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Cullinan Oncology(CGEM) - 2024 Q4 - Annual Report
CGEMCullinan Oncology(CGEM)2025-02-27 12:07

Financial Performance - The company reported total operating expenses of 196.9millionfor2024,anincreasefrom196.9 million for 2024, an increase from 190.6 million in 2023, with research and development expenses at 142.9millionandgeneralandadministrativeexpensesat142.9 million and general and administrative expenses at 54.0 million [474]. - The net loss for 2024 was 167.6million,comparedtoanetlossof167.6 million, compared to a net loss of 155.1 million in 2023, with a net loss attributable to the company of 167.4million[474].−Thecompanyhasnotgeneratedanyrevenuefromproductsalessinceitsinceptionanddoesnotexpecttodosointhenearfuture[466].CashandInvestments−AsofDecember31,2024,thecompanyhadcash,cashequivalents,andshort−terminvestmentstotaling167.4 million [474]. - The company has not generated any revenue from product sales since its inception and does not expect to do so in the near future [466]. Cash and Investments - As of December 31, 2024, the company had cash, cash equivalents, and short-term investments totaling 399.0 million, with an accumulated deficit of 368.2million[464].−AsofDecember31,2024,thecompanyhadcash,cashequivalents,andshort−terminvestmentstotaling368.2 million [464]. - As of December 31, 2024, the company had cash, cash equivalents, and short-term investments totaling 399.0 million, with long-term investments and interest receivable of 207.9million[481].−Thecompanyexpectsitscurrentcashandinvestmentstofundoperationsinto2028,althoughthisisbasedonassumptionsthatmayproveincorrect[482].−In2024,thecompanyused207.9 million [481]. - The company expects its current cash and investments to fund operations into 2028, although this is based on assumptions that may prove incorrect [482]. - In 2024, the company used 145.3 million in operating activities, primarily due to operating expenses of 158.8million,partiallyoffsetbyinterestincomeof158.8 million, partially offset by interest income of 14.2 million [486]. - The company reported a net cash decrease of 15.4millionin2024,comparedtoadecreaseof15.4 million in 2024, compared to a decrease of 57.7 million in 2023 [485]. - In 2024, net cash provided by financing activities was 266.2million,mainlyfromaprivateplacementthatgeneratednetproceedsof266.2 million, mainly from a private placement that generated net proceeds of 262.7 million [489]. - The company issued approximately 14.4 million shares in a private placement in April 2024, raising net proceeds of 262.7millionaftercosts[484].ResearchandDevelopment−Researchanddevelopmentexpensesdecreasedby262.7 million after costs [484]. Research and Development - Research and development expenses decreased by 5.3 million in 2024 compared to 2023, primarily due to a one-time upfront in-licensing fee for CLN-418 in 2023 [475]. - The company plans to share initial clinical data for CLN-978 in systemic lupus erythematosus in Q4 2025 and initiate a Phase 1 trial for rheumatoid arthritis in Q2 2025 [456]. - CLN-619 is being investigated in a Phase 1 clinical trial for advanced solid tumors, with initial data expected in Q2 2025 [458]. - Zipalertinib met its primary endpoint in the Phase 2b trial for EGFRex20 non-small cell lung cancer, with full results expected mid-2025 and plans for U.S. regulatory submission in the second half of 2025 [458]. - The company terminated the development of CLN-418 in August 2024 to focus resources on other product candidates [460]. Future Funding and Obligations - Future funding requirements are expected to increase due to ongoing research and development, clinical trials, and potential acquisitions [491]. - Total future minimum lease payments as of December 31, 2024, were 2.3million,with2.3 million, with 1.5 million due within 12 months [494]. - The company has significant contractual obligations under various license and collaboration agreements, with milestone payments contingent on future events [493].