Cullinan Therapeutics, Inc. (NASDAQ: CGEM)

Sector: Healthcare Industry: Biotechnology CIK: 0001789972
P/B 1.89
P/E -3.90
P/S 0.00
Market Cap 854.88 Mn
ROIC (Qtr) -51.03
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 1.19 Mn
Debt/Equity (Qtr) 0.00

About

Cullinan Therapeutics, Inc., a clinical-stage biopharmaceutical company, operates in the biotechnology industry. Its primary business activities involve the development of modality-agnostic targeted oncology therapies. The company seeks to create new standards of care for patients by identifying high-impact cancer targets and selecting the optimal therapeutic modality for those targets. Cullinan Therapeutics operates in the United States and has a global presence through its clinical trials and partnerships. Cullinan Therapeutics generates revenue...

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Analysis

Pros

  • Healthy cash reserves of 103.33M provide 86.98x coverage of short-term debt 1.19M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 484.13M provides 407.51x coverage of total debt 1.19M, indicating robust asset backing and low credit risk.
  • Short-term investments of 229.26M provide solid 7.68x coverage of other current liabilities 29.85M, indicating strong liquidity.
  • Tangible assets of 484.13M provide robust 16.22x coverage of other current liabilities 29.85M, indicating strong asset backing.
  • Cash reserves of 103.33M provide robust 3.15x coverage of current liabilities 32.76M, indicating strong short-term solvency.

Cons

  • Operating cash flow of (174.27M) barely covers its investment activities of 173.56M, with a coverage ratio of -1, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 173.56M provide weak support for R&D spending of 184.95M, which is 0.94x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (174.27M) shows concerning coverage of stock compensation expenses of 38.36M, with a -4.54 ratio indicating potential earnings quality issues.
  • Free cash flow of (174.31M) provides weak coverage of capital expenditures of 38000, with a -4586.97 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (174.27M) provides minimal -1489.46x coverage of tax expenses of 117000, suggesting potential tax planning inefficiencies or unsustainable tax positions.

Peer Comparison

Companies in the Biotechnology
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 SMMT Summit Therapeutics Inc. 1,349.40 Bn -1,464.17 0.00 0.01 Bn
2 ONC BeOne Medicines Ltd. 437.43 Bn 6,381.20 87.97 1.90 Bn
3 VRTX Vertex Pharmaceuticals Inc / Ma 116.09 Bn 31.59 9.90 1.83 Bn
4 REGN Regeneron Pharmaceuticals, Inc. 78.10 Bn 17.06 5.48 2.71 Bn
5 ALNY Alnylam Pharmaceuticals, Inc. 55.87 Bn 1,282.42 17.40 3.21 Bn
6 ARGX Argenx Se 52.85 Bn 35.08 27,559.65 -
7 BNTC Benitec Biopharma Inc. 41.75 Bn -998.33 0.00 0.00 Bn
8 INSM INSMED Inc 37.80 Bn -31.93 84.56 0.74 Bn

Industry Comparisons

Current Valuation

Metric Value Industry Percentile
EV to Assets 1.62 12.31
EV to Cash from Ops. -4.50 23.25
EV to Debt 659.58 738.44
EV to EBIT -3.62 -9.16
EV to EBITDA -3.25 6.95
EV to Free Cash Flow [EV/FCF] -4.50 21.90
EV to Market Cap 0.92 65.67
EV to Revenue 0.00 227.32
Price to Book Value [P/B] 1.89 22.34
Price to Earnings [P/E] -3.90 -11.77

Dividend Metrics

Metric Value Industry Percentile
Dividend Coverage Ratio -82.95 -11.94
Dividend Payout Ratio % 0.00 0.16
Dividend per Basic Share 0.00 0.01
FCF Dividend Payout Ratio % 0.00 -0.14
Interest Coverage 0.00 841.00

Growth Metrics

Metric Value Industry Percentile
Capex Growth (1y) % 0.00 -27.13
Cash and Equivalents Growth (1y) % 1.22 734.65
Dividend Growth (1y) % 0.00 0.01
EBIAT Growth (1y) % -51.05 -46.93
EBITDA Growth (1y) % -28.91 -1.68
EBIT Growth (1y) % -37.44 -56.45
EBT Growth (1y) % -37.44 -12.70
EPS Growth (1y) % -44.34 -28.31
FCF Growth (1y) % -37.46 -31.90
Gross Profit Growth (1y) % 0.00 226.84

Liquidity Ratios

Metric Value Industry Percentile
Asset Utilization Ratio 0.00 0.14
Cash Payout Ratio 0.00 0.00
Cash Ratio 3.15 3.85
Current Ratio 10.45 7.27
Debt to Equity Ratio 0.00 0.40
Interest Cover Ratio 0.00 841.00
Times Interest Earned 0.00 841.00

Profitability

Metric Value Industry Percentile
EBITDA Margin % 0.00 -18,234.31
EBIT Margin % 0.00 -18,580.80
EBT Margin % 0.00 -19,488.74
Gross Margin % 0.00 -7.59
Net Profit Margin % 0.00 -19,439.22