$CGEM
Cullinan Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024031143 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.34M $10.64M $42.49M
YoY Change 15.79% -5.76% 11.27%
% of Gross Profit
Research & Development $30.65M $34.85M $148.2M
YoY Change -41.17% 63.44% 61.13%
% of Gross Profit
Depreciation & Amortization $76.00K $77.00K $310.0K
YoY Change 5.56% 30.51% 233.33%
% of Gross Profit
Operating Expenses $42.99M $45.49M $190.6M
YoY Change -31.5% 39.49% 44.28%
Operating Profit -$42.99M -$191.1M
YoY Change -31.5% -232.11%
Interest Expense $5.693M $5.917M $21.63M
YoY Change 26.29% 75.89% 227.14%
% of Operating Profit
Other Income/Expense, Net -$44.00K -$117.0K $239.0K
YoY Change -141.12% -139.26% 319.3%
Pretax Income -$37.34M -$39.69M -$169.2M
YoY Change -35.78% 37.1% -211.83%
Income Tax -$14.12M -$14.12M
% Of Pretax Income
Net Earnings -$37.15M -$23.80M -$153.2M
YoY Change -35.91% -11.12% -237.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.86 -$3.69
Diluted Earnings Per Share -$0.86 -$0.56 -$3.69
COMMON SHARES
Basic Shares Outstanding 43.07M 42.78M 41.55M
Diluted Shares Outstanding 43.01M 41.55M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $433.0M $467.1M $467.1M
YoY Change 10.83% -0.05% -0.05%
Cash & Equivalents $74.23M $98.43M $98.43M
Short-Term Investments $358.8M $368.6M $368.6M
Other Short-Term Assets $12.71M $3.900M $13.12M
YoY Change 52.56% -45.68% 82.79%
Inventory
Prepaid Expenses $12.71M $13.12M
Receivables
Other Receivables
Total Short-Term Assets $445.7M $480.2M $480.2M
YoY Change 11.7% 1.21% 1.21%
LONG-TERM ASSETS
Property, Plant & Equipment $913.0K $989.0K $3.532M
YoY Change -26.31% -15.76% -33.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $460.0K $459.0K $459.0K
YoY Change 0.22% 0.0% 0.0%
Total Long-Term Assets $3.709M $3.991M $3.991M
YoY Change -96.8% -95.39% -95.39%
TOTAL ASSETS
Total Short-Term Assets $445.7M $480.2M $480.2M
Total Long-Term Assets $3.709M $3.991M $3.991M
Total Assets $449.4M $484.2M $484.2M
YoY Change -12.73% -13.71% -13.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.707M $2.493M $2.493M
YoY Change 82.52% -6.28% -6.28%
Accrued Expenses $16.89M $24.20M $25.64M
YoY Change -8.11% 71.23% 66.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.93M $28.14M $28.14M
YoY Change -16.22% 25.06% 25.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.840M $2.150M $2.150M
YoY Change -41.96% -40.11% -40.11%
Total Long-Term Liabilities $1.840M $2.150M $2.150M
YoY Change -41.96% -40.11% -40.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.93M $28.14M $28.14M
Total Long-Term Liabilities $1.840M $2.150M $2.150M
Total Liabilities $23.77M $30.29M $30.48M
YoY Change -19.0% 16.1% 16.83%
SHAREHOLDERS EQUITY
Retained Earnings -$238.0M -$200.9M
YoY Change 125.26% 321.13%
Common Stock $664.0M $654.7M
YoY Change 12.06% 11.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $425.7M $453.7M $453.7M
YoY Change
Total Liabilities & Shareholders Equity $449.4M $484.2M $484.2M
YoY Change -12.73% -13.71% -13.71%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$37.15M -$23.80M -$153.2M
YoY Change -35.91% -11.12% -237.72%
Depreciation, Depletion And Amortization $76.00K $77.00K $310.0K
YoY Change 5.56% 30.51% 233.33%
Cash From Operating Activities -$38.25M -$18.13M -$134.3M
YoY Change -25.0% -27.43% 6.01%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.000K $208.0K
YoY Change -100.0% -100.23% -81.64%
Acquisitions
YoY Change
Other Investing Activities $12.96M $51.47M $36.01M
YoY Change -15.56% -285.62% -85.6%
Cash From Investing Activities $12.96M $51.47M $35.81M
YoY Change -14.67% -279.9% -85.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $38.39M
YoY Change 537.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.085M 248.0K 40.75M
YoY Change -39.35% -100.75% -257.14%
NET CHANGE
Cash From Operating Activities -38.25M -18.13M -134.3M
Cash From Investing Activities 12.96M 51.47M 35.81M
Cash From Financing Activities 1.085M 248.0K 40.75M
Net Change In Cash -24.21M 33.59M -57.72M
YoY Change -28.86% -138.83% -159.89%
FREE CASH FLOW
Cash From Operating Activities -$38.25M -$18.13M -$134.3M
Capital Expenditures $0.00 -$2.000K $208.0K
Free Cash Flow -$38.25M -$18.13M -$134.5M
YoY Change -25.23% -29.91% 5.23%

Facts In Submission

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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
4282000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-134275000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-126664000
CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
409397000
CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
352933000
CY2023 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
373383000
CY2022 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
377916000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
208000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1133000
CY2023 cgem Cash Transferred With Sale
CashTransferredWithSale
2898000
CY2023 cgem Sale Of Cullinan Pearl Net Of Cash Transferred With Sale
SaleOfCullinanPearlNetOfCashTransferredWithSale
0
CY2022 cgem Sale Of Cullinan Pearl Net Of Cash Transferred With Sale
SaleOfCullinanPearlNetOfCashTransferredWithSale
275000000
CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
91000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
35806000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
248975000
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
38388000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2023 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
1825000
CY2022 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
2375000
CY2023 cgem Proceeds From Net Issuance Of Common Stock Under Equity Based Compensation Plans
ProceedsFromNetIssuanceOfCommonStockUnderEquityBasedCompensationPlans
538000
CY2022 cgem Proceeds From Net Issuance Of Common Stock Under Equity Based Compensation Plans
ProceedsFromNetIssuanceOfCommonStockUnderEquityBasedCompensationPlans
6020000
CY2023 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2022 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
33281000
CY2023 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0
CY2022 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
2200000
CY2023 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0
CY2022 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
1153000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40751000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-25933000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-57718000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
96378000
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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
98434000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
156152000
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
2000000
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
0
CY2023 cgem Purchase Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses And Other Liabilities
PurchaseOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpensesAndOtherLiabilities
0
CY2022 cgem Purchase Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses And Other Liabilities
PurchaseOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpensesAndOtherLiabilities
71000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-4433000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
37801000
CY2023Q4 cgem Cash Equivalents Short Term Investments And Interest Recivable
CashEquivalentsShortTermInvestmentsAndInterestRecivable
468300000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of Cullinan’s consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires the Company’s management to make estimates and judgments that affect the amounts reported in the financial statements. On an ongoing basis, Cullinan’s management evaluates its estimates, which include, but are not limited to, estimates related to prepaid and accrued research and development expenses, equity-based compensation, income taxes, and the fair value of royalty transfer agreements. Management's estimates could change period to period based on changes in facts and circumstances. The Company’s management bases its estimates on historical experience and on other relevant assumptions that are believed to be reasonable. Actual results may differ materially from these estimates.</span></p>
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Cullinan had no significant concentration of credit risk as of December 31, 2023. Cash and cash equivalents are primarily maintained with three financial institutions in the U.S. as of December 31, 2023. Deposits at banks may exceed the insurance provided on such deposits. These deposits may be redeemed upon demand, and therefore, bear minimal risk. Under our investment policy, the Company limits amounts invested in such securities by investment type, credit rating, maturity, industry group and issuer. The goals of our investment policy are (i) safety and preservation of principal and diversification of risk and (ii) liquidity of investments sufficient to meet cash flow requirements.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Cullinan is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to conduct and complete preclinical and clinical trials of our current and future product candidates; ability to obtain future financing; ability to build a successful pipeline of product candidates, including efficient expenditures of its resources; regulatory approval and market acceptance of, and reimbursement for, current and future product candidates; protection of Cullinan’s intellectual property, including litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; performance of third-party clinical research organizations and manufacturers upon which the Company relies; and Cullinan’s ability to attract and retain employees necessary to support its growth.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent and expects to continue to be dependent on a small number of third-party manufacturers to supply drug product and drug substance for research and development activities in its programs. These programs could be adversely affected by a significant interruption in supply.</span></p>
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P12M
CY2023Q4 us-gaap Cash
Cash
2898000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
619000
CY2023Q4 cgem Amounts Attributable To Assets Sold
AmountsAttributableToAssetsSold
3517000
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2404000
CY2023 cgem Amounts Attributable To Liabilities Sold
AmountsAttributableToLiabilitiesSold
2404000
CY2023 cgem Identifiable Net Assets Sold
IdentifiableNetAssetsSold
1113000
CY2023 cgem Upfront Consideration Cash Transferred
UpfrontConsiderationCashTransferred
2898000
CY2023 us-gaap Subsidiary Or Equity Method Investee Cumulative Proceeds Received On All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativeProceedsReceivedOnAllTransactions
277898000
CY2023 cgem Gain Loss On Sale Of Cullinan Pearl
GainLossOnSaleOfCullinanPearl
276785000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
368762000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
251000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
380000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
368633000
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
CY2023Q4 cgem Due To Taiho Under Collaboration Agreement Net
DueToTaihoUnderCollaborationAgreementNet
7869000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.798
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9259000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1341000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1309000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
352000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
135000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
989000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1174000
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
300000
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
100000
CY2023Q4 cgem Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
8434000
CY2022Q4 cgem Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
7486000
CY2022Q4 cgem Due To Taiho Under Collaboration Agreement Net
DueToTaihoUnderCollaborationAgreementNet
0
CY2023Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
6987000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4516000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
914000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1955000
CY2023Q4 cgem Accrued Convertible Note And Accrued Interest
AccruedConvertibleNoteAndAccruedInterest
0
CY2022Q4 cgem Accrued Convertible Note And Accrued Interest
AccruedConvertibleNoteAndAccruedInterest
178000
CY2023Q4 cgem Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
24204000
CY2022Q4 cgem Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
14135000
CY2022 cgem Milestone Payment
MilestonePayment
100000
CY2023 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.
CY2023Q4 cgem Number Of Shares Of Common Stock Percentage
NumberOfSharesOfCommonStockPercentage
0.0999
CY2023Q4 cgem Increase In Number Of Shares Of Preferred Stock Percentage
IncreaseInNumberOfSharesOfPreferredStockPercentage
0.1999
CY2023 cgem Schedule Of Development Subsidiaries And Their Product Candidates
ScheduleOfDevelopmentSubsidiariesAndTheirProductCandidates
<p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The following table shows the Company’s ownership interest as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023 in its development subsidiaries and their product candidates:</span></p> <table style="border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:54.6%;"></td> <td style="width:2%;"></td> <td style="width:1%;"></td> <td style="width:41.400000000000006%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Development Subsidiary (Product Candidate)</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Ownership as of<br/>December 31, 2023</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Cullinan MICA Corp. (CLN-619)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">95</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Cullinan Florentine Corp. (CLN-049)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">96</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Cullinan Amber Corp. (CLN-617)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">94</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> </table>
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30438000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27957000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.7
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.02
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.04
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.027
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.787
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.77
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2888000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.96
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1523000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.31
CY2022 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
1290000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.8
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9334000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.04
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2091000
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.96
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
58000
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.3
CY2023 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
828000
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
22.63
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