$CGEM
Cullinan Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023021253 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.21M $10.66M $8.121M
YoY Change -4.53% 31.26% 81.27%
% of Gross Profit
Research & Development $27.39M $52.10M $24.54M
YoY Change 3.71% 112.32% 97.63%
% of Gross Profit
Depreciation & Amortization $81.00K $72.00K $13.00K
YoY Change 575.0% 453.85% -13.33%
% of Gross Profit
Operating Expenses $37.61M $62.76M $32.66M
YoY Change 1.34% 92.17% 85.86%
Operating Profit -$37.61M -$62.76M -$32.66M
YoY Change -115.69% 92.17% -2480.25%
Interest Expense $5.320M $4.508M $197.0K
YoY Change 663.27% 2188.32% 294.0%
% of Operating Profit
Other Income/Expense, Net $69.00K $107.0K $0.00
YoY Change -128.63% -100.0%
Pretax Income -$32.21M -$58.14M -$32.46M
YoY Change -113.41% 79.12% -2387.53%
Income Tax $0.00 $0.00 -$19.60M
% Of Pretax Income
Net Earnings -$32.21M -$57.96M -$12.10M
YoY Change -118.42% 379.1% 17182.86%
Net Earnings / Revenue
Basic Earnings Per Share -$0.82 -$1.42 -$0.27
Diluted Earnings Per Share -$0.82 -$1.42 -$272.3K
COMMON SHARES
Basic Shares Outstanding 39.36M 39.33M 44.61M
Diluted Shares Outstanding 39.95M 40.68M 44.43M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $491.8M $390.7M $314.9M
YoY Change -19.51% 24.09% -28.59%
Cash & Equivalents $141.8M $122.1M $76.12M
Short-Term Investments $350.0M $268.6M $238.7M
Other Short-Term Assets $6.437M $8.331M $7.458M
YoY Change -45.66% 11.71% 16.53%
Inventory
Prepaid Expenses $6.437M $8.331M $7.458M
Receivables
Other Receivables
Total Short-Term Assets $498.2M $399.0M $322.3M
YoY Change -20.01% 23.8% -27.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.158M $1.239M $64.00K
YoY Change 2.84% 1835.94% -36.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.63M $110.4M $94.18M
YoY Change -56.85% 17.27% 193.39%
Other Assets $459.0K $459.0K $147.0K
YoY Change 359.0% 212.24% 47.0%
Total Long-Term Assets $23.75M $116.0M $115.2M
YoY Change -46.52% 0.7% 255.4%
TOTAL ASSETS
Total Short-Term Assets $498.2M $399.0M $322.3M
Total Long-Term Assets $23.75M $116.0M $115.2M
Total Assets $522.0M $515.0M $437.5M
YoY Change -21.77% 17.72% -8.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.493M $2.031M $6.306M
YoY Change -19.55% -67.79% 61.69%
Accrued Expenses $15.53M $18.38M $10.43M
YoY Change 24.91% 76.18% 73.87%
Deferred Revenue
YoY Change
Short-Term Debt $1.885M $1.849M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.68M $26.17M $17.26M
YoY Change -68.28% 51.65% 74.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.734M $3.170M $736.0K
YoY Change 358.72% 330.71% 636.0%
Total Long-Term Liabilities $2.734M $3.170M $736.0K
YoY Change 358.72% 330.71% 636.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.68M $26.17M $17.26M
Total Long-Term Liabilities $2.734M $3.170M $736.0K
Total Liabilities $22.41M $29.34M $17.99M
YoY Change -64.26% 63.07% 40.57%
SHAREHOLDERS EQUITY
Retained Earnings -$137.9M -$105.7M -$171.0M
YoY Change -38.21%
Common Stock $639.1M $592.5M $592.8M
YoY Change -0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $499.6M $485.6M $418.7M
YoY Change
Total Liabilities & Shareholders Equity $522.0M $515.0M $437.5M
YoY Change -21.77% 17.72% -8.8%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$32.21M -$57.96M -$12.10M
YoY Change -118.42% 379.1% 17182.86%
Depreciation, Depletion And Amortization $81.00K $72.00K $13.00K
YoY Change 575.0% 453.85% -13.33%
Cash From Operating Activities -$31.01M -$51.00M -$21.91M
YoY Change 21.97% 132.78% 1346.07%
INVESTING ACTIVITIES
Capital Expenditures $49.00K $159.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $12.16M $15.34M $34.71M
YoY Change -95.96% -55.8% -125.2%
Cash From Investing Activities $12.11M $15.18M $34.71M
YoY Change -95.97% -56.26% -125.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.60M 1.789M 3.541M
YoY Change 1817.64% -49.48% -98.66%
NET CHANGE
Cash From Operating Activities -31.01M -51.00M -21.91M
Cash From Investing Activities 12.11M 15.18M 34.71M
Cash From Financing Activities 38.60M 1.789M 3.541M
Net Change In Cash 19.71M -34.02M 16.34M
YoY Change -92.9% -308.17% -86.96%
FREE CASH FLOW
Cash From Operating Activities -$31.01M -$51.00M -$21.91M
Capital Expenditures $49.00K $159.0K $0.00
Free Cash Flow -$31.06M -$51.16M -$21.91M
YoY Change 133.5% 1346.07%

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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
34711000
CY2023Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
1825000
CY2022Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
800000
CY2023Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0
CY2022Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
1153000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-36000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1588000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1789000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3541000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-34024000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
16344000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
156152000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
59774000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
122128000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
76118000
CY2023Q1 us-gaap Convertible Debt
ConvertibleDebt
175000
CY2022Q1 us-gaap Convertible Debt
ConvertibleDebt
0
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
75000
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2023Q1 cgem Purchase Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses And Other Liabilities
PurchaseOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpensesAndOtherLiabilities
49000
CY2022Q1 cgem Purchase Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses And Other Liabilities
PurchaseOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpensesAndOtherLiabilities
0
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
22000
CY2023Q1 cgem Cash Cash Equivalents Short Term Investments And Long Term Investments
CashCashEquivalentsShortTermInvestmentsAndLongTermInvestments
390700000
CY2023Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
112800000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
380256000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
160000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1402000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
379014000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
394623000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
32000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2633000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
392022000
CY2023Q1 cgem Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
10031000
CY2022Q4 cgem Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
7486000
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1389000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4516000
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5110000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1955000
CY2023Q1 cgem Accrued Convertible Note And Accrued Interest
AccruedConvertibleNoteAndAccruedInterest
1849000
CY2022Q4 cgem Accrued Convertible Note And Accrued Interest
AccruedConvertibleNoteAndAccruedInterest
178000
CY2023Q1 cgem Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
18379000
CY2022Q4 cgem Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
14135000
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote and to receive dividends when and if declared by the board of directors of the Company.
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2023Q1 cgem Number Of Shares Of Common Stock Percentage
NumberOfSharesOfCommonStockPercentage
0.0999
CY2023Q1 cgem Increase In Number Of Shares Of Preferred Stock Percentage
IncreaseInNumberOfSharesOfPreferredStockPercentage
0.1999
CY2022Q4 cgem Number Of Common Stock Exchange
NumberOfCommonStockExchange
200000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7259000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6565000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.040
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.793
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.773
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2023Q1 us-gaap Royalty Expense
RoyaltyExpense
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-19600000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2023Q1 cgem Operating Lease Payments Proceeds
OperatingLeasePaymentsProceeds
416000
CY2022Q1 cgem Operating Lease Payments Proceeds
OperatingLeasePaymentsProceeds
151000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1311000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1465000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1738000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1461000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
872000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5536000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
812000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4724000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.108
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.108
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
200000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-57962000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-12098000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40682000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40682000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44432000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44432000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.42
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.42
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14351000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10066000

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