Cullinan Therapeutics Inc at TD Cowen Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mark Graham - TD Cowen - Analyst : Great, thanks for that overview. Maybe on that last point of evaluation, it's not just calling in broadly speaking, there was a lot of excitement about kind of next generation B cell targeting and autoimmunity, whether it's CAR's, TCE's, and at least among investors, it seems that a lot of that has soured over the past year, due to in part, due to some reports of relapses and a couple of cases of ICANs and various academic trials and a little bit of corporate trials as well. What do you think investors are misunderstanding about this opportunity? I mean, that's probably both the Nadim and Jeff question.

Question: Mark Graham - TD Cowen - Analyst : But if you were to ask one other thing that I think people are missing, when you talk about next generation B cell depleting therapies, is that this belief that somehow T cell engagers are not sufficiently potent to differentiate themselves from monoclonal antibodies. There seems to be like they're not CAR T. Well, that might be true, but they're definitely other order better than monoclonal antibodies regardless of target, and there's ample evidence from the oncology setting that continues to be discounted or not be considered relevant, but clearly in head to head comparisons, when there are some now, of a CD20 CAR T verse pardon, TCE versus a monoclonal antibody, the TCE wins. And I think, as Nadim says, there's this huge opportunity gap between what is currently attainable with any available or investigational monoclonal antibody and what was demonstrated in the initial [George set] data series. And so there's a lot of room in there to improve upon the existing standard of care and ways of dosing TCEs that are very flexible. And then, as Nadim said, in our conversations with physicians, they see how they could integrate a T cell engager into their practice. They don't see how they could integrate CAR T into their practice as they currently practice. And I think that speaks a lot to the challenges of imagining CAR T is a really viable product for the masses.

Question: Mark Graham - TD Cowen - Analyst : As we returning to as we start seeing data out of your program, but also increasingly from the variety of comer of corporate trials that are out there, your latest thoughts on like how to assess that initial B cell suppression and the quote unquote immune reset as to what -- what's meaningful, how long do the B cells need to be suppressed, and how to ultimately we do want them to come back so the people have immunity to other things. But yeah, how do we assess that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 4:10PM, CGEM.OQ - Cullinan Therapeutics Inc at TD Cowen Healthcare Conference

Question: Mark Graham - TD Cowen - Analyst : Okay. And I guess, how does that depth of suppression, you want to talk through a little bit about you're touching on it before going from a naked antibody to a bi-specific versus maybe a CAR T cell looking back to the experience in oncology where we do have the most data to compare different approaches. How's that profile line up? Where do you put those orders of magnitude?

Question: Mark Graham - TD Cowen - Analyst : And do you expect ultimately with your part in autoimmunity that you're going to be able with (technical difficulty) to establish a better safety efficacy profile or is the biggest differentiator between your product and a CAR T cell going to be the off the convenience factor off the shelf? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 4:10PM, CGEM.OQ - Cullinan Therapeutics Inc at TD Cowen Healthcare Conference

Question: Mark Graham - TD Cowen - Analyst : And you're starting to touch on this, but what is that minimum thinking at first with just lupus, what's that minimum kind of target product profile in terms of how many patients you need to get into a treatment for remission, how many and how long does that remission need to last?

Question: Mark Graham - TD Cowen - Analyst : Okay. In terms of treatment for remission, yeah, to your point of the ability potentially to redose like at what point does a redosing become not treatment-free remission because it's every 6 months, it's every 9 months or 12 months. What's that minimum kind of duration between redosing of this ?

Question: Mark Graham - TD Cowen - Analyst : Yeah. And in terms of that safety profile getting there, the key to really transforming how this fits in versus how you're viewing a CAR T cell that you get to a community rheumatologists. Is that the goal, or is it more, or is it enough if you just, it's still an academic center, it's just much more into the way academic centers work today, and they don't need to bring in teams around the CAR T cell administration.

Question: Mark Graham - TD Cowen - Analyst : And so the lupus trials is open if you're promising some data by year end just what is the outline of what you hope to be able to provide investors in terms of kind of others patient numbers, amount of follow up, like what or just the types of questions you think you'll be in position to answer?

Question: Mark Graham - TD Cowen - Analyst : And then maybe that same question outside of the we've been talking everything about 978, but there's also MICA/B data set in the first half of the year. Just how should we think about those expansion cohorts' data in terms of how much data are we likely to see from them.

Question: Mark Graham - TD Cowen - Analyst : You think you'll be able to talk to those next steps at the same time?

Question: Mark Graham - TD Cowen - Analyst : Okay. Can you remind us where there have been a few over the last year, a few updates in other programs in endometrial cancer. I think not so much in in cervical, but just where the latest thinking of what the bar is of the monotherapy.

Question: Mark Graham - TD Cowen - Analyst : Okay. Unfortunately, it's all the time we're going to have to stop it there. We're out of time, but thanks a lot for joining Dean Jeff, everybody in the room as well as everybody on the webcast.