Cullinan Therapeutics Stock Slides After-Hours Despite $692M Autoimmune Drug Pact With Genrix

Shares of Cullinan Therapeutics Inc. fell in after-hours trading despite the company announcing a licensing agreement with Genrix Bio to develop velinotamig, a clinical-stage BCMA-directed bispecific T cell engager, for autoimmune diseases.

The stock closed 1.2% higher at $9.07 on Tuesday before slipping 5.7% to $8.55 in after-hours trading.

The deal grants Cullinan exclusive global rights, excluding Greater China, to velinotamig across all indications, with a $20 million upfront payment and potential milestone and royalty payments exceeding $692 million. 

The addition of velinotamig expands Cullinan's autoimmune pipeline, alongside its CD19-targeting TCE, and is expected to support the company's cash runway into 2028.

Cullinan plans to leverage data from Genrix's upcoming Phase 1 study in China to accelerate global development. 

CEO Nadim Ahmed said velinotamig could offer a“precise and potentially disease-modifying approach” by targeting self-reactive plasma cells implicated in certain autoimmune diseases.

On Stocktwits, retail sentiment was 'neutral' amid 'high' message volume.

The stock has declined 26.8% so far in 2025.

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