 | 114.0% | ±43.4% |
| 2027-03-19 | 147 | 112.7% | ±56.0% |
| 2027-04-16 | 175 | 97.3% | ±52.4% |
| 2027-06-17 | 237 | 103.9% | ±64.0% |