Leases

12 Months Ended

Dec. 31, 2025

(12)

Leases

Cullinan has an operating lease for approximately 14,000 square feet of office space in a multi-tenant building in Cambridge, Massachusetts, which commenced in August 2022 and was scheduled to expire in July 2026. In October 2025, Cullinan extended its operating lease through September 2028. Cullinan determined that the lease extension constituted a modification of the existing lease, which required remeasurement of the lease liability and a corresponding adjustment to the right-of-use-asset. Lease expense consisted of operating lease costs of $1.2 million for each of 2025 and 2024.

The following table summarizes supplemental cash flow information for 2025 and 2024 (in thousands):


	2025		2024
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	1,461	$	1,738
ROU asset obtained in exchange for an operating lease liability	$	1,797	$	—

The following table summarizes Cullinan’s future minimum lease payments as of December 31, 2025 (in thousands):


	December 31, 2025
2026	$	1,029
2027		1,190
2028		906
Total future minimum lease payments		3,125
Less: imputed interest		(442	)
Total lease liabilities at present value	$	2,683

The following table summarizes the weighted-average lease term and discount rate as of December 31, 2025 and 2024:


	2025			2024
Weighted-average remaining lease term (in years)		2.8			1.6
Weighted-average discount rate		11.8	%		11.0	%

As Cullinan’s operating leases did not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of lease payments. Cullinan’s incremental borrowing rate was based on the term of the lease, the economic environment and reflects the rate the Company would have had to pay to borrow on a secured basis.