Cullinan Therapeutics : Full Pipeline Overview

FULL PIPELINE OVERVIEW

June 2024

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

Important Notice and Disclaimers

This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "target," "seek," "predict," "potential," "continue" or the negative of these terms or other comparable terminology.

Forward-looking statements in this presentation include, but are not limited to, statements about: the commercial success, cost of development, and timing of the approval of our clinical-stage product candidates; the initiation, timing, progress, results, and cost of our research and development programs and our current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or clinical trials and related preparatory work, and the period during which the results of the trials will become available; our ability to submit, and obtain clearance of, any investigational new drug applications on our expected timelines, or at all; our ability to initiate, recruit, and enroll patients in and conduct our clinical trials at the pace that we project; our ability to obtain and maintain regulatory approval of our product candidates, and any related restrictions, limitations, or warnings in the label of any of our product candidates, if approved; our ability to compete with companies currently marketing therapies or developing product candidates with targets or indications similar to our product candidates' targets or indications; our reliance on third parties to conduct our clinical trials and to manufacture drug substance and drug product for use in our clinical trials; the size and growth potential of the markets for any of our current and future product candidates, and our ability to serve those markets; our ability to identify and advance through clinical development any additional product candidates; the commercialization of our current and future product candidates, if approved, including our ability to successfully build a specialty sales force and commercial infrastructure to market our current and future product candidates; our ability to identify research priorities and apply a risk-mitigated strategy to efficiently discover and develop current and future product candidates; our ability to retain and recruit key personnel; our ability to obtain and maintain adequate intellectual property rights; our expectations regarding government and third-party payor coverage, pricing, and reimbursement; our estimates of our expenses, ongoing losses, capital requirements, the sufficiency of our current resources, and our needs for or ability to obtain additional financing; the milestone payments that we may receive from Taiho Pharmaceutical Co., Ltd.; potential investments in our pipeline and the potential for such product candidates; the potential benefits of strategic collaboration agreements, our ability to enter into additional strategic collaborations or arrangements, and our ability to attract collaborators with development, regulatory, and commercialization expertise; and developments and projections relating to our competitors or our industry. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Any forward-looking statements in this presentation are based on management's current expectations and beliefs of future events and are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of regulatory submissions, including the investigational new drug application that we intend to file for CLN-978; success of our clinical trials and preclinical studies; risks related to our ability to protect and maintain our intellectual property position; risks related to manufacturing, supply, and distribution of our product candidates; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies; success of any collaboration, partnership, license or similar agreements; and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other filings that we make with the SEC from time to time. These risks could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither Cullinan nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this presentation. Any forward-looking statement included in this presentation speaks only as of the date on which it was made.

Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source.

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

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CULLINAN THERAPEUTICS

Our Mission: Create new standards of care for patients

• We use a unique R&D model of identifying high-impact targets and then applying the best modality to address each target
• We are rigorously advancing only highly-differentiated molecules, yielding a robust portfolio of clinical-stage programs
• We are expanding into autoimmune diseases, pursuing CD19xCD3 T Cell Engager, CLN-978, in systemic lupus erythematosus as first indication
• We are advancing a diversified pipeline of clinical-stage oncology programs, with multiple data catalysts through 2024 and early 2025
• We are well-positioned to execute on strategic goals and advance to commercial-stage organization, with cash runway into 2028

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

Investment Highlights

Cash and investments: $435 million on hand at March 31, 2024*, combined with gross proceeds of $280 million from April 2024 private placement, expected to be sufficient into 2028.

CLN-619: Stabilizes unique I-O target, MICA/B, on the tumor cell surface to promote lysis by innate and adaptive immune cells

• Initial dose escalation data at ASCO 2023 showed confirmed objective responses and sustained stable disease from monotherapy module in patients with a range of tumor types
• Initial combination dose escalation data plus monotherapy module update at ASCO 2024 showed durability of monotherapy responses and responses to pembrolizumab combination in additional patient populations unresponsive to anti-PD1 therapy
• Initial data from endometrial and cervical expansion cohorts in 1H25

CLN-978: CD19xCD3 T cell engager (TCE) in development for autoimmune diseases

• Observations from Phase 1 B-NHL study showed rapid, deep and sustained B cell depletion and anti-tumor efficacy
• Off the shelf, potential disease modifying treatment across autoimmune diseases
• Pursuing SLE as first indication with IND filing expected 3Q24

Zipalertinib: De-risked partnered program in broad development for NSCLC EGFR exon20

• Pivotal REZILIENT1 Phase 2b 2+ line cohorts expected to complete enrollment by year end 2024
• Randomized REZILIENT3 Phase 3 frontline study ongoing
• U.S. co-development and co-commercialization partnership with Taiho Oncology

Additional clinical-stageprograms: Three programs with first and/or best in class potential, providing numerous shots on goal

* Unaudited. Includes cash, cash equivalents, investments, and interest receivable.

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

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Diversified pipeline leveraging novel technologies and differentiated mechanisms

Program	IND-	Phase 1	Phase 2	Phase 3	Status
Modality/MOA	Enabling

Geographic

Rights

CLN-619			Initial combo data and
Pan-cancer	monotherapy update in	or its subsidiary
Anti-MICA/B antibody			2Q24; Disease specific
			expansion data in 1H25	owns worldwide rights
CLN-978	Systemic lupus erythematosus	IND submission
CD19xCD3 T-cell engager			expected in 3Q24	owns worldwide rights
Zipalertinib	NSCLC with exon 20 insertion mutations 2+ line	Pivotal Phase 2b 2L+
		study enrolled by YE24;	holds US co-development/-
(CLN-081/TAS6417)
NSCLC with exon 20 insertion mutations frontline	Phase 3 1L study
EGFRex20ins inhibitor	commercialization rights with
		actively enrolling
CLN-049	R/R AML, MDS	Clinical update from
FLT3xCD3 T-cell engager	ongoing Phase 1 study in
		or its subsidiary
			2H24
			owns worldwide rights
CLN-418	Multiple solid tumors	Clinical update from
B7H4x41BB bispecific immune	ongoing Phase 1 study in
activator			2H24	owns U.S. rights
CLN-617	Pan-cancer	Phase 1 study
Collagen-bindingIL-12 and IL-2
		ongoing	or its subsidiary
fusion protein
			owns worldwide rights
Early Programs

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

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Poised for multiple value-creation opportunities in the near-term

Program

highlights

Next

milestone/

status

CLN-619

Pan cancer

anti-MICA/B mAb

• First-in-classpotential
• Novel I/O target, multi- tumor potential, mono- therapy clinical efficacy
• Initial expansion data for endometrial and cervical cancers 1H25

CLN-978

CD19xCD3 TCE for SLE

• First-in-class potential in autoimmune diseases
• Potent modality (TCE) & differentiated profile
• Being developed in SLE; reviewing development in additional autoimmune diseases
• IND submission for SLE expected 3Q24

Zipalertinib

EGFR inhibitor for EGFR

ex20ins NSCLC

• Best-in-classpotential
• Attractive economics inc. $130m milestones + 50/50 US profit share
• Complete pivotal Ph 2b 2L+ study enrollment by
  YE 24

3 other clinical stage programs

• CLN-049FTL3xCD3 for r/r AML and MDS
• CLN-418B7H4x41BB for solid tumors (STs)
• CLN-617IL2/IL12 fusion protein for STs
• Clinical update from ongoing Ph 1 studies for CLN-049 and CLN-418 in
  2H24

Cash of $435m* + gross proceeds of $280M from Q2 2024 equity raise supports progress into 2028

*As of March 31, 2024 (unaudited), includes cash equivalents, investments, and interest receivable

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

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CLN-619

MICA/B-directed mAb

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

MICA/B serves as a warning signal to the immune system to eliminate potentially dangerous cells

Malignant Transformation

Viral Infection

Cell Stress

Radiation

Normal

Cell

	NKG2D activation results in
MICA MICB	lysis of stressed cell	NK Cell
NKG2D

Stressed		T Cell
Cell		TCR
	MHC

Stressed

Cell

Normal cells lack MICA/B; Cell	MICA/B allows for recognition by	Cancer
stress upregulates MICA/B	immune cells via NKG2D
Cell

Tumor cells shed MICA/B to

avoid immune detection

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

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MICA/B are compelling and potentially pan-cancer therapeutic targets

	MICA/B are the most highly expressed NKG2D ligands		MICA/B ligands have a favorable
	across 32 different tumor types (TCGA)1		expression profile as a therapeutic target
				▪ MICA/B are the most consistently and highly
				expressed NKG2D ligands across solid tumors and
				heme malignancies
				▪ MICA/B are stressed-induced genes with minimal
				expression on healthy cells, potentially enabling a wide
				therapeutic window
				▪ MICA/B engage both innate (NK) and adaptive (CD8+,
				γδ T cells, NKT) immune cells via NKG2D receptors

Tumor types

Increasing expression

1. Data generated via analysis of TCGA database by Monoceros Biosystems.

© CULLINAN THERAPEUTICS, INC. ALL RIGHTS RESERVED.

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CLN-619: Potential first-in-class MICA/B targeting antibody

CLN-619 Design

• hIgG1 monoclonal antibody
• Binds to alpha-3 domain of MICA/B where protease cleavage sites are located
• Broad MICA/B allele coverage (>95%)

CLN-619's Potential Differentiation

First-in-class potential

• Only clinical-stage MICA/B antibody

Multiple modes of action

• Inhibits MICA/B shedding
• Mediates ADCC and ADCP
• Enhances NKG2D receptor binding

Strong initial clinical data showing:

• Monotherapy activity across multiple tumor types
• Objective responses in patients who progressed on prior PD1 therapy
• Well tolerated with no DLTs up to 10mg/kg

Potentially synergistic with other agents including:

• Immunotherapy (IL-15, checkpoint inhibitors)
• Chemo
• Radiation
• ADC

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