Net Loss per Share Attributable to Cullinan (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Net Loss Per Share

The following table sets forth the calculation of basic and diluted net loss per share attributable to Cullinan for 2024 and 2023 (in thousands, except per share data):

	2024						2023
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(149,393	)	$	(17,990	)	$	(133,448	)	$	(19,714	)
Denominator:
Weighted-average shares outstanding - basic and diluted		53,771			648			41,550			614
Net loss per share attributable to Cullinan:
Basic and diluted	$	(2.78	)	$	(27.78	)	$	(3.21	)	$	(32.12	)

The corrected unaudited interim financial information for the three months ended March 31, 2024, the three and six months ended June 30, 2024, and the three and nine months ended September 30, 2024 are included in the tables that follow (in thousands, except per share data).

	Three Months Ended March 31, 2024
	Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(32,287	)	$	(4,861	)
Denominator:
Weighted-average shares outstanding - basic and diluted		43,011			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(0.75	)	$	(7.51	)

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(37,605	)	$	(4,423	)	$	(69,940	)	$	(9,236	)
Denominator:
Weighted-average shares outstanding - basic and diluted		55,052			648			49,031			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(0.68	)	$	(6.83	)	$	(1.43	)	$	(14.26	)

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(36,508	)	$	(4,052	)	$	(106,513	)	$	(13,223	)
Denominator:
Weighted-average shares outstanding - basic and diluted		58,337			648			52,157			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(0.63	)	$	(6.26	)	$	(2.04	)	$	(20.42	)

Summary of Outstanding Equity Instruments Excluded from Computation of Diluted Net Income (Loss) Per Share

The following table sets forth potential common shares that were excluded from the computation of diluted net loss per share attributable to common stockholders of Cullinan for 2024 and 2023 because their effect would have been anti-dilutive (in thousands):

	2024		2023
Stock options		8,989		9,418
Preferred stock		6,475		6,138
Restricted stock awards and RSUs		292		147
ESPP		6		9
Total		15,762		15,712