Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

(12)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 chief operating decision maker (“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 the three months ended March 31, 2025 and 2024 are as follows (in thousands):

	Three Months Ended March 31,
	2025			2024
Research and development ("R&D") programs:
CLN-978	$	4,673		$	1,503
CLN-619		6,118			4,286
Zipalertinib		10,160			8,288
CLN-049		3,895			1,476
CLN-617		1,793			1,012
CLN-418		—			3,072
Early-stage programs		1,022			1,361
Total R&D program expense		27,661			20,998
Equity-based compensation		9,374			8,227
R&D personnel and operations		9,831			6,488
G&A personnel		3,489			3,952
License agreement obligations		38			25
Other segment expenses(1)		4,603			3,299
Loss from operations		(54,996	)		(42,989	)
Other income (expense):
Interest income		6,580			5,693
Other income (expense), net		(85	)		(44	)
Net loss		(48,501	)		(37,340	)
Net loss attributable to noncontrolling interests		—			(192	)
Net loss attributable to Cullinan	$	(48,501	)	$	(37,148	)

(1)Other segment expenses for the three months ended March 31, 2025 and 2024 include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax, and administrative consulting services; insurance costs; marketing expenses; depreciation; and other operating costs.

All of the Company’s long-lived assets were located in the U.S. as of each of March 31, 2025 and 2024. There were no expenditures for long-lived assets in each of the three months ended March 31, 2025 and 2024.