Companies Cullinan Therapeutics, Inc.
Cullinan Therapeutics (CGEM): executive pay, fiscal 2025
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CEO pay, last three years
- $4,008,206FY2023
- $7,684,366FY2024
- $5,100,006FY2025
CEO total pay was $5,100,006 in fiscal 2025, down from $7,684,366 in fiscal 2024.
FY2025: salary $698,476 · bonus $0 · stock awards $1,697,400 · option awards $2,234,340
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Nadim Ahmed | $698,476 | $0 | $1,697,400 | $2,234,340 | $419,086 | $0 | $50,704 | $5,100,006 |
| President and Chief Executive Officer | ||||||||
| Jeffrey Jones | 529,804 | 0 | 612,950 | 806,845 | 218,279 | 0 | 53,700 | 2,221,578 |
| Chief Medical Officer | ||||||||
| Mary Kay Fenton | 512,325 | 0 | 565,800 | 744,780 | 211,898 | 0 | 44,034 | 2,078,837 |
| Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Nadim Ahmed | $5,100,006 | $7,684,366 | $4,008,206 | ↓ −2,584,360 |
| Jeffrey Jones | 2,221,578 | 3,388,014 | 2,421,669 | ↓ −1,166,436 |
| Mary Kay Fenton | 2,078,837 | 4,142,413 | — | ↓ −2,063,576 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our executive compensation program is designed to attract, retain and reward key employees and to align their interests with the interests of our stockholders.
| CEO STI target (% of salary) | 60% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensia (through June 2025); Pay Governance (since June 2025) |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Jeffrey Jones | Option | 8,959 | 14.34 | — |
| Jeffrey Jones | RSU | 17,500 | — | 181,125 |
| Nadim Ahmed | RSU | 31,792 | — | 329,047 |
| Jeffrey Jones | Option | 35,000 | 11.34 | — |
| Jeffrey Jones | RSU | 46,875 | — | 485,156 |
| Mary Kay Fenton | RSU | 60,000 | — | 621,000 |
| Nadim Ahmed | Option | 61,542 | 11.03 | — |
| Jeffrey Jones | RSU | 65,000 | — | 672,750 |
| Jeffrey Jones | Option | 67,709 | 17.54 | — |
| Mary Kay Fenton | Option | 94,984 | 9.43 | — |
| Jeffrey Jones | Option | 102,900 | 9.43 | — |
| Mary Kay Fenton | Option | 116,667 | 27.12 | — |
| Nadim Ahmed | RSU | 120,000 | — | 1,242,000 |
| Nadim Ahmed | Option | 173,334 | 17.54 | — |
| Nadim Ahmed | RSU | 180,000 | — | 1,863,000 |
| Nadim Ahmed | Option | 284,952 | 9.43 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Andrew Allen, M.D., Ph.DIndependent · Compensation · Newly elected | $18,328 | $0 | $358,998 | — | $0 | $377,326 |
| Mittie Doyle, M.D., FACRIndependent · Nominating/Governance · Newly elected | 17,930 | 0 | 358,998 | — | 0 | 376,928 |
| Anthony RosenbergIndependent · Audit | 91,334 | 0 | 214,995 | — | 0 | 306,329 |
| Stephen WebsterIndependent · Audit (Chair) · Compensation | 68,191 | 0 | 214,995 | — | 0 | 283,186 |
| David MeekIndependent · Audit · Nominating/Governance (Chair) | 53,644 | 0 | 214,995 | — | 0 | 268,639 |
| Anne-Marie Martin, Ph.DIndependent · Departed during FY | — | 0 | 214,995 | — | 0 | 214,995 |
| Mary ThistleIndependent · Compensation (Chair) · Nominating/Governance | 49,781 | 0 | 0 | — | 0 | 49,781 |
| Nadim AhmedEmployee director | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | $215,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 12,000 / 10,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $299,208 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $299,208 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Cullinan Therapeutics as a peer
Companies that benchmark against CGEM
9 companies name CGEM as a compensation peer
- Allogene Therapeutics, Inc.ALLOFY2025
- C4 Therapeutics, Inc.CCCCFY2025
- Disc Medicine, Inc.IRONFY2025
- Nurix Therapeutics, Inc.NRIXFY2025
- Olema Pharmaceuticals, Inc.OLMAFY2025
- Stoke Therapeutics, Inc.STOKFY2025
- Tango Therapeutics, Inc.TNGXFY2025
- Verastem, Inc.VSTMFY2025
- Zymeworks Inc.ZYMEFY2025
Each company listed discloses CGEM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CGEM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Cullinan Therapeutics, Inc. | 2025 | Nadim Ahmed | $698,476 | $1,697,400 | $2,234,340 | $419,086 | $5,100,006 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-16 | 48,536,734 | 1,092,209 | 7,057 | 97.8% | Passed |
| 2025 | 2025-06-12 | 46,956,042 | 1,999,889 | 14,675 | 95.91% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-16 | 97.8%a |
| 2025 | 2025-06-12 | 95.91%b |
a. Approved under the standard stated in the filing — “Abstentions are not considered a vote cast on this proposal and will therefore not affect the outcome of this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions are not considered a vote cast on this proposal and will therefore not affect the outcome of this proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | D | 4,000 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | D | 200 | 16 | 3,116 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | D | 7,800 | 15 | 113,880 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | A | 4,000 | 4 | 17,200 | Common | Form 4 ↗ |
| Stephen Webster | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Anthony Rosenberg | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Andrew R. Allen | Director | 2026-06-16 | A | 21,781 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| David Meek | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Mittie Doyle | Director | 2026-06-16 | A | 21,781 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Mary Thistle | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Mary Kay Fenton | Chief Financial Officer | 2026-06-30 | A | 1,541 | 9 | 13,253 | Common | Form 4 ↗ |
| Jacquelyn L. Sumer | Chief Legal Officer | 2026-06-30 | A | 2,470 | 9 | 21,242 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-07-06 | A | 4,000 | 4 | 17,200 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-07-06 | D | 4,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-07-06 | D | 8,000 | 18 | 142,560 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-08-13 | D | 30,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-08-13 | D | 30,000 | 20 | 607,800 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-08-13 | A | 30,000 | 4 | 129,000 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-09-08 | D | 8,000 | 22 | 172,560 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-09-08 | A | 4,000 | 4 | 17,200 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-09-08 | D | 4,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (38 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Nadim Ahmed. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table” · page 18. As printed: 5,100,006. View filing ↗
- Section 01, Jeffrey Jones. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table”. As printed: 2,221,578. View filing ↗
- Section 01, Mary Kay Fenton. DEF 14A, filed 2026-04-28. Section “2025 Summary Compensation Table”. As printed: 2,078,837. View filing ↗
- Section 07, pay ratio. 10-K, filed 2026-03-10. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Andrew Allen, M.D., Ph.D. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 377,326. View filing ↗
- Section 08, Mittie Doyle, M.D., FACR. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 376,928. View filing ↗
- Section 08, Anthony Rosenberg. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 306,329. View filing ↗
- Section 08, Stephen Webster. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 283,186. View filing ↗
- Section 08, David Meek. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 268,639. View filing ↗
- Section 08, Anne-Marie Martin, Ph.D. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 214,995. View filing ↗
- Section 08, Mary Thistle. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 49,781. View filing ↗
- Section 08, Nadim Ahmed. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Jennifer Michaelson 2026-05-05. Form 4, filed 2026-05-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-05-05. Form 4, filed 2026-05-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-05-05. Form 4, filed 2026-05-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-05-05. Form 4, filed 2026-05-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Stephen Webster 2026-06-16. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Anthony Rosenberg 2026-06-16. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Andrew R. Allen 2026-06-16. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, David Meek 2026-06-16. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mittie Doyle 2026-06-16. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mary Thistle 2026-06-16. Form 4, filed 2026-06-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mary Kay Fenton 2026-06-30. Form 4, filed 2026-07-02. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jacquelyn L. Sumer 2026-06-30. Form 4, filed 2026-07-02. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-07-06. Form 4, filed 2026-07-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-08-13. Form 4, filed 2026-08-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-08-13. Form 4, filed 2026-08-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-08-13. Form 4, filed 2026-08-14. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-09-08. Form 4, filed 2026-09-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-09-08. Form 4, filed 2026-09-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jennifer Michaelson 2026-09-08. Form 4, filed 2026-09-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-16. Item 5.07 · say-on-pay result. As reported: 97.8% (votes for as printed: 48,536,734). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-12. Item 5.07 · say-on-pay result. As reported: 95.91% (votes for as printed: 46,956,042). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 299,208 + equity 0 + all other 0 = 299,208, summed across the director compensation table rows.
- Cullinan Therapeutics, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Cullinan Therapeutics, Inc.'s own proxy. As printed: 5,100,006. View filing ↗