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Net Loss per Share | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
Net Loss per Share | (10) Net Loss per Share The Company computes net loss per share for its common stock and preferred stock using the two-class method required for multiple classes of common stock. The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock. The following tables set forth the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data):
|  | Three Months Ended June 30, |
|  | 2026 |  |  | 2025 |
|  | Common Stock |  |  | Preferred Stock |  |  | Common Stock |  |  | Preferred Stock |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss — basic and diluted |  | $ | (49,824 | ) |  | $ | (3,880 | ) |  | $ | (63,127 | ) |  | $ | (6,928 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding — basic and diluted |  |  | 61,493 |  |  |  | 479 |  |  |  | 59,015 |  |  |  | 648 |
Net loss per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.81 | ) |  | $ | (8.10 | ) |  | $ | (1.07 | ) |  | $ | (10.70 | )
|  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |
|  | Common Stock |  |  | Preferred Stock |  |  | Common Stock |  |  | Preferred Stock |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss — basic and diluted |  | $ | (95,289 | ) |  | $ | (8,076 | ) |  | $ | (106,825 | ) |  | $ | (11,731 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding — basic and diluted |  |  | 60,980 |  |  |  | 517 |  |  |  | 58,960 |  |  |  | 648 |
Net loss per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (1.56 | ) |  | $ | (15.63 | ) |  | $ | (1.81 | ) |  | $ | (18.12 | )
Cullinan used the treasury stock method for equity awards and the if-converted method for preferred stock to determine the number of dilutive shares outstanding in each period. The following table sets forth potential common shares that were excluded from the computation of diluted net loss per share attributable to common stockholders of Cullinan for the six months ended June 30, 2026 and 2025 because their effect would have been anti-dilutive (in thousands):
|  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |
Stock options |  |  | 13,230 |  |  |  | 12,601 |
Preferred stock |  |  | 5,168 |  |  |  | 6,475 |
Restricted stock units |  |  | 564 |  |  |  | 1,609 |
Employee stock purchase plan |  |  | 15 |  |  |  | 10 |
Total |  |  | 18,977 |  |  |  | 20,695 |

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