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Reorganization and Reverse Stock Split (Tables)
12 Months Ended
Dec. 31, 2021
Reorganization And Reverse Stock Split [Abstract]  
Number of Shares of Common Stock Exchanged and Issued to Unitholders on Split Adjusted Basis the existing units of the LLC were cancelled and the number of shares of common stock exchanged and issued to the LLC’s unitholders in the Reorganization is shown in the below table by unit class, on a split adjusted basis:

Cullinan Oncology, LLC Unit Type

 

Number of Management's
Shares Issued

 

 

Adjusted for the Reverse
Stock Split

 

Series C Preferred Units

 

 

66,599,045

 

 

 

9,461,414

 

Series B Preferred Units

 

 

63,141,016

 

 

 

8,970,154

 

Series A1 Preferred Units

 

 

50,000,000

 

 

 

7,103,280

 

Series Seed Preferred Units

 

 

16,000,000

 

 

 

2,273,050

 

Non-Voting Incentive Units

 

 

11,896,500

 

 

 

1,689,949

 

Common Units

 

 

34,747,722

 

 

 

4,936,415

 

Total shares issued

 

 

242,384,283

 

 

 

34,434,262

 

Summary of LLC Units Previously Reported as Redeemable Preferred Units or Temporary Equity Converted Reclassified to Equity

All LLC units that were previously reported as Redeemable Preferred Units, or temporary equity, were converted to common stock of the Company upon the execution of the Reorganization and have been reclassified to stockholders’ equity for all periods presented, as if the Reorganization occurred at the beginning of the earliest period presented in the Company’s financial statements for the years ended December 31, 2020 and 2019:

 

 

As of December 31, 2020

 

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

 

 

(in thousands)

 

Redeemable Preferred Units

 

 

 

 

 

 

 

 

 

Series Seed Redeemable Preferred Units

 

$

3,956

 

 

$

(3,956

)

 

$

 

Series A1 Redeemable Preferred Units

 

 

49,946

 

 

 

(49,946

)

 

 

 

Series B Redeemable Preferred Units

 

 

97,909

 

 

 

(97,909

)

 

 

 

Series C Redeemable Preferred Units

 

 

124,841

 

 

 

(124,841

)

 

 

 

Total Redeemable Preferred Units

 

 

276,652

 

 

 

(276,652

)

 

 

 

Stockholders' Equity (Members' Deficit)

 

 

 

 

 

 

 

 

 

Non-Voting Incentive Units

 

1

 

 

 

(1

)

 

 

 

Common Stock

 

 

 

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

15,698

 

 

 

276,650

 

 

 

292,348

 

Accumulated other comprehensive loss

 

 

(2

)

 

 

 

 

 

(2

)

Accumulated deficit

 

 

(93,339

)

 

 

 

 

 

(93,339

)

Total Cullinan Stockholders' Equity (Members' Deficit)

 

 

(77,642

)

 

 

276,652

 

 

 

199,010

 

Non-controlling interests in subsidiaries

 

 

1,304

 

 

 

 

 

 

1,304

 

Total Stockholders' Equity (Members' Deficit)

 

$

(76,338

)

 

$

276,652

 

 

$

200,314

 

 

 

 

 

As of December 31, 2019

 

 

 

As Reported

 

 

Adjustment

 

 

As Adjusted

 

 

 

(in thousands)

 

Redeemable Preferred Units

 

 

 

 

 

 

 

 

 

Series Seed Redeemable Preferred Units

 

$

3,956

 

 

$

(3,956

)

 

$

 

Series A1 Redeemable Preferred Units

 

 

49,946

 

 

 

(49,946

)

 

 

 

Series B Redeemable Preferred Units

 

 

83,872

 

 

 

(83,872

)

 

 

 

Series C Redeemable Preferred Units

 

 

 

 

 

 

 

 

 

Total Redeemable Preferred Units

 

 

137,774

 

 

 

(137,774

)

 

 

 

Stockholders' Equity (Members' Deficit)

 

 

 

 

 

 

 

 

 

Non-Voting Incentive Units

 

1

 

 

 

(1

)

 

 

 

Common Stock

 

 

 

 

 

2

 

 

 

2

 

Additional paid-in capital

 

770

 

 

 

137,773

 

 

 

138,543

 

Accumulated other comprehensive loss

 

 

(4

)

 

 

 

 

 

(4

)

Accumulated deficit

 

 

(41,540

)

 

 

 

 

 

(41,540

)

Total Cullinan Stockholders' Equity (Members' Deficit)

 

 

(40,773

)

 

 

137,774

 

 

 

97,001

 

Non-controlling interests in subsidiaries

 

864

 

 

 

 

 

 

864

 

Total Stockholders' Equity (Members' Deficit)

 

$

(39,909

)

 

$

137,774

 

 

$

97,865