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Cullinan Therapeutics Provides Corporate Update and Reports Fourth Quarter and Full Year 2024 Financial Results
CGEMCullinan Oncology(CGEM) GlobeNewswire·2025-02-27 12:00

Core Insights - Cullinan Therapeutics is advancing its clinical programs with significant updates expected in 2025, particularly for CLN-978 and zipalertinib [2][5] - The company reported a cash position of 606.9millionasofDecember31,2024,providingfinancialstabilityinto2028[10][13]Immunology−CLN−978,aCD19Tcellengager,isthefirstandonlydevelopment−stagetherapyinautoimmunediseaseswithFDAINDclearance,withinitialclinicaldataforsystemiclupuserythematosus(SLE)expectedinQ42025[2][5]−APhase1studyforrheumatoidarthritisissettobegininQ22025,incollaborationwithinstitutionsinGermanyandItaly[5]Oncology−Zipalertinib′spivotalPhase2bstudymetitsprimaryendpoint,withfullresultsanticipatedmid−year2025andaNewDrugApplication(NDA)submissionplannedforH22025[2][5]−ThecompanycontinuestoenrollpatientsinthePhase1studyofCLN−619forsolidtumorsandhematologicalmalignancies,withinitialdataexpectedinQ22025[5]FinancialPerformance−ResearchanddevelopmentexpensesforQ42024were606.9 million as of December 31, 2024, providing financial stability into 2028 [10][13] Immunology - CLN-978, a CD19 T cell engager, is the first and only development-stage therapy in autoimmune diseases with FDA IND clearance, with initial clinical data for systemic lupus erythematosus (SLE) expected in Q4 2025 [2][5] - A Phase 1 study for rheumatoid arthritis is set to begin in Q2 2025, in collaboration with institutions in Germany and Italy [5] Oncology - Zipalertinib's pivotal Phase 2b study met its primary endpoint, with full results anticipated mid-year 2025 and a New Drug Application (NDA) submission planned for H2 2025 [2][5] - The company continues to enroll patients in the Phase 1 study of CLN-619 for solid tumors and hematological malignancies, with initial data expected in Q2 2025 [5] Financial Performance - 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[10][14]−Generalandadministrativeexpensesroseto148.2 million [10][14] - General and administrative expenses rose to 14.6 million in Q4 2024 from 10.6 million in Q4 2023, with full-year G&A expenses increasing to 54.0 million from 42.5million[10][14]−ThenetlossattributabletoCullinanwas42.5 million [10][14] - The net loss attributable to Cullinan was 47.6 million for Q4 2024, compared to 23.8millioninQ42023,and23.8 million in Q4 2023, and 167.4 million for the full year 2024, up from $153.2 million in 2023 [10][14]