10-Q · May 15, 2024
Cullinan reported a smaller loss in Q1 2024 with net loss of $37,340 (in thousands) and EPS of $(0.86), an improvement versus net loss $58,141 and EPS $(1.42) in Q1 2023. Operating expenses fell notably as R&D declined…
Earnings analysis · 10-Q
CGEM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Cullinan Therapeutics reported a net loss of $49.7 million for Q1 2026 with basic diluted EPS of $(0.75). Cash and investments totaled $393.3 million, supporting operations through at least 2029. The recent FDA…
Read full summary
Cullinan Therapeutics reported a net loss of $49.7 million for Q1 2026 with basic diluted EPS of $(0.75). Cash and investments totaled $393.3 million, supporting operations through at least 2029. The recent FDA acceptance of their NDA for Zipalertinib is a significant milestone ahead of a target action date of February 27, 2027.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.75
What stood out
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Notable Cash Reserves
The company ended the quarter with $393.3 million in cash and investments, offering a substantial runway.
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FDA NDA Acceptance
The NDA for Zipalertinib was accepted by the FDA, with a target action date set for February 27, 2027.
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Reduction in Operating Expenses
Operating expenses decreased from $54.996 million in Q1 2025 to $53.697 million in Q1 2026.
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Increased Interest Income
Interest income was $4.098 million in Q1 2026, down from $6.580 million in Q1 2025.
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Stable R&D Expenses
R&D expenses remained relatively stable, increasing slightly to $42.123 million from $41.459 million year-over-year.
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Strong Clinical Pipeline
Continued advancement of several candidates, including CLN-978 and zipalertinib, noted in ongoing studies.
What to watch
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Continued Net Losses
Cullinan reported a net loss of $49.7 million for Q1 2026, continuing significant operating losses.
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Negative Cash Flow Impact
Net cash used in operating activities was $46.045 million for Q1 2026, up from $43.155 million in Q1 2025.
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Dependency on Future Drug Approvals
Future financial stability relies heavily on the success of ongoing clinical trials and future drug approvals.
Management's outlook
The company has deferred numeric guidance to future announcements.
Earlier filings 4
10-Q · August 10, 2023
Cullinan reported a Q2 net loss of $32,214 (in thousands) / GAAP EPS of $(0.82) for the three months ended June 30, 2023 versus net income of $174,065 (in thousands) / EPS $3.90 in Q2 2022 — the swing largely reflects…
10-Q · November 9, 2021
Cullinan Oncology reported a Q3 2021 net loss of $18.259 million (three months ended Sept. 30, 2021) and loss per share of $(0.40), while recognizing no revenue in the quarter. The company materially strengthened its…
10-Q · August 10, 2021
Cullinan Oncology reported Q2 2021 net loss per share of $(0.36) on license revenue of $0.0; net loss attributable to common stockholders was $(15,636) for the quarter. Operating expenses rose to $16,604 (from $14,122)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.