What Cullinan Therapeutics, Inc. told the SEC could break it.

Cullinan relies on third parties in China to manufacture and supply certain raw materials, drug substances and drug products, and its global CMO network has single-source nodes in the drug-substance/product supply chains; a China disruption, trade war or CMO halt could stall its development programs.

“for some of our product candidates, we rely on third parties located in China to manufacture and supply certain raw materials, drug substances, and/or drug products, and we expect to continue to use such third-party manufacturers as needed.”

Cullinan has never generated product-sales revenue and has funded operations through equity sales and licensing/asset sales (net $842.2M equity, $275.0M from the Taiho subsidiary sale); although it held $377.9M cash at year-end 2025, continued clinical spend keeps it dependent on future financing.

“We have not generated any revenue from the sale of products since our inception.”

Cullinan's most material near-term value driver depends on its Taiho collaboration — up to $130M in milestone payments tied to U.S. EGFR ex20ins NSCLC approvals plus 50% of any future U.S. zipalertinib profits — so clinical/regulatory failure of zipalertinib or Taiho's commercialization would remove that non-dilutive funding.

“Cullinan is also eligible to receive up to a $100.0 million payment from Taiho upon U.S. regulatory approval of zipalertinib for the first-line treatment for adult patients with locally advanced or metastatic EGFR ex20ins NSCLC. We and Taiho will each receive 50% of any future pre-tax profits from potential U.S. sales of zipalertinib.”

As a pre-commercial biopharma, Cullinan depends on FDA/foreign approvals and future reimbursement; the Inflation Reduction Act's Medicare Part B/D drug-price provisions, elimination of the Medicaid rebate cap, and biosimilar competition under the ACA could pressure the pricing and reimbursement of any approved products.

“the Inflation Reduction Act of 2022 (the “IRA”) includes a number of changes intended to address rising prescription drug prices in Medicare Parts B and D. These changes, which have varying implementation dates, include caps on Medicare Part D out-of-pocket costs, Medicare Part B and Part D drug price i”