$CGEM
Cullinan Therapeutics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024122795 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.35M
YoY Change 21.58%
% of Gross Profit
Research & Development $35.51M
YoY Change 4.98%
% of Gross Profit
Depreciation & Amortization $76.00K
YoY Change -5.0%
% of Gross Profit
Operating Expenses $48.86M
YoY Change 9.04%
Operating Profit -$48.86M
YoY Change 7.98%
Interest Expense $8.384M
YoY Change 42.59%
% of Operating Profit
Other Income/Expense, Net -$89.00K
YoY Change -149.44%
Pretax Income -$40.56M
YoY Change 3.51%
Income Tax
% Of Pretax Income
Net Earnings -$40.56M
YoY Change 3.51%
Net Earnings / Revenue
Basic Earnings Per Share -$0.69
Diluted Earnings Per Share -$0.69
COMMON SHARES
Basic Shares Outstanding 58.23M 57.98M
Diluted Shares Outstanding 58.34M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $578.1M
YoY Change 23.94%
Cash & Equivalents $102.1M
Short-Term Investments $476.0M
Other Short-Term Assets $13.96M
YoY Change 35.54%
Inventory
Prepaid Expenses $13.96M
Receivables
Other Receivables
Total Short-Term Assets $592.0M
YoY Change 24.19%
LONG-TERM ASSETS
Property, Plant & Equipment $760.0K
YoY Change -28.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.98M
YoY Change 329.45%
Other Assets $460.0K
YoY Change 0.22%
Total Long-Term Assets $61.22M
YoY Change 240.18%
TOTAL ASSETS
Total Short-Term Assets $592.0M
Total Long-Term Assets $61.22M
Total Assets $653.3M
YoY Change 32.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.115M
YoY Change 122.4%
Accrued Expenses $20.83M
YoY Change -0.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.20M
YoY Change 3.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.188M
YoY Change -50.5%
Total Long-Term Liabilities $1.188M
YoY Change -50.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.20M
Total Long-Term Liabilities $1.188M
Total Liabilities $25.39M
YoY Change -1.92%
SHAREHOLDERS EQUITY
Retained Earnings -$320.6M
YoY Change 81.07%
Common Stock $947.5M
YoY Change 46.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $627.9M
YoY Change
Total Liabilities & Shareholders Equity $653.3M
YoY Change 32.05%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$40.56M
YoY Change 3.51%
Depreciation, Depletion And Amortization $76.00K
YoY Change -5.0%
Cash From Operating Activities -$34.14M
YoY Change 0.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $19.88M
YoY Change -146.27%
Cash From Investing Activities $19.88M
YoY Change -146.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.325M
YoY Change 1104.55%
NET CHANGE
Cash From Operating Activities -34.14M
Cash From Investing Activities 19.88M
Cash From Financing Activities 1.325M
Net Change In Cash -12.94M
YoY Change -83.2%
FREE CASH FLOW
Cash From Operating Activities -$34.14M
Capital Expenditures $0.00
Free Cash Flow -$34.14M
YoY Change 0.0%

Facts In Submission

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cgem Marketable Securities Realized Gain Losses
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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OtherLiabilitiesCurrent
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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.
CY2024Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
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0.0999
CY2024Q3 cgem Increase In Number Of Shares Of Preferred Stock Percentage
IncreaseInNumberOfSharesOfPreferredStockPercentage
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cgem Schedule Of Development Subsidiaries And Their Product Candidates
ScheduleOfDevelopmentSubsidiariesAndTheirProductCandidates
<table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:51.32%;box-sizing:content-box;"></td> <td style="width:2.86%;box-sizing:content-box;"></td> <td style="width:21.48%;box-sizing:content-box;"></td> <td style="width:2.86%;box-sizing:content-box;"></td> <td style="width:21.48%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"> </p></td> <td style="vertical-align:bottom;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"> </p></td> <td colspan="3" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:10pt;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;font-size:8pt;min-width:fit-content;">Ownership Interest as of</span></p></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;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">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 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;">September 30, 2024</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 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;">December 31, 2023</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="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;">CLN-619</span></p></td> <td style="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="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;">99</span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">%</span></p></td> <td style="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="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><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="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;">CLN-049</span></p></td> <td style="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="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;">97</span><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">%</span></p></td> <td style="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="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><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="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;">CLN-617</span></p></td> <td style="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="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><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">%</span></p></td> <td style="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="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><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">%</span></p></td> </tr> </table><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">During the nine months ended September 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, Cullinan paid $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million to acquire shares and options to purchase shares of its CLN-619 development subsidiary that were held by noncontrolling interests.</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:6pt;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;">Warrants</span><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;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of September 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had potentially issuable shares of common stock related to unexercised pre-funded warrants to purchase </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares of the Company’s common stock at an exercise price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.001</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share. The pre-funded warrants may be exercised at the option of the holder at any time, subject to certain limitations. The exercise price and the number of shares are subject to adjustment for certain dividend payments and upon reclassification, exchange, combination or substitution of the shares of common stock. The pre-funded warrants expire in April 2054 if they have not been exercised by that time.</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:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Cullinan determined that the pre-funded warrants should be equity-classified. The Company also determined that the pre-funded warrants should be included in the weighted-average shares used in computing basic net loss per share attributable to common stockholders of Cullinan.</span></p>
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9430000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7740000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28190000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22919000
us-gaap Royalty Expense
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300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
900000
CY2023Q3 us-gaap Operating Lease Expense
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400000
us-gaap Operating Lease Expense
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cgem Operating Lease Payments Proceeds
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cgem Operating Lease Payments Proceeds
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357000
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2689000
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P1Y9M18D
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us-gaap Net Income Loss
NetIncomeLoss
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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58337000
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WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42734000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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52157000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41130000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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41130000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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