Our Thoughts on CGEM's Immunology Day: Strong Remission Potential and Low Grade CRS Could Support Early Line Use Across a Wide Range of B-Cell Autoimmune Diseases, if Confirmed in Future Datasets

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Our Thoughts on CGEM's Immunology Day: Strong Remission Potential and Low Grade CRS Could Support Early Line Use Across a Wide Range of B-Cell Autoimmune Diseases, if Confirmed in Future Datasets

June 10, 2026 Cullinan Therapeutics

(CGEM, Buy, $38 PT)

Julian Harrison

Our Thoughts on CGEM's Immunology Day: Strong Remission Potential (617) 345-4055 jharrison@btig.com

and Low Grade CRS Could Support Early Line Use Across a Wide Range Andrew Kassin

of B-Cell Autoimmune Diseases, if Confirmed in Future Datasets (617) 345-4042 akassin@btig.com

Company DataBIOTECHNOLOGY WHAT YOU SHOULD KNOW: We left the event today optimistic that additional Closing Price $13.18

multi-dose data from the OUTRACE trials could substantively establish CLN-978's Price Target $38.00

therapeutic potential in rheumatoid arthritis, lupus, and Sjogren's disease. These are

Market Cap (M) $810.02 the first company-sponsored trials of a CD19 T-cell engager in autoimmune disease

Enterprise Value (M) $419.63EQUITY and we believe CGEM's first-mover advantage remains underappreciated. The results

shared today were largely consistent with the EULAR poster this past weekend (our Shares Out (M) 61.46

note HERE), reinforcing CLN-978's potential as an easy-to-administer outpatient B- Avg Daily Vol-3 Months (M) 0.91

cell depleting monotherapy. Patients in OUTRACE were not on background targeted Revisions

therapies, giving the remissions and responses observed in highly refractory settings

Previous Current even more credence. Three new patients reported from OUTRACE SLE (n=32 vs. n=29

Rating Buy BuyRESEARCH at EULAR) raised no new safety concerns; two multi-dose RA patients achieved DAS28-

ESR remission or low disease activity by 8wk, and patient case studies supported Price Target $38.00 $38.00