Cullinan Therapeutics (CGEM) Cash Flow: Operating & Free Cash Flow

Cullinan Therapeutics Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Cullinan Therapeutics, Inc. (CGEM) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	-219.88	-167.58	-155.10	109.20	-67.49	-51.80	-20.66	-14.19
Depreciation & Amortization	0.31	0.31	0.31	0.09	0.05	0.06	0.07	0.04
Deferred Income Tax	0.00	0.00	0.00	0.00	3.10	0.00	0.00	0.00
Stock Based Compensation	36.04	37.82	30.44	27.96	24.38	14.91	0.00	0.00
Change in Working Capital	14.08	-0.39	-0.34	11.18	-3.54	6.85	0.14	0.35
Change in Accounts Payable	-0.84	-0.81	-4.45	-0.51	-4.84	5.58	0.64	0.23
Change in Other Working Capital	14.92	-2.47	0.13	-1.13	-3.27	1.27	-0.50	0.12
Other Operating Activities	-6.31	-15.47	0.13	-275.09	3.17	-6.48	-0.45	0.25
Net Cash from Operating Activities	-175.75	-145.30	-134.28	-126.66	-43.43	-29.77	-20.90	-13.55
Investing Activities
Capital Expenditures	-0.05	0.00	-0.21	-1.13	-0.59	-0.01	-0.02	-0.26
Acquisitions	0.00	0.00	-0.04	275.00	0.92	1.45	0.00	0.00
Purchases of Investments	-236.53	-721.13	-373.38	-377.92	-525.81	-6.86	-35.38	0.00
Sales/Maturities of Investments	416.57	584.82	409.40	352.93	192.04	62.90	0.00	0.00
Other Investing Activities	0.00	0.00	0.04	0.09	-0.33	1.45	0.00	0.00
Net Cash from Investing Activities	179.99	-136.31	35.81	248.98	-333.78	-5.42	-35.40	-0.26
Financing Activities
Debt Repayment	0.00	0.00	1.83	-2.20	0.00	0.00	0.00	0.00
Common Stock Issued	1.09	262.65	38.39	6.02	270.55	145.51	85.72	0.00
Common Stock Repurchased	0.00	-4.45	0.00	-33.28	0.00	0.00	0.00	0.00
Other Financing Activities	0.00	-4.45	0.54	-32.13	-1.77	-5.37	0.00	-0.03
Net Cash from Financing Activities	1.09	266.19	40.75	-25.93	268.78	140.14	85.72	-0.03
Summary
Net Change in Cash	5.33	-15.43	-57.72	96.38	-108.42	104.95	29.42	-13.84
Cash at Beginning of Period	83.01	98.43	156.15	59.77	168.20	63.25	33.83	47.67
Cash at End of Period	88.33	83.01	98.43	156.15	59.77	168.20	63.25	33.83
Free Cash Flow	-175.80	-145.30	-134.48	-127.80	-43.43	-29.78	-20.92	-13.81
Supplemental Disclosures
Income Taxes Paid	-	-2.27	-4.43	37.80	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Cullinan Therapeutics Cash Flow

What is Cullinan Therapeutics's free cash flow?

Cullinan Therapeutics had negative free cash flow of $175.80M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$175.75M minus $49.00K of capital expenditures.

How much does Cullinan Therapeutics spend on capital expenditures?

Cullinan Therapeutics spent $49.00K on capital expenditures in fiscal 2025.

Does Cullinan Therapeutics pay dividends or buy back shares?

Cullinan Therapeutics's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition