Cullinan Therapeutics (CGEM)
Develops bispecific T-cell engagers for autoimmune disease and cancer through a hub-and-spoke drug-development model.
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Develops bispecific T-cell engagers for autoimmune and blood-cancer indications through a hub-and-spoke structure that separately capitalizes each drug candidate, with a partnered lung-cancer therapy nearing its first FDA decision.
Founded in 2016 out of MPM Capital, the company built its early pipeline through a hub-and-spoke structure, housing each drug candidate in its own capitalized subsidiary rather than one research organization. That structure let Taiho Pharmaceutical acquire the subsidiary holding its lead lung-cancer compound in 2022 while the rest of the portfolio continued.
In 2024 the company renamed itself from Cullinan Oncology to Cullinan Therapeutics and redirected its bispecific T-cell engager CLN-978 from lymphoma into autoimmune diseases including lupus and rheumatoid arthritis. A second engager, CLN-049, is in early testing for acute myeloid leukemia; a third, licensed from Genrix Bio, targets autoimmune cytopenias.
Zipalertinib, the lung-cancer therapy co-owned with Taiho, is under FDA review with a target decision in early 2027 and is the nearest program to a first approved product. Every program remains in clinical development.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 14, 2026 | BTIG | Reiterate | Rating: —Target: $39 | Target: $40 |
| Aug 17, 2026 | UBS | Reiterate | Rating: —Target: $30 | Target: $27 |
| Jul 29, 2026 | BTIG | Reiterate | Rating: —Target: $38 | Target: $39 |
| May 8, 2026 | Wedbush | Reiterate | Rating: —Target: $36 | Target: $37 |
| Apr 28, 2026 | H.C. Wainwright | Target | Target: $27 | Target: $30 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $334.5M · Total debt $2.1M · Total assets $363.8M · Shareholders' equity $321.8M
- Revenue
- $0
- Operating income
- −$57.3M
- Net income
- −$53.7M
No dividends on record.
| Institutions | ≈ 111.27% | 71.61M shares | |
|---|---|---|---|
| 193 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.88% | 1.21M shares | |
| 6 holders · as of Sep 10, 2026 | |||
| Adds to | 113.15% | ||
64.35M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 113.15%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Bioimpact Capital LLCInstitution | 15.12% | 9.73M | as of Jun 30, 2026 |
Lynx1 Capital Management LPInstitution | 13.93% | 8.96M | as of Jun 30, 2026 |
BVF Inc/ILInstitution | 8.94% | 5.75M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.13% | 5.23M | as of Jun 30, 2026 |
Price T Rowe Associates Inc /MD/Institution | 5.95% | 3.83M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $21.57 |
| Aug 13, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −30,000 | $20.26 |
| Jul 6, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $17.82 |
| May 5, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $14.62 |
| Mar 5, 2026 | Jennifer Michaelson | officer: Chief Scientific Officer | −8,000 | $15.68 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cullinan Therapeutics | $21.58 | +1.08% | $1.31B | — | — | — | — |
| Johnson & Johnson | $268.56 | −0.34% | $649.40B | 31.2 | 22.6 | 6.6 | +6.6% |
| Kyverna Therapeutics | $7.52 | +5.55% | $432.9M | — | — | — | — |
| Cabaletta Bio | $2.52 | +2.24% | $401.1M | — | — | — | — |
| AstraZeneca (ADR) | $168.47 | +0.22% | $260.70B | 25.2 | 15.8 | 4.2 | +6.4% |
| AbbVie | $265.35 | +0.33% | $467.37B | 74.5 | 17.5 | 7.3 | +10.2% |
| Amgen | $407.71 | +3.70% | $212.19B | 24.4 | 17.4 | 5.6 | +9.7% |
| Median | 28.2 | 17.4 | 6.1 | +8.1% |