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; the risk that any INDs or other global regulatory submissions we may file with the United States Food and Drug Administration or other global regulatory agencies are not cleared on our expected timelines, or at all; the success of our clinical trials and preclinical studies; the risks related to our ability to protect and maintain our intellectual property position; the 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 the 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. 
           Selected Condensed Consolidated Balance Sheet Data 
                               (unaudited) 
                             (in thousands) 
 
                             September 30, 2024    December 31, 2023 
                            --------------------  ------------------- 
Cash, cash equivalents, 
 investments, and interest 
 receivable                   $          638,996    $         468,264 
Total assets                  $          653,254    $         484,182 
Total current liabilities     $           24,204    $          28,137 
Total liabilities             $           25,392    $          30,287 
Total stockholders' equity    $          627,862    $         453,895 
                                                                       ` 
 
 
                       Cullinan Therapeutics, Inc. 
                   Consolidated Statements of Operations 
                                (unaudited) 
                 (in thousands, except per share amounts) 
 
                          Three Months Ended         Nine Months Ended 
                      --------------------------  ------------------------ 
                       September     September    September    September 
                        30, 2024      30, 2023     30, 2024     30, 2023 
                      ------------  ------------  ----------  ------------ 
Operating expenses: 
    Research and 
     development      $ 35,506      $ 33,821      $ 102,411   $ 113,308 
    General and 
     administrative     13,349        10,982         39,460      31,856 
      Total 
       operating 
       expenses         48,855        44,803        141,871     145,164 
                       -------       -------       --------    -------- 
      Impairment of 
       long-lived 
       assets               --          (440)            --        (440) 
                       -------       -------       --------    -------- 
      Loss from 
       operations      (48,855)      (45,243)      (141,871)   (145,604) 
                       -------       -------       --------    -------- 
Other income 
(expense): 
    Interest income      8,384         5,880         22,148      15,710 
    Other income 
     (expense), net        (89)          180           (205)        356 
                                                               -------- 
Net loss               (40,560)      (39,183)      (119,928)   (129,538) 
    Net loss 
     attributable to 
     noncontrolling 
     interests              --            --           (192)       (179) 
Net loss 
 attributable to 
 common stockholders 
 of Cullinan          $(40,560)     $(39,183)     $(119,736)  $(129,359) 
                       =======       =======       ========    ======== 
 
Net loss per share 
attributable to 
common stockholders 
of Cullinan: 
Basic and diluted     $  (0.69)     $  (0.91)     $   (2.30)  $   (3.15) 
                       =======       =======       ========    ======== 
 
Weighted-average 
shares used in 
computing net loss 
per share 
attributable to 
common stockholders 
of Cullinan: 
Basic and diluted       58,337        42,734         52,157      41,130 
                       =======       =======       ========    ======== 
 
 

Contacts:

Investors

Nick Smith

+1 401.241.3516

nsmith@cullinantx.com

Media

Rose Weldon

+1 215.801.7644

rweldon@cullinantx.com

(END) Dow Jones Newswires

November 07, 2024 07:01 ET (12:01 GMT)