Cullinan Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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FY2025 · Filed Mar 10, 2026
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)
| 2025 | 2024 | |
|---|---|---|
| Operating activities: | ||
| Net loss | $(219,879) | $(167,575) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Equity-based compensation expense | 36,040 | 37,824 |
| Accretion on marketable securities | (6,306) | (15,469) |
| Depreciation and amortization | 311 | 306 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | 6,897 | (2,472) |
| Accounts payable | (839) | (812) |
| Accrued expenses and other liabilities | 8,026 | 2,895 |
| Net cash used in operating activities | (175,750) | (145,303) |
| Investing activities: | ||
| Maturities of marketable securities | 416,572 | 584,817 |
| Purchase of marketable securities | (236,534) | (721,131) |
| Purchase of property and equipment | (49) | — |
| Net cash provided by (used in) investing activities | 179,989 | (136,314) |
| Financing activities: | ||
| Issuance of common stock under equity-based compensation plans | 1,088 | 7,984 |
| Issuance of common stock and pre-funded warrants, net of issuance costs | — | 262,652 |
| Acquisition of noncontrolling interests | — | (4,448) |
| Net cash provided by financing activities | 1,088 | 266,188 |
| Net decrease in cash and cash equivalents | 5,327 | (15,429) |
| Cash and cash equivalents at beginning of period | 83,005 | 98,434 |
| Cash and cash equivalents at end of period | $88,332 | $83,005 |
| SUPPLEMENTAL NONCASH DISCLOSURE | ||
| Non-cash investing and financing activities and supplemental cash flow information | ||
| Cash refunded for income taxes | $(2,970) | $(2,274) |
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.