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cullinan ONCOLOGY Cullinan Oncology Reports First Quarter 2021 Financial Results May 14 , 2021 Continued advancement of broad portfolio , highlighted by initiation of Phase 2a dose expansion of Cullinan Pearl in NSCLC patients with EGFRex20ins mutations Cash , cash equivalents and investments of $ 473.0 million as of March 31 , 2021 post completion of Initial Public Offering in early January 2021 Updated Cullinan Pearl data to be presented during a poster session at the 2021 American Society of Clinical Oncology ( ASCO ) Annual Meeting CAMBRIDGE , Mass . , May 14 , 2021 ( GLOBE NEWSWIRE ) -- Cullinan Oncology , Inc. ( Nasdaq : CGEM ) ( " Cullinan " ) , an oncology company seeking to drive shareholder returns by focusing on the patient , today announced its financial results for the first quarter ended March 31 , 2021 and reported on recent business highlights . " I am pleased with the progress we have made across our portfolio and our organization thus far in 2021 , " stated Owen Hughes , Chief Executive Officer of Cullinan . " Our recently completed Series C financing and Initial Public Offering will support continued development and expansion of our diverse pipeline . In addition , we look forward to sharing both clinical and preclinical updates throughout the year , including a poster presentation with updated clinical data for Cullinan Pearl at ASCO in June and updated preclinical data on Cullinan Amber at the Next - Gen Cytokine Therapeutics Summit in the third quarter . " Q1 2021 Portfolio Highlights • Cullinan Pearl : Based on pre - specified efficacy and safety criteria , we initiated Phase 2a dose expansion in the 100 mg BID cohort of our ongoing Phase 1 / 2a trial evaluating CLN - 081 in NSCLC patients with EGFR ex20ins mutations . An abstract containing data from this trial as of November 2020 was selected for a poster presentation at ASCO . The poster presentation will contain updated safety and efficacy data subsequent to the November 2020 cutoff and will be available during the conference , which takes place from June 4 - 8 , 2021 . • Cullinan MICA : Continued to advance CLN - 619 , a novel MICA / B - targeted antibody designed to engage innate and adaptive immune cell responses , through IND - enabling activities , including drug product manufacturing , to support an IND submission in the second quarter of 2021 . • Cullinan Florentine : Based on FDA feedback , amended the proposed clinical trial protocol for CLN - 049 , a bispecific FLT3 × CD3 antibody , to support an IND resubmission in mid - 2021 . • Cullinan Amber : Expanded the preclinical data package for Cullinan Amber's lead program , CLN - 617 , a fusion protein uniquely combining two potent antitumor cytokines , IL - 2 and IL - 12 , in a single molecule with a collagen - binding domain for the treatment of solid tumors . • Cullinan NexGem : Continued to progress CLN - 978 , an internally developed half - life extended T cell engager designed to simultaneously engage CD19 and CD3 , through IND - enabling development . Q1 2021 Financial Results • Cash Position : Cash , cash equivalents and investments were $ 473.0 million as of March 31 , 2021 , compared to $ 210.2 million as of December 31 , 2020. Net cash used in operating activities was $ 1.5 million . Net cash provided from financing activities was $ 264.6 million , which included net proceeds from the company's IPO completed in January 2021 . • R & D Expenses : Research and development expenses were $ 12.4 million for the quarter ended March 31 , 2021 , including $ 3.0 million of sub - licensing expense and $ 1.6 million of non - cash equity - based compensation expense . • G & A Expenses : General and administrative expenses were $ 5.2 million for the quarter ended March 31 , 2021 , including $ 1.9 million of non - cash equity - based compensation expense . • Net Income : The Company's net income was $ 1.4 million for the quarter ended March 31 , 2021 , which included $ 18.9 million of revenue from the license agreement with Zai Lab ( Shanghai ) Co. , Ltd. About Cullinan Oncology Cullinan Oncology is a biopharmaceutical company that strives to deliver results for our various stakeholders through disciplined capital allocation , decisive action , prudent risk taking and creative business development . We seek to drive shareholder returns by focusing on the patient . The