X0202 SCHEDULE 13G/A 0000918923 XXXXXXXX LIVE 7 Common Stock, par value $0.0001 per share 03/31/2026 0001789972 Cullinan Therapeutics, Inc. 230031106 ONE MAIN STREET SUITE 1350 CAMBRIDGE MA 02142 Rule 13d-1(c) BIOTECHNOLOGY VALUE FUND L P a DE 0.00 3551482.00 0.00 3551482.00 3551482.00 N 5.8 PN BVF I GP LLC a DE 0.00 3551482.00 0.00 3551482.00 3551482.00 N 5.8 OO BIOTECHNOLOGY VALUE FUND II LP a DE 0.00 2272849.00 0.00 2272849.00 2272849.00 N 3.7 PN BVF II GP LLC a DE 0.00 2272849.00 0.00 2272849.00 2272849.00 N 3.7 OO Biotechnology Value Trading Fund OS LP a E9 0.00 224641.00 0.00 224641.00 224641.00 N 0.4 PN BVF Partners OS Ltd. a E9 0.00 224641.00 0.00 224641.00 224641.00 N 0.4 CO BVF GP HOLDINGS LLC a DE 0.00 5824331.00 0.00 5824331.00 5824331.00 N 9.4 OO BVF PARTNERS L P/IL a DE 0.00 6161469.00 0.00 6161469.00 6161469.00 N 9.99 IA PN BVF INC/IL a DE 0.00 6161469.00 0.00 6161469.00 6161469.00 N 9.99 CO LAMPERT MARK N a X1 0.00 6161469.00 0.00 6161469.00 6161469.00 N 9.99 IN Cullinan Therapeutics, Inc. Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert United States Y As of the close of business on March 31, 2026, the Reporting Persons and a certain Partners managed account (the "Partners Managed Account") held an aggregate of 481,989 shares of Series A convertible preferred stock (the "Series A Preferred Stock"), convertible into an aggregate of 4,819,890 shares of the Issuer's Common Stock, par value $0.0001 per share (the "Shares"). Each share of Series A Preferred Stock is convertible into 10 Shares at the option of the holder at any time, subject to certain limitations, including that the holder will be prohibited from converting its Series A Preferred Stock into Shares if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of Shares above 9.99% of the total Shares then issued and outstanding immediately following the conversion of such shares of Series A Preferred Stock (the "Conversion Blocker"). As of the close of business on March 31, 2026, the Conversion Blocker limits the conversion of the Series A Preferred Stock held by the Reporting Persons and the Partners Managed Account to 410,786 out of the 4,819,890 Shares underlying the Series A Preferred Stock held by them. As of the close of business on March 31, 2026, (i) BVF beneficially owned 3,551,482 Shares, including 410,786 Shares underlying certain Series A Preferred Stock held by it and excluding 2,164,674 Shares underlying certain Series A Preferred Stock held by it, (ii) BVF2 beneficially owned 2,272,849 Shares, excluding 1,900,680 Shares underlying the Series A Preferred Stock held by it, and (iii) Trading Fund OS beneficially owned 224,641 Shares, excluding 300,000 Shares underlying the Series A Preferred Stock held by it. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 3,551,482 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 2,272,849 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 224,641 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 5,824,331 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 6,161,469 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, including 112,497 Shares held in the Partners Managed Account, which excludes 43,750 Shares underlying the Series A Preferred Stock held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 6,161,469 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 6,161,469 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities. The following percentages are based upon a denominator that is the sum of (i) 60,526,128 Shares outstanding as of February 23, 2026, which is the total number of Shares outstanding as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2026, (ii) 739,460 Shares issued to the Reporting Persons on March 30, 2026 upon the conversion of certain Series A Preferred Stock and (iii) 410,786 Shares underlying certain Series A Preferred Stock held by the Reporting Persons, as applicable. As of the close of business on March 31, 2026, (i) BVF beneficially owned approximately 5.8% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 3.7% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 5.8% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 3.7% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 9.4% of the outstanding Shares and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 9.99% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account). See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. Y N BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account. Y N See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on November 8, 2021. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. BIOTECHNOLOGY VALUE FUND L P /s/ Mark N. Lampert 05/15/2026 BVF I GP LLC /s/ Mark N. Lampert 05/15/2026 BIOTECHNOLOGY VALUE FUND II LP /s/ Mark N. Lampert 05/15/2026 BVF II GP LLC /s/ Mark N. Lampert 05/15/2026 Biotechnology Value Trading Fund OS LP /s/ Mark N. Lampert 05/15/2026 BVF Partners OS Ltd. /s/ Mark N. Lampert 05/15/2026 BVF GP HOLDINGS LLC /s/ Mark N. Lampert 05/15/2026 BVF PARTNERS L P/IL /s/ Mark N. Lampert 05/15/2026 BVF INC/IL /s/ Mark N. Lampert 05/15/2026 LAMPERT MARK N /s/ Mark N. Lampert 05/15/2026