Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

(14)Segment Reporting

The Company operates and manages the business as one reporting and one operating segment, which is the business of developing immunology and oncology therapies. Cullinan has determined that its Chief Executive Officer is the CODM. Cullinan’s CODM reviews financial information on an aggregate basis and uses net loss attributable to Cullinan as presented in the consolidated statement of operations and comprehensive income (loss) for purposes of allocating resources and evaluating financial performance.

Financial information of the Company’s reportable segment for 2024 and 2023 are as follows (in thousands):

	2024			2023
Research and development ("R&D") programs:
CLN-978	$	14,833		$	4,989
CLN-619		25,096			18,667
Zipalertinib		31,875			31,230
CLN-049		7,508			6,170
CLN-617		4,403			5,016
CLN-418		6,471			13,539
Early-stage programs		5,938			5,172
Total R&D program expense		96,124			84,783
Equity-based compensation		37,824			30,438
R&D personnel and operations		31,532			24,930
G&A personnel		14,578			12,835
License agreement obligations		100			26,275
Other segment expenses(1)		16,761			11,828
Loss from operations		(196,919	)		(191,089	)
Other income (expense):
Interest income		29,660			21,627
Other income (expense), net		(199	)		239
Net loss before income taxes		(167,458	)		(169,223	)
Income tax expense (benefit)		117			(14,122	)
Net loss		(167,575	)		(155,101	)
Net loss attributable to noncontrolling interests		(192	)		(1,939	)
Net loss attributable to Cullinan	$	(167,383	)	$	(153,162	)

(1)Other segment expenses for 2024 and 2023 include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax, and administrative consulting services; insurance costs; marketing expenses; impairment of long-lived assets; depreciation; and other operating costs.

All of the Company’s long-lived assets were located in the U.S. as of each of December 31, 2024 and 2023. There were no expenditures for long-lived assets in 2024. Expenditures for additions to long-lived assets included purchases of property and equipment in 2023.