Cullinan Oncology, Inc. (CGEM): Business Model Canvas [Dec-2025 Updated]

You're looking to see the actual gears turning inside Cullinan Oncology, Inc. (CGEM), and honestly, for a clinical-stage biotech, the engine looks surprisingly well-fueled. With a war chest of $475.5 million in cash as of late September 2025, giving them runway well into 2029, the immediate financing pressure is off. The real near-term action centers on their partner, Taiho, pushing for an NDA submission for zipalertinib before the year ends-that's a major catalyst. This Business Model Canvas strips away the noise to show you exactly how they are funding their proprietary T cell engager platform while managing high R&D costs, like the $42.0 million spent in Q3 2025. See below for the precise breakdown of their partnerships, pipeline focus, and how they plan to turn these promising assets into revenue streams.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Key Partnerships

You're looking at how Cullinan Therapeutics, Inc. structures its external relationships to drive its pipeline forward, which is crucial given their current cash position of $475.5 million as of September 30, 2025, supporting a cash runway into 2029 under the new operating plan. These partnerships are how they access late-stage assets and manage complex global trials.

Taiho Pharmaceutical Co., Ltd. for Zipalertinib Development and NDA Submission

The collaboration with Taiho Pharmaceutical Co., Ltd. on zipalertinib (development code: CLN-081/TAS6417) is a cornerstone of the oncology side of the business. This partnership involves co-development and co-commercialization in the U.S., where Cullinan Therapeutics and Taiho will equally share 50% of the future profits from U.S. sales. Taiho holds the global rights outside the U.S.

The partnership is pushing for an accelerated approval based on the REZILIENT1 trial data, which showed an overall objective response rate (ORR) of 35% in the efficacy population of 176 patients who received at least one dose of 100 mg zipalertinib twice daily, with follow-up at 24 months. Following a positive pre-NDA meeting with the FDA in October 2025, Taiho plans to initiate a rolling submission of a New Drug Application (NDA) by the year-end 2025, with anticipated completion in the first quarter of 2026.

Here's a look at the financial structure of the initial collaboration, which involved Cullinan receiving significant upfront capital:

Genrix Bio for Velinotamig Licensing and Initial Phase 1 Study in China

Cullinan Therapeutics entered an agreement with Chongqing Genrix Biopharmaceutical Co. Ltd. for the exclusive global license (ex-Greater China) to velinotamig, a BCMAxCD3 bispecific T-cell engager, for all indications, with a potential total deal value of up to $712 million. This deal significantly bolsters the immunology pipeline.

The financial breakdown for Genrix Bio includes:

• - Upfront license fee: $20 million.
• - Development and regulatory milestones: Up to $292 million.
• - Sales-based milestones: An additional up to $400 million.
• - Royalties: Tiered royalties ranging from mid-single digits up to the mid-teens on ex-Greater China net sales.

Genrix Bio is responsible for initiating a Phase 1 study in China for autoimmune diseases by the end of 2025, and Cullinan Therapeutics intends to leverage that data to accelerate its own global development. Velinotamig previously demonstrated 'potential best-in-class efficacy' in a Phase 2 trial involving nearly 50 patients with relapsed/refractory multiple myeloma.

Contract Research Organizations (CROs) to Manage Global Clinical Trials

Managing global trials requires reliance on specialized Contract Research Organizations (CROs), a necessity in a market segment projected to reach $90 billion globally by the end of 2025. For oncology trials specifically, the market size was nearly $13 billion in 2022, with a forecasted CAGR of 5.2% through 2030. Emerging biopharma companies like Cullinan Therapeutics are driving outsourcing, responsible for 63% of trial starts in 2025.

Key operational expectations from these partners include:

• - Expertise in complex study designs, like adaptive and basket trials.
• - Streamlined processes to shave months off timelines.
• - Optimized site selection, with some CROs aiming to reduce study start-up times by an estimated 20% in 2025 using AI platforms.

Academic and Clinical Investigators for Patient Enrollment and Data Generation

Investigators at academic and clinical sites are essential for patient enrollment and generating the primary efficacy data needed for regulatory submissions. For instance, the REZILIENT1 trial for zipalertinib used an overall efficacy population of 176 patients. Similarly, the Phase 2 data for velinotamig was generated in a cohort of nearly 50 patients.

Cullinan Therapeutics is also relying on investigator sites for its immunology pipeline, with plans to share initial safety and B cell depletion data from the Phase 1 OUTRACE Program for CLN-978 in Systemic Lupus Erythematosus (SLE) and Rheumatoid Arthritis (RA) in the first half of 2026.

Specialized Manufacturing Partners for Drug Substance and Product Supply

Cullinan Therapeutics engages specialized manufacturing partners for the production of drug substance and final drug product for its pipeline assets, including its T-cell engagers. This outsourcing strategy is common for emerging biotechs to manage capital expenditure and scale production capacity efficiently.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Key Activities

You're looking at the core engine driving Cullinan Therapeutics, Inc. right now-the essential things they must do well to move their pipeline forward and manage their capital. It's all about execution on their clinical assets and smart portfolio trimming.

Research and Development (R&D) of bispecific T cell engagers (e.g., CLN-978, CLN-049).

Cullinan Therapeutics, Inc. is heavily invested in advancing its T cell engager platforms. For CLN-049, their FLT3xCD3 bispecific T cell engager targeting Acute Myeloid Leukemia (AML), early Phase 1 data from a June 2025 cutoff showed promising activity in a heavily pretreated population. Specifically, at target doses of ≥6 μg/kg (n=23 AML), the composite Complete Response rate (CRc) was 30%, and the Overall Response Rate (ORR) was 57%. At the highest dose studied, 12 μg/kg (n=13), the CRc was 31% and the ORR reached 69%. This data, showing responses regardless of FLT3 mutational status, is set for an oral presentation at the 2025 ASH Annual Meeting on December 8, 2025. For CLN-978, the CD19xCD3 bispecific T cell engager for autoimmune diseases, initial clinical data in Systemic Lupus Erythematosus (SLE) and Rheumatoid Arthritis (RA) is planned for the first half of 2026. Financial commitment to this work is clear in the reported expenses; Research and Development expenses for the third quarter of 2025 were $42.0 million, up from $35.5 million in the third quarter of 2024.

Executing and monitoring global Phase 1 clinical trials for lead assets.

The company is actively monitoring several global trials. CLN-049 is being evaluated in two ongoing Phase 1 trials: one for relapsed/refractory (R/R) AML or Myelodysplastic Syndrome (MDS) (NCT05143996) and a parallel study in AML patients with Measurable Residual Disease (MRD) (EUCT 2023-506572-27-00). For CLN-978, the Phase 1 OUTRACE Program is enrolling patients across SLE, RA, and Sjögren's disease studies.

The clinical trial execution is detailed below:

Intellectual Property (IP) portfolio management and patent defense, extending protection until at least 2042.

Protecting the core assets is a key activity. Cullinan Therapeutics, Inc. secured a key composition of matter patent from the United States Patent and Trademark Office. This patent is expected to extend protection for a core asset until at least 2042, not accounting for any potential patent term extension.

Strategic pipeline prioritization, discontinuing programs like CLN-619 and CLN-617.

The company has made definitive choices to focus resources. Cullinan made the decision not to pursue further development for both CLN-619 (an anti-MICA/B antibody) and CLN-617 (an IL-12 cytokine fusion protein) following a review of emerging clinical data. This strategic pruning allows the company to concentrate on high-conviction programs. This focused pipeline is projected to extend the company's cash runway into 2029. As of September 30, 2025, the cash position, including cash, cash equivalents, short- and long-term investments, and interest receivable, stood at $475.5 million.

Partner management, supporting Taiho's NDA rolling submission for zipalertinib.

Managing the collaboration for zipalertinib (CLN-081/TAS6417) is critical. Taiho plans to initiate a rolling New Drug Application (NDA) submission to the U.S. Food and Drug Administration (FDA) for accelerated approval in relapsed EGFR ex20ins Non-Small Cell Lung Cancer (NSCLC) by year-end 2025. The companies anticipate completing this rolling NDA submission in the first quarter of 2026, along with a request for priority review. This submission is based on primary efficacy data from the REZILIENT1 Phase 1/2 trial. Furthermore, Taiho expects to finish enrollment for the frontline study, REZILIENT3, in the first half of 2026.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Key Resources

You're looking at the core assets Cullinan Therapeutics, Inc. (CGEM) is relying on right now to drive value, especially as they pivot their focus. Honestly, the financial foundation is the most immediate resource you need to see clearly.

The firm has a strong liquidity position, which buys them time to execute on their clinical plans without immediate financing pressure. As of September 30, 2025, Cullinan Therapeutics, Inc. reported $475.5 million in cash, cash equivalents, short- and long-term investments, and interest receivable. This level of capital is significant for a clinical-stage biotech, and it directly translates into operational runway.

Here's the quick math on that runway: Cullinan expects these resources to fund operations well into 2029 under their current operating plan. That's a substantial buffer, alleviating near-term financing needs and letting the science lead the decision-making, not the next funding round.

The Key Resources are built around their proprietary platform and the assets it has generated, which you can see mapped out below against key near-term milestones.

The technology itself is centered on their proprietary T cell engager platform technology. This approach, successfully proven in oncology, is now being purposefully applied to autoimmune diseases. This platform is protected by intellectual property, including a key composition of matter patent that is expected to extend patent protection until at least 2042, which is a critical long-term asset.

The clinical-stage pipeline assets represent the near-term value drivers. Cullinan Therapeutics, Inc. has strategically focused its development efforts on high-conviction programs, discontinuing CLN-619 and CLN-617 to concentrate resources. The core assets are:

• - CLN-978: A CD19xCD3 bispecific T cell engager actively enrolling in the global Phase 1 OUTRACE Program across Systemic Lupus Erythematosus (SLE), Rheumatoid Arthritis (RA), and Sjögren's disease (SjD).
• - CLN-049: A FLT3xCD3 bispecific T cell engager for Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS), which has received Fast Track designation from the U.S. FDA.
• - Partnered Zipalertinib: An EGFR ex20ins inhibitor for Non-Small Cell Lung Cancer (NSCLC), where partner Taiho plans a rolling NDA submission by the end of 2025.
• - Velinotamig: A BCMAxCD3 bispecific T cell engager in-licensed in June 2025, with a partner study in China expected to start by the end of 2025.

To execute on this pipeline, Cullinan Therapeutics, Inc. relies on its highly specialized scientific and clinical development personnel. While I don't have the exact headcount, the consistent updates from CEO Nadim Ahmed and the focus on complex T cell engager mechanisms suggest a deep bench in molecular biology, immunology, and clinical trial execution across oncology and autoimmune indications. This expertise is necessary to interpret the emerging efficacy profile of CLN-049, which showed a ~30% CRc rate at clinically active target doses in a heavily pretreated AML population, regardless of FLT3 mutational status.

Finance: review the Q4 2025 operating expense forecast against the $475.5 million cash balance to confirm the 2029 runway projection by next Tuesday.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Cullinan Oncology, Inc. (CGEM) believes its assets hold significant value for patients and investors right now, late in 2025. It's all about hitting high-value targets with focused, de-risked programs.

The primary value proposition centers on developing potential first- or best-in-class therapies for difficult-to-treat cancers and autoimmune diseases. This is backed by a strategic decision to concentrate resources on high-conviction clinical-stage programs, specifically T cell engagers applied to well-validated targets.

For oncology, the focus is clearly on CLN-049, an FLT3xCD3 bispecific T cell engager for acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The emerging clinical data is compelling:

• CLN-049 achieved a ~30% CRc rate (Composite Complete Response rate) at clinically active target doses in a heavily pretreated population, regardless of FLT3 mutational status.
• Initial dose escalation results in 40 patients indicated a manageable safety profile, with the highest dose level explored thus far showing a 31% CRc rate.
• Common treatment-emergent adverse events (TEAEs) included Cytokine Release Syndrome (CRS) at 40% and infusion-related reaction at 35%.
• The FDA granted Fast Track designation for CLN-049 in relapsed or refractory AML.
• Updated results are scheduled for an oral presentation at the 2025 ASH Annual Meeting in December.

In immunology, CLN-978, a CD19xCD3 bispecific T cell engager, targets autoimmune diseases like systemic lupus erythematosus (SLE), rheumatoid arthritis (RA), and Sjögren's disease. This asset leverages a mechanism validated in oncology for immunology applications. Preclinical data presented at ACR Convergence 2025 supported its clinical advancement:

• CLN-978 is engineered to be a small molecule at 65 kDa, subcutaneously delivered.
• In a murine model of SLE, treatment led to a reduction in circulating B cells, levels of anti-dsDNA IgG, and IgG deposition in the kidney.
• The company plans to share initial safety and B cell depletion data in SLE in the first half of 2026.

A significant near-term regulatory catalyst is tied to zipalertinib, the EGFR exon 20 insertion (ex20ins) inhibitor partnered with Taiho Oncology. The value here is immediate regulatory progress:

This focus on core assets underpins the focused, risk-mitigated pipeline strategy, which is designed for efficient resource deployment. The financial position supports this strategy, extending the time until new capital is needed:

• Cash, cash equivalents, short- and long-term investments, and interest receivable stood at $475.5 million as of September 30, 2025.
• This capital is expected to provide a cash runway into 2029 under the new operating plan.
• The company made a strategic choice to discontinue further development of CLN-619 and CLN-617.
• Research and development expenses for Q3 2025 were $42.0 million, while G&A expenses were $13.6 million.
• The net loss attributable to Cullinan for Q3 2025 was $50.6 million.

The whole value proposition hinges on these near-term data readouts and the financial buffer to reach them.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Customer Relationships

You're looking at how Cullinan Therapeutics, Inc. manages its critical external relationships, which is key since their value is tied up in clinical progress and regulatory success. This isn't about selling widgets; it's about deep scientific collaboration and navigating the FDA.

High-touch, collaborative relationships with key opinion leaders and clinical investigators.

The company relies heavily on expert input, especially given that Oncology is expected to hold the largest product segment share at 10.2% in the global Key Opinion Leader (KOL) management market, which was valued at USD 79.6 billion in 2025. Cullinan Therapeutics engages investigators across a global network for its diverse pipeline. For instance, the CLN-978 program is actively enrolling across Phase 1 studies in Systemic Lupus Erythematosus (SLE), Rheumatoid Arthritis (RA), and Sjögren's disease.

• CLN-978 Phase 1 study in RA started in Q2 2025 at two leading European research centers: FAU Erlangen-Nuremberg and Università Cattolica del Sacro Cuore.
• Initial clinical data for CLN-978 in SLE is anticipated by the end of 2025.
• Preliminary data for CLN-049 in relapsed/refractory AML showed a Complete Response rate (CRc) of 31% at the 12 μg/kg dose level (n=13 AML) as of the June 2025 cutoff.

These relationships are essential for generating the data that drives sentiment, such as the positive results from the REZILIENT1 trial, which involved 176 patients and showed an overall objective response rate of about 35% for zipalertinib.

B2B relationship management with strategic development and commercialization partners.

Managing strategic alliances is central to advancing assets like zipalertinib. Cullinan Therapeutics has a significant collaboration with Taiho Oncology for zipalertinib. This partnership is moving toward a major regulatory submission.

The relationship with Genrix Bio for the BCMAxCD3 bispecific T cell engager, velinotamig, also defines a key B2B interaction. Cullinan licensed velinotamig in June 2025, and Genrix Bio plans to initiate a Phase 1 study in China by the end of 2025. Financial terms include potential payments to Genrix Bio of up to $292 million in development and regulatory milestones plus up to an additional $400 million in sales-based milestones, alongside tiered royalties.

The company's financial footing, with $475.5 million in cash and investments as of September 30, 2025, supports these ongoing R&D commitments, which totaled $42.0 million in Q3 2025 expenses.

Indirect patient engagement through clinical trial sites and patient advocacy groups.

Patient access is entirely mediated through clinical trial sites, as Cullinan Therapeutics is pre-commercial. The company is advancing CLN-049 in relapsed/refractory AML and MDS, where patients had received a median of 2 prior therapies (range: 1-8). The zipalertinib Phase 3 REZILIENT3 trial is expected to complete enrollment in the first half of 2026.

• Zipalertinib trial data supported a Breakthrough Therapy Designation from the FDA.
• The company is focusing on indications with substantial unmet need, such as autoimmune conditions affecting an estimated 41.6 million patients worldwide suffering from B-cell or plasma cell-driven conditions.

Regulatory agency interactions (e.g., FDA pre-NDA meetings).

Direct interaction with regulatory bodies is a critical relationship for a clinical-stage biotech. Cullinan Therapeutics had a positive pre-NDA meeting with the FDA in October 2025 regarding zipalertinib. This interaction preceded the acceptance of the rolling NDA by the FDA in November 2025 for zipalertinib in non-small cell lung cancer. Furthermore, the CLN-049 therapy for AML received Fast Track designation from the FDA. The company also received approval from the European Medicines Agency (EMA) to begin a Phase 1 trial of CLN-978 in RA in April 2025.

Finance: review Q4 2025 R&D spend variance against budget by end of next week.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Channels

You're hiring before product-market fit, so your channels are entirely focused on clinical execution and securing future commercialization rights. As of late 2025, Cullinan Oncology, Inc.'s (CGEM) channel strategy is heavily weighted toward external partners for approved products and academic/clinical sites for ongoing development.

The primary channel for drug development and testing remains the global network of clinical trial sites. For CLN-049, enrollment continues in the Phase 1 study for patients with relapsed/refractory Acute Myeloid Leukemia (AML) or Myelodysplastic Syndrome (MDS). For the immunology asset CLN-978, the Phase 1 OUTRACE Program is actively enrolling and treating patients across studies in Systemic Lupus Erythematosus (SLE), Rheumatoid Arthritis (RA), and Sjögren's disease (SjD).

The commercialization channel for zipalertinib is currently driven by the strategic partnership with Taiho Oncology, Inc. Taiho Oncology, Taiho Pharmaceutical Co., Ltd., and Cullinan Therapeutics, Inc. initiated a rolling submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for zipalertinib in relapsed EGFR ex20ins Non-Small Cell Lung Cancer (NSCLC) by year-end 2025. Under the current arrangement, Taiho has the baton for commercialization in all ex-China markets, while the two companies co-develop the drug in the U.S..

The company's financial position supports future channel build-out. Cash, cash equivalents, short- and long-term investments, and interest receivable were $475.5 million as of September 30, 2025, which Cullinan expects provides runway into 2029 under its new operating plan. This financial buffer is key for establishing a specialty sales force and commercial infrastructure should wholly-owned assets gain approval.

Awareness building and data dissemination are channeled through key medical and investor events. Cullinan Therapeutics looked forward to unveiling important clinical data for CLN-049 in an oral presentation at the 2025 ASH Annual Meeting in December. Furthermore, management participated in fireside chats at the Stifel 2025 Healthcare Conference on November 11, 2025, and the Guggenheim 2nd Annual Healthcare Innovation Conference on November 12, 2025. Data for zipalertinib was shared at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting and the IASLC 2025 World Conference on Lung Cancer.

Here's a quick look at how the current pipeline assets are being channeled:

The oncology channel for zipalertinib is heavily reliant on the partnership, which previously involved Cullinan returning some commercial rights to Taiho for $275 million upfront. For the wholly-owned pipeline, the channel is strictly clinical execution right now. If approval comes for CLN-049, which recently received FDA Fast Track Designation on December 1, 2025, the company will need to pivot quickly to build out its own specialized field force, though the current cash position of $475.5 million as of September 30, 2025, suggests they have the resources to do so.

In the highly access-restricted oncology environment, where only 32% of providers are fully accessible, any future specialty sales force for wholly-owned assets will need an omnichannel strategy to engage targets effectively. For now, the channel is the clinical investigator site. Finance: draft 13-week cash view by Friday.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Customer Segments

You're looking at the specific groups Cullinan Oncology, Inc. is targeting with its pipeline programs as of late 2025. This isn't about the whole market, but the specific patient pools and the doctors who manage them.

The customer segments are defined by the indications for their lead programs, CLN-049 (oncology) and CLN-978 (immunology), plus the zipalertinib partnership (oncology).

Target Patient Populations and Clinical Activity:

• - Patients with relapsed/refractory Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS).
• - Patients with EGFR ex20ins Non-Small Cell Lung Cancer (NSCLC).
• - Patients with severe autoimmune diseases like Systemic Lupus Erythematosus (SLE) and Rheumatoid Arthritis (RA).

For the AML/MDS segment, Cullinan Oncology, Inc. is actively enrolling in a Phase 1 study for CLN-049. As of the June 2025 data cutoff, 40 patients (34 AML, 6 MDS) were enrolled across 7 cohorts. In this heavily pretreated population, CLN-049 demonstrated a composite complete response (CRc) rate of 30% at target doses $\ge$6 $\mu$g/kg in AML patients, with an overall response rate (ORR) of 57%. At the highest dose studied, 12 $\mu$g/kg, the ORR reached 69%. AML patients in this study had a median of 2 prior therapies (range: 1-8).

The NSCLC segment, covered by the zipalertinib collaboration with Taiho, targets patients with EGFR ex20ins mutations. This alteration is detected in 5% to 12% of the EGFR mutated subgroup in advanced NSCLC. The partner plans to initiate a rolling New Drug Application (NDA) submission by year-end 2025 for the relapsed setting.

For the immunology segment, CLN-978 is being developed for SLE, RA, and Sjögren's disease (SjD). Autoimmune diseases, in general, affect approximately 15 million Americans. Specifically for SLE, the pooled prevalence estimate from four state-specific registries was 72.8 per 100,000. Initial clinical data for CLN-978 in autoimmune diseases, including SLE, is anticipated in the first half of 2026.

Target Healthcare Professionals:

The prescribing segment consists of specialists who manage these complex conditions. Cullinan Oncology, Inc. must engage with these physicians to drive adoption of their therapies.

The financial health of Cullinan Oncology, Inc. directly impacts its ability to reach these segments. As of September 30, 2025, the company reported cash, cash equivalents, and investments of $475.5 million, which management expects provides a cash runway into 2029 under the new operating plan. The Research and Development Expenses for Q3 2025 were $42.0 million.

The professional segment is further characterized by the high burden of disease in their patient pools:

• - AML comprises 1% of all new cancer cases in the United States.
• - For SLE, females account for 63% of diagnosed cases.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Cost Structure

You're looking at the core burn rate for Cullinan Therapeutics, Inc. as they push their pipeline forward. For a clinical-stage biopharma, the cost structure is dominated by the science, which is exactly what the Q3 2025 numbers show.

The most significant cost drivers are clearly tied to advancing their clinical programs, especially with the strategic focus on their T cell engagers like CLN-978 and CLN-049. Here's a quick look at the major operating expenses reported for the third quarter ended September 30, 2025:

That R&D spend of $42.0 million in Q3 2025 is the engine room cost, reflecting the heavy lifting in the lab and in the field. The G&A, at $13.6 million for the same period, covers the necessary overhead to run a public company focused on drug development.

The components driving these figures are pretty standard for this stage of development, but they represent concrete cash outlays:

• - High Research and Development (R&D) expenses, totaling $42.0 million in Q3 2025.
• - Clinical trial costs, which include site fees, patient monitoring, and drug supply for programs like CLN-049 and CLN-978.
• - General and Administrative (G&A) expenses, which were $13.6 million in Q3 2025.
• - Intellectual property maintenance and licensing fees; for instance, Cullinan licensed velinotamig from Genrix Bio in June 2025, which implies future milestone obligations.
• - Personnel costs for specialized scientific and executive teams, which form a substantial part of both R&D and G&A spending.

Cullinan Oncology, Inc. (CGEM) - Canvas Business Model: Revenue Streams

Currently, Cullinan Oncology, Inc. (CGEM) reports $0.0 million in product revenue for the third quarter ended September 30, 2025, which is consistent with its clinical-stage development status.

A primary non-product revenue source is the interest income generated from its significant balance of cash and investments. As of September 30, 2025, Cullinan Therapeutics, Inc. reported cash, cash equivalents, short- and long-term investments, and interest receivable totaling $475.5 million. This capital position is projected to provide an operational runway extending into 2029 under the current operating plan.

Here's a quick look at the key financial figures underpinning the revenue streams as of late 2025:

Collaboration and milestone payments represent potential future inflows, primarily from the zipalertinib partnership with Taiho Oncology. Taiho plans to initiate a rolling New Drug Application (NDA) submission to the U.S. Food and Drug Administration for zipalertinib by the end of 2025. The original agreement structure included an upfront payment of $275 million and up to an additional $130 million tied to EGFR exon20 non-small cell lung cancer regulatory milestones.

Future tiered royalties on potential ex-Greater China net sales of velinotamig are another key stream. Cullinan Oncology, Inc. (CGEM) secured the global license (ex-Greater China) in June 2025. Genrix Bio, the licensor, is eligible for these royalties, which are structured from mid-single digits up to the mid-teens based on those net sales.