Cullinan Oncology, Inc. (CGEM) Income Statement
CGEM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCGEM revenue and net income
CGEM profit margins
CGEM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CGEM quarterly EPS vs estimates
Cullinan Oncology beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.79).
CGEM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $18.9M | $18.9M | $0 | $0 | $0 | $0 |
| Cost of revenue | $311,000 | $306,000 | $310,000 | $93,000 | $53,000 | $62,000 | $70,000 | $43,000 | $0 | $0 |
| Gross profit | −$311,000 | −$306,000 | −$310,000 | −$93,000 | $18.9M | −$62,000 | −$70,000 | −$43,000 | $0 | $0 |
| Research & development | $187.4M | $142.9M | $148.2M | $91.9M | $57.8M | $43.2M | $16.8M | $9.6M | — | — |
| Sales, general & admin | $54.2M | $53.7M | $42.5M | $40.2M | $29.1M | $17.1M | $5.5M | $5.0M | $197,397 | $95,438 |
| Total operating expenses | $241.6M | $196.6M | $191.1M | −$144.6M | $86.9M | $60.3M | $22.3M | $14.6M | $197,397 | $95,438 |
| Operating income | −$241.6M | −$196.9M | −$191.1M | $144.6M | −$68.0M | −$60.3M | −$22.3M | −$14.6M | −$197,397 | −$95,438 |
| Interest income | $22.2M | $29.7M | $21.6M | $6.6M | $477,000 | $888,000 | $620,000 | $397,000 | — | — |
| Interest expense | — | — | — | $562.4M | $65.4M | $888,000 | $0 | $0 | $0 | $0 |
| Income before taxes | −$219.9M | −$167.5M | −$169.2M | $151.3M | −$67.5M | −$59.5M | −$21.7M | −$14.2M | −$316,703 | −$109,510 |
| Income taxes | — | $117,000 | −$14.1M | $42.1M | −$2.4M | −$8.6M | −$1.6M | $397,000 | $0 | $0 |
| Net income | −$219.9M | −$167.4M | −$153.2M | $111.2M | −$65.0M | −$50.8M | −$20.0M | −$14.2M | −$316,703 | −$109,510 |
| EBITDA | −$219.6M | −$167.2M | −$190.3M | −$132.0M | −$67.9M | −$60.3M | −$22.2M | −$14.5M | — | — |
| EPS (diluted) | −$3.35 | −$3.03 | −$3.69 | $2.37 | −$1.60 | −$4.91 | −$2.60 | −$0.84 | — | — |
| Gross margin | — | — | — | — | 100.0% | −0.3% | — | — | — | — |
| Operating margin | — | — | — | — | −358.7% | −318.5% | — | — | — | — |
| Net margin | — | — | — | — | −343.3% | −268.4% | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | — | $79,000 | $79,000 | — | $77,000 | $76,000 | $77,000 | $76,000 | $77,000 | $76,000 | $77,000 | $80,000 |
| Gross profit | — | −$79,000 | −$79,000 | — | −$77,000 | −$76,000 | −$77,000 | −$76,000 | −$77,000 | −$76,000 | −$77,000 | −$80,000 |
| Research & development | $44.4M | $42.1M | $42.9M | $42.0M | $61.0M | $41.5M | $40.5M | $35.5M | $36.3M | $30.6M | $34.8M | $33.8M |
| Sales, general & admin | $12.8M | $11.6M | $12.3M | $13.6M | $14.8M | $13.5M | $14.6M | $13.3M | $13.8M | $12.4M | $10.7M | $11.0M |
| Total operating expenses | $57.3M | $53.7M | $55.3M | $55.6M | $75.8M | $55.0M | $55.0M | $48.9M | $50.0M | $42.9M | $45.4M | $45.2M |
| Operating income | −$57.3M | −$53.7M | −$55.3M | −$55.6M | −$75.8M | −$55.0M | −$55.0M | −$48.9M | −$50.0M | −$43.0M | −$45.5M | −$45.2M |
| Interest income | $3.6M | $4.1M | $4.6M | $5.1M | $5.9M | $6.6M | $7.5M | $8.4M | $8.1M | $5.7M | $5.9M | $5.9M |
| Income before taxes | −$53.7M | −$49.7M | −$50.7M | −$50.6M | −$70.1M | −$48.5M | −$47.5M | −$40.6M | −$42.0M | −$37.3M | −$39.7M | −$39.2M |
| Income taxes | — | — | — | — | — | — | $117,000 | — | — | −$192,000 | −$14.1M | −$5.4M |
| Net income | −$53.7M | −$49.7M | −$50.7M | −$50.6M | −$70.1M | −$48.5M | −$47.6M | −$40.6M | −$42.0M | −$37.1M | −$23.8M | −$39.2M |
| EBITDA | −$53.6M | −$53.6M | −$50.6M | −$50.5M | −$70.0M | −$48.4M | −$47.5M | −$40.5M | −$42.0M | −$37.3M | −$39.6M | −$44.7M |
| EPS (diluted) | −$0.81 | −$0.75 | −$0.77 | −$0.77 | −$1.07 | −$0.74 | −$0.73 | −$0.69 | −$0.75 | −$0.86 | −$0.54 | −$0.91 |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CGEM's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CGEM financial results
Cullinan Oncology reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $219.9 million. Diluted earnings per share came to −$3.35.
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CGEM income statement FAQ
Does Cullinan Oncology have revenue?
Cullinan Oncology reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Cullinan Oncology profitable?
No. Cullinan Oncology reported a net loss of $219.9 million in fiscal 2025.
How much does Cullinan Oncology spend on research and development?
Cullinan Oncology spent $187.4 million on research and development in fiscal 2025.
What are Cullinan Oncology's earnings per share?
Cullinan Oncology earned $-3.35 per diluted share in fiscal 2025, compared with $-3.03 a year earlier.
When will Cullinan Oncology report its next earnings?
Cullinan Oncology is expected to report results for the quarter ending September 30, 2026 on November 5, 2026.
When does Cullinan Oncology's fiscal year end?
Cullinan Oncology's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.