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.

• Pipeline includes diversified modalities addressing various tumor types and autoimmune indications.

• Recent pivot expanded focus from oncology to autoimmune diseases, led by CLN-978.

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

• Modality-agnostic targeted research prioritizes high-impact targets before selecting therapeutic modality.

Discovery and development approach

• Employs a high go/no-go bar with a 'thriller or killer' experimentation model to prioritize promising molecules.

• Differentiates by focusing on target-first, modality-second strategy, unlike many peers.

• Expands into immunology leveraging existing and newly recruited expertise in clinical, research, and regulatory areas.

CLN-978: Autoimmune program highlights

• CLN-978 is a CD19 x CD3 T cell engager, targeting lupus and rheumatoid arthritis as lead indications.

• CD19 chosen for broad B cell depletion, believed optimal for autoimmune diseases.

• T cell engager modality offers advantages over CAR-T, including easier administration and potentially better safety profile.

• Molecule designed for high affinity to CD19, supporting efficacy in mature B cell compartments.

• Plans to file IND for SLE by end of quarter and pursue RA in parallel, with similar dosing strategies anticipated.