Cullinan Oncology, Inc. (CGEM) Balance Sheet
CGEM balance sheet, 2025
December 31, 2025 · U.S. dollars$448.4M assets = $39.6M liabilities + $408.7M equity
Both columns are drawn to the same scale: what CGEM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CGEM financial health
Descriptive bands, not a rating. Fiscal 2025.
CGEM balance sheet trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1182015 | $448.4M2025 | +438.4%/yr | |
| Total liabilities | $1.2M2015 | $39.6M2025 | +46.9%/yr | |
| Shareholders’ equity | −$1.2M2015 | $408.7M2025 | — | |
| Cash & short-term investments | $1182015 | $377.9M2025 | +428.2%/yr | |
| Total debt | $2.2M2015 | $2.7M2025 | +2.4%/yr | |
| Net cash (debt) | −$2.2M2015 | $375.2M2025 | +$377.4M | |
| Working capital | −$156,6242015 | $349.0M2025 | +$349.2M | |
| Book value per share | $4.572020 | $6.922025 | +8.6%/yr | |
| Debt / equity | 0.012022 | 0.012025 | 0.00 | |
| Shares outstanding | 43.5M2020 | 59.0M2025 | +6.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CGEM assets
CGEM liabilities and equity
CGEM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CGEM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $377.9M | $399.0M | $467.1M | $467.3M | $290.5M | $210.2M | $98.6M | $33.8M | $91 | $118 |
| Cash & equivalents | $88.3M | $83.0M | $98.4M | $156.2M | $59.8M | $168.2M | $63.2M | $33.8M | $91 | $118 |
| Short-term investments | $289.6M | $316.0M | $368.6M | $311.1M | $230.7M | $42.0M | $35.4M | $0 | — | — |
| Receivables | $0 | $3.0M | $5.4M | $0 | $0 | $0 | $0 | $0 | $3,344 | $0 |
| Inventory | $0 | $0 | −$5.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $8.9M | $12.7M | $13.1M | $7.2M | $6.1M | $2.1M | $1.5M | $387,000 | $0 | $0 |
| Total current assets | $386.8M | $414.7M | $480.2M | $474.5M | $296.6M | $212.3M | $100.1M | $34.2M | $3,435 | $118 |
| Property, plant & equipment (net) | $3.1M | $2.4M | $3.5M | $5.3M | $77,000 | $130,000 | $182,000 | $233,000 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $58.3M | $204.4M | $0 | $80.9M | $140.4M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $297,000 | $366,000 | $459,000 | $459,000 | $147,000 | $2.3M | $188,000 | $188,000 | $0 | $0 |
| Total assets | $448.4M | $621.8M | $484.2M | $561.1M | $437.2M | $214.7M | $100.5M | $34.6M | $3,435 | $118 |
| Liabilities | ||||||||||
| Accounts payable | $841,000 | $1.7M | $2.5M | $2.7M | $3.2M | $9.7M | $934,000 | $296,000 | $247,877 | $156,742 |
| Short-term debt | $780,000 | $1.3M | $1.4M | $1.6M | — | — | — | — | $330,408 | $1.1M |
| Total current liabilities | $37.7M | $30.6M | $28.1M | $22.5M | $11.7M | $14.3M | $2.5M | $1.3M | $247,877 | $156,742 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $330,408 | $1.1M |
| Lease obligations | $2.7M | $2.2M | $3.6M | $5.0M | $0 | — | — | — | — | — |
| Other long-term liabilities | $1.9M | $849,000 | $2.1M | $3.6M | $65,000 | $74,000 | $137.8M | $54.0M | $0 | $0 |
| Total liabilities | $39.6M | $31.5M | $30.3M | $26.1M | $11.8M | $14.4M | $140.4M | $55.3M | $578,285 | $1.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6,000 | $6,000 | $4,000 | $5,000 | $4,000 | $3,000 | $1,000 | $1,000 | $20,077 | $16,825 |
| Retained earnings (deficit) | −$588.1M | −$368.2M | −$200.9M | −$47.7M | −$158.9M | −$93.3M | −$41.5M | −$20.9M | −$3.2M | −$2.8M |
| Accumulated other comprehensive income | $1.0M | −$133,000 | −$129,000 | −$2.6M | −$838,000 | −$2,000 | −$4,000 | $1,000 | — | — |
| Minority interest | $0 | $0 | $192,000 | $0 | $403,000 | — | — | — | — | — |
| Total shareholders' equity | $408.7M | $590.3M | $453.7M | $535.0M | $425.0M | $199.0M | −$40.8M | −$20.7M | −$574,850 | −$1.2M |
| Key figures | ||||||||||
| Total debt | $2.7M | $2.2M | $3.6M | $5.2M | — | — | — | — | $660,816 | $2.2M |
| Net cash (debt) | $375.2M | $396.8M | $463.5M | $462.1M | — | — | — | — | −$660,725 | −$2.2M |
| Working capital | $349.0M | $384.0M | $452.1M | $452.0M | $284.8M | $198.0M | $97.6M | $32.9M | −$244,442 | −$156,624 |
| Tangible book value | $408.7M | $590.3M | $453.7M | $535.0M | $425.0M | $199.0M | −$40.8M | −$20.7M | −$574,850 | −$1.2M |
| Book value per share | $6.92 | $10.98 | $10.92 | $11.47 | $9.59 | $4.57 | — | — | — | — |
| Shares outstanding | 59.0M | 53.8M | 41.5M | 46.6M | 44.3M | 43.5M | — | — | — | — |
| Current ratio | 10.25 | 13.53 | 17.07 | 21.09 | 25.25 | 14.82 | 39.67 | 25.85 | 0.01 | 0.00 |
| Quick ratio | 10.01 | 13.12 | 16.79 | 20.77 | 24.73 | 14.68 | 39.09 | 25.55 | 0.01 | 0.00 |
| Debt / equity | 0.01 | 0.00 | 0.01 | 0.01 | — | — | — | — | — | — |
| Equity / assets | 91.2% | 94.9% | 93.7% | 95.4% | 97.2% | 92.7% | −40.6% | −59.6% | −16,735.1% | −1,054,914.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $334.5M | $351.9M | $377.9M | $332.6M | $265.5M | $303.8M | $399.0M | $578.1M | $662.5M | $433.0M | $467.1M | $466.4M |
| Cash & equivalents | $78.6M | $75.1M | $88.3M | $103.3M | $72.8M | $76.7M | $83.0M | $102.1M | $115.0M | $74.2M | $98.4M | $64.8M |
| Short-term investments | $255.9M | $276.8M | $289.6M | $229.3M | $192.7M | $227.2M | $316.0M | $476.0M | $547.5M | $358.8M | $368.6M | $401.6M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $3.0M | $0 | $0 | $0 | $5.4M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.4M | $0 |
| Other current assets | $7.4M | $9.5M | $8.9M | $9.6M | $10.4M | $13.9M | $12.7M | $14.0M | $15.3M | $12.7M | $13.1M | $10.3M |
| Total current assets | $342.0M | $361.4M | $386.8M | $342.2M | $275.9M | $317.8M | $414.7M | $592.0M | $677.8M | $445.7M | $480.2M | $476.7M |
| Property, plant & equipment (net) | $2.5M | $2.8M | $3.1M | $1.5M | $1.7M | $2.2M | $2.4M | $2.8M | $3.0M | $3.2M | $3.5M | $4.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $19.0M | $38.5M | $58.3M | $140.0M | $242.3M | $259.4M | $204.4M | $58.0M | $0 | $0 | $0 | $13.5M |
| Other non-current assets | $297,000 | $297,000 | $297,000 | $361,000 | $367,000 | $366,000 | $366,000 | $460,000 | $460,000 | $460,000 | $459,000 | $459,000 |
| Total assets | $363.8M | $403.0M | $448.4M | $484.1M | $520.3M | $579.7M | $621.8M | $653.3M | $681.2M | $449.4M | $484.2M | $494.7M |
| Liabilities | ||||||||||||
| Accounts payable | $3.7M | $2.5M | $841,000 | $1.7M | $2.5M | $3.4M | $1.7M | $2.1M | $1.6M | $3.7M | $2.5M | $951,000 |
| Short-term debt | $666,000 | $725,000 | $780,000 | $1.2M | $1.4M | $1.3M | $1.3M | $1.3M | $1.2M | $1.3M | $1.4M | $3.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | $17.4M |
| Total current liabilities | $40.6M | $35.2M | $37.7M | $32.8M | $28.1M | $27.3M | $30.6M | $24.2M | $23.5M | $21.9M | $28.1M | $23.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.1M | $2.4M | $2.7M | $1.2M | $1.5M | $1.8M | $2.2M | $2.4M | $2.7M | $3.2M | $3.6M | $4.0M |
| Other long-term liabilities | $1.4M | $1.7M | $1.9M | $0 | $125,000 | $493,000 | $849,000 | $1.2M | $1.5M | $1.8M | $2.1M | $2.4M |
| Total liabilities | $42.0M | $36.8M | $39.6M | $32.8M | $28.2M | $27.8M | $31.5M | $25.4M | $25.0M | $23.8M | $30.3M | $25.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $4,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | −$691.5M | −$637.8M | −$588.1M | −$537.4M | −$486.8M | −$416.7M | −$368.2M | −$320.6M | −$280.0M | −$238.0M | −$200.9M | −$177.1M |
| Accumulated other comprehensive income | −$134,000 | $127,000 | $1.0M | $973,000 | $607,000 | $505,000 | −$133,000 | $970,000 | −$476,000 | −$331,000 | −$129,000 | −$1.1M |
| Minority interest | — | — | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $321.8M | $366.2M | $408.7M | $451.4M | $492.1M | $551.8M | $590.3M | $627.9M | $656.2M | $425.7M | $453.7M | $468.8M |
| Key figures | ||||||||||||
| Total debt | $2.1M | $2.4M | $2.7M | $1.2M | $1.5M | $1.8M | $2.2M | $2.4M | $2.7M | $3.2M | $3.6M | $5.9M |
| Net cash (debt) | $332.5M | $349.5M | $375.2M | $331.4M | $264.0M | $302.0M | $396.8M | $575.6M | $659.8M | $429.8M | $463.5M | $460.5M |
| Working capital | $301.3M | $326.3M | $349.0M | $309.5M | $247.9M | $290.4M | $384.0M | $567.8M | $654.3M | $423.8M | $452.1M | $453.3M |
| Tangible book value | $321.8M | $366.2M | $408.7M | $451.4M | $492.1M | $551.8M | $590.3M | $627.9M | $656.2M | $425.7M | $453.7M | $468.8M |
| Book value per share | $5.23 | $6.19 | $6.90 | $7.65 | $8.34 | $9.37 | $10.08 | $10.76 | $11.92 | $9.90 | $10.60 | $10.97 |
| Shares outstanding | 61.5M | 59.2M | 59.2M | 59.0M | 59.0M | 58.9M | 58.6M | 58.3M | 55.1M | 43.0M | 42.8M | 42.7M |
| Current ratio | 8.42 | 10.28 | 10.25 | 10.45 | 9.83 | 11.62 | 13.53 | 24.46 | 28.87 | 20.33 | 17.07 | 20.33 |
| Quick ratio | 8.23 | 10.01 | 10.01 | 10.15 | 9.46 | 11.11 | 13.12 | 23.88 | 28.22 | 19.75 | 16.79 | 19.90 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 88.4% | 90.9% | 91.2% | 93.2% | 94.6% | 95.2% | 94.9% | 96.1% | 96.3% | 94.7% | 93.7% | 94.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
CGEM financial position
At the end of fiscal 2025 (December 31, 2025), Cullinan Oncology had total assets of $448.4 million (down 27.9% from a year earlier), total liabilities of $39.6 million and shareholders' equity of $408.7 million. It held $377.9 million in cash and short-term investments against $2.7 million of debt, a net cash position of $375.2 million. Its current ratio was 10.25. In the latest quarter (ended June 30, 2026) total assets were $363.8 million and equity $321.8 million.
Related: CGEM income statement, CGEM cash flow statement, CGEM key metrics. See the CGEM stock overview for the latest quote and news.
CGEM balance sheet FAQ
What are Cullinan Oncology's total assets?
Cullinan Oncology reported total assets of $448.4 million at the end of fiscal 2025 (December 31, 2025), compared with $621.8 million a year earlier.
How much debt does Cullinan Oncology have?
Cullinan Oncology had $2.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Cullinan Oncology have?
Cullinan Oncology held $377.9 million in cash and short-term investments at the end of fiscal 2025; with $2.7 million of debt that is net cash of $375.2 million.
What is Cullinan Oncology's book value?
Cullinan Oncology's shareholders' equity (book value) was $408.7 million at the end of fiscal 2025, or $6.92 per share.
What is Cullinan Oncology's current ratio?
Cullinan Oncology had current assets of $386.8 million and current liabilities of $37.7 million, a current ratio of 10.25 (it can cover its short-term obligations).