Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Cullinan Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
18.9
0
Research and development
43.2
57.8
91.9
148
143
187
General and administrative
17.1
29.1
40.2
42.5
54
54.2
Operating expenses
60.3
86.9
132
191
197
242
Operating income
-60.3
-68
145
-191
-197
-242
Interest income
0.89
0.48
6.61
21.6
29.7
22.2
Other non-operating income
-0.01
-0.01
0.06
0.24
-0.2
-0.44
Pre-tax income
-67.5
151
-169
-167
-220
Income tax
0
42.1
-14.1
0.12
0
Net income to minority interests
-7.66
-1.92
-2.02
-1.94
-0.19
0
Net income
-51.8
-65.6
111
-153
-167
-220
EBITDA
-60.3
-67.9
145
-191
-197
-241
EPS, basic
-2.60
-1.52
2.46
-3.69
EPS, diluted
-2.60
-1.52
2.38
-3.69
Shares, basic (weighted)
19.9
43.1
45.2
41.6
Shares, diluted (weighted)
19.9
43.1
46.6
41.6
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
168
59.8
156
98.4
83
88.3
Short-term investments
42
231
311
369
316
290
Other current assets
2.07
6.1
0.62
3.9
15.7
8.86
Total current assets
212
297
474
480
415
387
Property, plant and equipment
0.13
0.08
1.17
0.99
0.68
0.42
Lease right-of-use assets
0
4.13
2.54
1.67
2.63
Long-term investments
0
140
80.9
0
204
58.3
Other non-current assets
2.3
0.15
0.46
0.46
0.37
0.3
Total assets
215
437
561
484
622
448
Accounts payable
9.68
3.17
2.66
2.49
1.68
0.84
Accrued liabilities
4.64
8.58
14.1
24.2
27.7
36.1
Total current liabilities
14.3
11.7
22.5
28.1
30.6
37.7
Lease liabilities
0
3.59
2.15
0.85
1.9
Total liabilities
14.4
11.8
26.1
30.3
31.5
39.6
Paid-in capital
292
585
585
655
959
996
Retained earnings
-93.3
-159
-47.7
-201
-368
-588
Other comprehensive income
-0
-0.84
-2.6
-0.13
-0.13
1.02
Shareholders' equity
199
425
535
454
590
409
Minority interests
1.3
0.4
0
0.19
0
0
Total equity
200
425
535
454
590
409
Total liabilities and equity
215
437
561
484
622
448
Shares outstanding
29.8
44.3
45.8
42.9
58.5
60.2
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-59.5
-67.5
109
-155
-168
-220
Depreciation and amortization
0.06
0.05
0.09
0.31
0.31
0.31
Stock-based compensation
14.9
24.4
28
30.4
37.8
36
Deferred income tax
0
0
5.4
3
Change in payables
5.58
-4.84
-0.51
-0.17
-0.81
-0.84
Cash from operations
-29.8
-43.4
-127
-134
-145
-176
Capital expenditures
-0.01
0
-1.13
-0.21
0
-0.05
Acquisitions
1.45
Purchases of investments
-69.8
-526
-378
-373
-721
-237
Sales and maturities of investments
62.9
192
353
409
585
417
Cash from investing
-5.42
-334
249
35.8
-136
180
Stock issued
145
3.28
0
38.4
263
0
Share buybacks
-6.57
Cash from financing
140
269
-25.9
40.8
266
1.09
Net change in cash
105
-108
96.4
-57.7
-15.4
5.33
Free cash flow
-29.8
-43.4
-128
-134
-145
-176
Interest paid
0
0.03
Income taxes paid
0
37.8
-4.43
-2.27
-2.97
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.81 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-56.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-30.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-8.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
15.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-27.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-7.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
15.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.42x
Current assets / current liabilities.
Quick ratio
8.23x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
8.23x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
Earnings yield
-21.5%
Net income / market cap (the inverse of P/E).
Was Cullinan Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $219.9M.
How much free cash flow did Cullinan Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $175.8M minus capital expenditures of $49.0K left free cash flow of -$175.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.