Cullinan Therapeutics (CGEM) Operating Expenses (2020 - 2026)

Cullinan Therapeutics' (CGEM) quarterly Operating Expenses came in at $53.7 million in Q1 2026, down 2.36% year-on-year from $55.0 million in Q1 2025, and down 2.83% quarter-over-quarter from $55.3 million in Q4 2025.

Cullinan Therapeutics (CGEM) Operating Expenses (2020 - 2026) Analysis & Trends

Cullinan Therapeutics' Operating Expenses history runs 7 years deep, the most recent figure standing at $53.7 million for Q1 2026.

  • On a quarterly basis, Operating Expenses fell 2.36% year-over-year to $53.7 million in Q1 2026; TTM through Mar 2026 was $240.3 million, a 15.04% increase from a year earlier, with the FY2025 full-year figure at $241.6 million, up 22.71% from the prior year.
  • Operating Expenses slipped to $53.7 million in Q1 2026 per CGEM's latest filing, from $55.3 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $75.8 million in Q2 2025 and bottomed at $29.8 million in Q3 2022.
  • The 5-year median for Operating Expenses is $48.9 million (2024), against an average of $47.9 million.
  • Across the five-year window, Operating Expenses jumped 123.48% in 2022 and sank 31.5% in 2024, its largest moves.
  • Year by year, Operating Expenses stood at $32.6 million in 2022, then jumped by 39.49% to $45.5 million in 2023, then increased by 21.02% to $55.0 million in 2024, then advanced by 0.38% to $55.3 million in 2025, then decreased by 2.83% to $53.7 million in 2026.
  • Per Business Quant, the three latest CGEM Operating Expenses figures stand at $53.7 million (Q1 2026), $55.3 million (Q4 2025), and $55.6 million (Q3 2025).

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Oculis Holding AG 68,785.72 Bn 68,785.72 Bn - -28.01 Mn
2 Nanobiotix 1,895.57 Bn 1,895.51 Bn - -
3 BeOne Medicines 471.35 Bn 466.56 Bn 1.35 Bn 1.10 Bn
4 NuCana 279.75 Bn 279.75 Bn - -3.78 Mn
5 Vertex Pharmaceuticals 120.24 Bn 113.00 Bn 2.59 Bn 1.85 Bn
6 Regeneron Pharmaceuticals 67.80 Bn 59.04 Bn 3.31 Bn 2.96 Bn
7 Belite Bio 62.51 Bn 62.51 Bn - 32.68 Mn
8 Argenx Se 57.38 Bn 57.38 Bn 1.41 Bn 2.89 Bn
9 Revolution Medicines 37.78 Bn 37.78 Bn - 445.22 Mn
10 Cullinan Therapeutics 368.65 Mn 368.65 Mn - 53.70 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 53.70 Mn
Dec 31, 2025 55.26 Mn
Sep 30, 2025 55.60 Mn
Jun 30, 2025 75.80 Mn
Mar 31, 2025 55.00 Mn
Dec 31, 2024 55.05 Mn
Sep 30, 2024 48.86 Mn
Jun 30, 2024 50.03 Mn
Mar 31, 2024 42.99 Mn
Dec 31, 2023 45.49 Mn
Sep 30, 2023 44.80 Mn
Jun 30, 2023 37.61 Mn
Mar 31, 2023 62.76 Mn
Dec 31, 2022 32.61 Mn
Sep 30, 2022 29.77 Mn
Jun 30, 2022 37.11 Mn
Mar 31, 2022 32.66 Mn
Dec 31, 2021 34.35 Mn
Sep 30, 2021 18.38 Mn
Jun 30, 2021 16.60 Mn