Cullinan Oncology reports Q2 2022 net income of $174.1M, cash runway through 2026 after Taiho deal

Cullinan Therapeutics, Inc.

2022-Q2 EPS reported $3.51

Cash and investments $656M as of June 30, 2022; expected to fund operations through 2026.
Completed strategic collaboration with Taiho for CLN-081; received $275M upfront, eligible for $130M milestones.
Net income of $174.1M in Q2 2022 vs net loss of $12.9M in Q1 2022, driven by $276.8M gain on sale of Cullinan Pearl.
Updated CLN-081 data at ASCO: median DOR >21 months, median PFS 12 months, 41% confirmed ORR at 100mg BID.
Initial clinical data for CLN-619 and CLN-049 expected by mid-2023; IND filings for CLN-617, CLN-978 in H1 2023.

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