Net Loss per Share Attributable to Common Stockholders of Cullinan

3 Months Ended

Mar. 31, 2025

Net Loss per Share Attributable to Common Stockholders of Cullinan

(11)

Net Loss per Share Attributable to Cullinan

The Company computes net loss per share attributable to Cullinan for its common stock and preferred stock using the two-class method required for multiple classes of common stock. The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock.

The following table sets forth the calculation of basic and diluted net loss per share attributable to Cullinan for the three months ended March 31, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(43,698	)	$	(4,803	)	$	(32,287	)	$	(4,861	)
Denominator:
Weighted-average shares outstanding — basic and diluted		58,905			648			43,011			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(0.74	)	$	(7.42	)	$	(0.75	)	$	(7.51	)

Cullinan used the treasury stock method for equity awards and the if converted method for preferred stock to determine the number of dilutive shares outstanding in each period. There were no securities that were potentially dilutive to the preferred stockholders of Cullinan during each of the three months ended March 31, 2025 and 2024. 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 the three months ended March 31, 2025 and 2024 because their effect would have been anti-dilutive (in thousands):


	Three Months Ended March 31,
	2025		2024
Stock options		12,076		10,155
Preferred stock		6,475		6,475
Restricted stock units		986		520
Employee stock purchase plan		10		4
Total		19,547		17,154