Financial Instruments

9 Months Ended

Sep. 30, 2024

Financial Instruments Pledged as Collateral [Abstract]

Financial Instruments

(3)Financial Instruments

Investments

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

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government notes	$	227,900	$	244	$	(1	)	$	228,143
Corporate notes		222,233		640		(10	)		222,863
Asset-backed securities		24,932		55		—			24,987
Total short-term investments		475,065		939		(11	)		475,993
Long-term investments
Corporate notes		57,934		98		(56	)		57,976
Total long-term investments		57,934		98		(56	)		57,976
Total investments	$	532,999	$	1,037	$	(67	)	$	533,969

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 September 30, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Short-term investments
U.S. government notes	$	—	$	228,143	$	—	$	228,143
Corporate notes		—		222,863		—		222,863
Asset-backed securities		—		24,987		—		24,987
Total short-term investments		—		475,993		—		475,993
Long-term investments
Corporate notes		—		57,976		—		57,976
Total long-term investments		—		57,976		—		57,976
Total investments	$	—	$	533,969	$	—	$	533,969

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 September 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.