Cullinan Q2 net loss $70.1M, cash $510.9M; appoints new directors; CLN-978 enrolling

Cullinan Therapeutics, Inc.

Q2 2025 net loss $70.1M vs $42.0M; R&D expenses $61.0M vs $36.3M; cash and investments $510.9M providing runway into 2028.
Board changes effective Aug 7: Anne-Marie Martin and David Ryan resigned; Mittie Doyle and Andrew Allen appointed as Class I and II directors, respectively.
CLN-978 Phase 1 studies in SLE, RA, and Sjögren's actively enrolling; initial SLE safety and B cell depletion data expected Q4 2025.
Velinotamig (BCMAxCD3 T cell engager) in-licensed from Genrix Bio for $20M upfront; up to $692M in milestones plus tiered royalties.
Partner Taiho plans to submit NDA for zipalertinib in relapsed EGFR ex20ins NSCLC by end of 2025 based on REZILIENT1 pivotal data.

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