How profitable is Cullinan Therapeutics Inc. (CGEM)?

In FY 2025 (10-K), CGEM converted $676.6M of revenue into a 52% gross margin, 0% operating margin, and $0 in free cash flow (0% FCF margin).

Stock Ratings / Health Care / CGEM / financials

ODTX (46) GLUE (25) MGTX (20) INBX (18) ⌘ Pro Terminal →

Cullinan Therapeutics Inc. (CGEM) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$14.93 -0.66% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $14.88

Cullinan Therapeutics Inc. (CGEM) carries a Roarable Rating of E (Strong Sell) with 32/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

📊 Historical Track Record Warning: Scores below 50 (32/100 · E) historically underperformed SPY in 71% of rolling 90-day windows →

ROARABLE E • RED ALERT Cap $967.3M

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is CGEM stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, Cullinan Therapeutics Inc. (NASDAQ: CGEM) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 32/100 at a spot price of $14.93 (-0.66% 1D, market cap $967.3M). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 7/20, Executive Insider Alignment 10/20, FRED Macro Regime Fit 5/20, and SEC Balance-Sheet Forensics 3/20. Across 1016 tracked Health Care issuers, CGEM ranks #715 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does CGEM compare to ODTX and GLUE in the Health Care sector?

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Within the Health Care sector (Biotechnology: Biological Products (No Diagnostic Substances)), CGEM carries a Roarable E (32/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of -35.0%. By comparison, ODTX (Odyssey Therapeutics Inc.) holds a D grade (46/100 RQD, P/E N/A, ROIC —, cap $939.1M) and GLUE (Monte Rosa Therapeutics Inc.) posts a E grade (25/100 RQD, P/E N/A, ROIC -35.0%, cap $918.0M). Among the 5-stock peer group, CGEM leads on earnings multiple (N/A) while CGEM leads on capital efficiency (-35.0% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for CGEM?

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Per CGEM's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001789972), Cullinan Therapeutics Inc. generated $676.6M in revenue (+22.7% YoY), -$219.9M in net income, and -$175.8M in free cash flow against $448.4M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Health Care with deep daily trading liquidity.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $14.88 (-0.31%)🧬 Dilution Drag (+2.48% YoY Shares)⚙️ Cash Engine: 7/20 (D-) • 0% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record Warning: Scores below 50 (32/100 · E) historically underperformed SPY in 71% of rolling 90-day windows (-9.2% avg 90D alpha vs SPY • 29.0% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERRED ALERT • E

3-of-3 JEV AI Jury Bearish Warning

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw E · Rk D-

Each axis scored 0–20

12M PRICE TARGET CONE-11.7% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for CGEM)Realized 20D OHLCV Swing Band: ±11.9%

Deterministic 5-Pillar Attribution (32/100 Composite)

🔍 WHY CGEM SCORES 32/100 (E) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: SEC 10-K Forensic Risk+10/20 pts (31% of score)

Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 2/9

▲ #2 Bullish Driver: Cash Engine Quality+7/20 pts (22% of score)

SEC XBRL FY 2025 (10-K): 0% FCF Margin ($0 FCF) & 52% Gross Margin

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution4/20 pts (-16 pt drag)

Dilution Drag (+2.48% YoY Shares) & executive Form 4 sales trim 16 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade E$14.10+5.2% Next Q

Q2 (-2Q)

Grade E$14.83+0.1% Next Q

Q3 (-1Q)

Grade E$14.84+0.6% Next Q

Current

Grade E$14.93-9.2% Hist 90D α

Trajectory: E (24) → E (32)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a CGEM Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While CGEM currently carries a cautious 32/100 (E) rating due to Insider Conviction & Share Dilution (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Health Care with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($17.65) and Max Pain ($15.68) forces dealer call-delta covering toward $24.35.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Dilution Drag (+2.48% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $CGEM• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “CGEM Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 32%NO 68%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How CGEM Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$0 (0% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $535.0M

FY24

Rev $551.4M

FY25

Rev $676.6M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$676.6M	52%	-35.7%	-$219.9M	-$175.8M	-45%
FY 2024	$551.4M	52%	-35.7%	-$167.6M	-$145.3M	-30.7%
FY 2023	$535.0M	52%	-35.7%	-$155.1M	-$134.3M	-35%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring CGEM)

✓Walkthrough of CGEM's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

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CGEM // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -2.67%📐 HORIZONTAL RANGE

2026-11-03O $15.45H $15.45L $14.93C $14.93VOL 389.4K

RES: $27.49SUP: $12.22SMA50: $17.65SMA200: $15.85

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

CGEM Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 CGEM Butterfly Map → + Track CGEM →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

8.0%/yr Implied 5Y Growth

vs. +6.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on CGEM today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for CGEM. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for CGEM today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (CGEM)

Health Care Rank #715 of 1016 ⚔️ ODTX vs CGEM Full Matrix →

1. Head-to-Head Health Care Peer Comparison (CGEM vs. ODTX, GLUE, MGTX, INBX)

Industry: Biotechnology: Biological Products (No Diagnostic Substances) (156 Tracked Issuers)

Across 1016 tracked Health Care securities in the Roarable RQD universe, Cullinan Therapeutics Inc. (CGEM) ranks #715 by composite RQD confidence (32/100, grade E) and #360 by equity capitalization ($967.3M). Within this direct 5-issuer industry benchmark cohort, CGEM leads on earnings valuation at N/A trailing P/E, while CGEM leads on capital efficiency and profitability with -35.0% ROIC and — gross margin. ODTX currently holds the highest overall quantitative score in the immediate peer group at 46/100 (D) compared with CGEM at 32/100 (E).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
CGEM ACTIVE Cullinan Therapeutics Inc.	E	32/100	—	—	-35.0%	-0.66%	$967.3M	Benchmark Subject
ODTX Odyssey Therapeutics Inc.	D	46/100	—	—	—	-0.05%	$939.1M	/odtx-vs-cgem →
GLUE Monte Rosa Therapeutics Inc.	E	25/100	—	—	-35.0%	-1.21%	$918.0M	/glue-vs-cgem →
MGTX MeiraGTx Holdings plc	E	20/100	—	—	-35.0%	-1.79%	$911.4M	/mgtx-vs-cgem →
INBX Inhibrx Biosciences Inc.	E	18/100	—	—	-35.0%	+0.53%	$1.06B	/inbx-vs-cgem →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001789972

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Cullinan Therapeutics Inc. (CGEM) reported GAAP revenue of $676.6M (+22.7% vs. FY2024 revenue of $551.4M , and +26.5% cumulative change since FY2023) , GAAP net income of -$219.9M, operating cash flow of -$175.8M, and free cash flow of -$175.8M (-21.0% YoY). On the balance sheet, CGEM closed FY2025 with $448.4M in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 2/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$676.6M	-$219.9M	-$175.8M	-$175.8M	$448.4M	—
FY2024 (FY)	2024-12-31	$551.4M	-$167.6M	-$145.3M	-$145.3M	$621.8M	—
FY2023 (FY)	2023-12-31	$535.0M	-$155.1M	-$134.3M	-$134.3M	—	—

3. CGEM Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is CGEM stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does CGEM compare to ODTX and GLUE in the Health Care sector?

What are the biggest fundamental strengths and SEC risk factors for CGEM?

Where is CGEM trading relative to its 50-day, 200-day, and 52-week technical levels?

CGEM last traded at $14.93 (-0.66% on volume of 730,788 shares), positioning the stock -15.41% below its 50-day simple moving average ($17.65) and -5.80% below its 200-day simple moving average ($15.85). Across its 52-week range of $6.73 to $23.19, CGEM sits at the 49.8% percentile with a 14-day RSI of 45.7 (NEUTRAL RANGE) and an implied next-earnings move of ±11.9% ($13.15 to $16.71).

Direct Sub-Reports: CGEM RQD Cockpit CGEM 12M Forecast CGEM Earnings & Move CGEM Dividends & DRIP CGEM Insiders & 13F CGEM Whale Options CGEM Profit Sankey CGEM News & Why

ROARABLE RATING BRIEF • RQD 32/100 (E) ✓ STAGE-C NUMBER FIREWALL VERIFIED

CGEM — Cullinan Therapeutics Inc.: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T15:31:20Z

1. Roarable Rating Brief: What This Means to a Prospective Investor

CGEM scores 32 out of 100 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are scored as follows:

Fundamental Cash Engine: 7 / 20. this reflects ROIC of -35% and an FCF yield of -17.68%.
Whale 13F Flow: 7 / 20. this pillar covers institutional accumulation and options positioning. The score is below midpoint, indicating limited institutional conviction as reflected in the rating inputs.
Insider Conviction: 3 / 20. this pillar covers SEC Form 4 and Congressional PTR cluster flow.
Macro Regime Fit: 5 / 20. beta is 1.0 with sector sensitivity considered. The score indicates limited favorable alignment with the current macro regime in the rating's framework.
Forensic Balance Sheet: 10 / 20. Altman Z is 2.5, Piotroski F is 2 of 9, and Debt/Equity is 0.5. This is the highest pillar but still sub-50%, reflecting weak accounting-quality signals.

Investment implication: the rating frames CGEM as a forensic-risk name. Upside would require a reversal in cash burn and insider/institutional conviction, none of which the source data shows as having begun. Valuation tradeoffs center on a $994.3M market capitalization against negative operating and free cash flow; the absence of earnings-based multiples means conventional valuation anchors cannot be applied from the source data alone.

2. Business Model, Unit Margins & SEC Financial Trajectory

Cullinan Therapeutics Inc. Is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: Biological Products (No Diagnostic Substances) industry,.

The company reported operating and net losses in every period shown, with losses widening from FY 2023 to FY 2025. Gross, operating, and net margins are each 0% per the market data. ROIC is -35%, the Altman Z-Score is 2.5, and the Piotroski F-Score is 2 of 9. Reported cash was $88.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case: A cited BTIG Buy rating with a $41 price target sits against a $15.45 share price, per the news wire. With Fundamental Cash Engine at 7/20 (ROIC -35.0%, FCF yield -17.68%) and Institutional Whale Flow at 7/20, sustained execution supports upside toward the top of the $6.73 – $23.19 52-week range.
🐻 Primary Bear Case: Free cash flow of -$175.8M in FY 2025 against $88.3M in cash, with ROIC of -35%, and market data. Investors must weigh current valuation against — operating margins and a 1.00 macro beta if sector demand softens.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

The source data therefore does not establish upstream or downstream dependencies, sector correlations, or second-order bottlenecks. The only sector context is the classification itself: Health Care, Biotechnology: Biological Products.

Key Question #1: What are CGEM's products and clinical or regulatory milestones, and what is the timing of the FDA filing referenced in the news wire?
Key Question #2: What is the company's debt position and runway, given that cash is reported at $88.3M against FY 2025 free cash flow of -$175.8M?
Key Question #3: What drove the cash burn trend from FY 2023 to FY 2025, and what is the path to positive cash flow?

CGEM Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Cullinan Therapeutics Inc. (CGEM) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to CGEM Debate Forum (3) ↓

🟡 MARKET WIRE Yahoo! Finance Canada • 20h ago

Cullinan Therapeutics, Inc. (CGEM) Stock Price, News, Quote & History

Yahoo! Finance Canada report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

Cullinan Therapeutics, Inc. Estimates – NASDAQ:CGEM

TradingView report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Simply Wall St • 1d ago

How FDA Filing Progress Will Impact Cullinan Therapeutics Stock

Simply Wall St report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE MarketBeat • 1d ago

Cullinan Therapeutics (NASDAQ:CGEM) Shares Gap Up - Here's What Happened

MarketBeat report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE TradingView • 1d ago

BTIG maintains Buy rating on Cullinan Therapeutics, $41 price target

TradingView report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔴 RISK WATCH Simply Wall St • 1d ago

Cullinan Therapeutics (CGEM) Starts Zipalertinib NDA Submission, Is The Stock Still 52% Undervalued?

Simply Wall St report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE MarketBeat • 1d ago

Ellsworth Advisors LLC Buys New Stake in Cullinan Therapeutics, Inc. $CGEM

MarketBeat report covering Cullinan Therapeutics Inc. (CGEM) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 1d ago

Learn Why The Bull Case For Cullinan Therapeutics (CGEM) Could Change Following Trial Clearance

Cullinan Therapeutics reported that the U.S. FDA and Australian TGA cleared a global Phase 1b/2a trial of velinotamig in adults with relapsing and refractory immune thrombocytopenia and warm autoimmune hemolytic anemia,

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

CGEM Bull vs. Bear Conversation Board — What's Your Call at $14.93?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON CGEM 🐻 33% BEARISH CONVICTION

MI MidwestValue Fundamental Long-Only 🐂 BULLISH 🎯 Target: $19.09 (+27.0%)

📌 Pinned Debate

A cited BTIG Buy rating with a $41 price target sits against a $15.45 share price, per the news wire.

A cited BTIG Buy rating with a $41 price target sits against a $15.45 share price, per the news wire.. When you look under the hood at CGEM, Fundamental Cash Engine is 7/20 with 0.0% gross margins and -35.0% ROIC. Bears are staring in the rearview mirror while institutional 13F flow (7/20) has been quietly accumulating below $23.19. My 12M target is $19.09.

SectorRotator 🐂 BULL

@FadeTheHype Fair point on current EV/EBITDA multiples, but you're ignoring the forward operating leverage in Biotechnology: Biological Products (No Diagnostic Substances). If gross margin (0.0%) holds, EPS grows into the multiple faster than bears think.

FA FadeTheHype Contrarian Tape Reader 🐻 BEARISH 🎯 Target: $12.32 (-18.0%)

Spot @ $15.03

Free cash flow of -$175.8M in FY 2025 against $88.3M in cash, with ROIC of -35%, per the SEC financials and market data.

Free cash flow of -$175.8M in FY 2025 against $88.3M in cash, with ROIC of -35%, per the SEC financials and market data.. Look at the math on CGEM: paying current EV/EBITDA multiples for -35.0% ROIC and 0.0% operating margins leaves zero margin of safety if Biotechnology: Biological Products (No Diagnostic Substances) demand softens. I'd wait for a retest of $13.23 before getting long.