NKTX - Checking Into Cullinan Therapeutics

2024-06-09 09:44:11 ET

Summary

• Cullinan Therapeutics, Inc. has seen a recent pullback in its shares, but they are still up 50% since mid-April after rebranding and focusing on autoimmune diseases.
• The company's lead asset is zipalertinib, an oral EGFR inhibitor being evaluated in NSCLC. It is also developing CLN-619 for solid tumors and multiple myeloma.
• The reason for the recent rally is CLN-978, a CD19xCD3 T cell engager being explored for autoimmune indications, with a focus on SLE.
• An analysis around Cullinan Therapeutics follows in the paragraphs below.

Shares of autoimmune and oncology concern Cullinan Therapeutics, Inc. ( CGEM ) have pulled back recently, but are still up some 50% since mid-April after renaming (from Cullinan Oncology) to reflect an added focus on autoimmune diseases. The rally was further sparked by an April 26, 2024 Nature Medicine article where all six refractory rheumatoid arthritis patients experienced significant benefit from CD19 agent blinatumomab. With an oversubscribed private placement at $19 a share providing funding into 2028 and its CD19 asset CLN-978 not entering the clinic for SLE until 3Q24, Cullinan merited a deeper dive. An analysis follows below....

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