CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 88,332	$ 83,005
Short-term investments	289,564	315,972
Prepaid expenses and other current assets	8,860	15,691
Total current assets	386,756	414,668
Property and equipment, net	421	683
Operating lease right-of-use assets	2,630	1,667
Other assets	297	366
Long-term investments	58,270	204,440
Total assets	448,374	621,824
Current liabilities:
Accounts payable	841	1,682
Accrued expenses and other current liabilities	36,120	27,663
Operating lease liabilities, current	780	1,302
Total current liabilities	37,741	30,647
Long-term liabilities:
Operating lease liabilities, net of current portion	1,903	849
Total liabilities	39,644	31,496
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of December 31, 2025 and 2024; 555,935 and 647,500 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of December 31, 2025 and 2024; 60,244,136 and 58,510,610 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	6	6
Additional paid-in capital	995,823	958,695
Accumulated other comprehensive gain (loss)	1,020	(133)
Accumulated deficit	(588,119)	(368,240)
Total Cullinan stockholders' equity	408,730	590,328
Noncontrolling interests	0	0
Total stockholders' equity	408,730	590,328
Total liabilities and stockholders' equity	$ 448,374	$ 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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- 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).