Cullinan Therapeutics, Inc. provided a corporate update and reported its financial results for the second quarter ended June 30, 2025, on August 7, 2025. The company reported a net loss of $70.1 million for the second quarter. For the six months ended June 30, 2025, the net loss was $118.56 million, an increase from $79.37 million in the same period of 2024, driven by increased research and development expenses of $102.49 million, up from $66.91 million in the prior year period.
Despite the increased operating losses, Cullinan maintained a strong liquidity position, with $510.9 million in cash, cash equivalents, and investments as of June 30, 2025. The company reiterated its guidance for a cash runway extending into 2028, providing financial stability for its extensive clinical development programs.
Key corporate highlights included the active enrollment of the CLN-978 program across Phase 1 studies in systemic lupus erythematosus, rheumatoid arthritis, and Sjögren’s disease. The company also announced the in-licensing of velinotamig, a BCMA-directed bispecific T cell engager, from Genrix Bio. Furthermore, Cullinan appointed Mittie Doyle, M.D., and Andrew Allen, M.D., Ph.D., to its Board of Directors, bringing additional expertise in immunology and oncology, respectively.
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