Cullinan Therapeutics, Inc (CGEM) Fair Value & Analysis
Healthcare · US · Market cap $924M
Cullinan Therapeutics, Inc
CGEM · US
Fair value as of: Jul 15, 2026
From 1 valuation models · updated 26 days ago
Fair value updated Jul 15, 2026, revised from $29.93 to $5.65 (−81.1%) since Jun 24, 2026. Share price −3.8% over the past month.
Below-average quality, and screening another 68% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($7.06). The favourable scenario is already priced in.
- Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range ($3.73 to $7.06) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.
How to read this chart
60‑month range $5.75 – $34.25 · fair‑value band $3.73 – $7.06 · the $17.73 price screens above the $5.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
Cullinan Therapeutics, Inc (CGEM) currently trades at $17.73, while our model-based Fair Value estimate is $5.65, implying the stock looks roughly 68.1% overvalued today. The Quality Score stands at 34/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
It earns a return on equity of -48.2%. The balance sheet holds a net cash position of $85.6M. Fundamentals as of Jul 15, 2026
Our scenario range runs from $3.73 (bear case) to $7.06 (bull case); at $17.73, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 212% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -68%, CGEM screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 1 models by family
Key figures & financial health
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 83
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States.
Full company description
Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops therapies for autoimmune diseases and cancer in the United States. It engages in the development of CLN-978, a CD19xCD3 bispecific T cell engager for autoimmune diseases in Phase 1 clinical trials; Velinotamig, a BCMAxCD3 bispecific T cell in Phase 1 clinical trials in patients with autoimmune diseases; and CLN-049, a FLT3xCD3 bispecific T cell engager, which is in Phase 1 clinical trials in patients with relapsed and refractory acute myeloid leukemia or myelodysplastic syndrome. The company is also developing Zipalertinib, an orally available small-molecule, irreversible epidermal growth factor receptor inhibitor in Phase 2b portion of the REZILIENT1 clinical trial in patients with EGFR ex20ins non-small cell lung cancer. It has a license agreement with Chongqing Genrix Biopharmaceutical Co., Ltd to develop and commercialize velinotamig; a co-development agreement with Taiho Pharmaceutical Co., Ltd to develop zipalertinib; and a collaboration agreement with Adimab, LLC to discover and/or optimize antibodies. The company was formerly known as Cullinan Oncology, Inc. and changed its name to Cullinan Therapeutics, Inc. in April 2024. Cullinan Therapeutics, Inc. was incorporated in 2016 and is headquartered in Cambridge, Massachusetts.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Cullinan Therapeutics, Inc reported revenue of $0 in FY2025 versus $18.9M in FY2021. Reported net income was −$220M in FY2025.
CGEM screens 68% overvalued. Compare with Vertex Pharmaceuticals Incorporated →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Cullinan Therapeutics Presents Initial Clinical Data for CLN-978, a CD19xCD3 T Cell Engager, at the EULAR 2026 Congress
- Cullinan Therapeutics Gets FDA Orphan Drug Status For CLN-049 In Acute Myeloid Leukemia
- Commit To Purchase Cullinan Therapeutics At $9, Earn 25.1% Annualized Using Options
Peer Group
Biotechnology · 603 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Biotechnology median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $486.03 | $278.78 | -43% |
| Regeneron Pharmaceuticals, Inc REGN | $664.45 | $594.40 | -11% |
| Samsung Biologics Co 207940 | 1,368,000 KRW | 1,091,384 KRW | -20% |
| Celltrion, Inc 068270 | 175,800 KRW | 76,325 KRW | -57% |
| WuXi Biologics (Cayman) Inc 2269 | HK$39.54 | HK$30.42 | -23% |
| Innovent Biologics, Inc 1801 | HK$86.70 | HK$19.66 | -77% |
| Sino Biopharmaceutical Limited 1177 | HK$5.26 | HK$3.36 | -36% |
| ALTEOGEN Inc 196170 | 276,500 KRW | 44,444 KRW | -84% |
| RemeGen Co 688331 | ¥134.02 | ¥26.99 | -80% |
| Biocon Limited BIOCON | ₹440.70 | ₹57.36 | -87% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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