• Like a startup Genentech, focused solely on pioneering new cancer therapies.
• An early-stage pharmaceutical company, aiming to be a future leader in oncology drug development, much like a young Bristol-Myers Squibb.

• CLN-081: An orally available small molecule in Phase I/IIa trials for treating non-small cell lung cancer.
• CLN-049: A humanized bispecific antibody in preclinical development for acute myeloid leukemia.
• CLN-619: A monoclonal antibody in preclinical development for solid tumors.
• CLN-617: A fusion protein in preclinical development for solid tumors.
• CLN-978: A T cell engaging antibody in preclinical development for B-cell malignancies.
• Opal: A bispecific fusion protein designed to block the PD-1 axis and activate the 4-IBB/CD137 pathway in tumors, in preclinical development.
• Jade: A cell therapy in preclinical development targeting a novel senescence and cancer-related protein.

Cullinan Therapeutics (CGEM) - Major Customers

Based on the provided company description, Cullinan Therapeutics (CGEM) is a biopharmaceutical company primarily focused on the research and development of targeted oncology and immuno-oncology therapies. Its lead candidate, CLN-081, is in a Phase I/IIa clinical trial, and other products are in preclinical stages. This indicates that the company's drug candidates are not yet approved for commercial sale to individuals or other companies.

Therefore, Cullinan Therapeutics (CGEM) does not currently have major customers who purchase commercialized products. Its activities are focused on product development, and its financial sustenance at this stage typically comes from investments and strategic partnerships for future commercialization, rather than from sales of approved drugs to end-users or distributors.

• Cullinan Pearl Corp.
• Adimab, LLC

Nadim Ahmed, President and Chief Executive Officer

Mr. Ahmed has more than 25 years of leadership experience across various development and commercialization roles. He previously served as President, Hematology, at Bristol Myers Squibb and as President, Global Hematology & Oncology, at Celgene Corporation. During his tenure at these companies, he oversaw multiple product launches and was a member of their respective Leadership Teams. His expertise spans small molecules, biologics, and cell therapy. Mr. Ahmed currently serves on the board of directors of Disc Medicine. He was appointed CEO in October 2021 and supported Cullinan Therapeutics' strategic expansion into autoimmune diseases in April 2024.

Mary Kay Fenton, Chief Financial Officer

Ms. Fenton was appointed Chief Financial Officer of Cullinan Therapeutics on April 29, 2024. She brings three decades of financial and operational experience in the biotechnology industry. Her previous roles include Interim Chief Executive Officer and Chief Financial Officer of Talaris Therapeutics, Inc. Prior to Talaris, she served as Chief Financial Officer and Chief Operating Officer at Semma Therapeutics, which was acquired by Vertex Pharmaceuticals. Before Semma, she was Chief Financial Officer of Achillion Pharmaceuticals before its acquisition by AstraZeneca. Ms. Fenton has been instrumental in leading financial and operational functions and managing critical transactions, including public and private capital raises, strategic collaborations, and mergers and acquisitions.

Jeffrey Jones, MD, MPH, MBA, Chief Medical Officer

Dr. Jones is the Chief Medical Officer and frequently represents Cullinan Therapeutics at investor conferences, discussing clinical data and the company's strategic pipeline alongside the CEO.

Jennifer Michaelson, PhD, Chief Scientific Officer

Dr. Michaelson is a biotech executive with over 20 years of industry experience focused on oncology, immunology, and immuno-oncology drug development. Before joining Cullinan Therapeutics, she was involved in the launch of Jounce Therapeutics, where she established and led multiple departments, including Tumor Immunology, Pharmacology, and Preclinical Development, and served as the Executive Program Leader for the lead program, JTX-2011.

Corinne Savill, PhD, Chief Business Officer

Dr. Savill has held increasingly senior leadership positions within Novartis since 2001, including European Head of the Transplant and Immunology Business, Global Head of Search and Evaluation for Business Development, and Global Head of Pricing and Market Access. Earlier in her career, she was promoted to CEO of Imutran following its acquisition by Novartis in 1996.

The key risks to Cullinan Therapeutics' business are as follows:

1. Clinical Development and Regulatory Approval Risk: Cullinan Therapeutics' success is critically dependent on the successful outcome of its ongoing clinical trials, particularly for its lead candidate, CLN-081, which is in a Phase I/IIa dose escalation and expansion trial. The drug development process is inherently lengthy, costly, and uncertain, with a high rate of failure at each stage. Furthermore, even if clinical trials are successful, there is no guarantee that the company will obtain the necessary regulatory approvals for its product candidates. The failure of CLN-081 or any of its preclinical programs to advance through clinical development or receive regulatory approval would significantly harm the company's business and prospects.
2. Early Stage and Concentrated Pipeline: The company's pipeline consists primarily of one lead candidate, CLN-081, in early-stage clinical development, and a number of other product candidates that are still in the preclinical stage. This early-stage and concentrated pipeline means that Cullinan Therapeutics is highly reliant on the success of a limited number of assets. The failure or delay of CLN-081, or any significant issues with its preclinical programs, could severely impact the company's future value and ability to bring products to market.

• CLN-081 (Zipalertinib) for non-small cell lung cancer (NSCLC) with EGFR Exon 20 insertion mutations: The total addressable market for Epidermal Growth Factor Receptor Non-small Cell Lung Cancer (EGFR-NSCLC) in the United States was estimated to be approximately USD 3.3 billion in 2024. For the 7 Major Markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, the market size for EGFR-NSCLC was approximately USD 6 billion in 2024, with projections for continued growth. CLN-081 specifically targets NSCLC patients with EGFR exon 20 insertion mutations, which account for about 8% to 10% of EGFR mutations or an estimated 2% to 3% of all NSCLC patients.
• CLN-049 for acute myeloid leukemia (AML): The global acute myeloid leukemia treatment market size was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030. Another estimate indicates the global market size was USD 3.87 billion in 2025, growing to USD 4.28 billion in 2026, and is projected to reach around USD 10.64 billion by 2035. The North American market for acute myeloid leukemia treatment held a revenue share of 37.6% of the global market in 2024, with the U.S. market accounting for 90.9% of the North American share in the same year.
• CLN-619 and CLN-617 for solid tumors: The global solid tumor therapeutics market was approximately USD 207.29 billion in 2025 and is forecast to reach USD 326.82 billion by 2031. North America constituted 42.03% of this market in 2025. Another source states the global solid tumors market size reached US$ 170.3 billion in 2023 and is expected to reach US$ 375.4 billion by 2034.
• CLN-978 for B-cell malignancies: The global B-cell Non-Hodgkin Lymphoma market, a key segment of B-cell malignancies, was valued at USD 8.2 billion in 2024 and is projected to reach USD 22.3 billion by the end of 2033. North America held the largest share of this market.
• Opal (bispecific fusion protein to block the PD-1 axis, and to activate the 4-IBB/CD137 pathway on T cells in tumors): null
• Jade (cell therapy to target a novel senescence and cancer-related protein): null

Cullinan Therapeutics (CGEM), a clinical-stage biopharmaceutical company, is poised for potential future revenue growth over the next 2-3 years, driven primarily by the advancement and commercialization of its pipeline assets and strategic collaboration agreements. While the company is currently pre-revenue, its strategy focuses on generating income through regulatory milestones, profit-sharing from partnered programs, and the eventual market launch of its therapies.

Here are 3-5 expected drivers of future revenue growth for Cullinan Therapeutics:

1. Regulatory Approvals and Commercialization of Zipalertinib (formerly CLN-081): Cullinan's partnered program with Taiho Oncology for zipalertinib (an EGFR exon 20 insertion inhibitor for non-small cell lung cancer) represents the most immediate and significant potential revenue driver. Taiho completed the rolling New Drug Application (NDA) submission for second-line (2L) treatment seeking accelerated approval in February 2026. Cullinan is eligible to receive $30 million upon 2L U.S. regulatory approval and up to $100 million for first-line (1L) U.S. regulatory approval. Additionally, the company will benefit from a 50/50 profit share in the U.S. upon the drug's commercialization. Top-line results from the pivotal frontline study, REZILIENT3, are anticipated by the end of 2026.

2. Advancement and Potential Commercialization of CLN-978 in Autoimmune Diseases: CLN-978, a CD19xCD3 bispecific T cell engager, is a high-priority program with significant potential in autoimmune diseases such as Systemic Lupus Erythematosus (SLE), Rheumatoid Arthritis (RA), and Sjögren's Disease (SjD). The company expects to release initial clinical data from Part A of its SLE and RA studies (focusing on safety and B cell depletion) in Q2 2026, with further data updates throughout the year for RA and SjD. Positive clinical data and progression to later-stage development could lead to significant partnership opportunities, upfront payments, and future product revenue if successfully commercialized.

3. Advancement and Potential Commercialization of CLN-049 in Acute Myeloid Leukemia (AML): Cullinan is actively progressing CLN-049, a FLT3xCD3 bispecific T cell engager, towards registrational development in AML. The program has shown promising clinical data, including a 31% complete response rate in relapsed AML patients with a favorable safety profile, and has received Fast Track designation from the U.S. FDA. Future milestones, including an update from the dose-escalation portion in H2 2026 and the initiation of a Phase 1/2 frontline AML combination study, are crucial steps towards potential market entry and revenue generation.

4. Achievement of Additional Collaboration and Licensing Milestones: As a clinical-stage biopharmaceutical company, Cullinan Therapeutics strategically engages in collaborations. Successful clinical development of its pipeline assets, particularly CLN-978 and CLN-049, could attract new or expanded partnership agreements. These agreements typically involve upfront payments, research funding, and milestone payments tied to various clinical development and regulatory achievements (e.g., entering new clinical phases, obtaining additional regulatory designations). This model provides non-product revenue streams that are critical for growth in the near to medium term.

Share Issuance

• Cullinan Therapeutics completed its Initial Public Offering (IPO) in January 2021, offering 11,900,000 shares at $21.00 per share, which raised $249,900,000.
• Net cash from financing activities was strongly positive in multiple quarters of 2024 due to common stock issuances, supporting ongoing research and development and operating needs.
• As of the third quarter of 2025, the company had $85.6 million remaining capacity under an at-the-market (ATM) program.

Inbound Investments

• Lynx1 Capital Management LP, a significant shareholder, acquired over 1.7 million shares of Cullinan Therapeutics stock in October 2025, with a total value exceeding $8 million.
• Cullinan is eligible to receive up to $130 million in U.S. regulatory milestone payments for zipalertinib from its partnership with Taiho, in addition to a 50/50 U.S. profit share.

Outbound Investments

• In June 2021, Cullinan invested in its partially-owned operating subsidiary, Cullinan MICA, by purchasing 5.4 million shares of Series A senior preferred stock.

Capital Expenditures

• Capital expenditures were $1.04 million in 2022, $0.21 million in 2023, and $0.00 million in 2024.
• Research and development expenses, reflecting intensified investment in clinical programs, increased to $187.4 million in 2025 from $142.9 million in 2024.
• The company reported preliminary cash, cash equivalents, and investments of $439.0 million as of December 31, 2025, which management expects to fund operations into 2029, supporting ongoing clinical programs.