Cullinan Therapeutics (CGEM)


Market Price (11/7/2026): $11.29 | Market Cap: $726.6 MilSector: Health Care | Industry: Biotechnology

Cullinan Therapeutics (CGEM)


Market Price (11/7/2026): $11.29
Market Cap: $726.6 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

Weak multi-year price returns
2Y Excs Rtn is -63%, 3Y Excs Rtn is -60%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -222 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%

Key risks
CGEM key risks include [1] past program discontinuations such as CLN-619 and CLN-617, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -63%, 3Y Excs Rtn is -60%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -222 Mil
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%
7 Key risks
CGEM key risks include [1] past program discontinuations such as CLN-619 and CLN-617, Show more.

CGEM in ETFs

Weight = CGEM's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
XBI0.18%
IWN0.06%
IBB0.05%
VTWO0.03%
SCHA0.02%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/5/2026

Cullinan Therapeutics (CGEM) stock has lost about 30% since 7/31/2026 because of the following key factors:

1. Early release of CLN-049 clinical data triggered a significant stock plunge.

On November 4, 2026, shares of Cullinan Therapeutics (CGEM) plunged 21% to $12.50 following the premature release of a data abstract related to its CLN-049 T-cell engager program, ahead of the American Society of Hematology (ASH) Annual Meeting in December. This early disclosure likely raised investor concerns regarding the data's implications or anticipated market reaction.

2. Fiscal Q2 2026 earnings missed analyst expectations.

Cullinan Therapeutics reported its fiscal Q2 2026 results on August 6, 2026 (for the quarter ended June 2026), with an earnings per share (EPS) of ($0.81). This narrowly missed the consensus analyst estimate of ($0.80) per share.

Show more
Updated on 11/5/2026

Cullinan Therapeutics (CGEM) stock has lost about 30% since 7/31/2026 because of the following key factors:

1. Early release of CLN-049 clinical data triggered a significant stock plunge.

On November 4, 2026, shares of Cullinan Therapeutics (CGEM) plunged 21% to $12.50 following the premature release of a data abstract related to its CLN-049 T-cell engager program, ahead of the American Society of Hematology (ASH) Annual Meeting in December. This early disclosure likely raised investor concerns regarding the data's implications or anticipated market reaction.

2. Fiscal Q2 2026 earnings missed analyst expectations.

Cullinan Therapeutics reported its fiscal Q2 2026 results on August 6, 2026 (for the quarter ended June 2026), with an earnings per share (EPS) of ($0.81). This narrowly missed the consensus analyst estimate of ($0.80) per share.

3. Delay in CLN-978 rheumatoid arthritis (RA) data readout created investor uncertainty.

Additional multi-dose data for CLN-978, a CD19 T-cell engager in difficult-to-treat rheumatoid arthritis, which was initially expected in fiscal Q3 2026, was delayed and is now anticipated in December. Such delays in clinical trial readouts can introduce uncertainty and negatively impact investor sentiment.

4. Increased competition for key pipeline asset zipalertinib.

The competitive landscape in the non-small cell lung cancer (NSCLC) market intensified with the FDA approval of Sunvozertinib in October 2026 for post-chemotherapy EGFR exon 20 insertion NSCLC. This adds competitive pressure on Cullinan's zipalertinib program, which targets a similar niche and has upcoming regulatory milestones, including a February 27, 2027 PDUFA date for monotherapy.

5. Analyst downgrade to "sell" rating impacted sentiment.

Wall Street Zen downgraded shares of Cullinan Therapeutics from a "hold" rating to a "sell" rating in a report issued on Saturday, October 24, 2026. This downgrade likely contributed to negative investor sentiment and selling pressure on the stock.

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Stock Movement Drivers

Fundamental Drivers

The -31.5% change in CGEM stock from 7/31/2026 to 11/6/2026 was primarily driven by a -1.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)731202611062026Change
Stock Price ($)16.5011.31-31.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)6061-1.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/6/2026
ReturnCorrelation
CGEM-31.5% 
Market (SPY)-1.6%32.3%
Sector (XLV)13.7%13.7%

Fundamental Drivers

The -13.3% change in CGEM stock from 4/30/2026 to 11/6/2026 was primarily driven by a -3.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)430202611062026Change
Stock Price ($)13.0511.31-13.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5961-3.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/6/2026
ReturnCorrelation
CGEM-13.3% 
Market (SPY)2.6%25.3%
Sector (XLV)27.1%5.0%

Fundamental Drivers

The 30.6% change in CGEM stock from 10/31/2025 to 11/6/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511062026Change
Stock Price ($)8.6611.3130.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5961-4.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/6/2026
ReturnCorrelation
CGEM30.6% 
Market (SPY)8.7%25.8%
Sector (XLV)29.8%9.5%

Fundamental Drivers

The 21.2% change in CGEM stock from 10/31/2023 to 11/6/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311062026Change
Stock Price ($)9.3311.3121.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)4061-35.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/6/2026
ReturnCorrelation
CGEM21.2% 
Market (SPY)81.9%27.3%
Sector (XLV)55.4%19.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CGEM Return-48%-32%-3%20%-15%9%-62%
Peers Return-13%-11%15%-18%35%24%23%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
CGEM Win Rate33%42%42%42%42%45% 
Peers Win Rate45%40%55%47%62%55% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
CGEM Max Drawdown--56%-41%-63%-55%-53% 
Peers Max Drawdown-43%-43%-39%-41%-32%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, AMGN, ROG, PBYI, BDTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventCGEMS&P 500
2025 US Tariff Shock
  % Loss-24.4%-18.8%
  % Gain to Breakeven32.3%23.1%
  Time to Breakeven191 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.0%-9.5%
  % Gain to Breakeven29.9%10.5%
  Time to Breakeven21 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.4%-6.7%
  % Gain to Breakeven25.6%7.1%
  Time to Breakeven18 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-55.7%-24.5%
  % Gain to Breakeven125.6%32.4%
  Time to Breakeven631 days427 days

Compare to JNJ, AMGN, ROG, PBYI, BDTX

In The Past

Cullinan Therapeutics's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCGEMS&P 500
2025 US Tariff Shock
  % Loss-24.4%-18.8%
  % Gain to Breakeven32.3%23.1%
  Time to Breakeven191 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.0%-9.5%
  % Gain to Breakeven29.9%10.5%
  Time to Breakeven21 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.4%-6.7%
  % Gain to Breakeven25.6%7.1%
  Time to Breakeven18 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-55.7%-24.5%
  % Gain to Breakeven125.6%32.4%
  Time to Breakeven631 days427 days

Compare to JNJ, AMGN, ROG, PBYI, BDTX

In The Past

Cullinan Therapeutics's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cullinan Therapeutics (CGEM)

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Cullinan Therapeutics (CGEM) is a biopharmaceutical company focused on the discovery and development of novel oncology and immuno-oncology therapies. The company is dedicated to creating targeted treatments designed to address various forms of cancer, aiming to improve outcomes for patients in need of advanced therapeutic options.

The company's most advanced product candidate is CLN-081, an orally available small molecule currently in a Phase I/IIa clinical trial for patients with non-small cell lung cancer. Beyond this lead asset, Cullinan Therapeutics maintains a diverse preclinical pipeline. This includes CLN-049, a humanized bispecific antibody for acute myeloid leukemia; CLN-619 and CLN-617, which are monoclonal antibodies and fusion proteins, respectively, targeting solid tumors; and CLN-978, a T cell engaging antibody for B-cell malignancies. Their portfolio also features innovative programs like Opal, a bispecific fusion protein, and Jade, a cell therapy.

Cullinan Therapeutics primarily serves the global oncology market, with its ultimate customers being cancer patients suffering from a range of malignancies. Their focus is on developing therapies for significant disease areas such as non-small cell lung cancer, acute myeloid leukemia, solid tumors, and B-cell malignancies. The company operates within the pharmaceutical industry, collaborating with partners to advance its pipeline and bring these specialized treatments to market.

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  • 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.

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  • 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.

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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.

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  • Cullinan Pearl Corp.
  • Adimab, LLC

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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.

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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.

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Cullinan Therapeutics (symbol: CGEM) has several main products in its pipeline targeting various cancer indications. The addressable markets for these products are as follows:
  • 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

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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.

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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.

Peer Outperformance in Biotechnology

CGEM has outperformed 64% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that CGEM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
83%
of 452 industry peers · 53.9% return
3Y
65%
of 398 industry peers · 14.7% return
5Y
64%
of 363 industry peers · -51.1% return
No Biotechnology peer with a comparable growth profile has beaten CGEM by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is CGEM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 8.1%55.6%91.6% CAH 507% · MCK 390% · COR 176%
Health Care Services 20 33.3%22.4%7.1% HIMS 212% · RDNT 120% · DGX 100%
Health Care Facilities 25 13.7%21.0%1.0% THC 276% · NHC 212% · EHC 179%
Managed Health Care 8 58.5%-2.5%-2.4% OSCR 80% · HQY 52% · ELV 8%
Health Care Equipment 50 11.3%12.9%-18.2% UFPT 361% · GKOS 294% · TMDX 180%
Pharmaceuticals 61 -9.5%10.3%-37.3% LQDA 975% · XERS 679% · KNSA 537%
Health Care Supplies 11 29.2%17.3%-41.2% LNTH 248% · HAE 61% · MMSI 26%
Life Sciences Tools & Services 108 -8.2%-13.1%-74.5% AXGN 264% · MEDP 189% · NTRA 168%
Biotechnology ← 364 -24.2%-34.6%-81.5% ELVN 1194% · TRVI 1125% · DNTH 995%
Health Care Technology 21 -23.7%-52.4%-82.9% VEEV -5% · DOCS -52%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Cullinan Therapeutics Earnings Notes12/16/2025
2CGEM Dip Buy Analysis07/10/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CGEMJNJAMGNROGPBYIBDTXMedian
NameCullinan.Johnson .Amgen Rogers Puma Bio.Black Di. 
Mkt Price11.29275.69460.42121.798.241.7366.54
Mkt Cap0.7664.3249.12.20.40.11.4
Rev LTM099,33538,9038552310543
Op Inc LTM-22225,52512,6108430-4557
FCF LTM-15919,5959,5819741-3369
FCF 3Y Avg-15319,1009,1348240-2861
CFO LTM-15926,15912,03511841-3380
CFO 3Y Avg-15325,17010,80612440-2882

Growth & Margins

CGEMJNJAMGNROGPBYIBDTXMedian
NameCullinan.Johnson .Amgen Rogers Puma Bio.Black Di. 
Rev Chg LTM-7.8%8.2%6.7%-2.9%-100.0%6.7%
Rev Chg 3Y Avg-5.9%13.3%-2.5%0.3%-3.1%
Rev Chg Q-5.9%8.5%9.3%7.8%-8.1%
QoQ Delta Rev Chg LTM-1.4%2.1%2.4%1.8%-2.0%
Op Inc Chg LTM5.5%7.9%45.4%105.2%-33.9%-1,047.0%6.7%
Op Inc Chg 3Y Avg-11.7%4.4%18.4%19.1%25.2%-314.5%11.4%
Op Mgn LTM-25.7%32.4%9.8%13.2%-19.4%
Op Mgn 3Y Avg-25.4%25.2%7.0%13.7%-19.5%
QoQ Delta Op Mgn LTM--1.1%2.4%0.8%0.2%-0.5%
CFO/Rev LTM-26.3%30.9%13.9%17.8%-22.1%
CFO/Rev 3Y Avg-27.1%29.9%14.8%17.2%-22.2%
FCF/Rev LTM-19.7%24.6%11.3%17.8%-18.8%
FCF/Rev 3Y Avg-20.6%25.3%9.8%17.2%-18.9%

Valuation

CGEMJNJAMGNROGPBYIBDTXMedian
NameCullinan.Johnson .Amgen Rogers Puma Bio.Black Di. 
Mkt Cap0.7664.3249.12.20.40.11.4
P/S-6.76.42.51.8-4.5
P/Op Inc-3.126.019.826.013.8-2.216.8
P/EBIT-3.135.518.229.112.1-2.215.2
P/E-3.441.326.547.915.7-2.321.1
P/CFO-4.425.420.718.310.2-3.014.3
Total Yield-29.4%4.3%5.9%2.1%6.4%-42.6%3.2%
Dividend Yield0.0%1.9%2.2%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-26.5%4.0%5.1%3.9%19.0%-16.8%4.0%
D/E0.00.10.20.00.00.20.0
Net D/E-0.50.00.2-0.1-0.2-0.9-0.2

Returns

CGEMJNJAMGNROGPBYIBDTXMedian
NameCullinan.Johnson .Amgen Rogers Puma Bio.Black Di. 
1M Rtn-27.8%6.7%11.5%-20.9%-16.0%-5.5%-10.7%
3M Rtn-36.3%6.9%12.7%-9.4%-7.5%-11.3%-8.5%
6M Rtn-22.4%25.9%40.7%-13.4%10.1%-42.1%-1.7%
12M Rtn53.6%50.8%49.9%44.2%68.3%-56.5%50.4%
3Y Rtn14.5%99.0%85.8%1.4%184.3%-4.9%50.2%
1M Excs Rtn-26.0%8.5%14.0%-16.8%-16.3%-3.4%-9.9%
3M Excs Rtn-37.4%6.7%11.8%-4.3%-4.3%-11.8%-4.3%
6M Excs Rtn-26.3%22.0%36.8%-17.3%6.2%-46.0%-5.6%
12M Excs Rtn41.3%38.5%34.8%29.0%53.6%-68.4%36.6%
3Y Excs Rtn-59.6%20.6%11.7%-79.6%129.8%-87.4%-24.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2021
Business of developing immunology and oncology therapies19
Total19


Operating Income by Segment
$ Mil202520242023
Business of developing immunology and oncology therapies-242-197-191
Total-242-197-191


Net Income by Segment
$ Mil202520242023
Business of developing immunology and oncology therapies-220-167-153
Total-220-167-153


Assets by Segment
$ Mil20242023202220202019
Business of developing immunology and oncology therapies622484561215100
Total622484561215100


Price Behavior

Price Behavior
Market Price$11.31 
Market Cap ($ Bil)0.7 
First Trading Date01/08/2021 
Distance from 52W High-50.7% 
   50 Days200 Days
DMA Price$16.97$15.85
DMA Trenddownup
Distance from DMA-33.4%-28.7%
 3M1YR
Volatility86.9%81.9%
Downside Capture351.75113.13
Upside Capture156.20160.50
Correlation (S&P 500)14.2%21.6%
CGEM Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta3.492.902.561.521.621.27
Up Beta4.71-0.440.450.971.961.28
Down Beta-0.461.392.891.971.500.81
Up Capture593%301%322%187%288%329%
Bmk +ve Days12182862130427
Stock +ve Days12213562127372
Down Capture426%413%287%141%113%110%
Bmk -ve Days10253664121325
Stock -ve Days10222964124373

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CGEM
CGEM55.0%81.9%0.88-
Sector ETF (XLV)28.6%16.9%1.319.7%
Equity (SPY)9.5%13.6%0.4025.7%
Gold (GLD)1.6%28.7%0.0511.7%
Commodities (DBC)38.4%21.2%1.42-5.0%
Real Estate (VNQ)11.3%14.2%0.51-0.7%
Bitcoin (BTCUSD)-26.9%43.6%-0.6016.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CGEM
CGEM-11.9%68.1%0.09-
Sector ETF (XLV)8.3%15.4%0.3523.2%
Equity (SPY)11.3%17.3%0.4831.6%
Gold (GLD)17.5%19.1%0.746.7%
Commodities (DBC)8.1%19.6%0.30-1.5%
Real Estate (VNQ)1.3%18.9%-0.0423.3%
Bitcoin (BTCUSD)4.1%51.6%0.2617.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CGEM
CGEM-8.9%70.6%0.07-
Sector ETF (XLV)12.2%16.8%0.5922.0%
Equity (SPY)15.0%18.0%0.7030.4%
Gold (GLD)11.9%16.5%0.596.5%
Commodities (DBC)7.5%18.1%0.330.9%
Real Estate (VNQ)5.9%20.7%0.2421.7%
Bitcoin (BTCUSD)60.1%66.3%1.0015.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity7.6 Mil
Short Interest: % Change Since 93020260.1%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest8.2 days
Basic Shares Quantity61.5 Mil
Short % of Basic Shares12.4%

Earnings Returns History

Updated 10/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20261.9%11.3%25.8%
5/7/2026-1.8%8.9%-9.9%
3/10/2026-2.6%-8.4%-2.3%
1/8/20261.8%-0.6%11.8%
11/6/20250.5%14.2%70.2%
8/7/2025-10.8%-3.0%-11.3%
5/8/20250.9%-7.4%17.9%
2/27/20251.9%-0.2%-1.9%
...
SUMMARY STATS   
# Positive1289
# Negative111514
Median Positive1.9%7.9%13.3%
Median Negative-1.8%-3.8%-8.9%
Max Positive6.7%14.2%70.2%
Max Negative-10.9%-13.4%-29.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20261.9%11.3%25.8%
5/7/2026-1.8%8.9%-9.9%
3/10/2026-2.6%-8.4%-2.3%
1/8/20261.8%-0.6%11.8%
11/6/20250.5%14.2%70.2%
8/7/2025-10.8%-3.0%-11.3%
5/8/20250.9%-7.4%17.9%
2/27/20251.9%-0.2%-1.9%
11/7/2024-5.5%-4.2%-20.8%
8/8/2024-1.0%-1.8%8.7%
5/15/2024-10.9%-13.4%-29.3%
3/14/2024-0.4%-8.5%-1.8%
11/8/20230.8%-3.8%-17.8%
8/10/2023-0.7%-3.3%-0.6%
5/11/20231.5%-8.5%32.1%
3/9/20230.1%1.4%-9.1%
11/14/20222.4%1.0%-3.6%
8/10/2022-0.9%-2.9%-2.3%
5/16/20222.4%6.8%13.3%
3/17/20224.6%-1.6%-8.6%
11/9/2021-4.5%-11.0%-26.0%
8/10/20216.7%1.7%8.3%
5/14/2021-0.3%9.6%10.7%
SUMMARY STATS   
# Positive1289
# Negative111514
Median Positive1.9%7.9%13.3%
Median Negative-1.8%-3.8%-8.9%
Max Positive6.7%14.2%70.2%
Max Negative-10.9%-13.4%-29.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/10/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/15/202410-Q
12/31/202303/14/202410-K
09/30/202311/08/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/09/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/10/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/15/202410-Q
12/31/202303/14/202410-K
09/30/202311/08/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/09/202310-K
09/30/202211/14/202210-Q
06/30/202208/10/202210-Q
03/31/202205/16/202210-Q
12/31/202103/17/202210-K
09/30/202111/09/202110-Q
06/30/202108/10/202110-Q
03/31/202105/14/202110-Q
12/31/202003/30/202110-K
09/30/202001/11/2021424B4

Recent Forward Guidance

Updated 11/2/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2029 Cash RunwayReported      


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Regulatory Milestone PaymentReported 100.00 Mil    

Q4 2025 Earnings Reported 3/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2029 Cash RunwayReported 2029    
2026 Potential Milestone PaymentReported 30.00 Mil    

Q4 2025 Earnings Reported 1/8/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Cash and InvestmentsReported 439.00 Mil    

Insider Activity

Updated 11/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Michaelson, JenniferChief Scientific OfficerDirectSell1106202612.364,00049,4401,960,902Form
2Michaelson, JenniferChief Scientific OfficerDirectSell910202621.578,000172,5603,426,265Form
3Michaelson, JenniferChief Scientific OfficerDirectSell814202620.2630,000607,8003,299,219Form
4Michaelson, JenniferChief Scientific OfficerDirectSell707202617.828,000142,5602,901,880Form
5Michaelson, JenniferChief Scientific OfficerDirectSell506202614.628,000116,9962,440,010Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Michaelson, JenniferChief Scientific OfficerDirectSell1106202612.364,00049,4401,960,902Form
2Michaelson, JenniferChief Scientific OfficerDirectSell910202621.578,000172,5603,426,265Form
3Michaelson, JenniferChief Scientific OfficerDirectSell814202620.2630,000607,8003,299,219Form
4Michaelson, JenniferChief Scientific OfficerDirectSell707202617.828,000142,5602,901,880Form
5Michaelson, JenniferChief Scientific OfficerDirectSell506202614.628,000116,9962,440,010Form
6Michaelson, JenniferChief Scientific OfficerDirectSell309202615.688,000125,4402,678,834Form
7Michaelson, JenniferChief Scientific OfficerDirectSell226202614.141,78025,1692,472,294Form
8Michaelson, JenniferChief Scientific OfficerDirectSell225202614.473,60152,1062,555,749Form
9Ahmed, NadimPresident and CEODirectSell225202614.4713,515195,5625,654,919Form
10Jones, Jeffrey AlanChief Medical OfficerDirectSell225202614.474,58266,3022,314,737Form
11Sumer, Jacquelyn LChief Legal OfficerDirectSell225202614.473,60152,1061,853,448Form
12Michaelson, JenniferChief Scientific OfficerDirectSell225202613.991,75224,5102,521,348Form
13Jones, Jeffrey AlanChief Medical OfficerDirectSell223202613.624,98267,8552,241,171Form
14Michaelson, JenniferChief Scientific OfficerDirectSell223202614.0811,742165,3662,562,836Form
15Sumer, Jacquelyn LChief Legal OfficerDirectSell223202613.623,74250,9661,793,618Form
16Ahmed, NadimPresident and CEODirectSell223202613.6216,381223,1095,506,811Form
17Fenton, Mary KayChief Financial OfficerDirectSell223202613.624,39859,9011,721,296Form
18Michaelson, JenniferChief Scientific OfficerDirectSell213202612.034165,0041,542,475Form
19Michaelson, JenniferChief Scientific OfficerDirectSell123202612.304,00049,2001,582,210Form
20Ahmed, NadimPresident and CEODirectSell1229202510.019,92299,3194,211,197Form
21Michaelson, JenniferChief Scientific OfficerDirectSell1222202510.011,34513,4631,327,676Form
22Sumer, Jacquelyn LChief Legal OfficerDirectSell121920259.673,48033,6521,309,627Form
23Jones, Jeffrey AlanChief Medical OfficerDirectSell121920259.674,63244,7911,639,374Form
24Michaelson, JenniferChief Scientific OfficerDirectSell121920259.672,89828,0241,295,587Form
25Michaelson, JenniferChief Scientific OfficerDirectSell1216202511.9099511,8401,628,848Form
26Michaelson, JenniferChief Scientific OfficerDirectSell1216202512.382,14826,5921,706,868Form
27Michaelson, JenniferChief Scientific OfficerDirectSell1125202512.304,00049,2001,697,449Form

Investor Activity (13F)

Updated Nov 7, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lynx1 Capital Management LP$127.4 Mil20.1%23Hold13F
MPM Bioimpact LLC$108.7 Mil8.4%41Hold13F
Kynam Capital Management, LP$44.3 Mil2.8%36Hold13F
BVF Inc/Il$81.7 Mil2.6%41Hold13F
Elmind Capital, LP$7.5 Mil2.1%34ADD +71.0%13F
Nextech Invest, Ltd.$16.2 Mil1.1%17Hold13F
Venrock Adviser, LLC$19.6 Mil0.7%33Hold13F
TCG Crossover Management, LLC$5.8 Mil0.2%49New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
TCG Crossover Management, LLC$5.8 Mil0.2%49New13F
Elmind Capital, LP$7.5 Mil2.1%34ADD +71.0%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lynx1 Capital Management LP$127.4 Mil20.1%23Hold13F
MPM Bioimpact LLC$108.7 Mil8.4%41Hold13F
BVF Inc/Il$81.7 Mil2.6%41Hold13F
Kynam Capital Management, LP$44.3 Mil2.8%36Hold13F
Venrock Adviser, LLC$19.6 Mil0.7%33Hold13F
Nextech Invest, Ltd.$16.2 Mil1.1%17Hold13F
Elmind Capital, LP$7.5 Mil2.1%34ADD +71.0%13F
TCG Crossover Management, LLC$5.8 Mil0.2%49New13F
Core Cache Last Updated: 11/6/2026