CGEM - Cullinan Oncology: Modality-Agnostic Approach To Yield Fruit In Coming Years

Summary

• Shares have fallen by 40% since 2021 IPO was priced.
• I like management's unique approach of focusing on high-impact targets first and then determining the optimal modality after.
• Robust cash position (runway through 2026) allows them to prosecute clinical programs more efficiently, including CLN-619 parallel dose escalation as monotherapy and pembrolizumab combination.
• Taiho deal for CLN-081 provides for attractive economic participation while further fueling pipeline development.
• CGEM is a Buy for patient investors with multi-year timeframe. Key concerns include high competition in certain spaces (CD19, AML, MICA/B) and early-stage nature of the pipeline.

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