Cullinan Oncology, a clinical-stage biopharmaceutical company, has recently released its 10-K report, providing insights into its financial condition and results of operations. The company's lead candidate is CLN-081, an orally bioavailable small-molecule in a Phase IIb dose escalation for treating non-small cell lung cancer. Additionally, Cullinan Oncology's pipeline includes products like CLN-049, CLN-619, CLN-418, CLN-617, and CLN-978, all at various stages of clinical trials. The company has collaboration agreements with Cullinan Pearl Corp. and Adimab, LLC, and is headquartered in Cambridge, Massachusetts.
In the 10-K report, Cullinan Oncology disclosed that as of December 31, 2023, it had cash, cash equivalents, short-term investments, and interest receivable totaling $468.3 million. The company has primarily funded its operations through the sale of equity securities and from licensing or selling the rights to its product candidates. It has not generated any revenue from product sales and has incurred significant operating losses, with an accumulated deficit of $200.9 million as of December 31, 2023.
The report also detailed the components of the company's results of operations. Cullinan Oncology's research and development expenses for 2023 amounted to $148.2 million, representing a significant increase from $92.0 million in 2022. This increase was primarily attributed to higher clinical costs, an upfront fee due upon in-licensing a product candidate, increased personnel costs, and higher equity-based compensation costs. The company's general and administrative expenses for 2023 totaled $42.5 million, slightly higher than the $40.2 million reported in 2022.
Furthermore, the 10-K report outlined the company's financial performance, revealing that Cullinan Oncology reported a net loss of $155.1 million for 2023, compared to a net income of $109.2 million in 2022. The net loss attributable to common stockholders of Cullinan was $153.2 million for 2023, a significant decrease from the net income of $111.2 million in 2022.
Today the company's shares have moved -1.0% to a price of $16.81. Check out the company's full 10-K submission here.
