Financial Instruments

6 Months Ended

Jun. 30, 2024

Financial Instruments Pledged as Collateral [Abstract]

Financial Instruments

(3)Financial Instruments

Investments

Cullinan recognized its investments by security type at June 30, 2024 as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government notes	$	288,215	$	4	$	(140	)	$	288,079
Corporate notes		234,954		9		(351	)		234,612
Asset-backed securities		24,781		2		—			24,783
Total short-term investments		547,950		15		(491	)		547,474
Total investments	$	547,950	$	15	$	(491	)	$	547,474

Cullinan recognized its investments by security type at December 31, 2023 as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government notes	$	208,289	$	221	$	(16	)	$	208,494
Corporate notes		99,359		27		(275	)		99,111
Asset-backed securities		61,114		3		(89	)		61,028
Total short-term investments		368,762		251		(380	)		368,633
Total investments	$	368,762	$	251	$	(380	)	$	368,633

Fair Value of Financial Instruments

The following table sets forth the fair value of Cullinan’s financial assets that were measured at fair value on a recurring basis as of June 30, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Short-term investments
U.S. government notes	$	—	$	288,079	$	—	$	288,079
Corporate notes		—		234,612		—		234,612
Asset-backed securities		—		24,783		—		24,783
Total short-term investments		—		547,474		—		547,474
Total investments	$	—	$	547,474	$	—	$	547,474

The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2023 (in thousands):

	Level 1		Level 2		Level 3		Total
Short-term investments
U.S. government notes	$	—	$	208,494	$	—	$	208,494
Corporate notes		—		99,111		—		99,111
Asset-backed securities		—		61,028		—		61,028
Total short-term investments		—		368,633		—		368,633
Total investments	$	—	$	368,633	$	—	$	368,633

As of June 30, 2024 and December 31, 2023, the fair values of Cullinan's cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated their carrying values due to the short-term nature of these instruments.