CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 76,655	$ 83,005
Short-term investments	227,172	315,972
Prepaid expenses and other current assets	13,945	15,691
Total current assets	317,772	414,668
Property and equipment, net	607	683
Operating lease right-of-use assets	1,550	1,667
Other assets	366	366
Long-term investments	259,386	204,440
Total assets	579,681	621,824
Current liabilities:
Accounts payable	3,401	1,682
Accrued expenses and other current liabilities	22,601	27,663
Operating lease liabilities, current	1,347	1,302
Total current liabilities	27,349	30,647
Long-term liabilities:
Operating lease liabilities, net of current portion	493	849
Total liabilities	27,842	31,496
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 647,500 shares issued and outstanding as of March 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 58,698,919 and 58,510,610 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	6	6
Additional paid-in capital	968,069	958,695
Accumulated other comprehensive income (loss)	505	(133)
Accumulated deficit	(416,741)	(368,240)
Total Cullinan stockholders' equity	551,839	590,328
Noncontrolling interests	0	0
Total stockholders' equity	551,839	590,328
Total liabilities and stockholders' equity	$ 579,681	$ 621,824

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Balance Type:	credit
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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).