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CORPORATE OVERVIEW November 2025
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Important notice and disclaimers 2 This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including express or implied statements regarding the Company’s beliefs and expectations related to: our preclinical and clinical development plans and timelines, the clinical and therapeutic potential of our product candidates, the strategy of our produc t candidates, our research and development activities, our future financial condition, our future operations and projected costs, prospects and plans of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “p lan,” “potential,” “predict,” “seek,” “should,” “target,” “will” or the negative of these terms or other comparable terminology. Any forward-looking statements in this presentation are based on management's current expectations and beliefs of future events and are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future r esults, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of regulatory submissions; the risk that any INDs, NDAs or other global regulatory submissions we may file with the United States Food and Drug Administration or other global regulatory agencies are not cleared or approved on our expected timelines, or at all; the success of our clinical trials and preclinical studies; the ris ks related to our ability to protect and maintain our intellectual property position; the risks related to manufacturing, supply, and distribution of our product candidates; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of precl inical studies or clinical studies will not be predictive of future results in connection with future studies; the effect of changes in global economic conditions, including u ncertainties related to international trade policies, tariffs and supply chain dynamics on our business and operations; the success of any collaboration, partnership, license or similar agreements; and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other filings that we make with the SEC from time to time. These risks could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither Cullinan nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this presentation. Any forward-looking statement included in this presentation speaks only as of the date on which it was made. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtai ned from third-party sources and our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source.
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | *As of September 30, 2025 Cullinan Therapeutics Our mission: Create new standards of care for patients 3 High-impact therapies for autoimmune diseases and cancer • All molecules have demonstrated monotherapy efficacy in the clinic. • Pipeline addresses clinically and commercially validated targets: CD19, BCMA, EGFR exon20, and FLT3. • Commercially attractive and de- risked market opportunities across the portfolio. Leadership in T Cell Engagers in Autoimmune Disease • Next wave of innovation in autoimmune diseases -- a promising class of biologics with the potential to deliver long- lasting immune reset and transformation of care. • Cullinan leadership position with multiple T Cell Engagers in autoimmune disease: CLN-978 (CD19xCD3) and velinotamig (BCMAxCD3), representing a comprehensive approach through both B cell and plasma cell depletion Potential FIC or BIC Oncology Molecules Drive Significant Near- Term Value Creating Opportunities • CLN-049 (FLT3xCD3 bispecific T cell engager) represents a first-in- class opportunity as an immunotherapeutic approach with the potential to address a broad, all-comer AML patient population • Clinically de-risked partnered program, zipalertinib (EGFR exon20) provides significant non- dilutive financial benefits • Well capitalized with cash runway into 2029* 3 © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. |
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | *Unaudited. Includes cash, cash equivalents,investments, and interest receivable. Investment highlights 4 Cash and investments: $475 million on hand at September 30, 2025*, expected to fund operations into 2029 Additional clinical-stage and preclinical programs: Providing additional opportunities with best- and/or first-in- class potential CLN-978: CD19xCD3 bispecific T cell engager in development for autoimmune diseases • Observations from Phase 1 B-NHL study showed rapid, deep, and sustained B cell depletion and anti-tumor efficacy • Off the shelf, potential disease modifying treatment across autoimmune diseases • Phase 1 studies ongoing in SLE, RA and Sjögren's disease • Initial data in SLE and RA in H1 2026, with a focus on safety and B cell depletion data ZIPALERTINIB: De-risked partnered program in broad development for NSCLC EGFR exon20 with U.S. FDA breakthrough therapy designation CLN-049: FLT3xCD3 bispecific T cell engager in development for AML and MDS • Results at ASCO 2025, IASLC 2025 WCLC and ESMO 2025 demonstrate potential best-in-class efficacy and safety profile • Taiho plans to initiate a rolling submission of an NDA in relapsed EGFR ex20ins NSCLC by YE 2025 • Randomized REZILIENT3 Phase 3 frontline study ongoing; complete enrollment expected in H1 2026 • U.S. co-development and co-commercialization partnership with Taiho Oncology; eligible to receive up to $130M in near-term payments for certain U.S. regulatory milestones • Potential first-in-class T cell engager in AML, where FLT3 is a well-validated therapeutic target • Phase 1 study ongoing in patients with relapsed/refractory AML or MDS • Promising clinical activity observed, including multiple complete responses; data will be shared in an oral presentation at ASH 2025 • Phase 1 study ongoing in patients with AML and measurable residual disease immediately following induction therapy
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Immunology Program Modality/MOA Study Population IND-Enabling Phase 1 Phase 2 Phase 3 Status/ Next Milestone Geographic Rights CLN-978 CD19xCD3 bispecific T cell engager Systemic lupus erythematosus (SLE) Initial data in SLE in H1 2026 worldwide rights Rheumatoid arthritis Initial data in RA in H1 2026 Sjögren's disease Phase 1 study ongoing in Sjögren's disease Velinotamig (GR-1803) BCMAxCD3 bispecific T cell engager Autoimmune diseases Genrix Bio plans a Phase 1 study in China in patients with autoimmune diseases; study to begin later this year* worldwide rights outside of Greater China* *China, including the Hong Kong Special Administrative Region, Macao Special Administrative Region, and Taiwan. Following completion of the study, Cullinan will conduct all further development of velinotamig in autoimmune diseases. Leveraging novel technologies and differentiated mechanisms across immunology and oncology 5 Oncology Program Modality/MOA Study Population IND-Enabling Phase 1 Phase 2 Phase 3 Status/ Next Milestone Geographic Rights Zipalertinib (CLN-081/TAS6417) EGFR ex20ins inhibitor NSCLC with EGFR exon 20 insertion mutations (ex20ins) Taiho plans to initiate a rolling submission of an NDA by YE 2025 holds US co-development/ commercialization rights withNSCLC with EGFR ex20ins and uncommon non-ex20ins EGFR mutations Phase 3 1L study actively enrolling; complete enrollment expected in H1 2026 Parallel cohort study ongoing CLN-049 FLT3xCD3 bispecific T cell engager AML, MDS Data accepted for oral presentation at ASH 2025 worldwide rights AML and MRD Phase 1 study ongoing in patients with AML and MRD REZILIENT1 NSCLC with ex20ins 2+ line REZILIENT3 NSCLC with ex20ins frontline REZILIENT2 Parallel Cohort Study
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | T CELL ENGAGERS IN AUTOIMMUNE DISEASES 6
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Growing global prevalence of autoimmune diseases underscores need for treatments that deliver durable remissions 7 Rheumatoid Arthritis Systemic Sclerosis Systemic Lupus Erythematosus Multiple Sclerosis Sjögren’s Disease Membranous Nephropathy NMOSD Idiopathic Inflammatory Myopathies Idiopathic Thrombocytopenia Purpura Autoimmune Hemolytic Anemia Pemphigus Vulgaris ANCA+ Vasculitis Myasthenia Gravis Thyroid Eye Disease Graves Disease B cells and plasma cells play key roles in pathogenic processes in autoimmune diseases, making them attractive, well- validated therapeutic targets Opportunity to address autoimmune diseases through B cell and long-lived plasma cell depletion
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 1 Dong N., Zhang H., Song J., et al. B-cell maturation antigen expression and clinical features of plasmablastic lymphoma. EJHaem. 2024 Jan 18;5(1):285-289. doi: 10.1002/jha2.807. PMID: 38406544; PMCID: PMC10887266. 2 Pillarisetti K., Powers G., Luistro L., et al. Teclistamab is an active T cell-redirecting bispecific antibody against B-cell maturation antigen for multiple myeloma. Blood Adv. 2020 Sep 22;4(18):4538-4549. doi: 10.1182/bloodadvances.2020002393. PMID: 32956453; PMCID: PMC7509877. 3 Tian D.S., Qin C., Dong M.H., et al. Cell lineage reconstitution underlies CAR-T cell therapeutic efficacy in patients with refractory myasthenia gravis. EMBO Mol Med. 2024 Apr;16(4):966-987. doi: 10.1038/s44321-024-00043-z. Epub 2024 Feb 26. PMID: 38409527; PMCID: PMC11018773. Targeting CD19 or BCMA may be central to the disease modification of certain autoimmune diseases 8 Stem cell Pro-B cell Pre-B cell Immature B cell Naïve B cell Memory B cell Plasmablast Short-lived plasma cell Long-lived plasma cell BCMA CD19 CD20 • B cell dysfunction is central to the pathogenesis of many autoimmune diseases, and broadly and deeply depleting these cells by targeting CD19 appears necessary to affect an immune system reset • Autoantibodies central to the pathogenesis of other autoimmune diseases are predominantly produced by plasma cells, particularly long-lived plasma cells, so depleting these cells by targeting BCMA could potentially improve outcomes1,2,3 • CD20 expression on B cells may not be sufficiently broad enough to induce an immune reset nor does it directly deplete plasma cells
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 9 T cell engagers: Optimal modality with potential to be disease modifying, convenient, and off-the-shelf treatment option mAbs TCEs CAR T Lower efficacy; limited tissue penetration High efficacy; B cell depletion in tissue High efficacy; B cell depletion in tissue Symptomatic relief Potentially disease modifying Potentially disease modifying Immune modulating Potential for immune reset Potential for immune reset Off-the-shelf and ease of administration Off-the-shelf and ease of administration Lengthy manufacturing process tailored to each patient; complex administration Dosing flexibility Dosing flexibility to extend remissions Single dose without opportunity to re-dose Free from access issues and complex interdisciplinary coordination Free from access issues and complex interdisciplinary coordination Can have access issues and involves complex interdisciplinary coordination Free from lymphodepleting preconditioning regimen Free from lymphodepleting preconditioning regimen Requires lymphodepleting preconditioning regimen T CELL REDIRECTING THERAPIES T cell engagers: Protein constructs engineered to redirect T cells to eliminate malignant or autoreactive cells expressing a specific cell surface target
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | CLN-978 CD19xCD3 bispecific T cell engager 10
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | HSA, human serum albumin binding domain. CLN-978: A highly differentiated and potentially best- in-class CD19XCD3 bispecific T cell engager 11 Therapeutic modality Predictable PK/PD properties, engaging all subsets of T cells to lyse target cells with variable CD19 expression levels. Dosing flexibility and ability to redose to extend remissions Convenience Off-the-shelf availability, subQ administration, lower manufacturing burden, dosing flexibility, potential for outpatient administration Optimal target CD19 best balances the potential for deep and broad B cell depletion (vs CD20) necessary to affect an immune reset while limiting risk for infection (vs BCMA) 𝛼𝛼-CD19 (scFv) high affinity, enabling lysis of target cells with low CD19 target expression 𝛼𝛼-CD3 (scFv) CD3 binder for T cell redirected B cell lysis 𝛼𝛼-HSA (VHH) albumin binding for extended serum half-life CLN-978 BISPECIFIC CD19XCD3 T CELL ENGAGER CLN-978 POTENTIAL ADV ANTAGES IN AUTOIMMUNE DISEASES
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | *The above list of CD19 TCEs in development is indicative only and not exhaustive; molecule size assumptions based on publicly available data. . CLN-978 is well differentiated relative to other CD19 TCES in development* 12 POTENTIAL ADV ANTAGES OF CLN-978 1 2 3 4 Broader B cell lineage depletion due to very high affinity binding to CD19 Wider therapeutic index due to “cytokine window” (10X higher potency for B cell depletion relative to cytokine induction) More efficient deep tissue penetration due to smaller size Published clinical data for blinatumomab supports promising potential for a half-life extended bispecific TCE in autoimmune diseases Half-Life Extended Bispecific TCE 65 kDa & subQ αCD3 Fab αCD19 Fab PIT565RO7507062 IgG-like Blinatumomab IgG-likeBiTE CN201 AMGEN ROCHE NOVARTIS IgG-like Cα CL VL VH CH1Cβ VL VH ~150 kDa αCD3 scFv αCD19 scFV 55 kDa SubQ MERCK SubQ αCD3 Fab αCD19 Fab CD2 Ligand (CD58) ~150 kDa SubQ ~150 kDa IV A-319 TCE ~67 kDa IV αCD3ɛ αCD19 Short Half-Life Larger Molecular Format iTabMed 𝛼𝛼-CD19 (scFv) high affinity, enabling lysis of target cells with low CD19 target expression 𝛼𝛼-CD3 (scFv) CD3 binder for T cell redirected B cell lysis 𝛼𝛼-HSA (VHH) albumin binding for extended serum half-life
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 13 CLN-978 achieved deep and sustained B cell depletion in NHP tissues, suggesting the potential to achieve meaningful B cell depletion in patients New Preclinical Highlights Shared at ACR 2025 Subcutaneous administration of CLN-978 induced B cell depletion in tissues of NHPs 0 4000 2000 6000 8000 Absolute B cell count (cells/µL) Days post first dose 0 7 14 21 28 35 42 49 56 Peripheral blood 0 35 25 45 55 30 20 15 5 10 40 50 %CD20+ B cells Lymph node (axial) Lymph node (mandibular) Spleen Bone marrow (sternum) Tissues Control 10 mcg/kg SC QWx4 30 mcg/kg SC QWx4 100 mcg/kg SC QWx4 SC = subcutaneous administration
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | B-NHL, B cell non-Hodgkin lymphoma; CRS, cytokine release syndrome; Gr, grade; ICANS, immune effector cell associated neurotoxicity syndrome. In a study of B-NHL patients, CLN-978 achieved sustained B cell depletion with promising clinical results 14 Rapid, deep, and sustained B cell depletion was demonstrated in 2 of 2 subjects with measurable B cells at baseline; all patients treated at the starting dose level of 30 ug SC weekly 2 of 3 patients demonstrated objective clinical benefit, including a complete response Other adverse events were low-grade and/or mechanistically based (e.g., lymphopenia) Class toxicity: max Gr 1 CRS, no ICANS • Subject #3: transient Gr 1 tremor in the context of acute influenza infection during cycle 1; transient (~24h) Gr 2 confusion during cycle 2; neither event associated with CRS/ICANS Further enrollment discontinued given reprioritization for development in autoimmune diseases Peripheral blood TBNK flow assay Data cut-off 20 March 2024 Last dose CLN978 Subject 1 Subject 1 Subject 2 Subject 3 Total B cells/uL 120 6000 0 50 1500 Days from first dose 4000 100 Clinically Active at 30μg SC Weekly Starting Dose for NHL Patients Rapid, Deep, and Sustained B Cell Depletion Demonstrated in B-NHL Patients
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Focus Aim Trial Locations Unmet Need Active, moderate to severe systemic lupus erythematosus Phase 1 sponsor- led studies evaluating safety as well as potential effects on disease activity and the immune system Global study across U.S., Europe and Australia • Currently approved therapies can reduce the signs and symptoms of SLE. However, these therapies result in chronic immune suppression, increasing infection and cancer risk Active, treatment- refractory rheumatoid arthritis Europe • Currently approved therapies do not obtain sustained remissions and require chronic immune suppression, increasing infection, especially in elderly people with RA • Many patients stop responding or are not able to tolerate these treatments and remain with significant disease activity Active, moderate to severe Sjögren’s disease Global study across U.S. and Europe • Currently, there are no approved medicines that treat Sjögren’s disease • No treatment has been shown to comprehensively slow disease progression or treat all aspects of Sjögren’s disease OUTRACE trials: Our comprehensive, global clinical development program for CLN-978 15
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Clinicaltrials.gov identifier: NCT06613360 OUTRACE-SLE global study design 16 Objectives Primary Objective: Safety and tolerability of CLN- 978 for treatment of active SLE Secondary Objectives: • PK • B cell kinetics • Immunogenicity • Clinical activity Part A: Dose Escalation Part B: Dose Expansion Cohort 1 (n=3) • Day 1: 10 micrograms Schedule 1 (n= 3 to 6) • Dose level and schedule to be determined by PK/PD findings observed in Part A Study Population 1. SLE meeting 2019 EULAR/ACR criteria 2. One or more of the following SLE autoantibodies: • anti-nuclear antibody • anti-dsDNA • anti-Smith 3. SLEDAI ≥6 at screening 4. Inadequate response to at least one standard immunosuppressant or biologic agent used for the treatment of SLE Global Phase 1 study ongoing in United States, Europe, and Australia Cohort 2 (n=3) • Day 1: 10 micrograms • Day 8: 20 micrograms Cohort 3 (n=3) • Day 1: 10 micrograms • Day 8: 30 micrograms Schedule 2 (n=3 to 6) • Dose level and schedule to be determined by PK/PD findings observed in Part A Further exploration of 2 or more dosing schedules Cohort 4 (optional; n=3) • Day 1: 10 micrograms • Day 8: 45 micrograms
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 1. Mahajan, A. et al. Lupus. 2020 Aug; 29(9): 1011–1020. 2. US: Izmirly, P. M. et al. (2021b) ‘Prevalence of systemic lupus erythematosus in the United States: estimates from a meta-analysis of the centers for disease control and prevention national lupus registries’, Arthritis and Rheumatology, 73(6), pp. 991–996. doi: 10.1002/art.41632. 3. UK: Rees, F. et al. (2016) ‘The incidence and prevalence of systemic lupus erythematosus in the UK, 1999-2012’, Annals of the Rheumatic Diseases, 75(1), pp. 136–141. doi: 10.1136/annrheumdis-2014-206334. 4. FR: Arnaud, L. et al. (2014) ‘Prevalence and incidence of systemic lupus erythematosus in France: a 2010 nation-wide population-based study’, Autoimmunity Reviews, 13(11), pp. 1082–1089. doi: 10.1016/j.autrev.2014.08.034. 5. IT: Tsioni, V. et al. (2015) ‘The prevalence and incidence of systemic lupus erythematosus in children and adults: a population-based study in a mountain community in northern Italy’, Clinical and Experimental Rheumatology, 33(5), pp. 681–687. 6. DE: Brinks, R. et al. (2014) ‘Age-specific prevalence of diagnosed systemic lupus erythematosus in Germany 2002 and projection to 2030’, Lupus, 23(13), pp. 1407–1411. doi: 10.1177/0961203314540352. 7. ES: Alonso, M. D. et al. (2011) ‘Systemic lupus erythematosus in northwestern Spain: a 20-year epidemiologic study’, Medicine, 90(5), pp. 350–358. doi: 10.1097/MD.0b013e31822edf7f. 8. JP: Bae, E. H. et al. (2020) ‘Trend of prevalence and incidence of systemic lupus erythematosus in South Korea, 2005 to 2015: a nationwide population-based study’, Korean Journal of Internal Medicine, 35(3), pp. 652–661. doi: 10.3904/kjim.2018.303. 9. AU: Nikpour M, Bridge JA, Richter S. A systematic review of prevalence, disease characteristics and management of systemic lupus erythematosus in Australia: identifying areas of unmet need. Intern Med J. 2014 Dec;44(12a):1170-9. doi: 10.1111/imj.12568. PMID: 25169712. 10. Internal company estimate - Antinuclear Antibody (ANA) positive without Central Nervous System (CNS) patients based on historical systemic therapy treatment rates. 11. Internal company estimate - portion of addressable patients who present with moderate or severe SLE. Systemic lupus erythematosus (SLE): High unmet need in complex disease with few approved therapies, limited efficacy, and chronic immunosuppression 17 Opportunity: Current standards of care do not routinely induce treatment-free remission, most patients require lifelong immune suppression, treating symptoms without modifying course of disease High Unmet Need SLE - Select Market Opportunity 2025 Estimate (US, EU5, JP, AU) Systemic disease characterized by autoantibodies produced by B cells, leading to multiple affected organ systems (renal, CNS, cardiovascular, respiratory, skin) Largely impacts young, women of color ~40% of SLE patients develop lupus nephritis 1, which has a 10-year 30% mortality rate 430,000 Diagnosed patients (18-70 y/o)2-9 285,000 Estimated addressable patients10 193,000 Estimated moderate/severe patients11
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | EUCT number: 2024-519114-31-00 OUTRACE-RA initial Phase 1 design 18 Objectives Primary Objective: Safety and tolerability of CLN- 978 for treatment of active RA Secondary Objectives: • PK • B cell kinetics in peripheral blood and tissue biopsies • Immunogenicity • Clinical activity Phase 1: Dose EscalationStudy Population 1. RA meeting 2010 EULAR/ACR criteria 2. Inadequate response to at least two DMARDS (tsDMARD and/or biologic) after csDMARD treatment 3. DAS28-ESR ≥ 3.2, at least one swollen joint Phase 1 study ongoing in Europe Cohort 1 (n=1) • Day 1: 10 micrograms Cohort 2 (n=3) • Day 1: 10 micrograms • Day 8: 20 micrograms Cohort 3 (optional; n=3) • Day 1: 10 micrograms • Day 8: 30 micrograms Cohort 4 (optional; n=3) • Day 1: 10 micrograms • Day 8: 45 micrograms Cohort 5 (optional; n=3) • Day 1: 10 micrograms • Day 8, 15, 22: 45 micrograms
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 1. US: Hunter, T. M. et al. (2017) ‘Prevalence of rheumatoid arthritis in the United States adult population in healthcare claims databases, 2004–2014’, Rheumatology International. Springer Berlin Heidelberg, 37(9), pp. 1551–1557. doi: 10.1007/s00296-017-3726-1. 2. UK: Abhishek, A. et al. (2017) ‘Rheumatoid arthritis is getting less frequent-Results of a nationwide population-based cohort study’, Rheumatology (United Kingdom), 56(5), pp. 736–744. doi: 10.1093/rheumatology/kew468. 3. FR: Guillemin, F. et al. (2005) ‘Prevalence of rheumatoid arthritis in France: 2001’, Annals of the Rheumatic Diseases, 64(10), pp. 1427–1430. doi: 10.1136/ard.2004.029199. 4. IT: Rossini, M. et al. (2014) ‘Prevalence and incidence of rheumatoid arthritis in Italy’, Rheumatology International, 34(5), pp. 659–664. doi: 10.1007/s00296-014-2974-6. 5. DE: Steffen, A. et al. (2017) ‘Epidemiologie der rheumatoiden Arthritis in Deutschland – eine Analyse anhand bundes- weiter vertragsärztlicher Abrechnungsdaten’, Zentralinstitut für kassenärztliche Versorgung in Deutschland, (17), pp. 1–20. doi: 10.20364/VA-17.08. 6. ES: Fina-Aviles, F. et al. (2016) ‘The descriptive epidemiology of rheumatoid arthritis in Catalonia: a retrospective study using routinely collected data’, Clinical Rheumatology, 35(3), pp. 751–757. doi: 10.1007/s10067-014-2801-1. 7. JP: Kojima, M. et al. (2019) ‘Epidemiological characteristics of rheumatoid arthritis in Japan: Prevalence estimates using a nationwide population-based questionnaire survey’, Modern Rheumatology, 7595. doi: 10.1080/14397595.2019.1682776. 8. AU: Ackerman IN, Pratt C, Gorelik A, Liew D. Projected Burden of Osteoarthritis and Rheumatoid Arthritis in Australia: A Population-Level Analysis. Arthritis Care Res (Hoboken). 2018 Jun;70(6):877-883. doi: 10.1002/acr.23414. Epub 2018 Apr 12. PMID: 28898565. 9. Internal company estimate - addressable patients is estimated according to observed rheumatoid factor (RF) or anti-citrullinated protein autoantibodies (ACPA) seropositivity rates and historical systemic therapy treatment rates. 10. Internal company estimate - portion of addressable patients who present with moderate to severe rheumatoid arthritis. 11. Internal company estimate - portion of moderate to severe patients who are multi-drug resistant or poly-refractory. Rheumatoid Arthritis (RA): Large pool of highly refractory patients 19 Opportunity: Large group of RA patients who fail available therapies High Unmet Need RA - Select Market Opportunity 2025 Estimate (US, EU5, JP, AU) Rheumatoid arthritis (RA) is a chronic inflammatory disease that mainly affects the joints with pathogenesis associated with autoantibodies ~77% of RA patients present with moderate or severe disease activity Large poly-refractory population with no available treatments Current therapies result in chronic immune suppression, increasing infection risk, especially in elderly patients 5,300,000 Diagnosed patients (≥18 years of age)1-8 3,386,000 Estimated addressable patients9 2,315,000 Estimated moderate/severe RA patients10 163,000 Estimated number of patients who are multi-drug resistant or poly-refractory 11
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | OUTRACE-SjD study design 20 Objectives Primary Objective: Safety and tolerability of CLN-978 for treatment of patients with active Sjögren’s disease Secondary Objectives: • PK • B cell kinetics in peripheral blood and salivary biopsies • Immunogenicity • Clinical activity Part A: Dose Escalation Part B: Dose Expansion Cohort 1 (n=3) • Day 1: 10 micrograms Schedule 1 (n=3 to 6) • Dose level and schedule to be determined by PK/PD findings observed in Part A Study Population 1. Sjögren’s disease meeting 2016 EULAR/ACR criteria with a disease duration ≥ 24 weeks 2. Moderate to severe disease (ESSDAI ≥ 5) at screening 3. Inadequate or loss of response to at least two SOC immunosuppressive or biologic therapies Global Phase 1 study ongoing in the U.S. and Europe Cohort 2 (n=3) • Day 1: 10 micrograms • Day 8: 20 micrograms Cohort 3 (n=3) • Day 1: 10 micrograms • Day 8: 30 micrograms Schedule 2 (n=3 to 6) • Dose level and schedule to be determined by PK/PD findings observed in Part A Further exploration of 2 or more dosing schedules Cohort 4 (optional; n=3) • Day 1: 10 micrograms • Day 8: 45 micrograms
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 1. Sjogren's Foundation. 2. US: Maciel, G. et al. (2017) ‘FRI0278 Prevalence of primary Sjögren’s syndrome in a population-based cohort in the United States’, Arthritis Care and Research, 69(10) p. 591.2. doi: 10.1136/annrheumdis-2017-eular.1179. 3. UK: United Kingdom Primary Sjögren’s Syndrome Registry (UKPSSR) (2011). National Research Biobank. Available from: https://www.sjogrensregistry.org/for-patients (Accessed: 17 July 2020). 4. FR: Maldini, C. et al. (2014) ‘Epidemiology of primary Sjögren’s syndrome in a French multiracial/multiethnic area’, Arthritis Care and Research, 66(3), pp. 454–463. doi: 10.1002/acr.22115. 5. IT: Sardu, C. et al. (2012) ‘Population based study of 12 autoimmune diseases in Sardinia, Italy: prevalence and comorbidity’, PLoS ONE, 7(3). doi: 10.1371/journal.pone.0032487. 6. DE: Westhoff, G. and Zink, A. (2010) ‘Epidemiology of primary Sjögren’s syndrome’, Journal of Rheumatology, 69(1), pp. 1–9. doi: 10.1007/s00393-009-0518-3. 7. ES: Cortes, J. B. et al. (2019) ‘Prevalence of Sjögren’s syndrome in the community of Madrid’, Annals of the Rheumatic Diseases, p. 791.2–792. doi: 10.1136/annrheumdis-2019-eular.3949. 8. JP: Tsuboi, H. et al. (2014) ‘Primary and secondary surveys on epidemiology of Sjögren’s syndrome in Japan’, Modern Rheumatology, 24(3), pp. 464–470. doi: 10.3109/14397595.2013.843765. 9. AU: Lyne SA, Downie-Doyle S, Lester SE, Quinlivan A, Toby Coates P, Gordon TP, Rischmueller M. Primary Sjögren's syndrome in South Australia. Clin Exp Rheumatol. 2020 Jul-Aug;38 Suppl 126(4):57-63. Epub 2020 Sep 15. PMID: 32940213. 10. Internal company estimate - anti-SSA/RO antibodies and/or rheumatoid factor patients based on historical systemic therapy treatment rates. 11. Internal company estimate - portion of addressable patients who present with moderate to severe Sjögren’s disease. Sjögren's disease: Complex and debilitating disease occurring in isolation or in association with other systemic conditions 21 High Unmet Need Primary Sjögren’s disease- Select Market Opportunity 2025 Estimate (US, EU5, JP, AU) Sjögren's disease is a chronic autoimmune disease characterized by lymphocytic infiltration of the salivary and lacrimal glands Autoantibodies play crucial roles in both the diagnosis and prognosis of Sjögren's disease Patients with Sjögren's disease have an average of five other health conditions, including but not limited to conditions such as GERD, Raynaud’s, neuropathy, sinusitis, hypertension, anemia, fibromyalgia, and irritable bowel syndrome 1 836,000 Diagnosed patients (≥18 years of age)2-9 482,000 Estimated addressable patients10 148,000 Estimated moderate/severe patients11 Opportunity: A prevalent B cell driven disease with no approved advanced systemic therapies
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | VELINOTAMIG BCMAxCD3 bispecific T cell engager 22
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 23 Velinotamig: A BCMAXCD3 bispecific T cell engager with clinical evidence of robust plasma cell depletion Binds to the BCMA and CD3 antigens, redirecting cytotoxic T cells to target BCMA-expressing cells High affinity for BCMA and lower affinity for CD3: affinity for BCMA is two orders of magnitude higher than for CD3, promoting recruitment and activation of T cells while minimizing non-specific T cell activation A rigid hinge region enhances synapse formation between T cells and target cells to eliminate BCMA+ plasma cells Similar structure as classic monoclonal antibody and possible lower immunogenicity by using common light chain; subcutaneous administration (in development) is feasible anti-BCMAanti-CD3 rigid hinge region knob into hole common light chain Velinotamig BISPECIFIC BCMAXCD3 T CELL ENGAGER Velinotamig A HIGHLY SELECTIVE, DIFFERENTIATED MOLECULE
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Velinotamig current clinical development status in China 24 Planned clinical trial in autoimmune diseases • Genrix Bio plans to conduct a Phase 1 study in China in patients with autoimmune diseases beginning later this year • Cullinan expects the data generated to accelerate the global clinical development of velinotamig in autoimmune diseases • Following the completion of the Genrix Bio Phase 1 study, Cullinan will conduct all further development of velinotamig in autoimmune diseases Completed/ongoing clinical trials in multiple myeloma • GR1803-001: A (follow-up) completed Phase 1 study in patients with relapsed/refractory multiple myeloma • GR1803-002: A Phase 2 pivotal study in patients with relapsed/refractory multiple myeloma • GR1803-003: A Phase 2 pivotal study in patients with relapsed/refractory multiple myeloma with extramedullary lesions • Velinotamig received Breakthrough Therapy Designation by the Center for Drug Evaluation (CDE) for the treatment of relapsed/refractory multiple myeloma
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 1. https://labeling.pfizer.com/ShowLabeling.aspx?id=19669#ID_b883b50f-6abb-40b6-ab24-68b9b6e74ac3. 2. Lesokhin AM, Tomasson MH, Arnulf B, et al. Elranatamab in relapsed or refractory multiple myeloma: phase 2 MagnetisMM-3 trial results. Nat Med. 2023;29:2259-2267. doi:10.1038/s41591-023-02528-9 3. https://www.janssenlabels.com/package-insert/product-monograph/prescribing-information/TECVAYLI-pi.pdf. 4. https://www.jnjmedicalconnect.com/products/tecvayli/medical-content/tecvayli-use-in-patients-with-extramedullary-disease. 5. Moreau P, Garfall A, van de Donk C, et al. Teclistamab in relapsed or refractory multiple myeloma. N Engl J Med. 2022;387:495-505. 6. Naresh Bumma et al. Linvoseltamab for Treatment of Relapsed/Refractory Multiple Myeloma. JCO 42, 2702-2712(2024). doi:10.1200/JCO.24.01008. Velinotamig has demonstrated meaningful efficacy in late-line patients with relapsed/refractory multiple myeloma: Phase 1 results at RP2D target dose 25 • Higher ORR rate observed relative to approved BCMA TCEs • Higher ORR in patients with extramedullary disease (EMD), a particularly poor prognosis subset of MM patients • Similar CR and ≥VGPR rate versus the majority of approved BCMA TCEs, despite a larger proportion of EMD patients Approved moleculesb (in U.S. and or EU) Velinotamiga (n=48) Elranatamab1,2 (n=97) Teclistamab3,4,5 (n=110) Linvoseltamab6 (n=117) ORR (sCR + CR + VGPR + PR) 87.5% 57.7% 61.8% 70.9% ≥VGPR (sCR + CR + VGPR) 70.8% 51.5% 57.3% 63.2% CR (sCR + CR) 37.5% 25.8% 28.2% 49.6% MRD-neg rate (in all patients) 54.2% n/a 26.7% n/a Proportion of EMD patients in study 50.0% 34.0% 25.5% 16.2% ORR in EMD 83.3% 38.5% 35.7% 52.6% a. Data from trial: Phase 1 clinical study of the safety, pharmacokinetics, immunogenicity and preliminary efficacy of single and multiple administrations of GR1803 (velinotamig) in patients with relapsed/refractory multiple myeloma. Velinotamig data as of July 1, 2025, cutoff date from published ASH abstract; includes patients who have received the target dose of 180 ug/kg, which was explored with (n=25) and without a step-up priming regimen (n=23). The recommended Phase 2 dose (RP2D) for further development includes a step-up priming regimen. b. Data provided for context only; direct comparisons between molecules can not be made in the absence of head-to-head clinical trials.
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | *Data from trial: Phase 1 clinical study of the safety, pharmacokinetics, immunogenicity and preliminary efficacy of single and multiple administrations of GR1803 (velinotamig) in patients with relapsed/refractory multiple myeloma. Velinotamig data as of July 1, 2025, cutoff date from published ASH abstract; includes patients who have received the target dose of 180 ug/kg, which was explored with (n=25) and without a step-up priming regimen (n=23). The recommended phase 2 dose (RP2D) for further development includes a step-up priming regimen. Overview of velinotamig safety data at RP2D target dose in patients with relapsed/refractory multiple myeloma 26 • Opportunities to further mitigate CRS are being implemented: • Alternative step-up dosing regimen • Introduction of subcutaneous formulation • No ICANS of any grade at the RP2D • Augmented supportive care measures to reduce the risk of infection will be implemented in autoimmune studies Any grade ≥Grade 3 Velinotamig (n=48)* Cytokine release syndrome 89.6% 6.3% Infection 81.3% 50.0% ICANS 0% 0% Neutrophil count decreased 87.5% 75.0% Platelet count decreased 81.3% 41.7% White blood cell count decreased 87.5% 41.7% Lymphocyte count decreased 62.5% 60.4%
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | ZIPALERTINIB (CLN-081/TAS6417) EGFR ex20ins inhibitor 27
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Zipalertinib: Selective EGFR inhibitor with best-in-class potential and strong profile for NSCLC patients with EGFR exon20 mutations 28 Unique Design Properties Distinct chemical scaffold HER2-sparing High selectivity to mutant vs WT EGFR REZILIENT1 • ASCO 2025 and IASLC WCLC 2025: Zipalertinib demonstrated clinically meaningful efficacy and durability in patients after progression on platinum-based chemotherapy, including patients previously treated with amivantamab • Manageable safety profile, consistent with previously reported data • Taiho plans to initiate a rolling submission of an NDA in relapsed EGFR ex20ins NSCLC by the end of 2025 REZILIENT3 Phase 3 frontline study ongoing; complete enrollment expected in H1 2026 REZILIENT2 Cohorts • IASLC WCLC 2025: Initial data demonstrated the clinical activity of zipalertinib in patients with uncommon EGFR mutations • ESMO 2025: Initial data demonstrated intracranial responses with zipalertinib in patients with active brain metastases Profit sharing: Parties will share 50/50 U.S. development costs and potential profits Milestone payments: Cullinan is eligible to receive up to $130 million in payments for U.S. regulatory milestones Taiho zipalertinib collaboration provides Cullinan with financial benefits:
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | References 1. American Lung Association (2025) . 2. https://www.cancer.org/content/dam/CRC/PDF/Public/8703.00.pdf 3. Riess JW et al. J Thorac Oncol 2018. 4. Zhang YL et al. Oncotarget 2016. 5. Burnett H et al. PLoS ONE 2021. Patients with insertions at exon 20 make up the largest unmet need segment of the lung cancer population with EGFR mutations 29 EGFR mutated NSCLC1 U.S. Exon 20 incidence Other 9% Ex19 Deletion 47% L858R 32% Ex20 12% ~235,000U.S. lung cancer incidence 1: 80%-85%NSCLC2: 1.5%-2.5% of NSCLC ~3,000 to ~5,000 patientsExon 203-5:
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Clinicaltrials.gov identifiers: 1NCT04036682, 2NCT05967689 and 3NCT05973773; * includes both approved and investigational exon20 therapies ** following 6-12 patient safety lead in. PACC, P-loop and αC-helix. ASCO 2025 data update: REZILIENT1 Phase 2b trial results 30 Primary endpoint: ORR + DOR Pivotal Phase 2b (met primary endpoint) REZILIENT11 NCT04036682 REZILIENT33REZILIENT22 Prior chemo* only Prior chemo* + amivantamab +/- other exon20ins directed therapy Active brain mets (+/- prior treatment) 1st Line ex20 (zipalertinib monotherapy) Non-exon20ins uncommon (PACC+) EGFRm (prior systemic therapy) Data presented at ASCO 2025 *platinum-based Zipalertinib + pemetrexed + carboplatin or cisplatin Placebo + pemetrexed + carboplatin or cisplatin R 1:1 N=~300** Phase 2 Parallel Cohort Study 1L Randomized Phase 3 (initiated Q3 2023)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | aIncludes first/second generation EGFR tyrosine kinase inhibitors, ALK inhibitors, CDK4/6 inhibitors, NTRK/ROS1 inhibitors, angiokinase inhibitors. ALK, anaplastic lymphoma kinase; EGFR, epidermal growth factor receptor; ex20ins, exon 20 insertions; PD-(L)1, programmed death-(ligand) 1. REZILIENT1: Heavily pre-treated patient population, many with brain metastases, relapsed after chemotherapy +/- amivantamab 31 Characteristic Primary efficacy population (N=176) Platinum-based chemotherapy without ex20ins-targeted therapy (n=125) Prior amivantamab ± other ex20ins-target therapy (n=51)a Median number of prior systemic regimens, No. (range) 2 (1, 7) 1 (1, 6) 3 (1, 7) Prior chemotherapy, No. (%) 173 (98) 125 (100) 48 (94) Prior anti–PD-(L)1, No. (%) 84 (48) 62 (50) 22 (43) Prior targeted therapy, No. (%) 87 (49) 36 (29) 51 (100) Amivantamab 52 (30) 0 51 (100) Mobocertinib 17 (10) 0 17 (33) Bevacizumab 21 (12) 14 (11) 7 (14) Osimertinib 16 (9) 12 (10) 4 (8) BLU-451 3 (2) 0 3 (6) Cetuximab 4 (2) 0 4 (3) Poziotinib 2 (1) 0 2 (4) Sunvozertinib 1 (1) 0 1 (2) Othera 21 (12) 17 (14) 4 (8) Prior brain radiation, No. (%) 23 (13) 16 (13) 7 (14) Brain metastasis untreated, No. (%) 45 (26) 28 (22) 17 (33)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Patients were evaluable for response if they had received at least one dose of zipalertinib and had at least one post-dose tumor assessment or had discontinued prior to the first efficacy assessment due to clinical disease progression or toxicity. aIncluding 30 patients who received prior amivantamab without and 21 patients with other ex20ins- targeted therapy. bResponse confirmed ≥4 weeks after response first noted. cPatients had PR but confirmatory scan had not yet been performed. dNo post-baseline imaging. eProportion of patients with confirmed CR or PR. fProportion of patients with CR, PR, or SD. gProportion of patients with CR, PR, or with SD lasting ≥24 weeks. BOR, best overall response; CBR, clinical benefit rate; CI, confidence interval; CR, complete response; DCR, disease control rate; DOR, duration of response; ex20ins, exon 20 insertions; ICR, independent central review; ORR, objective response rate; PD, progressive disease; PR, partial response; SD, stable disease. REZILIENT1: Zipalertinib demonstrated meaningful clinical efficacy, including in patients previously treated with amivantamab 32 Outcome Primary efficacy population (N=176) Platinum-based chemotherapy without ex20ins-targeted therapy (n=125) Prior amivantamab ± other ex20ins-target therapy (n=51)a BOR, No. (%)b CR 1 (1) 0 1 (2) PR 61 (35) 50 (40) 11 (22) Unconfirmed PRc 7 (4) 6 (5) 1 (2) SD 88 (50) 55 (44) 33 (65) PD 11 (6) 8 (6) 3 (6) Not evaluabled 8 (5) 6 (5) 0 Confirmed ORR, No. (%) [95% CI]e 62 (35) [28–43] 50 (40) [31–49] 12 (24) [13–38] DCR, No. (%) [95% CI]f 157 (89) [84–93] 111 (89) [82–94] 46 (90) [79–97] CBR, No. (%) [95% CI]g 113 (64) [57–71] 85 (68) [59–76] 28 (55) [40–69] Median time to response, days (range) 44 (31–295) 44 (39–232) 44 (39–232) Median DOR, months (95% CI) 8.8 (8.3–12.7) 8.8 (8.3–12.7) 8.5 (4.2–14.8)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Patients were evaluable for response if they had received at least one dose of zipalertinib and had at least one post-dose tumor assessment or had discontinued prior to the first efficacy assessment due to clinical disease progression or toxicity. aIncluding 30 patients who received prior amivantamab without and 21 patients with other ex20ins- targeted therapy. bResponse confirmed ≥4 weeks after response first noted. cPatients had PR but confirmatory scan had not yet been performed. dNo post-baseline imaging. eProportion of patients with confirmed CR or PR. fProportion of patients with CR, PR, or SD. gProportion of patients with CR, PR, or with SD lasting ≥24 weeks. BOR, best overall response; CBR, clinical benefit rate; CI, confidence interval; CR, complete response; DCR, disease control rate; DOR, duration of response; ex20ins, exon 20 insertions; ICR, independent central review; ORR, objective response rate; PD, progressive disease; PR, partial response; SD, stable disease. REZILIENT1: Durable clinical benefit observed in patients relapsing after prior treatment with amivantamab 33 Outcome Prior amivantamab without other ex20ins-targeted therapy (n=30) Prior amivantamab and other ex20ins-targeted therapy (n=21) Total (n=51) BOR, No. (%)a CR 1 (3) 0 1 (2) PR 8 (27) 3 (14) 11 (22) Unconfirmed PRb 1 (3) 0 1 (2) SD 19 (63) 14 (67) 33 (65) PD 0 3 (14) 3 (6) Confirmed ORR, No. (%) [95% CI]c 9 (30) [15–49] 3 (14) [3–36] 12 (24) [13–38] DCR, No. (%) [95% CI]d 29 (97) [83–100] 17 (81) [58–95] 46 (90) [79–97] CBR, No. (%) [95% CI]e 18 (60) [41–77] 10 (48) [26–70] 28 (55) [40–69] Median time to response, days (range) 43 (39–232) 98 (40–103) 44 (39–232) Median DOR, months (95% CI) 14.7 (4.2–NE) 4.2 (3.9–NE) 8.5 (4.2–14.8) Despite the approval of amivantamab for EGFR ex20ins NSCLC, patients can still face poor outcomes after exhausting a range of prior therapies Zipalertinib demonstrated clinically meaningful efficacy in the post-amivantamab setting, a significant and growing unmet need
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Patients were evaluable for response if they had received at least one dose of zipalertinib and had at least one post-dose tumor assessment or had discontinued prior to the first efficacy assessment due to clinical disease progression or toxicity. aIncluding 30 patients who received prior amivantamab without and 21 patients with other ex20ins- targeted therapy. bResponse confirmed ≥4 weeks after response first noted. cPatients had PR but confirmatory scan had not yet been performed. dNo post-baseline imaging. eProportion of patients with confirmed CR or PR. fProportion of patients with CR, PR, or SD. gProportion of patients with CR, PR, or with SD lasting ≥24 weeks. BOR, best overall response; CBR, clinical benefit rate; CI, confidence interval; CR, complete response; DCR, disease control rate; DOR, duration of response; ex20ins, exon 20 insertions; ICR, independent central review; ORR, objective response rate; PD, progressive disease; PR, partial response; SD, stable disease. REZILIENT1: Efficacy per ICR in patients with brain metastases 34 Results provide preliminary evidence supporting the activity of zipalertinib in the high-risk patient population with brain metastases Outcome Primary efficacy population (N=176) Patients with brain metastasesa (n=68) BOR, No. (%)b CR 1 (1) 1 (2) PR 61 (35) 20 (29) Unconfirmed PRc 7 (4) 2 (3) SD 88 (50) 37 (54) PD 11 (6) 5 (7) Not evaluabled 8 (5) 3 (4) Confirmed ORR, No. (%) [95% CI]e 62 (35) [28–43] 21 (31) [20–43] DCR, No. (%) [95% CI]f 157 (89) [84–93] 60 (88) [78–95] CBR, No. (%) [95% CI]g 113 (64) [57–71] 38 (56) [43–68] Median time to response, days (range) 44 (31–295) 98 (35–232)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | CI, confidence interval; ex20ins, exon 20 insertions; ORR, objective response rate. REZILIENT1: Confirmed ORR of 35.2% in the primary efficacy population; best change from baseline of target lesions 35 Platinum-based chemotherapy without ex20ins-targeted therapy (n=125) Platinum-based chemotherapy with amivantamab ± other ex20ins-target therapy (n=51) 120 100 80 60 40 20 0 Best change from baseline in target lesions (%) –20 –40 –60 –80 –100 –120 ORR, % (95% CI) Prior platinum-based chemotherapy (n=125) 40 (31–49) Prior amivantamab without other ex20ins (n=30) 30 (15–49) Prior amivantamab and other ex20ins (n=21) 14 (3–36) Primary efficacy population (N=176) 35 (28–43)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 100 90 80 70 60 50 40 30 20 10 0 Progression-free survival (%) Time from first dose (months) 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 Progression-free survival was defined as the time between the day of the first dose of zipalertinib and the first documentation of progressive disease or death, whichever occurred earlier. CI, confidence interval; ex20ins, exon 20 insertions; ICR, independent central review; PFS, progression-free survival. REZILIENT1: Zipalertinib shows median progression-free survival (PFS) of 9.4 months per ICR in primary efficacy population 36 176 125 51 144 103 41 95 71 24 57 42 15 22 15 7 15 10 5 7 7 0 6 6 0 6 6 0 6 6 0 6 6 0 4 4 0 4 4 0 3 3 0 3 3 0 3 3 0 3 3 0 1 1 0 0 0 0 Total Platinum-based chemotherapy only Prior amivantamab ± other ex20ins No. at risk 24.7% 15.5% 32.0% 29.9% 24.8% 68.0% 63.8% 53.4% Primary efficacy population (N=176) Platinum-based chemotherapy without ex20ins-targeted therapy (n=125) Prior amivantamab ± other ex20ins-target therapy (n=51) Median PFS, months (95% CI) 9.4 (7.4–10.0) 9.5 (7.7–11.5) 7.3 (5.3–9.7) Kaplan-Meier estimates of progression-free survival
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | TRAE, treatment-related adverse event. REZILIENT1: Most common treatment-related adverse events 37 Most common treatment-related adverse events were paronychia, rash, dermatitis acneiform, dry skin, and diarrhea Any-grade TRAEs reported in ≥10% of patients, No. (%) Any grade Grade 3 Paronychia 94 (38.5) 0 Rash 74 (30.3) 6 (2.5) Dermatitis acneiform 60 (24.6) 1 (0.4) Dry skin 60 (24.6) 0 Diarrhea 53 (21.7) 5 (2.0) Stomatitis 49 (20.1) 4 (1.6) Anemia 48 (19.7) 17 (7.0) Pruritus 44 (18.0) 1 (0.4) Nausea 35 (14.3) 2 (0.8) Rash maculopapular 34 (13.9) 3 (1.2) Fatigue 29 (11.9) 0 • Anemia was the most common grade 3 TRAE • Other grade ≥3 TRAEs reported in ≥5 patients included pneumonitis and rash (6 patients [2.5%] each), and alanine aminotransferase increased, diarrhea, and platelet count decreased (5 patients [2.0%] each) • Twelve patients (4.9%) had treatment-related pneumonitis, 5 of whom had received prior immunotherapy • Grade 1, n=3; grade 2, n=3; grade 3, n=5; grade 5, n=1
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Clinicaltrials.gov identifiers: 1NCT04036682, 2NCT05967689 and 3NCT05973773; * includes both approved and investigational exon20 therapies ** following 6-12 patient safety lead in. PACC, P-loop and αC-helix. IASLC 2025 WCLC data update: Patients with prior amivantamab 38 Primary endpoint: ORR + DOR Pivotal Phase 2b (met primary endpoint) REZILIENT11 NCT04036682 REZILIENT33REZILIENT22 Prior chemo* only Prior chemo* + amivantamab +/- other exon20ins directed therapy Active brain mets (+/- prior treatment) 1st Line ex20 (zipalertinib monotherapy) Non-exon20ins uncommon (PACC+) EGFRm (prior systemic therapy) Data presented at IASLC 2025 WCLC *platinum-based Zipalertinib + pemetrexed + carboplatin or cisplatin Placebo + pemetrexed + carboplatin or cisplatin R 1:1 N=~300** Phase 2 Parallel Cohort Study 1L Randomized Phase 3 (initiated Q3 2023)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Patients were evaluable for response if they had received at least one dose of zipalertinib and had at least one post-dose tumor assessment or had discontinued prior to the first efficacy assessment due to clinical disease progression or toxicity. aIncluding 30 patients who received prior amivantamab without and 21 patients with other ex20ins- targeted therapy. bResponse confirmed ≥4 weeks after response first noted. cPatients had PR but confirmatory scan had not yet been performed. dNo post-baseline imaging. eProportion of patients with confirmed CR or PR. fProportion of patients with CR, PR, or SD. gProportion of patients with CR, PR, or with SD lasting ≥24 weeks. BOR, best overall response; CBR, clinical benefit rate; CI, confidence interval; CR, complete response; DCR, disease control rate; DOR, duration of response; ex20ins, exon 20 insertions; ICR, independent central review; ORR, objective response rate; PD, progressive disease; PR, partial response; SD, stable disease. With longer-term follow-up data, zipalertinib continues to demonstrate meaningful efficacy in patients relapsing after prior treatment with amivantamab 39 Outcome Prior amivantamab only (N=54) Prior amivantamab + other ex20ins-targeted therapy (n=30) Total (N=84)a BOR, No. (%)b CR 0 0 0 PR 17 (31.5) [19.5–45.6] 6 (20.0) [7.7–38.6] 23 (27.4) [18.2–38.2] Unconfirmed PRc 2 (3.7) [0.5–12.7] 1 (3.3) [0.1–17.2] 3 (3.6) [0.7–10.1] SD 28 (51.9) [37.8–65.7] 17 (56.7) [37.4–74.5] 45 (53.6) [42.4–64.5] PD 1 (1.9) [0.0–9.9] 3 (10.0) [2.1–26.5] 4 (4.8) [1.3–11.7] Not evaluabled 6 (11.1) [4.2–22.6] 3 (10.0) [2.1–26.5] 9 (10.7) [5.0–19.4] Confirmed ORR, No. (%) [95% CI]e 17 (31.5) [19.5–45.6] 6 (20.0) [7.7–38.6] 23 (27.4) [18.2–38.2] DCR, No. (%) [95% CI]f 47 (87.0) [75.1–94.6] 24 (80.0) [61.4–92.3] 71 (84.5) [75.0–91.5] CBR, No. (%) [95% CI]g 30 (55.6) [41.4–69.1] 13 (43.3) [25.5–62.6] 43 (51.2) [40.0–62.3] Median DOR, months (95% CI) 9.5 [6.2–NE] 8.3 [3.9–NE] 8.5 [6.2–14.8] Median PFS, months (95% CI) 7.4 [5.4–9.7] 5.2 [3.4–11.5] 6.5 [5.4–8.9] Zipalertinib was well tolerated and demonstrated a manageable safety profile in patients who progressed on prior chemotherapy and amivantamab with or without other ex20ins-targeted therapy. No new safety signals have been identified.
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Clinicaltrials.gov identifiers: 1NCT04036682, 2NCT05967689 and 3NCT05973773; * includes both approved and investigational exon20 therapies ** following 6-12 patient safety lead in. PACC, P-loop and αC-helix. REZILIENT program: Broad development of zipalertinib across multiple studies and indications in collaboration with Taiho Oncology 40 Primary endpoint: ORR + DOR Primary endpoint: ORR Primary endpoint: PFS Pivotal Phase 2b (met primary endpoint) REZILIENT11 REZILIENT33REZILIENT22 Prior chemo* only Prior chemo* + amivantamab +/- other exon20ins directed therapy Active brain mets (+/- prior treatment) Initial data shared at ESMO Congress 2025 1st Line ex20 (zipalertinib monotherapy) Non-exon20ins uncommon (PACC+) EGFRm (prior systemic therapy) Initial data shared at IASLC 2025 WCLC Data presented at ASCO 2025 and IASLC 2025 WCLC *platinum-based Zipalertinib + pemetrexed + carboplatin or cisplatin Placebo + pemetrexed + carboplatin or cisplatin R 1:1 N=~300** Phase 2 Parallel Cohort Study 1L Randomized Phase 3 (initiated Q3 2023)
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Data provided for context only; direct comparisons between molecules can not be made in the absence of head-to-head clinical trials. 1. https://www.janssenlabels.com/package-insert/product-monograph/prescribing-information/RYBREVANT-pi.pdf. 2. Park K, Haura EB, Leighl NB, et al. Amivantamab in EGFR Exon 20 Insertion-Mutated Non-Small-Cell Lung Cancer Progressing on Platinum Chemotherapy: Initial Results From the CHRYSALIS Phase I Study. J Clin Oncol. 2021;39(30):3391-3402. doi:10.1200/JCO.21.00662. Potential best-in-class profile of zipalertinib creates opportunity to address large unmet need left by currently approved therapies 41 Despite the approval of amivantamab, an unmet need remains for well-tolerated oral targeted therapies with durable clinical benefit Zipalertinib Amivantamab1, 2 Efficacy in patients treated with platinum-based chemotherapy 40% 40% Median duration of response Median PFS 8.8 months 9.5 months 11.1 months 8.3 months History of brain metastases 35% 22% Route of administration • Oral • 100mg twice daily • IV infusion • Weekly for 5 weeks (split dose over 2 days, 1st week) • Then every 2 weeks • Premedicate with antihistamines and antipyretics for all doses and IV glucocorticoids during week 1 Select AEs (All / Grade 3+) • Rash (30% / 3%) • Diarrhea (22% / 2%) • Anemia (20% / 7%) • ILD/Pneumonitis (5% / 2%) • Rash (84% / 4%) • Diarrhea (16% / 3%) • Infusion reactions (64% / 3%) • ILD/Pneumonitis (3% / 1%) • Ocular toxicity (1% / - )
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 1. Excludes rights to Japan, which were already held by Taiho, and rights to Greater China, which were previously licensed to Zai Labs. Taiho zipalertinib collaboration provides Cullinan with financial and strategic benefits 42 Upfront Payment $275 million to Cullinan received in 2022 in exchange for providing 50% of U.S. and 100% of ex-U.S. rights to Taiho1 Milestone Payments Cullinan is eligible to receive up to $130 million in payments for EGFR exon 20 NSCLC U.S. regulatory milestones Collaboration Taiho and Cullinan entered into a U.S. co-development and co-commercialization agreement, providing Cullinan with a co-promote option Profit Sharing Parties will share 50/50 U.S. development costs and potential profits
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | CLN-049 FLT3xCD3 bispecific T cell engager 43
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | References 1. American Cancer Society (2025) 2. DeWolf and Tallman. Blood 2020. Significant unmet need in adult AML 44 • The only curative therapy is intensive chemotherapy +/- stem cell transplantation • Curative therapy remains out of reach for most AML patients: 85% patients >60 years old are ineligible for intensive chemotherapy • Recent treatment advancements have not significantly improved the likelihood of cure for the majority of AML patients • A significant unmet need remains for – o a broadly applicable therapy that can produce high rates of durable response o eradication of measurable residual disease (MRD) that portends relapse even when patients meet clinical criteria for complete remission US AML incidence 22,0101 Average age at diagnosis 691 5-year survival 10% or less in relapsed setting2
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | FLT3: An optimal target for AML immunotherapy 45 1 2 3 4 Promising therapeutic potential: FLT3 is expressed on leukemic stem cells as well as blast cells, which may increase response durability. Since FLT3 is an oncogenic driver, target loss is unlikely Validation: FLT3 plays a key role in promoting leukemic cell proliferation and survival. Tyrosine kinase inhibitors (XOSPA TA®, RYDAPT®) treat 20-30% of AML by targeting only mutant FLT3 Potential for reduced toxicity risk: FLT3 expression is very low on most mature normal myeloid cells compared to other frequently used targets for T cell engagers in AML like CD123 and CD33. FLT3 expression is very low on normal pluripotent stem cells Potential for treatment of broad AML population: Targeting the extracellular domain of FLT3 could address ~80% of AML patients that express FLT3 on the cell surface, either wildtype or mutant forms Leukemic Blast or Stem cell Intracellular tyrosine Kinase (TK) domain Commercial TKI WT FLT3 Mutant FLT3 CD33 CD123 FLT3 Normal Myeloid cell
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | References 1. Brauchle B et al. Mol Cancer Ther 2020. FPKM, fragments per kilobase of transcript per million mapped reads; MFI, mean florescence intensity. Compelling biological rationale for FLT3 targeted therapeutic approach in AML 46 Most AML Patients Express FLT3 on Blast Cell Surface1 Limited Expression of FLT3 mRNA in Normal Tissues1 Florescence Activated Cell Sorting (FACS) Analysis RNA 0 2 4 6 8 10 1 27 53 79 105 131 157 183 209 235 261 287 313 >10 MFI ratio FLT32 Patient # (n = 318) FPKM 400 30 0 10 20 100 200 300
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | Statements based on preclinical data. CLN-049: A novel bispecific T cell engager targeting FLT3 in Phase 1 for R/R AML or MDS and in Phase 1 for MRD in AML 47 Wide therapeutic window • Two FLT3-binding Fab arms allow for higher avidity binding to AML cells, potentially increasing efficacy • Two CD3 binding single-chain Fv domains are functionally monovalent to avoid aberrant T cell activation, potentially enhancing safety profile • Silenced Fc domain avoids T cell activation by Fc-gamma receptor positive cells Ease of manufacturing • Symmetric IgG backbone is highly stable and enables high yield • Format avoids aggregation risk that is sometimes present in other molecules (e.g., BiTEs) Convenient dosing with low immunogenicity risk • Half-life extended via Fc domain • Humanized FLT3 and CD3 binding domains anti-FLT3 anti-FLT3 Fc-silent anti-CD3anti-CD3 CLN-049 Design CLN-049’s Potential Differentiation
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | CLN-049 mechanism potentially allows for broad FLT3 dependent AML blast killing 48 1 2 3 Two FLT3 binding domains drives potent elimination of AML blasts even at low FLT3 expression levels Redirects lysis of AML cells expressing mutant or wildtype FLT3 Functionally monovalent CD3 binding domains prevent T cell activation in absence of target cells 1 2 3 CD3 T-cell receptor CLN-049 Mutant FLT3 Commercial TKI WT FLT3 AML cell Cytotoxic T cell
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2 CLN-049 preclinical data support mechanism of FLT3-dependent T cell activation and broad AML cell elimination resulting in improved survival 49 Potent redirected lysis of AML cell lines with wildtype or mutant FLT3 No T cell activation by CLN-049 in the absence of target cells1 4Potent elimination of patient-derived AML blasts by CLN-049 in mice Increased survival of MOLM13 leukemia bearing mice at very low doses of CLN-049 Percent Survival 100 0 10 200 40 No Treatment PBMCs + lgL Control PBMCs + CLN-049 (0.001 mg/kg) PBMCs + CLN-049 (0.003 mg/kg) PBMCs + CLN-049 (0.01 mg/kg) Days 30 50 3 %CD25 of CD4 15 5 0 0.001 0.01 100.0001 100 CLN-049 UCHT1 OKT3 Concentration (nM) 10.1 10 Viable Cells 150000 50000 0 0.001 0.010.0001 10 NOMO-1 (WT/WT) MV-4-11 (ITD – LOH) Concentration (nM) 10.1 100000 hCD45+/mCD45+ 0 Untreated PBMCs + Control PBMC + CLN-049 10 5 20 15 © Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. |
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | ClinicalTrials.gov Identifier: NCT05143996 CLN-049 Phase 1 multiple ascending dose design in R/R AML or MDS INTRAVENOUS DOSING MODULE ONGOING 50 Accelerated Titration Standard Titration Dose Level X* N = 3–6 pts Max Dose Level tbd N = 3–6 patients Dose Level X + 1 N = 3–6 patients Single Patient Cohort Escalation 3 + 3 Cohort Escalation Dose Level X N = 1 pt Dose Level X + 1 N = 1 pt Max Dose Level tbd N = 1 pt • *Flip to standard titration for Treatment-Related AE (TRAE) Grade ≥2 • Flexibility to initiate step-use dosing for cytokine release syndrome (CRS) Grade ≥2 • The number of dose levels is not fixed in either the accelerated or standard titration and will be data driven Relapsed/refractory AML and hypomethylating agent (HMA)-R/R MDS
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 51 Promising efficacy observed in a heavily pretreated population of all-comer patients with r/r AML Response rate (best response), n (%) ≥6 mcg/kg Target Dose N=23 12 mcg/kg Target Dose N=13 CR 2 (9%) Nd. CRc 7 (30%) 4 (31%) ORR 13 (57%) 9 (69%) • Multiple complete responses and clinically meaningful anti- leukemic activity – • 32 pts (29 AML, 3 MDS) were efficacy evaluable at DCO – at clinically active target doses (target doses ≥6 mcg/kg) a CRc rate of 30% or 7/23 patients was observed • In 9/23 patients achieving bone marrow blast reduction to less than 5% - CLN-049 eradicated MRD in 3 patients or 33%. Relapses were not observed in the three MRD negative patients and 1 patient has remained on study for greater than six months • Responses were observed in patients with AML regardless of baseline genetic risk – • Notably, among 5 patients with TP53-mutated AML treated at 12 mcg/kg, 4 responses (2 CRh, 2 MLFS) were observed. TP53 patients have a prognosis which is notably poor. • Initial dose escalation results in 40 patients indicate a manageable safety profile across all doses assessed ASH abstract published November 3, 2025; Response assessed using ELN 2022 (AML) or IWG 2023 (MDS) criteria; Complete response (CR) rate; Composite complete response (CRc) rate: (CR/CRi/CRh in AML or CR/CRL/CRh in MDS); ORR: (CRc + MLFS + PR in AML or CRc + PR + HI in MDS) Summary Safety Results (n=40) Any Grade ≥Grade 3 CRS 40.0% - ICANS 2.5% - IRR 35.0% Nd. Febrile neutropenia 17.5% 17.5% Pneumonia 17.5% 12.5% Stomatitis 17.5% Nd. White blood cell count decrease 17.5% 17.5% As of the June 9, 2025, data cut-off (DCO), 40 pts (34 AML, 6 MDS) had been enrolled across 7 cohorts (TD range 1.5–12 mcg/kg). Median age was 72 years (range 25–84) with a median of 2 prior therapies (range: 1–8, AML; 1 –3, MDS)Updated data to be shared in oral presentation at 2025 ASH Annual Meeting
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© Cullinan Therapeutics, Inc. All rights reserved. Confidential and proprietary. | 52 CLN-049 Phase 1 study design in patients with AML and measurable residual disease Accelerated Titration Standard Titrations Dose Escalation DL at which grade ≥2 AE occurs* (n=3 to 6 patients/cohort) DL 1 (n=1) • Key inclusion Criteria: • Patients ≥18 years with AML in complete morphologic remission with persisting MRD • Have exhausted or are ineligible to receive available treatment alternatives, or are expected to receive alternative therapy (e.g. allo-HSCT) at a later date • CLN-049 will be IV administered every 7 days in 21-day cycles until morphologic relapse, unacceptable toxicity, proceeding to alternative treatment (e.g. allo-HSCT), or a maximum of 12 target doses of treatment • The number of dose levels is not fixed in either the accelerated or standard titration and will be data driven DL 2 (n=1) DL 3 (n=1) DL(s) tbd (n=3 to 6 patients/cohort) Dose Expansion Patients with AML with MRD at selected expansion dose/schedule (n=20) Patients with AML with MRD at alternate expansion dose/schedule (optional; n=20) Further exploration of one or more dosing schedules based on clinical activity and PK/PD observations from dose escalation Single Patient Cohort Escalation i3 + 3 Cohort Escalation
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