CAMBRIDGE, Mass., May 15, 2024 (GLOBE NEWSWIRE) -- Cullinan Therapeutics, Inc. (Nasdaq: CGEM; “Cullinan”), a biopharmaceutical company focused on developing modality-agnostic targeted therapies, today reported recent and upcoming business highlights and announced its financial results for the first quarter ended March 31, 2024.
“We have already made significant progress in the first quarter of 2024, continuing the momentum we demonstrated in 2023,” said Nadim Ahmed, Chief Executive Officer of Cullinan Therapeutics. “With our recently announced strategic expansion into immunology, we will develop our CD19xCD3 T cell engager (TCE), CLN-978, in autoimmune diseases starting with SLE as our first indication. We are further encouraged by recent clinical data validating the CD19-directed TCE approach, which is significantly differentiated from CAR T based approaches, while we actively evaluate additional autoimmune indications for CLN-978. We also remain keenly focused on advancing our deep pipeline of clinical-stage oncology programs, with multiple data catalysts through this year and early 2025. With the gross proceeds of $280 million from our recently completed private placement, we believe we are well positioned to execute on our near- and long-term strategic and operational objectives. Additionally, we are pleased to welcome David Meek as a new director to Cullinan’s Board. David brings notable experience in scaling organizations towards successful commercialization. Thomas Ebeling has decided to resign from the Board at the end of his term. We appreciate Thomas’s contributions to Cullinan from the inception of the company to the clinical-stage organization we are today.”
Portfolio Highlights
Corporate Updates
First Quarter 2024 Financial Results
About Cullinan Therapeutics
Cullinan Therapeutics, Inc. (Nasdaq: CGEM) is a biopharmaceutical company dedicated to creating new standards of care for patients. We have strategically built a diversified portfolio of clinical-stage assets that inhibit key drivers of disease or harness the immune system to eliminate diseased cells in both oncology and autoimmune diseases. Our portfolio encompasses a wide range of modalities, each with the potential to be best and/or first in class. Anchored in a deep understanding of oncology, immunology, and translational medicine, we create differentiated ideas, identify the most appropriate targets, and select the optimal modality to develop transformative therapeutics across a wide variety of cancer and autoimmune indications. We push conventional boundaries from candidate selection to differentiated therapeutic, applying rigorous go/no go criteria at each stage of development to fast-track only the most promising molecules to the clinic and, ultimately, commercialization. With deep scientific expertise, our teams exercise creativity and urgency to deliver on our promise to bring new therapeutic solutions to patients. Learn more about our Company at www.cullinantherapeutics.com, and follow us on LinkedIn and X.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding the company’s beliefs and expectations regarding: our preclinical and clinical developments plans and timelines, the clinical and therapeutic potential of our product candidates, the strategy of our product candidates, our research and development activities, our cash runway and our plans regarding future data presentations. The words “believe,” “continue,” “expect,” “plan,” “potential,” “pursue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events and are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of regulatory submissions, including the IND that we intend to file for CLN-978; the risk that any INDs we may file are not cleared by the United States Food and Drug Administration or are not cleared on our expected timelines, or at all; success of our clinical trials and preclinical studies; risks related to our ability to protect and maintain our intellectual property position; risks related to manufacturing, supply, and distribution of our product candidates; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies; and success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Moreover, except as required by law, neither the company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made.
Cullinan Therapeutics, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
(in thousands) | ||||||||
March 31, 2024 | December 31, 2023 | |||||||
Cash, cash equivalents, investments, and interest receivable | $ | 434,827 | $ | 468,264 | ||||
Total assets | $ | 449,430 | $ | 484,182 | ||||
Total current liabilities | $ | 21,925 | $ | 28,137 | ||||
Total liabilities | $ | 23,765 | $ | 30,287 | ||||
Total stockholders’ equity | $ | 425,665 | $ | 453,895 | ||||
Total liabilities and stockholders’ equity | $ | 449,430 | $ | 484,182 | ||||
Cullinan Therapeutics, Inc. | |||||||||
Consolidated Statements of Operations | |||||||||
(unaudited) | |||||||||
(in thousands, except per share amounts) | |||||||||
Three Months Ended | |||||||||
March 31, 2024 | March 31, 2023 | ||||||||
Operating expenses: | |||||||||
Research and development | $ | 30,646 | $ | 52,096 | |||||
General and administrative | 12,343 | 10,660 | |||||||
Total operating expenses | 42,989 | 62,756 | |||||||
Loss from operations | (42,989 | ) | (62,756 | ) | |||||
Other income (expense): | |||||||||
Interest income | 5,693 | 4,508 | |||||||
Other income (expense), net | (44 | ) | 107 | ||||||
Net loss | (37,340 | ) | (58,141 | ) | |||||
Net loss attributable to noncontrolling interests | (192 | ) | (179 | ) | |||||
Net loss attributable to common stockholders of Cullinan | $ | (37,148 | ) | $ | (57,962 | ) | |||
Net loss per share attributable to common stockholders of Cullinan: | |||||||||
Basic and diluted | $ | (0.86 | ) | $ | (1.42 | ) | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders of Cullinan: | |||||||||
Basic and diluted | 43,011 | 40,682 | |||||||
Contacts:
Investors
Chad Messer
+1 203.464.8900
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Media
Rose Weldon
+1 215.801.7644
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Last Trade: | US$15.55 |
Daily Change: | -0.67 -4.13 |
Daily Volume: | 256,767 |
Market Cap: | US$901.590M |
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