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Cullinan Oncology(CGEM) - 2024 Q4 - Annual Results
CGEMCullinan Oncology(CGEM)2025-02-27 12:03

Financial Performance - Cash and investments totaled 606.9millionasofDecember31,2024,providingarunwayinto2028[2]−NetlossattributabletoCullinanwas606.9 million as of December 31, 2024, providing a runway into 2028[2] - Net loss attributable to Cullinan was 47.6 million for Q4 2024, compared to 23.8millionforQ42023,and23.8 million for Q4 2023, and 167.4 million for the full year 2024, up from 153.2millionin2023[11]−Totalassetsincreasedto153.2 million in 2023[11] - Total assets increased to 621.8 million as of December 31, 2024, from 484.2millionin2023[14]−Totalstockholders′equityroseto484.2 million in 2023[14] - Total stockholders' equity rose to 590.3 million as of December 31, 2024, compared to 453.9millionin2023[14]ResearchandDevelopment−ResearchanddevelopmentexpensesforQ42024were453.9 million in 2023[14] Research and Development - Research and development expenses for Q4 2024 were 40.5 million, up from 34.8 million in Q4 2023, while full-year R&D expenses decreased to 142.9 million from 148.2million[11]−ThepivotalPhase2bstudyofzipalertinibmetitsprimaryendpoint,withfullresultsexpectedmid−year2025andNDAsubmissionplannedforH22025[2]−InitialclinicaldatafromtheglobalPhase1studyofCLN−978insystemiclupuserythematosusisexpectedinQ42025[1]−ThecompanyplanstoinitiateaPhase1studyinrheumatoidarthritisinQ22025,incollaborationwithFAUErlangen−NurembergandUniversitaˋCattolicadelSacroCuore[5]−EnrollmentcontinuesinthePhase1studyofCLN−619forsolidtumorsandhematologicalmalignancies,withinitialdataexpectedinQ22025[8]GeneralandAdministrativeExpenses−GeneralandadministrativeexpensesforQ42024were148.2 million[11] - The pivotal Phase 2b study of zipalertinib met its primary endpoint, with full results expected mid-year 2025 and NDA submission planned for H2 2025[2] - Initial clinical data from the global Phase 1 study of CLN-978 in systemic lupus erythematosus is expected in Q4 2025[1] - The company plans to initiate a Phase 1 study in rheumatoid arthritis in Q2 2025, in collaboration with FAU Erlangen-Nuremberg and Università Cattolica del Sacro Cuore[5] - Enrollment continues in the Phase 1 study of CLN-619 for solid tumors and hematological malignancies, with initial data expected in Q2 2025[8] General and Administrative Expenses - General and administrative expenses for Q4 2024 were 14.6 million, compared to 10.6 million in Q4 2023, with full-year G&A expenses increasing to 54.0 million from $42.5 million[11]