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Jun 30, 2025
Cullinan Oncology Q2 2025 Earnings Report
Cullinan Therapeutics reported its second quarter 2025 financial results, highlighting advancements in its immunology and oncology pipelines, including progress with CLN-978, the in-licensing of velinotamig, and key data presentations for zipalertinib.
Key Takeaways
Cullinan Therapeutics reported a net loss of $70.1 million for Q2 2025, an increase from $42.0 million in Q2 2024, primarily driven by a significant rise in research and development expenses to $61.0 million. The company maintained a strong cash position of $510.9 million, providing a runway into 2028.
Research and development expenses significantly increased to $61.0 million in Q2 2025 from $36.3 million in Q2 2024, reflecting increased pipeline activity.
The net loss attributable to Cullinan widened to $70.1 million in Q2 2025, compared to $42.0 million in the same period last year.
Cullinan's cash, cash equivalents, and investments stood at $510.9 million as of June 30, 2025, with an expected cash runway into 2028.
The company in-licensed velinotamig, a BCMA-directed bispecific T cell engager, for autoimmune diseases, paying an upfront fee of $20 million.
Forward Guidance
Cullinan Therapeutics anticipates several key milestones in its pipeline, including initial safety data for CLN-978 in SLE in Q4 2025, initial data for CLN-978 in RA in H1 2026, and clinical data for CLN-049 in Q4 2025. Taiho plans to submit an NDA for zipalertinib by the end of 2025 and complete enrollment for REZILIENT3 in H1 2026. The company expects its current cash resources to provide runway into 2028.
Positive Outlook
- CLN-978 program actively enrolling across Phase 1 studies in SLE, RA, and Sjögren’s disease, with initial safety data from SLE study expected in Q4 2025.
- In-licensing of velinotamig strengthens leadership in T cell engagers for autoimmune diseases, with a Phase 1 study expected to initiate in China by end of 2025.
- Taiho plans to submit an NDA for zipalertinib in relapsed EGFR ex20ins NSCLC by the end of 2025, following positive pivotal Phase 2b results.
- Multiple new data sets for zipalertinib across various disease settings to be shared at IASLC 2025 WCLC and ESMO Congress 2025.
- Strong cash position of $510.9 million provides financial runway into 2028, supporting multiple value-driving catalysts.
Challenges Ahead
- No specific negative forward guidance was provided in the report, but general risks associated with clinical development and regulatory approvals were mentioned.
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