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Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Net Loss Per Share

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	)

Summary of Outstanding Equity Instruments Excluded from Computation of Diluted Net Income (Loss) Per Share

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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- References

No definition available.

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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