Financial Instruments

12 Months Ended

Dec. 31, 2024

Financial Instruments Pledged as Collateral [Abstract]

Financial Instruments

(3)Financial Instruments

Investments

Cullinan recognized its investments by security type at December 31, 2024 as follows (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
Corporate notes	$	211,584	$	343	$	(6	)	$	211,921
U.S. government notes		78,874		81		—			78,955
Asset-backed securities		25,084		12		—			25,096
Total short-term investments		315,542		436		(6	)		315,972
Long-term investments
U.S. government notes		118,423		88		(188	)		118,323
Corporate notes		77,196		9		(472	)		76,733
Asset-backed securities		9,384		—		—			9,384
Total long-term investments		205,003		97		(660	)		204,440
Total investments	$	520,545	$	533	$	(666	)	$	520,412

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 December 31, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Short-term investments
Corporate notes	$	—	$	211,921	$	—	$	211,921
U.S. government notes		—		78,955		—		78,955
Asset-backed securities		—		25,096		—		25,096
Total short-term investments		—		315,972		—		315,972
Long-term investments
U.S. government notes	$	—	$	118,323	$	—	$	118,323
Corporate notes		—		76,733		—		76,733
Asset-backed securities		—		9,384		—		9,384
Total long-term investments		—		204,440		—		204,440
Total investments	$	—	$	520,412	$	—	$	520,412

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 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