Core Insights - The presentation focuses on the initial results of CLN-049, which were presented at the ASH event, highlighting its potential for patients with Acute Myeloid Leukemia (AML) [1] Company Pipeline Strategy - The company outlines its broad pipeline strategy, indicating a structured approach to drug development and future projects [4] - The Chief Medical Officer will recap the results of CLN-049 and discuss immediate next steps for its development [4] Key Personnel Involvement - Dr. Jeff Jones, the Chief Medical Officer, and Dr. David Sallman from the Moffitt Cancer Center are key figures in the presentation, with Dr. Sallman being a leading investigator in the study and a prominent researcher in p53-mutated AML and MDS [3]

Summary of Cullinan Therapeutics Update / Briefing Company Overview - **Company**: Cullinan Therapeutics (NasdaqGS: CGEM) - **Focus**: Development of T-cell engagers for oncology and autoimmune diseases, particularly in acute myeloid leukemia (AML) Key Points from the Call Industry Context - **AML Treatment Landscape**: There is a significant unmet need for effective treatments, especially for patients with TP53 mutated AML, which has a poor prognosis [2][24] - **Current Market**: Approximately 22,000 new AML cases are diagnosed annually in the U.S., with a large portion relapsing after initial therapy, representing a market opportunity exceeding $1 billion [45][46] Pipeline and Product Development - **CLN-049**: A FLT3-directed T-cell engager showing promise in treating AML, particularly in patients with TP53 mutations [8][9] - **Clinical Trials**: - Initial data from a dose escalation study indicated a composite complete response (CR) rate of 31% at the highest dose of 12 micrograms per kilogram [18][21] - The study enrolled 45 patients, with 41 providing efficacy data, showing a favorable safety profile with manageable cytokine release syndrome (CRS) [12][15] - Fast-track designation from the FDA was secured for CLN-049, emphasizing its potential in treating relapse refractory AML [6][21] Clinical Efficacy and Safety - **Efficacy Data**: - Among patients treated at doses above 6 micrograms, 8 out of 32 showed a response, with 5 achieving CR at the highest dose [18][19] - Durable responses were noted, with some patients remaining in remission beyond 16 weeks [19][21] - **Safety Profile**: - CRS was the most common adverse event, occurring in just over one-third of patients, with most cases being grade one or two [15][16] - The safety profile is favorable compared to existing T-cell engagers in other hematologic malignancies [15][16] Future Development Plans - **Expansion Studies**: Plans to initiate expansion studies in Q1 2026, targeting both all-comer AML patients and those with TP53 mutations [20][47] - **Regulatory Pathway**: A clear development strategy is in place for both relapse refractory and frontline settings, with plans for a pivotal single-arm study for accelerated approval [46][47] Commercial Opportunity - **Market Potential**: The broad applicability of CLN-049 to AML patients without the need for biomarker testing positions it uniquely in the market, potentially disrupting current treatment paradigms [45][46] - **Financial Outlook**: The opportunity in the relapse refractory segment alone is estimated to exceed $1 billion, with expansion into frontline settings opening up multi-billion-dollar potential [46][48] Additional Insights - **TP53 Mutations**: A significant focus on patients with TP53 mutations, which represent a challenging subset of AML, with a median survival of only six months in frontline settings [33][34] - **Research and Development**: The company is leveraging its internal expertise in hematology to expedite the development of CLN-049, aiming to address the urgent need for effective therapies in AML [46][48] This summary encapsulates the critical insights from the Cullinan Therapeutics update, highlighting the company's strategic focus on CLN-049 and its potential impact on the treatment landscape for AML.

© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 2 Agenda Introduction & Pipeline Strategy Nadim Ahmed CLN-049 Update at ASH December 8, 2025 Important notice and disclaimers This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including express or implied statements regarding the Company's beliefs and expectat ...

Group 1 - U.S. stocks experienced a decline, with the Dow Jones falling over 200 points on Monday [1] - Paramount Skydance Corporation launched an all-cash tender offer to acquire Warner Bros. Discovery, Inc. for $30 per share, valuing the company at $108.4 billion [1] - Paramount aims to create a scaled Hollywood leader by merging with Warner Bros. [1] Group 2 - Paramount Skydance shares increased by 9.8% to $14.68 on Monday [2] - Other notable stocks that gained include Wave Life Sciences Ltd., which rose 129.1% to $17.16 after positive interim Phase 1 data for its obesity drug [4] - Structure Therapeutics Inc. saw a gain of 100.5% to $69.30 following the announcement of topline data from its clinical program for obesity treatment [4] Group 3 - Fulcrum Therapeutics, Inc. shares rose 62.3% to $14.44 after reporting initial results from its Phase 1b trial for sickle cell disease [4] - Kymera Therapeutics, Inc. gained 51.2% to $100.75 after reporting successful trial results for its KT-621 drug [4] - Confluent, Inc. shares increased by 29.2% to $29.89 after IBM agreed to acquire the company for $31 per share [4]

Core Insights - CLN-049 monotherapy shows promising efficacy in patients with relapsed/refractory acute myeloid leukemia (R/R AML), achieving a 31% complete response (CR) rate at the highest tested dose of 12 µg/kg [1][5][12] - The drug has received Fast Track designation from the U.S. FDA, indicating its potential to address unmet medical needs in AML treatment [1][12] - An in-person event will be held by the company to discuss the clinical data presented at the 67th American Society of Hematology Annual Meeting [1][8] Efficacy Results - As of August 2025, 45 patients were enrolled in the Phase 1 study, with 41 patients being evaluable for efficacy [3] - The CR/CRh rate at the highest dose of 12 µg/kg was 31%, with anti-leukemic activity observed at doses ≥6 µg/kg [5][6] - Among patients achieving a CR/CRh response at doses ≥6 µg/kg, 63% had a duration of response exceeding 16 weeks [4][6] Safety Profile - The safety profile of CLN-049 is favorable, with the most common treatment-emergent adverse events being cytokine release syndrome (35.6%) and infusion-related reactions (33.3%) [13] - Most adverse events were Grade 1 or 2, with no Grade 3 cytokine release syndrome observed [13] Target Population - CLN-049 targets FLT3-expressing leukemia cells, applicable to both mutated and non-mutated forms, making it relevant for a broad population of AML patients [10][13] - The drug shows particular promise for patients with TP53-mutated AML, with a 50% CR/CRh response rate observed in this subgroup at the highest dose [13] Future Development - The development of CLN-049 will continue under FDA Fast Track designation, with ongoing dose escalation and planned expansion cohorts in early 2026 [7][12]

Core Insights - The FDA has granted Fast Track designation to CLN-049 for treating relapsed/refractory acute myeloid leukemia (AML), highlighting the urgent need for new treatment options in this area [1][2] - Initial results from the Phase 1 study of CLN-049 indicate meaningful efficacy, including complete responses, suggesting its potential as a novel immunotherapeutic approach for AML [2][4] - CLN-049 is a bispecific T cell engager designed to target FLT3-expressing leukemia cells, making it applicable to a broad population of AML patients regardless of FLT3 mutational status [4][5] Company Overview - Cullinan Therapeutics, Inc. is focused on developing first- or best-in-class therapies for autoimmune diseases and cancer, leveraging expertise in T cell engagers [8] - The company is advancing its clinical-stage pipeline with a rigorous scientific approach aimed at delivering new standards of care for patients [8] Industry Context - Acute myeloid leukemia (AML) is the most common form of acute leukemia in adults, with approximately 22,000 new diagnoses annually in the U.S. and around 11,000 deaths [6] - Despite recent advances, the five-year survival rate for patients with relapsed or refractory AML is 10% or less, indicating a significant unmet medical need for effective therapies [7] - Currently, there are no approved immunotherapies for AML, underscoring the critical demand for innovative treatment options [7]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Chijet Motor Company, Inc. (CJET) is up 40% at $2.67 - JX Luxventure Group Inc. (JXG) is up 19% at $4.12 - Inspire Medical Systems, Inc. (INSP) is up 15% at $103.50 - Epsium Enterprise Limited (EPSM) is up 15% at $4.14 - Oscar Health, Inc. (OSCR) is up 12% at $15.13 - Green Dot Corporation (GDOT) is up 11% at $13.21 - Butterfly Network, Inc. (BFLY) is up 6% at $2.82 - Cullinan Therapeutics, Inc. (CGEM) is up 5% at $10.00 - Vir Biotechnology, Inc. (VIR) is up 5% at $5.99 - Nvni Group Limited (NVNI) is up 5% at $3.17 [3] Premarket Losers - Clearside Biomedical, Inc. (CLSD) is down 69% at $0.82 - Twin Hospitality Group Inc. (TWNP) is down 20% at $2.84 - Shuttle Pharmaceuticals Holdings, Inc. (SHPH) is down 15% at $1.35 - Mobile-Network Solutions (MNDR) is down 12% at $4.16 - Waldencast plc (WALD) is down 10% at $2.75 - authID Inc. (AUID) is down 9% at $1.21 - EZGO Technologies Ltd. (EZGO) is down 6% at $1.98 - SciSparc Ltd. (SPRC) is down 5% at $2.34 - Twin Vee Powercats Co. (VEEE) is down 5% at $1.70 - Agape ATP Corporation (ATPC) is down 5% at $1.22 [4]

Summary of Cullinan Therapeutics FY Conference Call Company Overview - **Company**: Cullinan Therapeutics (NasdaqGS: CGEM) - **Focus**: Development of transformative medicines for cancer and autoimmune diseases - **Pipeline Strategy**: Concentrates on molecules that are either first in class or best in class, with a focus on clinically validated targets and substantial market opportunities [5][6] Key Pipeline Developments - **Current Pipeline**: Updated to include relatively de-risked molecules, with three out of four being T-cell engagers [5][6] - **Discontinued Programs**: CLN-617 (IL-2, IL-12 fusion protein) and CLN-619 (MICA/MICB antibody) were discontinued due to not meeting internal criteria [6] - **Highlighted Programs**: - **CLN-978**: A CD19 x CD3 T-cell engager aimed at autoimmune diseases, with a dedicated immunology team managing a global development program across three indications [6][7] - **CLN-049**: A potential first-in-class FLT3 x CD3 T-cell engager for AML, showing a 30% composite complete response rate in initial data [8][16] - **Zipalertinib**: An EGFR tyrosine kinase inhibitor for non-small cell lung cancer, with an NDA submission expected by the end of the year [10][11] Market Opportunities and Validation - **Autoimmune Diseases**: The scientific community recognizes CD19 as a high-impact target, and T-cell engagers are seen as a new treatment modality [8] - **Oncology**: The development and regulatory path for AML is clear, with a focus on broad applicability across AML patient populations [14][20] - **Cash Position**: As of September, the company reported approximately $475 million in cash, providing a runway into 2029 without immediate capital raising needs [11][12] Clinical Insights - **Patient Population for CLN-049**: Enrolled patients are treatment-experienced with high-risk genetic abnormalities, showing a need for improved therapies [17][18] - **Durability of Response**: Some complete responses observed out to six months, with ongoing studies expected to provide more data [19] - **Safety Profile**: Initial dose escalation studies show mild adverse events, with a favorable therapeutic index compared to other therapies [22][23] Future Development Strategy - **Regulatory Pathway**: Clear and capital-efficient pathway to approval for CLN-049, with potential for accelerated approval based on single-arm studies [20] - **T-cell Engager Advantages**: T-cell engagers are positioned as next-generation therapies with the potential to displace existing treatments, including monoclonal antibodies [38] Conclusion - **Strategic Positioning**: Cullinan Therapeutics is well-resourced and positioned to advance its pipeline with multiple catalysts on the horizon, aiming to address significant unmet needs in both oncology and autoimmune diseases [12][39]

Core Insights - Cullinan Therapeutics, Inc. is actively participating in investor conferences and hosting an event at the 2025 ASH Annual Meeting to showcase its advancements in therapies for autoimmune diseases and cancer [1][4] Company Overview - Cullinan Therapeutics, Inc. (Nasdaq: CGEM) focuses on developing first- or best-in-class therapies for autoimmune diseases and cancer, leveraging expertise in T cell engagers [3] - The company is committed to delivering new standards of care through a clinical-stage pipeline built on rigorous scientific approaches and purposeful innovation [3] Upcoming Events - The management team, including CEO Nadim Ahmed and CMO Jeffrey Jones, will participate in fireside chats at the Stifel 2025 Healthcare Conference on November 11, 2025, and the Guggenheim 2nd Annual Healthcare Innovation Conference on November 12, 2025 [4] - An in-person event for analysts and institutional investors is scheduled for December 8, 2025, during the ASH Annual Meeting, following the presentation of Phase 1 study results for CLN-049 in patients with AML or MDS [4]

Financial Performance - The company has not generated any revenue from product sales since its inception and does not expect to do so in the near future [92]. - The company has a history of significant operating losses and negative cash flows from operations since its inception [87]. - The net loss for Q3 2025 was $50.610 million, compared to a net loss of $40.560 million in Q3 2024, reflecting an increase of $10.050 million (24.8%) [100]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $137.641 million, compared to $108.677 million in the same period of 2024, an increase of $28.964 million (26.7%) [111]. Cash and Investments - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $332.6 million, with an accumulated deficit of $537.4 million [87]. - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments totaling $332.6 million, with long-term investments and interest receivable of $142.9 million [106]. - The company has an at-the-market equity offering program allowing for the sale of up to $125.0 million in common stock, with $85.6 million remaining as of September 30, 2025 [110]. Research and Development - Research and development expenses increased by $6.5 million (18.3%) in Q3 2025 compared to Q3 2024, totaling $41.968 million, driven by clinical development costs and additional headcount [100][101]. - For the nine months ended September 30, 2025, research and development expenses rose by $42.0 million (41.0%) to $144.457 million, primarily due to a one-time upfront licensing fee of $20.0 million for velinotamig [101]. - The company is evaluating CLN-049 in an ongoing Phase 1 clinical trial for relapsed/refractory acute myeloid leukemia, with updated results expected at the 2025 ASH Annual Meeting [86]. - The company plans to share initial safety and B cell depletion data for CLN-978 in systemic lupus erythematosus and rheumatoid arthritis in the first half of 2026 [78]. - The Phase 2b portion of the REZILIENT1 trial for zipalertinib met its primary endpoint, and Taiho plans to initiate a rolling submission of a new drug application by the end of 2025 [78]. Licensing and Collaborations - The company entered into a license agreement with Genrix for velinotamig, paying an upfront fee of $20.0 million in June 2025 [88]. - The company entered into a licensing agreement with Genrix in June 2025, paying an upfront fee of $20.0 million for the exclusive rights to develop and commercialize velinotamig [108]. - The company has payment obligations contingent upon future events under various license and collaboration agreements, including milestone and royalty payments [122]. Risks and Future Funding - The company is subject to risks common to early-stage biotechnology companies, including reliance on third parties and the need for additional capital to fund operations [89]. - Future funding requirements may increase significantly due to ongoing research, clinical trials, and potential acquisitions to expand the product pipeline [119]. - The company expects to finance cash needs through equity offerings, debt financings, and collaborations, which may dilute current ownership interests [121]. Operating Expenses - Total operating expenses for Q3 2025 were $55.595 million, up $6.740 million (13.8%) from $48.855 million in Q3 2024 [100]. Intellectual Property - The company has a controlling interest in the worldwide intellectual property rights for CLN-619 (99%), CLN-049 (98%), and CLN-617 (96%) as of September 30, 2025 [83]. Accounting Policies - There have been no material changes to the company's critical accounting policies since the 2024 10-K [125]. - Recently issued and adopted accounting pronouncements that may impact financial position are disclosed in the quarterly report [126]. - The company is electing scaled disclosure requirements available to smaller reporting companies regarding market risk [127].