Cullinan Therapeutics is a clinical-stage biopharmaceutical company with no approved products or product revenue, developing therapies for autoimmune diseases and cancer. The company's pipeline centers on bispecific T cell engagers (TCEs) — engineered molecules that simultaneously bind to a target on a diseased or cancerous cell and to CD3 on a T cell, redirecting the immune system to kill the target. Cullinan's two lead autoimmune programs are CLN-978, a CD19xCD3 TCE in Phase 1 trials for lupus, rheumatoid arthritis, and Sjögren's disease, and velinotamig, a BCMAxCD3 TCE in-licensed from China-based Genrix for $20M upfront, targeting plasma cells rather than B cells. In oncology, CLN-049 is a FLT3xCD3 TCE in Phase 1 for acute myeloid leukemia, targeting a broader AML population than existing FLT3 inhibitors. Cullinan also co-develops zipalertinib, an oral EGFR inhibitor for a defined subset of non-small cell lung cancer, in partnership with Taiho, which handles commercialization; Cullinan splits development costs with Taiho and receives 50% of U.S. profits plus up to $130M in regulatory milestones. Cullinan funds operations through equity issuances and views the Taiho partnership as a source of non-dilutive capital. The company outsources all manufacturing to contract manufacturers and owns no facilities.