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Jun 30, 2022
Cullinan Oncology Q2 2022 Earnings Report
Cullinan Oncology reported second quarter 2022 financial results and provided a corporate update.
Key Takeaways
Cullinan Oncology reported a net income of $174.1 million for the second quarter of 2022, driven by a $275 million upfront payment from the sale of Cullinan Pearl. The company's cash and investments were $656 million as of June 30, 2022, expected to fund operations through 2026.
Completed agreement for strategic collaboration to jointly develop and commercialize CLN-081 with Taiho Pharmaceutical.
Presented updated Phase 1/2a data for CLN-081 at ASCO 2022 Annual Meeting.
Cash and investments of $656 million as of June 30, 2022, expected to provide runway through 2026.
Intends to initiate a pivotal study for CLN-081 in the second half of 2022 under the co-development agreement with Taiho Oncology.
Forward Guidance
Cullinan Oncology anticipates several milestones including initial Phase 1 data readouts for CLN-619 and CLN-049 by mid-2023, and IND filings for CLN-617 and CLN-978 in the first half of next year.
Positive Outlook
- Advancing earlier-stage programs, including CLN-619 and CLN-049, with initial Phase 1 data readouts expected by mid-2023.
- Preparing for IND filings in the first half of next year for CLN-617 and CLN-978.
- Progressing additional preclinical programs, including Jade, Opal, and the HPK1 degrader collaboration with Icahn Mount Sinai.
- Received cash proceeds of $270 million from the sale of Cullinan Pearl during the second quarter of 2022.
- Expects to release the remaining $5 million of the $275 million upfront payment held in escrow in the third quarter of 2022.
Challenges Ahead
- Uncertainty regarding the timing and results of regulatory submissions.
- Risks related to the company's ability to protect and maintain its intellectual property position.
Historical Earnings Impact
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