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Cullinan Therapeutics Inc. (CGEM-0.55%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $35.5 million, up from $33.8 million in the same quarter the previous year. The increase is attributed to higher personnel costs, clinical costs, and equity-based compensation.
General and administrative expenses increased to $13.3 million from $11 million, primarily due to higher professional fees and equity-based compensation costs.
The company reported a net loss of $40.6 million for the quarter, compared to $39.2 million in the previous year. Net loss attributable to common stockholders was also $40.6 million, compared to $39.2 million in the previous year.
Interest income for the quarter was $8.4 million, up from $5.9 million in the previous year, primarily due to higher investment income.
Cullinan had cash, cash equivalents, and short-term investments of $578.1 million as of September 30, 2024, with long-term investments and interest receivable of $60.9 million.
The company completed a private placement in April 2024, raising net proceeds of $262.7 million from the issuance of common stock and pre-funded warrants.
Cullinan continues to develop its pipeline, including the CLN-978, CLN-619, and zipalertinib programs, with ongoing clinical trials and expansion cohorts.
The company expects its expenses to increase as it advances its research and development activities, including preclinical and clinical trials.
Cullinan acknowledges the need for additional capital to fund its operations and future growth, and it may seek additional funding through equity offerings, collaborations, or other arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cullinan Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.