CGEM
Cullinan Therapeutics, Inc.Healthcare·Medical - Pharmaceuticals
$16.44
$1.0B market cap
Revenue
$0.0M
Free Cash Flow
$-84.2M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Cullinan Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the developing of oncology and immuno-oncology therapies. Its pipeline includes CLN-978, CLN-619, Zipalertinib CLN-081/TAS6417, CLN-049, and CLN-617. The company was founded by Patrick A. Baeuerle on September 15, 2016 and is headquartered in Cambridge, MA.
2-Year Price History
$13.84-41.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -53.7 | -53.7 | -49.7 | -46.1 | -46.1 | -0.0 | 351.9 | 2.4 | 59.2 | -237.1% | -- | -- |
| Act | 2025-Q4 | 0.0 | -55.2 | -55.3 | -50.7 | -38.1 | -38.1 | -0.0 | 377.9 | 2.7 | 59.2 | -163.1% | -- | -- |
Valuation & Metrics
Market Stats
Price$16.44
Market Cap$1.0B
Enterprise Value$661M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-8.3%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-100.4M
Free Cash Flow$-84.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-200.1%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares8.8M
Days to Cover15.3
Change (vs Prior)+8.4%
Need at least 2 settlement dates for chart
Employees
Headcount111
Revenue / Employee$0
Gross Profit / Employee$-712
Cash Runway
50.2months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
85.7%(+39.7% YoY)
154 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
21.7%(+11.1% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.4% YoY)
7 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Lynx1 Capital Management LP | $127M | $9.11 | +$0 | +$81.7M | +3.0% | $633M |
| MPM BioImpact LLC | $109M | $12.82 | +$0 | +$0 | -1.6% | $1.29B |
| BVF INC/IL | $81.7M | $15.33 | +$0 | +$0 | -0.2% | $3.14B |
| BlackRock, Inc.Passive | $63.2M | $16.36 | +$706K | +$3.3M | -0.2% | $5.69T |
| Kynam Capital Management, LP | $44.3M | $9.86 | +$0 | +$11.0M | +0.5% | $1.58B |
| STATE STREET CORPPassive | $36.2M | $14.94 | +$4.9M | +$11.2M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $35.3M | $14.21 | +$35.3M | +$35.3M | — | $4.04T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $28.8M | $14.14 | +$28.2M | +$28.4M | -0.2% | $864.93B |
| Blue Owl Capital Holdings LP | $27.1M | $10.19 | −$6.3M | −$7.5M | -2.3% | $372M |
| RTW INVESTMENTS, LP | $24.2M | $17.17 | +$0 | +$0 | -2.2% | $9.26B |
| VR Adviser, LLC | $19.6M | $17.44 | +$0 | +$0 | -1.8% | $2.68B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $19.4M | $14.37 | +$938K | +$1.8M | +2.3% | $1.61T |
| Siren, L.L.C. | $17.0M | $16.74 | +$0 | +$0 | +6.2% | $3.61B |
| Nextech Invest, Ltd. | $16.2M | $7.57 | +$0 | +$0 | +27.2% | $1.42B |
| BOOTHBAY FUND MANAGEMENT, LLC | $15.8M | $10.35 | −$1.8M | +$15.8M | -0.4% | $4.25B |
| MARSHALL WACE, LLP | $14.9M | $15.60 | +$9.0M | +$6.8M | +0.6% | $92.71B |
| DIMENSIONAL FUND ADVISORS LPPassive | $12.9M | $12.02 | +$814K | −$5.6M | -0.4% | $480.92B |
| Point72 Asset Management, L.P. | $12.9M | $12.67 | +$7.7M | +$12.9M | +0.9% | $54.88B |
| Nuveen, LLC | $11.4M | $10.59 | +$3.2M | +$8.8M | +0.0% | $368.63B |
| Affinity Asset Advisors, LLC | $11.1M | $10.35 | −$16.4M | +$7.4M | +0.5% | $1.60B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.85%
avg per quarter
Holders (ex-self)
+0.90%
excl. this stock
Buyers (this Q)
+0.70%
96 buyers · $0.20B in
Sellers (this Q)
+0.81%
45 sellers · $0.01B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.2%
how holders react when this stock falls
On quiet Qs
+6.0%
−10% to +10% baseline
On rallies (+10%+)
-7.1%
how they react when this stock rises
Holders' portfolio flow this Q
+5.7%
inflows — adds are organic
Sellers' portfolio flow this Q
+38.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.5%
Holder mid (any stock)
-4.4%
Holder rally (any stock)
-2.0%
Biggest decreases this quarter
Affinity Asset Advisors, LLC−$16.4Mα+0.5Blue Owl Capital Holdings LP−$6.3Mα-2.3MORGAN STANLEY−$2.5Mα-0.3BOOTHBAY FUND MANAGEMENT, LLC−$1.8Mα-0.4Squarepoint Ops LLCexited−$785KJACOBS LEVY EQUITY MANAGEMENT, INCexited−$763KNEOS Investment Management LLCexited−$388KAquatic Capital Management LLCexited−$320KExodusPoint Capital Management, LPexited−$316KEntryPoint Capital, LLCexited−$246K
New buyers this quarter
Top-5 holders · 45.7%
Lynx1 Capital Management LP--
MPM BioImpact LLC--
BVF INC/IL--
BlackRock, Inc.--
Kynam Capital Management, LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MPM BioImpact LLC7.6MLynx1 Capital Management LP9.0MBVF INC/IL5.8MForesite Capital Management V, LLC—CHI Advisors LLC—DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)386KFMR LLC7KBlue Owl Capital Holdings LP1.9MBAUPOST GROUP LLC/MA—FRANKLIN RESOURCES INC—
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$32.759920.0%
Last Year (10 analysts)$31.609220.0%
Current Price$16.44
Analyst Ratings
8
Buy: 8Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.59M
23 txns · 5 insiders · 119,912 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$13.32M
8 txns · 1 insider · 1,874,057 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-05 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 8,000 | $14.62 | $117K | $2.44M |
| 2026-03-05 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 8,000 | $15.68 | $125K | $2.68M |
| 2026-02-25 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 1,780 | $14.14 | $25K | $2.47M |
| 2026-02-24 | SELL | AHMED NADIM | director, officer: President and CEO | 13,515 | $14.47 | $196K | $5.65M |
| 2026-02-24 | SELL | Jones Jeffrey Alan | officer: Chief Medical Officer | 4,582 | $14.47 | $66K | $2.31M |
| 2026-02-24 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 3,601 | $14.47 | $52K | $2.56M |
| 2026-02-24 | SELL | SUMER JACQUELYN L | officer: Chief Legal Officer | 3,601 | $14.47 | $52K | $1.85M |
| 2026-02-23 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 1,752 | $13.99 | $25K | $2.52M |
| 2026-02-20 | SELL | AHMED NADIM | director, officer: President and CEO | 16,381 | $13.62 | $223K | $5.51M |
| 2026-02-20 | SELL | Fenton Mary Kay | officer: Chief Financial Officer | 4,398 | $13.62 | $60K | $1.72M |
| 2026-02-20 | SELL | Jones Jeffrey Alan | officer: Chief Medical Officer | 4,982 | $13.62 | $68K | $2.24M |
| 2026-02-20 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 11,742 | $14.08 | $165K | $2.56M |
| 2026-02-20 | SELL | SUMER JACQUELYN L | officer: Chief Legal Officer | 3,742 | $13.62 | $51K | $1.79M |
| 2026-02-12 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 416 | $12.03 | $5K | $1.54M |
| 2026-01-22 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 4,000 | $12.30 | $49K | $1.58M |
| 2025-12-23 | SELL | AHMED NADIM | director, officer: President and CEO | 9,922 | $10.01 | $99K | $4.21M |
| 2025-12-19 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 1,345 | $10.01 | $13K | $1.33M |
| 2025-12-18 | SELL | Jones Jeffrey Alan | officer: Chief Medical Officer | 4,632 | $9.67 | $45K | $1.64M |
| 2025-12-18 | SELL | Michaelson Jennifer | officer: Chief Scientific Officer | 2,898 | $9.67 | $28K | $1.30M |
| 2025-12-18 | SELL | SUMER JACQUELYN L | officer: Chief Legal Officer | 3,480 | $9.67 | $34K | $1.31M |
Order Flow (FINRA, ~3w lag)
11.6%retail+5.8pp
28.1%dark+1.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Cullinan Therapeutics: Massive Dilution Overhang and Rapid Cash Burn Amid Pipeline Attrition
Overall Risk
6/10
Fraud
2/10
Dilution
8/10
Insolvency
5/10
Earnings Overstated
3/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
4/10
Contextually Acceptable
8/10