Cullinan Oncology Inc
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
CGEM$11.23-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| 2023 | 2022 | |
|---|---|---|
| Operating activities: | ||
| Net income (loss) | $(155,101) | $109,195 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Equity-based compensation expense | 30,438 | 27,957 |
| Amortization (accretion) on marketable securities | (10,154) | 1,294 |
| Impairment of long-lived assets | 440 | — |
| Depreciation and amortization | 310 | 93 |
| Non-cash contributions from noncontrolling interests | 131 | 374 |
| Gain on sale of Cullinan Pearl | — | (276,785) |
| Realized loss on marketable securities | — | 109 |
| Gain on disposal of fixed assets | — | (77) |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (5,944) | (1,130) |
| Accounts payable | (167) | (509) |
| Accrued expenses and other liabilities | 10,054 | 8,533 |
| Income tax payable | (4,282) | 4,282 |
| Net cash used in operating activities | (134,275) | (126,664) |
| Investing activities: | ||
| Proceeds from maturities of marketable securities | 409,397 | 352,933 |
| Purchase of marketable securities | (373,383) | (377,916) |
| Purchase of property and equipment | (208) | (1,133) |
| Sale of Cullinan Pearl, net of cash transferred with sale of $2,898 | — | 275,000 |
| Proceeds from sale of property and equipment | — | 91 |
| Net cash provided by investing activities | 35,806 | 248,975 |
| Financing activities: | ||
| Proceeds from issuance of common stock | 38,388 | — |
| Proceeds from net issuance of convertible notes | 1,825 | 2,375 |
| Proceeds from net issuance of common stock under equity-based compensation plans | 538 | 6,020 |
| Acquisition of noncontrolling interests | — | (33,281) |
| Repayment of convertible note | — | (2,200) |
| Contributions from noncontrolling interests | — | 1,153 |
| Net cash provided by (used in) financing activities | 40,751 | (25,933) |
| Net increase (decrease) in cash and cash equivalents | (57,718) | 96,378 |
| Cash and cash equivalents at beginning of period | 156,152 | 59,774 |
| Cash and cash equivalents at end of period | $98,434 | $156,152 |
| SUPPLEMENTAL NONCASH DISCLOSURE | ||
| Non-cash investing and financing activities and supplemental cash flow information | ||
| Conversion of convertible note into noncontrolling interest | $2,000 | $— |
| Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities | $— | $71 |
| Cash paid (refunded) for income taxes | $(4,433) | $37,801 |
See accompanying notes to consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.