Cullinan Therapeutics (CGEM) Research & Development (2020 - 2026)
Cullinan Therapeutics' Research & Development was $44.44 million in Q2 2026, down 27.2% from $61.03 million a year earlier but up 5.5% from the prior quarter.
Powered by 
Analysis
Cullinan Therapeutics (CGEM) Research & Development (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Cullinan Therapeutics' Research & Development was $171.47 million through Jun 30, 2026, down 3.9% year-over-year; for FY2025, it came in at $187.4 million, up 31.1% from FY2024.
- Research & Development shows a five-year compound annual growth rate of 34.1% (FY2020 to FY2025).
- In earlier years, Research & Development was $142.9 million in FY2024 (-3.5%), $148.16 million in FY2023 (+61.1%), $91.95 million in FY2022 (+59.2%) and $57.75 million in FY2021 (+33.6%).
- Quarterly Research & Development has moved between $12.68 million (Q3 2021) and $61.03 million (Q2 2025) over five years.
- Compared with a year earlier, Research & Development was higher in seven of the last eight quarters, with growth averaging 15.4%.
- The best year-over-year quarter for Research & Development over five years was Q2 2022 (growth of 124.2%); the worst was Q1 2024 (a decline of 41.2%).
- Per Business Quant data, CGEM's Research & Development in the three quarters before Q2 2026 was $42.12 million (Q1 2026), $42.95 million (Q4 2025) and $41.97 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 655.56 Bn | 574.09 Bn | 17.26 Bn | 3.65 Bn |
| 2 | AbbVie | 470.94 Bn | 444.10 Bn | 12.70 Bn | 2.34 Bn |
| 3 | Merck | 367.14 Bn | 321.57 Bn | 12.21 Bn | 9.74 Bn |
| 4 | Novartis Ag | 280.33 Bn | 236.20 Bn | 11.24 Bn | -2.85 Bn |
| 5 | Astrazeneca | 257.78 Bn | 231.34 Bn | 12.86 Bn | -4.05 Bn |
| 6 | Amgen | 226.04 Bn | 181.44 Bn | 7.24 Bn | 1.87 Bn |
| 7 | Gilead Sciences | 188.89 Bn | 163.01 Bn | 6.22 Bn | 1.76 Bn |
| 8 | Pfizer | 163.75 Bn | 110.70 Bn | 10.94 Bn | 2.81 Bn |
| 9 | Vertex Pharmaceuticals | 133.68 Bn | 105.69 Bn | 2.84 Bn | 993.80 Mn |
| 10 | Cullinan Therapeutics | 961.97 Mn | 961.97 Mn | - | 44.44 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 44.44 Mn |
| Mar 31, 2026 | 42.12 Mn |
| Dec 31, 2025 | 42.95 Mn |
| Sep 30, 2025 | 41.97 Mn |
| Jun 30, 2025 | 61.03 Mn |
| Mar 31, 2025 | 41.46 Mn |
| Dec 31, 2024 | 40.49 Mn |
| Sep 30, 2024 | 35.51 Mn |
| Jun 30, 2024 | 36.26 Mn |
| Mar 31, 2024 | 30.65 Mn |
| Dec 31, 2023 | 34.85 Mn |
| Sep 30, 2023 | 33.82 Mn |
| Jun 30, 2023 | 27.39 Mn |
| Mar 31, 2023 | 52.10 Mn |
| Dec 31, 2022 | 21.32 Mn |
| Sep 30, 2022 | 19.68 Mn |
| Jun 30, 2022 | 26.41 Mn |
| Mar 31, 2022 | 24.54 Mn |
| Dec 31, 2021 | 20.88 Mn |
| Sep 30, 2021 | 12.68 Mn |
API Access
Cullinan Therapeutics Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=CGEM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "CGEM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=CGEM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();