Quarterly ResultMay 7, 2026, 07:12 AM
Cullinan Therapeutics Q1 Net Loss $(49.66)M; Cash & Investments $351.9M
AI Summary
Cullinan Therapeutics reported a net loss of $(49.66) million for the first quarter of 2026, an increase from $(48.50) million in the prior year. The company ended the quarter with $351.9 million in cash, cash equivalents, and short-term investments, and expects this to fund operations for the next twelve months. Subsequent to the quarter, Cullinan established an at-the-market equity offering program to sell up to $200.0 million of common stock.
Key Highlights
- Net loss for Q1 2026 was $(49.66) million, compared to $(48.50) million in Q1 2025.
- Cash, cash equivalents, and short-term investments totaled $351.9 million as of March 31, 2026.
- Research and development expenses increased to $42.12 million in Q1 2026 from $41.46 million in Q1 2025.
- General and administrative expenses decreased to $11.57 million in Q1 2026 from $13.54 million in Q1 2025.
- Net cash used in operating activities was $(46.05) million for Q1 2026, up from $(43.16) million in Q1 2025.
- Common stock net loss per share was $(0.75) for Q1 2026, compared to $(0.74) for Q1 2025.
- In April 2026, the company established an at-the-market equity offering program for up to $200.0 million of common stock.
- The company expects current cash and investments to fund operations through the next twelve months.