NASDAQ$CGEM
Cullinan Oncology Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Cullinan Oncology reported second quarter 2022 financial results and provided a corporate update.
Cullinan Oncology reported a net income of $174.1 million for the second quarter of 2022, driven by a $275 million upfront payment from the sale of Cullinan Pearl. The company's cash and investments were $656 million as of June 30, 2022, expected to fund operations through 2026.
- Completed agreement for strategic collaboration to jointly develop and commercialize CLN-081 with Taiho Pharmaceutical.
- Presented updated Phase 1/2a data for CLN-081 at ASCO 2022 Annual Meeting.
- Cash and investments of $656 million as of June 30, 2022, expected to provide runway through 2026.
- Intends to initiate a pivotal study for CLN-081 in the second half of 2022 under the co-development agreement with Taiho Oncology.
Headline financials
Revenue & EPS history
Cullinan Oncology · Revenue · Quarterly
$0
Forward guidance
Cullinan Oncology anticipates several milestones including initial Phase 1 data readouts for CLN-619 and CLN-049 by mid-2023, and IND filings for CLN-617 and CLN-978 in the first half of next year.
Tailwinds
- Advancing earlier-stage programs, including CLN-619 and CLN-049, with initial Phase 1 data readouts expected by mid-2023.
- Preparing for IND filings in the first half of next year for CLN-617 and CLN-978.
- Progressing additional preclinical programs, including Jade, Opal, and the HPK1 degrader collaboration with Icahn Mount Sinai.
- Received cash proceeds of $270 million from the sale of Cullinan Pearl during the second quarter of 2022.
- Expects to release the remaining $5 million of the $275 million upfront payment held in escrow in the third quarter of 2022.
Headwinds
- Uncertainty regarding the timing and results of regulatory submissions.
- Risks related to the company's ability to protect and maintain its intellectual property position.
- Risks related to manufacturing, supply, and distribution of product candidates.
- The risk that results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies.
- Success of any collaboration, partnership, license or similar agreements is not guaranteed.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
+0.5%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-2.1%
Avg return
30 days after
55%
11 / 20 earnings
Positive
+13.5%
Q1 2022
Best reaction
-10.8%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -2.6% | +7.7% | -10.0% | |
| Q3 2025 | +0.8% | +6.7% | +44.9% | |
| Q2 2025 | -10.8% | -7.7% | -11.3% | |
| Q1 2025 | +2.3% | +1.3% | +5.8% | |
| Q4 2024 | +1.9% | -3.8% | -5.1% | |
| Q3 2024 | -2.8% | -2.8% | -20.8% | |
| Q1 2024 | -9.7% | -9.1% | -28.4% | |
| Q4 2023 | -6.2% | -8.7% | -1.8% | |
| Q3 2023 | -2.7% | -11.1% | -17.7% | |
| Q2 2023 | +4.3% | -1.4% | -0.6% | |
| Q1 2023 | +1.2% | -5.3% | +36.0% | |
| Q4 2022 | -1.5% | +3.3% | -9.1% | |
| Q3 2022 | +3.8% | +1.0% | -3.0% | |
| Q2 2022 | -5.6% | +0.8% | -3.5% | |
| Q1 2022 | +13.5% | +6.8% | +12.1% | |
| Q4 2021 | +8.8% | +3.0% | -8.6% | |
| Q3 2021 | -4.5% | -10.1% | -28.8% | |
| Q2 2021 | +7.8% | +3.8% | +8.0% | |
| Q1 2021 | +2.2% | +12.4% | +13.1% | |
| Q4 2020 | +9.5% | +8.4% | -13.9% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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