CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 72,820	$ 83,005
Short-term investments	192,662	315,972
Prepaid expenses and other current assets	10,429	15,691
Total current assets	275,911	414,668
Property and equipment, net	569	683
Operating lease right-of-use assets	1,180	1,667
Other assets	367	366
Long-term investments	242,302	204,440
Total assets	520,329	621,824
Current liabilities:
Accounts payable	2,461	1,682
Accrued expenses and other current liabilities	24,203	27,663
Operating lease liabilities, current	1,394	1,302
Total current liabilities	28,058	30,647
Long-term liabilities:
Operating lease liabilities, net of current portion	125	849
Total liabilities	28,183	31,496
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 647,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 59,074,391 and 58,510,610 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	6	6
Additional paid-in capital	978,329	958,695
Accumulated other comprehensive income (loss)	607	(133)
Accumulated deficit	(486,796)	(368,240)
Total Cullinan stockholders' equity	492,146	590,328
Noncontrolling interests	0	0
Total stockholders' equity	492,146	590,328
Total liabilities and stockholders' equity	$ 520,329	$ 621,824