**Cullinan Therapeutics, Inc. Reports Financial Results and Operational Updates in Annual Filing**
Cullinan Therapeutics, Inc., a biopharmaceutical company focused on developing therapies for autoimmune diseases and cancer, released its financial results and operational updates in its recent 10-K filing. The company reported a net loss of $219.9 million for the year 2025, compared to a net loss of $167.4 million in 2024. Research and development expenses increased to $187.4 million in 2025 from $142.9 million in the previous year, driven by the upfront licensing fee for velinotamig and increased clinical development costs. General and administrative expenses saw a slight increase, totaling $54.2 million in 2025 compared to $54.0 million in 2024.
The company's strategic focus remains on advancing its clinical-stage pipeline. Key programs include CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases, currently in Phase 1 trials for SLE, RA, and Sjögren’s disease, with initial clinical data expected in 2026. Velinotamig, a BCMAxCD3 bispecific T cell engager also for autoimmune diseases, is undergoing a Phase 1 trial in China by Genrix, with Cullinan planning to use the data to accelerate global development. In oncology, CLN-049, a FLT3xCD3 bispecific T cell engager for AML and MDS, is in Phase 1, with dose expansion cohorts planned for the second quarter of 2026. Zipalertinib, an EGFR inhibitor for NSCLC, is being co-developed with Taiho, which completed a rolling NDA submission in February 2026 and expects top-line results from a Phase 3 trial by the end of 2026.
Operationally, Cullinan is progressing with its clinical trials, including the OUTRACE studies for CLN-978 and the Phase 1 trial for CLN-049. The company is also collaborating with Taiho on the REZILIENT program for zipalertinib. As of December 31, 2025, Cullinan had 109 full-time employees, with a significant portion dedicated to research and development. The company's intellectual property portfolio includes 18 patent families, covering compositions and methods of use for its product candidates.
Looking ahead, Cullinan anticipates initiating dose expansion cohorts for CLN-049 in the second quarter of 2026 and a Phase 1/2 clinical trial evaluating CLN-049 as a potential frontline treatment for newly diagnosed AML in the fourth quarter of 2026. The company believes its existing capital resources will be sufficient to fund anticipated operations into 2029. However, the filing also acknowledges the risks and uncertainties inherent in drug development, including potential delays in clinical trials, regulatory approvals, and commercialization, as well as the need for additional funding to support its operations.
About Cullinan Therapeutics, Inc.
Cullinan Therapeutics is a biopharmaceutical company focused on developing targeted immunology and oncology therapies. Its pipeline includes clinical-stage candidates like CLN-978 for autoimmune diseases, and CLN-619, CLN-049, and CLN-617 for various cancers. The company leverages innovative biologics, collaborates with partners, and holds extensive intellectual property rights to address unmet medical needs in autoimmune disorders and cancer markets.
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