Full Press Release Details
Cullinan Oncology Provides Corporate Update and
Reports Second Quarter 2021 Financial Results
Follow-up Cullinan Pearl data from Phase 1 portion of ongoing trial showed increased disease control rate (DCR) of
92% in the 100mg dose cohort
IND clearance of two immuno-oncology pipeline programs, Cullinan MICA and Cullinan Florentine, with clinical trial
starts for each program expected in 2H 2021
Strong balance sheet with cash and investments of $456.3 million as of June 30, 2021
Cambridge, MA, August 10, 2021 Cullinan Oncology, Inc. (Nasdaq: CGEM), an oncology company seeking to drive
shareholder returns by focusing on the patient, today announced its financial results for the second quarter ended June 30, 2021 and reported on recent business highlights.
Solid execution led to the advancement of our clinical pipeline this quarter, stated Owen Hughes, Chief Executive Officer of Cullinan Oncology.
We are pleased with the encouraging results of Cullinan Pearl (EGFR exon 20) showcased at ASCO as well as the recent IND clearance for the first two programs in our immuno-oncology pipeline, Cullinan MICA (MICA/B antibody) and Cullinan
Florentine (FLT3 bispecific). With over $456 million of cash and investments on hand, we remain well capitalized to advance our broad pipeline through multiple clinical readouts. In the near term, we expect to provide updated preclinical data
on Cullinan Amber at the Next-Gen Cytokine Therapeutics Summit in September as well as a Cullinan Pearl clinical and regulatory update in the fourth quarter.
Q2 2021 Portfolio Highlights
Q2 2021 Financial Results
About Cullinan Oncology
Cullinan Oncology is a biopharmaceutical company that strives to deliver results for our various stakeholders through disciplined capital allocation, decisive
action, prudent risk taking and creative business development. We seek to drive shareholder returns by focusing on the patient. The Company s strategy is to build a diversified pipeline of targeted and immuno-oncology therapeutic candidates
that are uncorrelated across multiple dimensions, with a focus on assets that it believes have novel technology, employ differentiated mechanisms, are in a more advanced stage of development than competing candidates, or have a combination of these
attributes. Learn more about Cullinan at www.cullinanoncology.com.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements
regarding Cullinan s beliefs and expectations regarding our preclinical and clinical development plans, clinical trial designs, clinical and therapeutic potential, and strategy of our product candidates, including but not limited to: the timing
and success of our planned preclinical and clinical development of our programs, including for CLN-081, CLN-619, and CLN-049, and
the timing and success of our planned regulatory submissions; our expectations and beliefs around the safety and activity of CLN-081 in our Phase 1/2a trial in patients with NSCLC harboring EGFRex20ins
mutations that have had at least one prior treatment; our ability to evaluate strategic opportunities to accelerate development timelines; the presentation of additional data at upcoming scientific conferences in 2021; our ability to optimize the
impact of our collaborations and license agreements with external parties; our ability to continue our growth; and our expectations regarding our use of capital.
Any forward-looking statements in this press release are based on management s current expectations and beliefs of future events, and are subject to
known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any expressed or implied by the forward-looking statements. These risks include, but are not limited to, the
following: uncertainty regarding the timing and results of regulatory submissions; success of our clinical trials and preclinical studies; risks related to our ability to protect and maintain our intellectual property position; risks related to
manufacturing, supply, and distribution of our therapeutic candidates; risks related to the impact of COVID-19 affecting countries or regions in which we have operations or do business, including potential
negative impacts on our employees, customers, supply chain and production as well as global economies and financial markets; the risk that any one or more of our product candidates, including those that are
co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future
studies; and success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission (SEC), including under the caption
Risk Factors in our most recent Annual Report on Form 10-K and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking
statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required
by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Moreover, except as required by law, neither Cullinan nor any other person assumes
responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made.
Cullinan Oncology, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except shares and per share amounts)
| December 31, 2020 | June 30, 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 168,198 | $ | 123,670 | ||||
| Short-term investments | 42,008 | 213,035 | ||||||
| Prepaid expenses and other current assets | 2,072 | 7,762 | ||||||
| Total current assets | 212,278 | 344,467 | ||||||
| Property and equipment, net | 130 | 102 | ||||||
| Other assets | 2,300 | 147 | ||||||
| Long-term investments | 119,637 | |||||||
| Total assets | $ | 214,708 | $ | 464,353 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,679 | $ | 1,510 | ||||
| Accrued expenses and other current liabilities | 4,641 | 4,233 | ||||||
| Total current liabilities | 14,320 | 5,743 | ||||||
| Long-term liabilities: | ||||||||
| Deferred rent | 74 | 70 | ||||||
| Total liabilities | 14,394 | 5,813 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Stockholders equity: | ||||||||
| Common stock, $0.0001 par value, 34,900,878 and 150,000,000 shares authorized as of December 31, 2020 and June 30, 2021, respectively; 29,831,125 and 43,526,224 shares issued and outstanding as of December 31, 2020 and June 30, 2021, respectively. | 3 | 4 | ||||||
| Additional paid-in capital | 292,348 | 564,705 | ||||||
| Accumulated other comprehensive loss | (2 | ) | (115 | ) | ||||
| Accumulated deficit | (93,339 | ) | (109,045 | ) | ||||
| Total Cullinan stockholders equity | 199,010 | 455,549 | ||||||
| Noncontrolling interests | 1,304 | 2,991 | ||||||
| Total stockholders equity | 200,314 | 458,540 | ||||||
| Total liabilities and stockholders equity | $ | 214,708 | $ | 464,353 |
Cullinan Oncology, Inc.
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except shares and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2021 | 2020 | 2021 | |||||||||||||
| License revenue | $ | $ | $ | $ | 18,943 | |||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 12,496 | 11,778 | 16,669 | 24,193 | ||||||||||||
| General and administrative | 1,626 | 4,826 | 2,994 | 9,982 | ||||||||||||
| Total operating expenses | 14,122 | 16,604 | 19,663 | 34,175 | ||||||||||||
| Loss from operations | (14,122 | ) | (16,604 | ) | (19,663 | ) | (15,232 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 246 | 173 | 624 | 222 | ||||||||||||
| Other income (expense), net | 1 | (8 | ) | 1 | (10 | ) | ||||||||||
| Net loss | (13,875 | ) | (16,439 | ) | (19,038 | ) | (15,020 | ) | ||||||||
| Net income/(loss) attributable to noncontrolling interest | (5,253 | ) | (803 | ) | (5,443 | ) | 686 | |||||||||
| Net loss attributable to common stockholders of Cullinan | $ | (8,622 | ) | $ | (15,636 | ) | $ | (13,595 | ) | $ | (15,706 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.44 | ) | $ | (0.36 | ) | $ | (0.71 | ) | $ | (0.37 | ) | ||||
| Total weighted-average shares used in computing net loss per share, basic and diluted | 19,619,748 | 43,295,372 | 19,115,380 | 42,713,059 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (13,875 | ) | $ | (16,439 | ) | $ | (19,038 | ) | $ | (15,020 | ) | ||||
| Unrealized gain/(loss) on investments | 177 | (55 | ) | 207 | (113 | ) | ||||||||||
| Comprehensive loss | (13,698 | ) | (16,494 | ) | (18,831 | ) | (15,133 | ) | ||||||||
| Comprehensive income/(loss) attributable to noncontrolling interest | (5,253 | ) | (803 | ) | (5,443 | ) | 686 | |||||||||
| Comprehensive loss attributable to Cullinan | $ | (8,445 | ) | $ | (15,691 | ) | $ | (13,388 | ) | $ | (15,819 | ) |