Immediately prior to the completion of the IPO in January 2021, the LLC completed the Reorganization. Prior to the Reorganization, Management was a wholly-owned subsidiary of the LLC. The LLC was also the direct parent company of the Company’s development subsidiaries. Pursuant to the Reorganization, Management acquired all the assets of the LLC, including all of the stock the LLC owns of Apollo, Florentine, Amber, Pearl and MICA (collectively the Asset Subsidiaries), and assumed all of the LLC’s liabilities and obligations.

Following the Reorganization, all of Management’s outstanding preferred stock automatically converted on a 1-for-1 basis into common stock of Management. The Company then effected a one-for-7.0390 reverse split of its common stock (the Reverse Stock Split). Immediately prior to completion of the Company’s IPO, the existing units of the LLC were cancelled and the number of shares of common stock exchanged and issued to the LLC’s unitholders in the Reorganization is shown in the below table by unit class, on a split adjusted basis:

Cullinan Oncology, LLC Unit Type	Number of Management's Shares Issued		Adjusted for the Reverse Stock Split
Series C Preferred Units		66,599,045		9,461,414
Series B Preferred Units		63,141,016		8,970,154
Series A1 Preferred Units		50,000,000		7,103,280
Series Seed Preferred Units		16,000,000		2,273,050
Non-Voting Incentive Units		11,896,500		1,689,949
Common Units		34,747,722		4,936,415
Total shares issued		242,384,283		34,434,262

The amount presented for Non-Voting Incentive Units included unvested outstanding Non-Voting Incentive Units that were exchanged for restricted stock of Management. The amount presented for Common Units included the unvested outstanding Restricted Common Units, exchanged for Management’s restricted stock, and issued and unvested Common Unit Options, that were exchanged for Management’s stock options. The unvested awards are subject to the same time-based vesting conditions as the original awards.

The Reorganization was accounted for as a reverse acquisition, where the LLC was determined to be the accounting acquirer and Management to be the legal acquiree, and recapitalization for financial reporting purposes. Accordingly, the historical financial statements of the LLC became the Company’s historical financial statements, including the comparative prior periods. All share and per share amounts in these unaudited consolidated financial statements and related notes have been retroactively adjusted, where applicable, for all periods presented. The shares of the Company’s common stock for periods prior to the Reorganization represent the outstanding units of the LLC recalculated to give effect to the Reorganization and Reverse Stock Split.

All LLC units that were previously reported as Redeemable Preferred Units, or temporary equity, were converted to common stock of the Company upon the execution of the Reorganization and have been reclassified to stockholders’ equity for all periods presented, as if the Reorganization occurred at the beginning of the earliest period presented in the Company’s financial statements for the year ending December 31, 2020, as follows:

	As of December 31, 2019
	As Reported			Adjustment			As Adjusted
	(in thousands)
Redeemable Preferred Units
Series Seed Redeemable Preferred Units	$	3,956		$	(3,956	)	$	—
Series A1 Redeemable Preferred Units		49,946			(49,946	)		—
Series B Redeemable Preferred Units		83,872			(83,872	)		—
Series C Redeemable Preferred Units		—			—			—
Total Redeemable Preferred Units		137,774			(137,774	)		—
Stockholders' Equity (Members' Deficit)
Non-Voting Incentive Units	1				(1	)		—
Common Stock		—			2			2
Additional paid-in capital	770				137,773			138,543
Accumulated other comprehensive loss		(4	)		—			(4	)
Accumulated deficit		(41,540	)		—			(41,540	)
Total Cullinan Stockholders' Equity (Members' Deficit)		(40,773	)		137,774			97,001
Non-controlling interests in subsidiaries	864				—			864
Total Stockholders' Equity (Members' Deficit)	$	(39,909	)	$	137,774		$	97,865

	As of December 31, 2020
	As Reported			Adjustment			As Adjusted
	(in thousands)
Redeemable Preferred Units
Series Seed Redeemable Preferred Units	$	3,956		$	(3,956	)	$	—
Series A1 Redeemable Preferred Units		49,946			(49,946	)		—
Series B Redeemable Preferred Units		97,909			(97,909	)		—
Series C Redeemable Preferred Units		124,841			(124,841	)		—
Total Redeemable Preferred Units		276,652			(276,652	)		—
Stockholders' Equity (Members' Deficit)
Non-Voting Incentive Units	1				(1	)		—
Common Stock		—			3			3
Additional paid-in capital		15,698			276,650			292,348
Accumulated other comprehensive loss		(2	)		—			(2	)
Accumulated deficit		(93,339	)		—			(93,339	)
Total Cullinan Stockholders' Equity (Members' Deficit)		(77,642	)		276,652			199,010
Non-controlling interests in subsidiaries		1,304			—			1,304
Total Stockholders' Equity (Members' Deficit)	$	(76,338	)	$	276,652		$	200,314