Jennifer Michaelson, Chief Scientific Officer of Cullinan Therapeutics, Inc. (NASDAQ:CGEM), filed a Form 4 on November 6, 2026, disclosing transactions in the company's common stock dated November 5, 2026.

Key Highlights

  • Option exercise: Michaelson acquired 3,805 shares of common stock via an option exercise (transaction code M) at a price of $4.30 per share on November 5, 2026.
  • Open-market sale: Michaelson disposed of 4,000 shares (transaction code S) at $12.36 per share on November 5, 2026, pursuant to a Rule 10b5-1 plan.
  • 10b5-1 plan: According to the filing, the sale was effected pursuant to a plan established under Rule 10b5-1 on August 7, 2025.
  • Resulting ownership: Following both transactions, Michaelson directly beneficially owned 158,649 shares of common stock.
  • Derivative position: The underlying stock option, with an exercise price of $4.30 and expiration date of October 28, 2030, had 75,182 shares remaining after the exercise.

Michaelson's November 2026 Option Exercise and Planned Share Sale at Cullinan Therapeutics

According to the Form 4 filed with the SEC on November 6, 2026, Jennifer Michaelson, serving as Chief Scientific Officer of Cullinan Therapeutics, Inc. (NASDAQ:CGEM), reported two transactions in the company's common stock, both dated November 5, 2026. First, she exercised a stock option to acquire 3,805 shares at an exercise price of $4.30 per share. The filing notes that 25% of the shares underlying that option vested on July 4, 2020, with the remaining shares vesting in 36 equal monthly installments thereafter, and the option carries an expiration date of October 28, 2030.

Following the exercise, Michaelson disposed of 4,000 shares of common stock at a price of $12.36 per share. The filing states that this sale was "effected pursuant to a plan established pursuant to Rule 10b5-1 on August 7, 2025," indicating the transaction was pre-planned under the affirmative defense conditions of Rule 10b5-1(c). The Form 4 itself is also marked as a 10b5-1 plan transaction.

After both transactions, Michaelson's direct beneficial ownership in Cullinan Therapeutics common stock stood at 158,649 shares, the filing disclosed. The stock option position associated with the exercise was reduced to 75,182 shares remaining following the reported transaction, with the derivative security recorded at a price of $0. The Form 4 was signed by Jacquelyn Sumer as Attorney-in-Fact on November 6, 2026.

What Was Disclosed

Cullinan Therapeutics Chief Scientific Officer Jennifer Michaelson reported an option exercise of 3,805 shares at $4.30 and a sale of 4,000 shares at $12.36 on November 5, 2026, leaving her with direct beneficial ownership of 158,649 shares.