CGEMCullinan Therapeutics, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$241M
- 23% YoY
- Market cap
- $967M
- Employees
- 109
- Net debt / EBITDA
- —
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo-4% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes74% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 75th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$967M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $19M | $0 | — | — | — | |
| Operating income | −$68M | $145M | −$191M | −$197M | −$242M | 23% |
| Net income | −$66M | $111M | −$155M | −$168M | −$220M | 31% |
| Operating cash flow | −$43M | −$127M | −$134M | −$145M | −$176M | 21% |
| Capex | $0 | $1M | $208K | $0 | $49K | |
| Stock-based comp | $24M | $28M | $30M | $38M | $36M | 4.7% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 19, 2021 | UBS Oncology Impact Fund L.P. | SC 13D | 18.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 28
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $2M | 98 | — |
| FY2024 | $8M | $9M | 115 | — |
| FY2023 | $4M | −$185K | 96590 | — |