Cullinan Oncology LLC (CGEM) financial statements
Net income was -$220M.
Free cash flow was -$176M.
The diluted share count rose 109% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cullinan Oncology LLC's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $19M | $0 | — | — | — |
| Research and development | $43M | $58M | $92M | $148M | $143M | $187M |
| Selling, general and admin | $17M | $29M | $40M | $42M | $54M | $54M |
| Operating income | -$60M | -$68M | $145M | -$191M | -$197M | -$242M |
| Pre-tax income | — | -$67M | $151M | -$169M | -$167M | -$220M |
| Income tax | — | $0 | $42M | -$14M | $117,000 | $0 |
| Net income | -$52M | -$66M | $111M | -$153M | -$167M | -$220M |
| EPS (diluted) | -$2.60 | -$1.52 | $2.38 | -$3.69 | — | — |
| Diluted shares | 20M | 43M | 47M | 42M | — | — |
| Operating margin | — | -358.7% | — | — | — | — |
| Net margin | — | -346.1% | — | — | — | — |
Balance sheet
Fiscal years, from Cullinan Oncology LLC's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $210M | $290M | $467M | $467M | $399M | $378M |
| Total current assets | $212M | $297M | $474M | $480M | $415M | $387M |
| Property, plant and equipment | $130,000 | $77,000 | $1M | $989,000 | $683,000 | $421,000 |
| Total assets | $215M | $437M | $561M | $484M | $622M | $448M |
| Total current liabilities | $14M | $12M | $22M | $28M | $31M | $38M |
| Total liabilities | $14M | $12M | $26M | $30M | $31M | $40M |
| Shareholders' equity | $199M | $425M | $535M | $454M | $590M | $409M |
| Net debt | -$168M | -$60M | -$156M | -$98M | -$83M | -$88M |
Cash flow
Fiscal years, from Cullinan Oncology LLC's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$30M | -$43M | -$127M | -$134M | -$145M | -$176M |
| Capital spending | $10,000 | $0 | $1M | $208,000 | $0 | $49,000 |
| Free cash flow | -$30M | -$43M | -$128M | -$134M | -$145M | -$176M |
| Stock-based compensation | $15M | $24M | $28M | $30M | $38M | $36M |
| Share buybacks (net) | -$7M | — | — | — | — | — |
| Free cash flow margin | — | -229.3% | — | — | — | — |
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Open CGEM in InvestinglyQuestions
How much free cash flow does Cullinan Oncology LLC generate?
-$176M in fiscal 2025 (operating cash flow minus capital spending).
From Cullinan Oncology LLC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.