CGEM News & Events

Clear Street says that Gilead's (GILD) up to $2.2B acquisition of Ouro Medicines' sole asset OM336 underscores the potential of Cullinan Therapeutics' (CGEM) velinotamig. This M&A serves as external validation of BCMA as a target for autoimmune diseases and its ability to show benefit across multiple indications, the firm says. Notably, these indications differ meaningfully from those pursued with CD19 x CD3 bispecifics. This strategic separation in development paths curbs cannibalization risk for Cullinan Therapeutics' CD19 x CD3 TCE, CLN-978, and reinforces the incremental valuation contribution of maintaining both assets in the pipeline, Clear Street adds. The firm has a Buy rating on Cullinan Therapeutics with a price target of $33.

Cash, cash equivalents, short- and long-term investments, and interest receivable were $439.0 million as of December 31, 2025. Cullinan expects its cash resources to provide runway into 2029 under its current operating plan.

"Cullinan Therapeutics is poised to deliver multiple value-driving catalysts across our programs throughout 2026. Strong enrollment momentum for CLN-978 positions us to deliver the first company-sponsored data for a potential best-in-class CD19 T cell engager in autoimmune diseases in the second quarter, followed by important additional data updates throughout the year. CLN-978 is the ideal therapy for immune reset, with the optimal combination of target, CD19, and modality, T cell engager, together with the convenience of subcutaneous administration. This program has the potential to transform the treatment landscape in autoimmune diseases and deliver a compelling commercial opportunity," said Nadim Ahmed, President and CEO of Cullinan Therapeutics. "We are also pleased to begin the year with strong momentum in our oncology portfolio. With our partner, Taiho, we have completed the second line rolling NDA submission for zipalertinib and have fully enrolled the frontline study, REZILIENT3, both important milestones as zipalertinib moves closer to being available for patients. Finally, after sharing compelling clinical data at ASH 2025 and with U.S. FDA Fast Track Designation, we expect to rapidly advance CLN-049 to registrational development in AML."