Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-based Compensation Expense Categories In Consolidated Statements of Operations and Comprehensive Income (Loss)

Cullinan recorded equity-based compensation in the following expense categories in the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Research and development	$	3,249	$	4,379	$	6,303	$	7,039
General and administrative		4,671		4,229		8,876		8,134
Total equity-based compensation	$	7,920	$	8,608	$	15,179	$	15,173

Schedule of Assumptions Used to Estimate Fair value of Market-Based RSUs Granted

The grant date fair value was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions in the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023	2022
Risk-free interest rate	3.9%	2.2%
Expected term (in years)	6.0	6.0
Expected volatility	79.1%	78.8%
Expected dividend yield	0.0%	0.0%