Bvf Partners L P/Il - Jan 19, 2023 Form 4 Insider Report for Cullinan Oncology, Inc. (CGEM)

Role: 10%+ Owner
Signature: BVF Partners L.P., By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President
Stock symbol: CGEM
Transactions as of: Jan 19, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/19/2023, 05:30 PM
Previous filing: Jan 13, 2023
Next filing: Feb 13, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CGEM	Common Stock	Other		-3.5M	-86.23%		559K	Jan 19, 2023	Direct	F1, F2, F5, F6
transaction	CGEM	Common Stock	Other		-2.6M	-86.87%		393K	Jan 19, 2023	Direct	F1, F3, F5, F6
transaction	CGEM	Common Stock	Other		-300K	-82.38%		64.2K	Jan 19, 2023	Direct	F1, F4, F5, F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CGEM	Series A Convertible Preferred Stock	Other		+350K			350K	Jan 19, 2023	Common Stock	3.5M		Direct	F1, F2, F5, F6
transaction	CGEM	Series A Convertible Preferred Stock	Other		+260K			260K	Jan 19, 2023	Common Stock	2.6M		Direct	F1, F3, F5, F6
transaction	CGEM	Series A Convertible Preferred Stock	Other		+30K			30K	Jan 19, 2023	Common Stock	300K		Direct	F1, F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Bvf Partners L P/Il is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that previously beneficially owned over 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
F2	Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.
F3	Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.
F4	Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.
F5	Pursuant to a letter agreement with the Issuer, BVF, BVF2 and Trading Fund OS agreed to exchange an aggregate of 6,400,000 shares of Common Stock for a total of 640,000 shares of newly issued Series A Convertible Preferred Stock (the "Series A Preferred Stock") as set forth herein.
F6	The Series A Preferred Stock is convertible at any time at the option of the holder into a number of shares of Common Stock equal to the Conversion Ratio equal to a Stated Value of $109.20 per share divided by a Conversion Price of $10.92, or 10 shares of Common Stock for each share of Series A Preferred Stock, subject to adjustment as provided in the Certificate of Designations for the Series A Preferred Stock (the "COD"). Under the COD, the Series A Preferred Stock may not be converted if, after such conversion, the Reporting Persons would beneficially own, as determined in accordance with Section 13(d) of the Exchange Act, more than 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock pursuant to such conversion. The Series A Preferred Stock has no expiration date.