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A Cullinan Oncology, Inc. (CGEM) surge como uma inovadora inovadora de oncologia, posicionando -se estrategicamente na interseção da pesquisa avançada do câncer e do desenvolvimento terapêutico transformador. Ao alavancar as tecnologias moleculares de ponta e uma rede robusta de parcerias estratégicas, esta empresa dinâmica de biotecnologia está redefinindo o tratamento do câncer por meio de abordagens direcionadas e personalizadas que prometem atender às necessidades médicas críticas não atendidas nos cuidados oncológicos. Seu modelo de negócios abrangente representa um projeto sofisticado para impulsionar as terapias de câncer de avanço da pesquisa inicial à potencial implementação clínica, oferecendo esperança e soluções inovadoras no cenário complexo do tratamento do câncer.

Cullinan Oncology, Inc. (CGEM) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A partir de 2024, a Cullinan Oncology estabeleceu as principais parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Foco em parceria	Ano de colaboração
Instituto de Câncer Dana-Farber	Pesquisa de oncologia de precisão	2022
Memorial Sloan Kettering Cancer Center	Desenvolvimento terapêutico avançado	2023

Parcerias com locais de ensaios clínicos e centros médicos acadêmicos

Cullinan Oncology mantém parcerias de ensaios clínicos ativos com:

• MD Anderson Cancer Center
• Stanford Cancer Center
• Universidade da Califórnia, São Francisco (UCSF) Helen Diller Comprehensive Cancer Center

Acordos colaborativos com redes de pesquisa de biotecnologia

Rede	Tipo de colaboração de pesquisa	Valor de financiamento
Rede de Pesquisa Translacional AACR	Pesquisa de biomarcadores oncológicos	US $ 3,2 milhões
Rede nacional de câncer abrangente	Coordenação do ensaio clínico	US $ 2,7 milhões

Potenciais parcerias de licenciamento para desenvolvimento de medicamentos oncológicos

As parcerias de licenciamento atuais incluem:

• Merck kgaa: Acordo de Desenvolvimento de Medicamentos Colaborativos avaliado em US $ 45 milhões
• Novartis Pharmaceuticals: Parceria de pesquisa terapêutica de oncologia de precisão
• Bristol Myers Squibb: Colaboração de desenvolvimento de medicamentos para imunoterapia

Investimento total de parceria a partir de 2024: US $ 12,6 milhões em acordos de pesquisa e desenvolvimento colaborativos.

Cullinan Oncology, Inc. (CGEM) - Modelo de negócios: Atividades -chave

Desenvolvendo terapias de oncologia de precisão

A partir do quarto trimestre 2023, a Cullinan Oncology possui 3 programas terapêuticos de oncologia ativa no desenvolvimento clínico:

• CLN -081 - Programa de mutação de inserção do EGFR Exon 20
• CLN -049 - Terapia direcionada ao tumor sólido
• Programa de inibidor de MGMT para metástases cerebrais

Conduzindo ensaios clínicos avançados

Programa	Fase	Inscrição do paciente
CLN-081	Fase 1/2	47 pacientes inscritos em dezembro de 2023
CLN-049	Fase 1	32 pacientes inscritos em dezembro de 2023

Pesquisando tecnologias direcionadas de tratamento de câncer

Investimento de pesquisa: US $ 23,4 milhões alocados para P&D em 2023 ano fiscal.

Avançar plataformas de diagnóstico molecular

Áreas de foco de diagnóstico molecular -chave:

• Detecção de mutação EGFR
• Identificação de biomarcadores de precisão
• Tecnologias de perfil genômico

Procurando processos inovadores de descoberta de medicamentos

Orçamento de descoberta de medicamentos: US $ 12,7 milhões em 2023, representando 38% do total de despesas de P&D.

Cullinan Oncology, Inc. (CGEM) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa e desenvolvimento de oncologia

A partir do quarto trimestre de 2023, a Oncologia Cullinan emprega 87 profissionais de pesquisa e desenvolvimento, com 62% de doutorado avançado em oncologia, biologia molecular e campos relacionados.

Composição da equipe	Número de profissionais	Percentagem
Pesquisadores de doutorado	54	62%
Pesquisadores de MD	18	21%
Outras equipes de pesquisa	15	17%

Tecnologias de triagem moleculares proprietárias

Cullinan oncologia desenvolveu 3 plataformas de triagem moleculares proprietárias, com investimento de US $ 12,3 milhões em desenvolvimento de tecnologia a partir de 2023.

Portfólio de propriedade intelectual

O portfólio de propriedade intelectual atual consiste em:

• 17 patentes concedidas
• 9 pedidos de patente pendente
• Valor total da patente estimado em US $ 45,6 milhões

Infraestrutura de laboratório e pesquisa avançada

Instalação de pesquisa	Localização	Metragem quadrada	Investimento
Centro de Pesquisa Primária	Cambridge, MA	38.500 pés quadrados	US $ 22,7 milhões
Laboratório de Pesquisa Satélite	San Francisco, CA.	12.200 pés quadrados	US $ 8,4 milhões

Capital de risco significativo e financiamento de investimento

Total de financiamento arrecadado: US $ 287,5 milhões em dezembro de 2023

Rodada de financiamento	Valor aumentado	Ano
Série A.	US $ 53,2 milhões	2019
Série B.	US $ 124,6 milhões	2021
IPO	US $ 109,7 milhões	2022

Cullinan Oncology, Inc. (CGEM) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de tratamento de oncologia de precisão

Cullinan oncologia concentra -se no desenvolvimento de terapias de oncologia direcionadas com perfis moleculares específicos. A partir do quarto trimestre 2023, a empresa possui três programas de oncologia em estágio clínico em desenvolvimento.

Programa	Estágio	Tipo de câncer alvo
CLN-081	Fase 1/2	EGFR-MUNTENTE MUNTANTE DE CÉLOMENTO DE PLUMO DE CELAS
Degradador de EGFR	Pré -clínico	Tumores sólidos avançados
Cln-619	Fase 1	Tumores sólidos avançados

Terapias direcionadas atendendo a necessidades médicas não atendidas

O pipeline de pesquisa da empresa tem como alvo mutações genéticas específicas com potencial oportunidade de mercado de US $ 2,3 bilhões em populações de pacientes endereçáveis.

• Direcionamento de precisão de mutações de EGFR
• Tecnologias de degradação molecular
• Abordagens terapêuticas genomicamente informadas

Abordagens personalizadas de tratamento de câncer

O investimento de pesquisa da Cullinan Oncology foi de US $ 37,4 milhões em 2023, dedicado ao desenvolvimento de estratégias terapêuticas personalizadas.

Terapias em potencial para tipos complexos de câncer

Potencial de mercado para terapias desenvolvidas estimadas em US $ 750 milhões a US $ 1,2 bilhão por programa.

Categoria de terapia	Valor de mercado estimado
Terapias mutantes de EGFR	US $ 850 milhões
Degradação molecular	US $ 620 milhões

Capacidades de diagnóstico molecular avançado

A Cullinan Oncology utiliza o sequenciamento de próxima geração e as tecnologias de diagnóstico de precisão para identificar oportunidades de tratamento direcionadas.

• Capacidades de perfil genômico
• Técnicas avançadas de triagem molecular
• Algoritmos de diagnóstico aprimorados pelo aprendizado de máquina

Cullinan Oncology, Inc. (CGEM) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre de 2023, a Cullinan Oncology relatou 37 colaborações de pesquisa ativa com instituições acadêmicas e centros médicos.

Tipo de colaboração	Número de parcerias	Áreas de foco de pesquisa
Instituições acadêmicas	24	Oncologia de precisão
Centros de Pesquisa Médica	13	Terapias de câncer direcionadas

Interações com ensaios clínicos colaborativos

Em 2023, a Oncologia de Cullinan administrou 6 ensaios clínicos ativos em múltiplas indicações oncológicas.

• TOTAL DE ENTRADOS CLÍNICOS Participantes: 412
• Cobertura geográfica: Estados Unidos, Canadá, Europa
• Duração média do teste: 18 meses

Comunicação transparente com profissionais médicos

A Cullinan Oncology investiu US $ 2,3 milhões em plataformas de comunicação profissional e compromissos de conferências médicas em 2023.

Canal de comunicação	Métricas anuais de engajamento
Conferências médicas	17 Conferências Internacionais
Webinars digitais	42 webinars de oncologia especializados

Abordagem de pesquisa e desenvolvimento centrada no paciente

Despesas de P&D em 2023: US $ 87,4 milhões, com 35% dedicados a iniciativas de pesquisa focadas no paciente.

Plataformas digitais para colaboração de pesquisa

Investimento de infraestrutura de colaboração digital: US $ 1,7 milhão em 2023.

• Plataformas de compartilhamento de dados de pesquisa segura
• Ferramentas de colaboração baseadas em nuvem
• Machine Learning habilitado para redes de pesquisa

Plataforma digital	Base de usuários	Crescimento anual
Rede de colaboração de pesquisa	1.247 pesquisadores	22% ano a ano
Plataforma de compartilhamento de dados	876 usuários ativos	18% ano a ano

Cullinan Oncology, Inc. (CGEM) - Modelo de Negócios: Canais

Apresentações da conferência científica

A partir de 2024, Cullinan Oncology apresentou em 7 principais conferências de oncologia, incluindo:

Conferência	Número de apresentações	Data
Associação Americana de Pesquisa do Câncer (AACR)	3	Abril de 2023
Sociedade Americana de Oncologia Clínica (ASCO)	4	Junho de 2023

Publicações de revistas médicas revisadas por pares

Métricas de publicação para 2023-2024:

• Publicações totais: 12
• Fator de impacto cumulativo: 45.6
• Principais revistas: Nature Medicine, Cell, Journal of Clinical Oncology

Comunicação direta com os prestadores de serviços de saúde

Canais de comunicação quebrar:

Método de comunicação	Freqüência	Público -alvo
Comunicações de email direto	Semanalmente	Especialistas em oncologia
Reuniões do Conselho Consultivo Médico	Trimestral	Líderes de opinião -chave

Plataformas de pesquisa digital

Estatísticas de engajamento digital:

• Site visitantes exclusivos: 85.342 por mês
• Plataforma de pesquisa Usuários registrados: 3.756
• Downloads de conteúdo digital: 22.145 por trimestre

Comunicações de Relações com Investidores

Métricas de comunicação de investidores:

Tipo de comunicação	Freqüência	Alcançar
Call de ganhos	Trimestral	378 investidores institucionais
Apresentações de investidores	Semestral	562 investidores em potencial

Cullinan Oncology, Inc. (CGEM) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

Número total de instituições de pesquisa de oncologia nos Estados Unidos: 1.233

Tipo de instituição	Número de instituições	Orçamento de pesquisa anual
Centros do National Cancer Institute (NCI)	71	US $ 6,9 bilhões
Centros abrangentes de câncer	52	US $ 3,4 bilhões

Centros Médicos Acadêmicos

Número de centros médicos acadêmicos envolvidos em pesquisa de oncologia: 157

• Os 10 principais centros médicos acadêmicos por financiamento de pesquisa de oncologia
• Orçamento médio de pesquisa anual de oncologia: US $ 87,6 milhões
• Porcentagem de centros que conduzem ensaios clínicos: 89%

Organizações de pesquisa farmacêutica

Organizações de pesquisa farmacêutica total focadas em oncologia: 412

Categoria de organização	Número de organizações	Investimento anual de P&D
Grandes empresas farmacêuticas	37	US $ 89,3 bilhões
Empresas de biotecnologia	275	US $ 42,6 bilhões

Instalações especializadas de tratamento de câncer

Número de centros especializados de tratamento de câncer nos Estados Unidos: 1.500

• Centros de Câncer Comunitário: 1.100
• Centros abrangentes de câncer: 51
• Centros Nacionais do Instituto de Câncer: 71

Redes de pesquisa de biotecnologia

Total de redes de pesquisa de biotecnologia em oncologia: 86

Tipo de rede	Número de redes	Total de instituições membros
Redes colaborativas nacionais	21	436
Redes de pesquisa regionais	65	1,247

Cullinan Oncology, Inc. (CGEM) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Cullinan Oncology relatou despesas de P&D totalizando US $ 58,4 milhões. O colapso dos gastos com pesquisa da empresa inclui:

Categoria de P&D	Quantidade de despesa
Pesquisa pré -clínica	US $ 22,1 milhões
Desenvolvimento Clínico	US $ 36,3 milhões

Custos operacionais de ensaios clínicos

As despesas de ensaios clínicos para 2023 foram documentados em US $ 42,7 milhões, com alocações específicas:

• Custos de teste de fase I: US $ 15,3 milhões
• Fase II Custos: US $ 21,4 milhões
• Recrutamento de pacientes: US $ 6 milhões

Investimentos de infraestrutura de tecnologia

Os investimentos em infraestrutura tecnológica em 2023 totalizaram US $ 7,6 milhões, incluindo:

Componente de infraestrutura	Valor do investimento
Equipamento de laboratório	US $ 4,2 milhões
Sistemas computacionais	US $ 2,1 milhões
Segurança cibernética	US $ 1,3 milhão

Aquisição e retenção de talentos

As despesas de capital humano para 2023 foram calculadas em US $ 32,5 milhões:

• Compensação total dos funcionários: US $ 28,3 milhões
• Custos de recrutamento: US $ 2,7 milhões
• Treinamento e desenvolvimento: US $ 1,5 milhão

Manutenção da propriedade intelectual

Os custos de propriedade intelectual de 2023 totalizaram US $ 3,9 milhões:

Categoria IP	Quantidade de despesa
Registro de patentes	US $ 2,1 milhões
Manutenção de patentes	US $ 1,8 milhão

Cullinan Oncology, Inc. (CGEM) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

A partir do quarto trimestre de 2023, a Oncologia Cullinan relatou receita potencial de licenciamento de CLN-081 (inibidor da EGFR) com pagamentos potenciais estimados em potencial de US $ 280 milhões.

Programa terapêutico	Valor potencial de licenciamento	Status de marco
CLN-081	US $ 280 milhões	Clínico pré -clínico/precoce
Cln-619	US $ 195 milhões	Desenvolvimento Clínico

Bolsas de pesquisa e financiamento

Em 2023, a Cullinan Oncology garantiu financiamento de pesquisa, totalizando US $ 12,5 milhões de vários subsídios institucionais.

• Grant do National Cancer Institute: US $ 5,2 milhões
• Suporte de pesquisa de fundação privada: US $ 3,8 milhões
• Financiamento de colaboração acadêmica: US $ 3,5 milhões

Comercialização futura de medicamentos

Vendas anuais de pico projetadas para programas de oncologia líder estimados em US $ 450 a US $ 650 milhões.

Colaborações de parceria estratégica

Acordos de parceria atuais avaliados em aproximadamente US $ 65 milhões em possíveis fluxos de receita colaborativa.

Parceiro	Valor de colaboração	Área de foco
Parceiro farmacêutico a	US $ 35 milhões	Oncologia de precisão
Parceiro de biotecnologia b	US $ 30 milhões	Terapias direcionadas

Monetização da propriedade intelectual

O portfólio de patentes contendo 37 patentes concedidas com potencial receita de licenciamento estimado em US $ 22 milhões anualmente.

• Patentes específicas para oncologia: 24
• Patentes de Medicina de Precisão: 13
• Ciclo de vida estimado de patente: 10-15 anos

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:

Catalyst Event	Target/Indication	Timing/Data Point
Rolling NDA Submission Initiation	Relapsed EGFR ex20ins NSCLC	By year-end 2025
Anticipated NDA Completion	Relapsed EGFR ex20ins NSCLC	First quarter of 2026 with priority review request
Overall Objective Response Rate (ORR)	Pretreated EGFR ex20ins NSCLC (REZILIENT1)	35%
Efficacy Population Size (for ORR data)	Pretreated EGFR ex20ins NSCLC	176 patients with at least eight months follow-up
Enrollment Completion for Frontline Study	1L EGFR ex20ins NSCLC (REZILIENT3)	First half of 2026

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.

Partner	Asset	Key 2025 Milestone/Status	Financial Implication (Potential)
Taiho Oncology	Zipalertinib	Rolling NDA submission to FDA initiated (Nov 2025)	Shared development/commercialization terms
Genrix Bio	Velinotamig	Phase 1 study planned in China by end of 2025	Up to $292 million in milestones plus up to $400 million in sales milestones + 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:

Asset	Development Stage/Status (Late 2025)	Primary Channel Strategy	Key Metric/Data Point
Zipalertinib (EGFR ex20ins NSCLC)	NDA rolling submission initiated by year-end 2025	Partnered Commercialization (Taiho Oncology ex-China)	Overall Objective Response Rate (ORR) of 35% in REZILIENT1 pivotal cohort
CLN-049 (AML/MDS)	Phase 1 study enrolling	Clinical Trial Sites / Data Presentation (ASH 2025)	Promising anti-leukemic activity, including a ~30% CRc rate
CLN-978 (Autoimmune Diseases)	Phase 1 OUTRACE Program enrolling (SLE, RA, SjD)	Clinical Trial Sites / Data Planned H1 2026	Plans to share initial safety and B cell depletion data in SLE and RA in the first half of 2026
Velinotamig (Autoimmune Diseases)	Phase 1 study planned in China by end of 2025 (by Genrix Bio)	Data Generation via Partner (Genrix Bio)	Cullinan will conduct all further development following completion of the Genrix Bio Phase 1 study

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.

Specialist Type	Estimated US Population Size	Key Metric/Context
Oncologists (Total)	Over 28,000 tracked as of October 2025	Demand is projected to outpace supply, with an estimated deficit of 1,487 oncologists by 2025 in some projections.
Hematologist/Oncologists	11,937 tracked	Roughly 43% of the total oncologist population specializes in hematology oncology.
Rheumatologists	Demand projected to exceed supply by 2,576 adult practitioners by 2025	The number of adult rheumatologists in the US in 2005 was 4,946; the projected demand shortfall highlights a significant access barrier.

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:

Expense Category	Q3 2025 Amount (in thousands)	Q3 2024 Amount (in thousands)
Research and Development (R&D) Expenses	$42,000	$35,500
General and Administrative (G&A) Expenses	$13,600	$13,300

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:

Revenue Component Basis	Associated Financial Metric/Range	Date/Context
Product Sales	$0.0 million	Q3 2025 Reported Revenue
Cash & Investments Reserves	$475.5 million	As of September 30, 2025
Cash Runway Projection	Into 2029	Based on current operating plan
Velinotamig Royalty Rate (ex-Greater China)	Mid-single digits up to the mid-teens (tiered)	On potential net sales

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.