Cullinan Therapeutics (CGEM) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic vision and pipeline overview

• Focuses on transformative therapies, not incremental improvements, with five clinical programs targeting oncology and autoimmune diseases.

• Diversified pipeline includes assets addressing disease drivers and immune system modulation.

• Transitioned from oncology-only to include autoimmune indications, led by CLN-978.

• Maintains $665 million in cash, providing runway into 2028 for continued pipeline advancement.

• Modality-agnostic targeted research prioritizes target selection before modality, using a high go/no-go bar for advancing programs.

CLN-978 and autoimmune strategy

• CLN-978, a CD19 x CD3 T cell engager, is positioned as a differentiated therapy for autoimmune diseases, starting with lupus and rheumatoid arthritis.

• T cell engagers are seen as superior to CAR-T for broader patient access and safety, especially in younger populations.

• CD19 is considered the optimal target due to its coverage of the B cell maturation spectrum, with high affinity for CD19 in the molecule design.

• Early data and external studies support the efficacy and safety of T cell engagers in autoimmune settings.

• Plans to expand CLN-978 into additional autoimmune indications, supported by strong financing.

Clinical development and differentiation

• SLE and RA chosen as lead indications due to unmet need and strong proof-of-concept for B cell depletion therapies.

• Initial studies focus on moderate to severe, treatment-experienced patients, aiming for disease-modifying benefits and remission.

• Efficacy bar is set at achieving remissions and allowing discontinuation of chronic immunosuppression, with a favorable safety profile.

• T cell engagers could be sequenced before CAR-T, with potential to move into earlier lines of therapy.