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Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
(11)
Segment Reporting

The Company operates and manages the business as one operating segment, which is the business of developing immunology and oncology therapies. Cullinan has determined that its Chief Executive Officer is the chief operating decision maker ("CODM"). Cullinan’s CODM reviews financial information on an aggregate basis and uses net loss as presented in the consolidated statement of operations and comprehensive income (loss) for purposes of allocating resources and evaluating financial performance.

Financial information of the Company’s reportable segment for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development ("R&D") programs:

 

 

 

 

 

 

 

 

 

 

 

 

CLN-049

 

$

6,009

 

 

$

4,898

 

 

$

11,068

 

 

$

8,793

 

CLN-617

 

 

79

 

 

 

1,403

 

 

 

764

 

 

 

3,196

 

CLN-619

 

 

1,102

 

 

 

7,317

 

 

 

3,573

 

 

 

13,435

 

CLN-978

 

 

10,532

 

 

 

5,393

 

 

 

20,197

 

 

 

10,066

 

Early-stage programs

 

 

1,116

 

 

 

1,986

 

 

 

1,825

 

 

 

3,008

 

Velinotamig

 

 

3,951

 

 

 

10

 

 

 

6,754

 

 

 

10

 

Zipalertinib

 

 

8,273

 

 

 

6,001

 

 

 

15,206

 

 

 

16,161

 

Total R&D program expense

 

 

31,062

 

 

 

27,008

 

 

 

59,387

 

 

 

54,669

 

Equity-based compensation

 

 

8,447

 

 

 

9,887

 

 

 

16,063

 

 

 

19,261

 

R&D personnel and operations

 

 

9,070

 

 

 

9,741

 

 

 

18,909

 

 

 

19,572

 

General and administrative personnel

 

 

3,589

 

 

 

3,335

 

 

 

7,384

 

 

 

6,824

 

License agreement obligations

 

 

—

 

 

 

20,115

 

 

 

—

 

 

 

20,153

 

Other segment expenses(1)

 

 

5,086

 

 

 

5,712

 

 

 

9,208

 

 

 

10,315

 

Loss from operations

 

 

(57,254

)

 

 

(75,798

)

 

 

(110,951

)

 

 

(130,794

)

Interest income

 

 

3,648

 

 

 

5,924

 

 

 

7,746

 

 

 

12,504

 

Other expense, net

 

 

(98

)

 

 

(181

)

 

 

(160

)

 

 

(266

)

Net loss

 

$

(53,704

)

 

$

(70,055

)

 

$

(103,365

)

 

$

(118,556

)
(1)
Other segment expenses for the three and six months ended June 30, 2026 and 2025 include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax, and administrative consulting services; insurance costs; marketing expenses; depreciation; and other operating costs.

All of the Company’s long-lived assets were located in the U.S. as of each of June 30, 2026 and 2025. There were no expenditures for long-lived assets in the three and six months ended June 30, 2026. Expenditures for additions to long-lived assets included purchases of property and equipment for the three and six months ended June 30, 2025.