Cullinan Oncology(CGEM) - 2024 Q3 - Quarterly Results

Financial Performance - Cullinan Therapeutics reported a net loss of $40.6 million ($0.69 per share) for Q3 2024, compared to a net loss of $39.2 million ($0.91 per share) in Q3 2023[8]. - Research and development expenses increased to $35.5 million in Q3 2024 from$33.8 million in Q3 2023, while general and administrative expenses rose to $13.3 million from$11.0 million in the same period[8]. - The company had a cash position of $639.0 million as of September 30, 2024, which is expected to provide runway into 2028 based on its current operating plan[8]. - Total assets increased to$653.3 million as of September 30, 2024, up from $484.2 million at the end of 2023[13]. Clinical Development - Cullinan has secured FDA clearance for its IND application and HREC approval in Australia to initiate a global Phase 1 study for CLN-978 in systemic lupus erythematosus, with initial clinical data expected in Q4 2025[1][2]. - The pivotal Phase 2b study of zipalertinib was completed ahead of schedule, with results anticipated in mid-2025[1][5]. - Initial expansion cohort data for CLN-619 in endometrial and cervical cancers is expected to be shared in Q2 2025[1][4]. - The company plans to initiate a sponsored clinical trial for rheumatoid arthritis in Q2 2025, collaborating with FAU Erlangen-Nuremberg and Università Cattolica del Sacro Cuore[3]. - Cullinan presented positive results for zipalertinib, showing an objective response rate of approximately 40% in patients with EGFR ex20ins NSCLC[5]. Strategic Initiatives - The company added two experts to its Scientific Advisory Board to strengthen its capabilities in rheumatology and immunology[7].