Short answer
Cullinan Therapeutics, Inc. (CGEM) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025.
Q3 2025 key financials · XBRL
- Net income
- −$51M
- −24.8% YoY · +27.8% QoQ
Source: XBRL data from the Cullinan Therapeutics, Inc. (CGEM) Q3 2025 10-Q on SEC EDGAR. USD.
Cullinan Therapeutics, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Quarterly revenue $0, with no product sales since inception
- Net loss $50.6M vs $40.6M YoY; operating loss $55.6M vs $48.9M
- Best R&D program CLN-619 $6.2M; lowest active program velinotamig $0.8M
- Cash, equivalents, short-term investments $332.6M; long-term investments and interest receivable $142.9M
- Operating cash outflow $137.6M; $20.0M velinotamig upfront payment and funding sufficient through at least twelve months
Risk Factors
- Smaller reporting company status effective December 31, 2025, triggered by June 30 market value and 2024 revenue thresholds
- Reduced disclosures, including exemption from Section 404 auditor attestation, may reduce stock attractiveness and increase volatility
- CLN-978 Phase 1 enrollment delay from more screening failures than anticipated under initial SLE eligibility criteria
- Patient recruitment constraints could delay or prevent trials and regulatory approvals, particularly in early-phase autoimmune development
- Competitive trial enrollment pressure from limited qualified investigators and overlapping clinical sites
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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