BVF Affiliates Increase Stake in Cullinan Therapeutics to 9.99% Following Preferred Stock Conversion

On May 15, 2026, Biotechnology Value Fund, L.P. (BVF) and its affiliated reporting persons, including BVF Partners L.P. and Mark N. Lampert, filed a Schedule 13G/A regarding their holdings in Cullinan Therapeutics, Inc. (CGEM). As of March 31, 2026, the reporting group collectively beneficially owns 6,161,469 shares of Common Stock, representing approximately 9.99% of the class. This aggregate figure includes 410,786 shares underlying Series A Preferred Stock that are currently convertible, limited by a 9.99% conversion blocker. Specifically, Biotechnology Value Fund, L.P. holds 3,551,482 shares (5.8%), while Biotechnology Value Fund II, L.P. holds 2,272,849 shares (3.7%). On March 30, 2026, the reporting persons converted certain Series A Preferred Stock into 739,460 shares of Common Stock. The filing indicates that the securities were acquired in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer. BVF Partners L.P. serves as the investment manager for the various funds involved.