Cullinan Therapeutics, Inc.

Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing potential first- or best-in-class therapies for autoimmune diseases and cancer. The company’s pipeline centers on T cell engager and bispecific antibody programs, with lead assets such as CLN-978 in autoimmune disease and additional partnered or in-licensed programs advancing through clinical development.

10.25

— Cullinan Therapeutics, Inc.
	%
Autoimmune disease programs	35% Clinical-stage immunology assets aimed at B-cell driven autoimmune diseases, led by CLN-978.
Oncology programs	40% Bispecific and other immuno-oncology candidates targeting solid tumors and hematologic cancers.
Partnered development programs	15% Co-development and licensed assets advanced with external partners, including zipalertinib.
Early-stage discovery and platform assets	10% Earlier programs and options that expand the pipeline and provide future pipeline optionality.

Cullinan does not sell approved products today, so its near-term 'customers' are primarily clinical trial participants,...

Clinical trial participantsprimary
Patients with SLE, RA, Sjögren’s disease, or cancer who enroll in studies to evaluate safety and efficacy.
Clinical investigators and trial sitesprimary
Hospitals, research centers, and physicians that recruit patients and generate clinical data for the pipeline.
Biopharma partnerssecondary
Partners such as Taiho or licensors/collaborators that share development, rights, or commercialization economics.
Future commercial healthcare providersemerging
Specialists, hospitals, and infusion centers that would prescribe or administer approved therapies.

Cullinan is headquartered in Cambridge, Massachusetts and operates as a U.S.-based clinical-stage biotech with global...

•Headquartered in Cambridge, Massachusetts, United States
•Global clinical development footprint for CLN-978 autoimmune studies
•RA study for CLN-978 is ongoing in Europe
•Rights for velinotamig exclude greater China
•No commercial revenue geography yet because no approved products

Cullinan’s strategy is to build a differentiated pipeline around T cell engagers and bispecific antibodies, first in...

Advance CLN-978 in autoimmune diseaseshort-term

Clinical data in SLE, RA, and Sjögren’s disease is central to validating the platform outside oncology.

Broaden the pipeline through licensingmedium-term

External assets can add therapeutic breadth without relying only on internal discovery.

Progress partnered and co-developed assetsmedium-term

Partnered programs can share development burden and create optionality for future value creation.

Cullinan is exposed to the high failure rate of clinical-stage biotech, where safety or efficacy setbacks can halt...

critical

Clinical development failure

Lead assets are still in early clinical testing and may not demonstrate acceptable safety or efficacy.

Scope: CLN-978 and other pipeline programs
Materiality: high

high

Capital dependence and dilution

The company has a history of operating losses and negative cash flow and may need additional financing.

Scope: All development programs
Materiality: high

high

Regulatory and approval delays

FDA review timing and clinical/regulatory milestones can be delayed, especially for new submissions.

Scope: Zipalertinib NDA timing and future filings
Materiality: medium

medium

Competition for patients, sites, and talent

Larger companies can outspend Cullinan in recruiting patients, investigators, and scientific staff.

Scope: Clinical trial execution
Materiality: medium

Research and development accruals

Can shift quarterly R&D expense and liabilities

Contingent milestone and royalty obligations

Potential future cash outflows not yet recognized as liabilities

Lease accounting

Affects leverage and future cash commitments

Equity-based compensation

Reduces comparability of GAAP losses to cash burn

Cullinan Therapeutics, Inc.

Clinical development failure

Capital dependence and dilution

Regulatory and approval delays

Competition for patients, sites, and talent

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