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Reorganization and Reverse Stock Split - Summary of LLC Units Previously Reported as Redeemable Preferred Units or Temporary Equity Converted Reclassified to Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity (Members' Deficit)
Common Stock	$ 4		$ 5
Additional paid-in capital	639,066		585,320
Accumulated other comprehensive loss	(1,625)		(2,601)
Accumulated deficit	(137,871)		(47,695)
Total Cullinan Stockholders' Equity (Members' Deficit)	499,574		535,029
Non-controlling interests in subsidiaries	0		0
Total Stockholders' Equity (Members' Deficit)	$ 499,574	$ 485,649	$ 535,029	$ 604,618	$ 419,470	$ 425,374

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Stockholders' Equity	6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(7) Stockholders' Equity Common Stock Each share of common stock entitles the holder to one vote and to receive dividends when and if declared by the board of directors of the Company. No dividends have been declared through June 30, 2023. At-the-Market Equity Offering Program In May 2023, Cullinan entered into an agreement with Cowen and Company, LLC (“Cowen”) to establish an at-the-market equity offering program (the “ATM") pursuant to which the Company may offer and sell up to $125.0 million of its common stock from time to time through Cowen, acting as its sales agent. In the three months ended June 30, 2023, the Company sold approximately 3.3 million shares under the ATM and received net proceeds of $38.4 million after deducting commissions. As of June 30, 2023, Cullinan had $85.6 million in shares of its common stock remaining under the ATM. Preferred Stock In January 2023, the Company entered into an exchange agreement with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS LP and MSI BVF SPV, LLC (the “Stockholders”), pursuant to which the Stockholders exchanged 6.5 million shares of Cullinan’s common stock for 0.6 million shares of newly designated Series A convertible preferred stock, a “toothless” preferred stock, par value $0.0001 per share. Each share of the preferred stock will be convertible into ten shares of common stock at the option of the holder at any time, subject to certain limitations, including that the holder will be prohibited from converting preferred stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock more than 9.99% of the total common stock then issued and outstanding immediately following the conversion of such shares of preferred stock. Holders of the preferred stock are permitted to increase this percentage to an amount not to exceed 19.99% upon 60 days notice. Shares of preferred stock will generally have no voting rights, except as required by law and except that the consent of a majority of the holders of the outstanding preferred stock will be required to amend the terms of the preferred stock. In the event of the Company’s liquidation, dissolution or winding up, holders of preferred stock will participate pari passu with any distribution of proceeds to holders of common stock. Holders of preferred stock are entitled to receive when, as, and if dividends are declared and paid on the common stock, an equivalent dividend, calculated on an as-converted basis. Shares of preferred stock are otherwise not entitled to dividends. The preferred stock ranks (i) senior to any class or series of capital stock of Cullinan hereafter created specifically ranking by its terms junior to the preferred stock; (ii) on parity with the common stock and any class or series of capital stock of the Company created specifically ranking by its terms on parity with the preferred stock; and (iii) junior to any class or series of capital stock of Cullinan created specifically ranking by its terms senior to any preferred stock, in each case, as to distributions of assets upon liquidation, dissolution or winding up of the Company, whether voluntarily or involuntarily. The Company evaluated the preferred stock for liability or equity classification. Cullinan determined that the preferred stock should be classified as permanent equity as it is not redeemable for cash or other assets (i) on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within control of the Company. Noncontrolling Interests in Subsidiaries Certain subsidiaries issue common stock in connection with licensing agreements and to employees, directors and consultants pursuant to subsidiary equity incentive plans. The holders of subsidiary common stock are entitled to one vote per share. The holders of subsidiary common stock are entitled to receive dividends when and if declared by the subsidiaries’ board of directors and distributions in either case only after the payment of all preferential amounts required to be paid to the holders of shares of preferred stock of the respective subsidiary. Cullinan Amber As of June 30, 2023, the Company held common stock and Series A preferred stock that represented 94% of Cullinan Amber Corp.’s ("Cullinan Amber") outstanding equity. As of June 30, 2023, noncontrolling interests collectively held common stock that represented 6% of Cullinan Amber's outstanding equity. In each of the three and six months ended June 30, 2023, no losses were attributed to the noncontrolling interests of Cullinan Amber. In each of the three and six months ended June 30, 2022, $0.1 million of losses were attributed to the noncontrolling interests of Cullinan Amber. Cullinan Florentine As of June 30, 2023, Cullinan held common stock, Series A preferred stock and Series B preferred stock that represented 96% of Cullinan Florentine Corp.'s ("Cullinan Florentine") outstanding equity. As of June 30, 2023, noncontrolling interests collectively held common stock that represented 4% of Cullinan Florentine's outstanding equity. In each of the three and six months ended June 30, 2023 and 2022, no losses were attributed to the noncontrolling interests of Cullinan Florentine. Cullinan MICA As of June 30, 2023, Cullinan held common stock and Series A preferred stock that represented 96% of Cullinan MICA Corp.'s ("Cullinan MICA") outstanding equity. As of June 30, 2023, noncontrolling interests collectively held common stock and Series A preferred stock that represented 4% of Cullinan MICA's outstanding equity. In the three and six months ended June 30, 2023, no losses and $0.2 million of losses, respectively, were attributed to the noncontrolling interests of Cullinan MICA. In the three and six months ended June 30, 2022, $0.7 million and $1.1 million of losses, respectively, were attributed to the noncontrolling interests of Cullinan MICA. Cullinan Pearl In June 2022, the Company sold its equity interest in its partially-owned subsidiary, Cullinan Pearl, to Taiho. Refer to Note 3 for additional details relating to the transaction. In the three and six months ended June 30, 2022, no losses and $0.3 million of losses, respectively, were attributed to the noncontrolling interests of Cullinan Pearl.

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

(7)

Stockholders' Equity

Common Stock

Each share of common stock entitles the holder to one vote and to receive dividends when and if declared by the board of directors of the Company. No dividends have been declared through June 30, 2023.

At-the-Market Equity Offering Program

In May 2023, Cullinan entered into an agreement with Cowen and Company, LLC (“Cowen”) to establish an at-the-market equity offering program (the “ATM") pursuant to which the Company may offer and sell up to $125.0 million of its common stock from time to time through Cowen, acting as its sales agent. In the three months ended June 30, 2023, the Company sold approximately 3.3 million shares under the ATM and received net proceeds of $38.4 million after deducting commissions. As of June 30, 2023, Cullinan had $85.6 million in shares of its common stock remaining under the ATM.

Preferred Stock

In January 2023, the Company entered into an exchange agreement with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS LP and MSI BVF SPV, LLC (the “Stockholders”), pursuant to which the Stockholders exchanged 6.5 million shares of Cullinan’s common stock for 0.6 million shares of newly designated Series A convertible preferred stock, a “toothless” preferred stock, par value $0.0001 per share.

Each share of the preferred stock will be convertible into ten shares of common stock at the option of the holder at any time, subject to certain limitations, including that the holder will be prohibited from converting preferred stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock more than 9.99% of the total common stock then issued and outstanding immediately following the conversion of such shares of preferred stock. Holders of the preferred stock are permitted to increase this percentage to an amount not to exceed 19.99% upon 60 days notice.

Shares of preferred stock will generally have no voting rights, except as required by law and except that the consent of a majority of the holders of the outstanding preferred stock will be required to amend the terms of the preferred stock. In the event of the Company’s liquidation, dissolution or winding up, holders of preferred stock will participate pari passu with any distribution of proceeds to holders of common stock. Holders of preferred stock are entitled to receive when, as, and if dividends are declared and paid on the common stock, an equivalent dividend, calculated on an as-converted basis. Shares of preferred stock are otherwise not entitled to dividends.

The preferred stock ranks (i) senior to any class or series of capital stock of Cullinan hereafter created specifically ranking by its terms junior to the preferred stock; (ii) on parity with the common stock and any class or series of capital stock of the Company created specifically ranking by its terms on parity with the preferred stock; and (iii) junior to any class or series of capital stock of Cullinan created specifically ranking by its terms senior to any preferred stock, in each case, as to distributions of assets upon liquidation, dissolution or winding up of the Company, whether voluntarily or involuntarily.

The Company evaluated the preferred stock for liability or equity classification. Cullinan determined that the preferred stock should be classified as permanent equity as it is not redeemable for cash or other assets (i) on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within control of the Company.

Noncontrolling Interests in Subsidiaries

Certain subsidiaries issue common stock in connection with licensing agreements and to employees, directors and consultants pursuant to subsidiary equity incentive plans. The holders of subsidiary common stock are entitled to one vote per share. The holders of subsidiary common stock are entitled to receive dividends when and if declared by the subsidiaries’ board of directors and distributions in either case only after the payment of all preferential amounts required to be paid to the holders of shares of preferred stock of the respective subsidiary.

Cullinan Amber

As of June 30, 2023, the Company held common stock and Series A preferred stock that represented 94% of Cullinan Amber Corp.’s ("Cullinan Amber") outstanding equity. As of June 30, 2023, noncontrolling interests collectively held common stock that represented 6% of Cullinan Amber's outstanding equity.

In each of the three and six months ended June 30, 2023, no losses were attributed to the noncontrolling interests of Cullinan Amber. In each of the three and six months ended June 30, 2022, $0.1 million of losses were attributed to the noncontrolling interests of Cullinan Amber.

Cullinan Florentine

As of June 30, 2023, Cullinan held common stock, Series A preferred stock and Series B preferred stock that represented 96% of Cullinan Florentine Corp.'s ("Cullinan Florentine") outstanding equity. As of June 30, 2023, noncontrolling interests collectively held common stock that represented 4% of Cullinan Florentine's outstanding equity.

In each of the three and six months ended June 30, 2023 and 2022, no losses were attributed to the noncontrolling interests of Cullinan Florentine.

Cullinan MICA

As of June 30, 2023, Cullinan held common stock and Series A preferred stock that represented 96% of Cullinan MICA Corp.'s ("Cullinan MICA") outstanding equity. As of June 30, 2023, noncontrolling interests collectively held common stock and Series A preferred stock that represented 4% of Cullinan MICA's outstanding equity.

In the three and six months ended June 30, 2023, no losses and $0.2 million of losses, respectively, were attributed to the noncontrolling interests of Cullinan MICA. In the three and six months ended June 30, 2022, $0.7 million and $1.1 million of losses, respectively, were attributed to the noncontrolling interests of Cullinan MICA.

Cullinan Pearl

In June 2022, the Company sold its equity interest in its partially-owned subsidiary, Cullinan Pearl, to Taiho. Refer to Note 3 for additional details relating to the transaction.

In the three and six months ended June 30, 2022, no losses and $0.3 million of losses, respectively, were attributed to the noncontrolling interests of Cullinan Pearl.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Statement of Cash Flows [Abstract]
net of cash transferred	$ 2,898
Net of escrow	$ 5,000

Related Party Transactions - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Royalties under obligation	$ 0

Sale of Cullinan Pearl and Co-Development Agreement with Taiho - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Repayment of convertible notes				$ 0	$ 2,200
net of cash transferred				2,898
Gain on sale of Cullinan Pearl		$ 0	$ (276,785)	0	(276,785)
Payment held in escrow				5,000
Research and development		27,391	26,411	79,487	50,947
Prepaid expenses and other current assets		619		619
Pearl - Taiho
Defined Benefit Plan Disclosure [Line Items]
Repayment of convertible notes					2,200
net of cash transferred	$ 2,900
Additional receive payments from the party	130,000
Receive upfront payment from party	275,000
Gain on sale of Cullinan Pearl			$ (276,800)		$ (276,800)
Payment held in escrow	$ 5,000
Percentage of profits from potential sales	50.00%
Research and development		2,100		3,100
Research and development expense related to share of costs		$ 5,500		$ 10,200

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued research and development expenses	$ 6,130	$ 7,486
Due to Taiho under collaboration agreement, net	3,378	0
Accrued bonus	3,108	4,516
Convertible note and accrued interest	1,885	178
Other current liabilities	1,030	1,955
Total accrued expenses and other current liabilities	$ 15,531	$ 14,135

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

(9)

Related Party Transactions

Royalty Transfer Agreements

Cullinan Amber, Cullinan Florentine and Cullinan MICA are each party to royalty transfer agreements with MPM Oncology Charitable Foundation, Inc. and UBS Optimus Foundation (together, the "Foundations"). Under each of these respective agreements, the Foundations are collectively entitled to receive a low single digit royalty percentage of all global net sales of any products developed by the applicable subsidiary, subject to limitations after patent expirations and on intellectual property developed after a change of control. Cullinan has deemed these royalty transfer agreements to be freestanding financial instruments that should be accounted for at fair value. The Company concluded that these instruments had no value at the inception of the agreements.

Cullinan has not had any applicable net sales from its products and as a result, has not paid or incurred any royalties under these agreements as of June 30, 2023. Given the early-stage nature of the underlying technologies and inherent technical, regulatory and competitive risks associated with achieving approval and commercialization, the Company ascribed no value to the royalty transfer agreements as of June 30, 2023 and December 31, 2022.

Sale of Cullinan Pearl and Co-Development Agreement with Taiho (Tables)

6 Months Ended

Jun. 30, 2023

Debt Securities, Available-for-Sale [Abstract]

Schedule of cash consideration received


	(in thousands)
Book value of assets sold
Cash	$	2,898
Prepaid expenses and other current assets		619
Amounts attributable to assets sold		3,517
Book value of liabilities sold
Accrued expenses and other current liabilities		2,404
Amounts attributable to liabilities sold		2,404
Total identifiable net assets sold		1,113
Upfront consideration, inclusive of escrow of $5,000 and cash transferred of $2,898		277,898
Gain on sale of Cullinan Pearl	$	276,785

Financial Instruments

6 Months Ended

Jun. 30, 2023

Financial Instruments Pledged as Collateral [Abstract]

Financial Instruments

(4)

Financial Instruments

Investments

Cullinan recognized its short-term and long-term investments by security type at June 30, 2023 as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	202,320	$	—	$	(1,113	)	$	201,207
U.S. government notes		74,708		3		(86	)		74,625
Asset-backed securities		74,434		—		(302	)		74,132
Total short-term investments		351,462		3		(1,501	)		349,964
Long-term investments
Corporate notes		18,758		—		(127	)		18,631
Total long-term investments		18,758		—		(127	)		18,631
Total investments	$	370,220	$	3	$	(1,628	)	$	368,595

The Company recognized its short-term and long-term investments by security type at December 31, 2022 as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	244,498	$	11	$	(1,743	)	$	242,766
U.S. government notes		34,029		—		(290	)		33,739
Commercial paper		18,035		3		(13	)		18,025
Asset-backed securities		16,625		—		(15	)		16,610
Total short-term investments		313,187		14		(2,061	)		311,140
Long-term investments
Corporate notes		81,436		18		(572	)		80,882
Total long-term investments		81,436		18		(572	)		80,882
Total investments	$	394,623	$	32	$	(2,633	)	$	392,022

Fair Value of Financial Instruments

The following table sets forth the fair value of Cullinan’s financial assets that were measured at fair value on a recurring basis as of June 30, 2023:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Short-term investments
Corporate notes	$	—	$	201,207	$	—	$	201,207
U.S. government notes		—		74,625		—		74,625
Asset-backed securities		—		74,132		—		74,132
Total short-term investments		—		349,964		—		349,964
Long-term investments
Corporate notes		—		18,631		—		18,631
Total long-term investments		—		18,631		—		18,631
Total investments	$	—	$	368,595	$	—	$	368,595

The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2022:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Short-term investments
Corporate notes	$	—	$	242,766	$	—	$	242,766
U.S. government notes		—		33,739		—		33,739
Commercial paper		—		18,025		—		18,025
Asset-backed securities		—		16,610		—		16,610
Total short-term investments		—		311,140		—		311,140
Long-term investments
Corporate notes		—		80,882		—		80,882
Total long-term investments		—		80,882		—		80,882
Total investments	$	—	$	392,022	$	—	$	392,022

As of June 30, 2023 and December 31, 2022, the fair values of Cullinan's cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated their carrying values due to the short-term nature of these instruments.

Net Income (Loss) per Share - Summary of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to common stockholders of Cullinan	$ (32,214)	$ 174,898	$ (90,176)	$ 162,800
Denominator
Weighted-average common stock outstanding - basic	39,952	44,873	40,315	44,654
Dilutive effect of common stock issuable from assumed exercise of equity awards	0	1,508	0	1,735
Weighted-average common stock outstanding - diluted	39,952	46,381	40,315	46,389
Net income (loss) per share:
Basic	$ (0.82)	$ 3.90	$ (2.24)	$ 3.65
Diluted	$ (0.82)	$ 3.77	$ (2.24)	$ 3.51

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Leases - Supplemental Cash Flow Information Relating to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 875	$ 303
Right-of-use asset obtained in exchange for an operating lease liability	$ 0	$ 1,311

Sale of Cullinan Pearl and Co-Development Agreement with Taiho

6 Months Ended

Jun. 30, 2023

Debt Securities, Available-for-Sale [Abstract]

Sale of Cullinan Pearl and Co-Development Agreement with Taiho

(3)

Sale of Cullinan Pearl

In June 2022, the Company sold its equity interest in its partially owned-subsidiary, Cullinan Pearl Corp. ("Cullinan Pearl"), which had worldwide rights to zipalertinib, excluding Japan, mainland China, Hong Kong, Macau, and Taiwan, to Taiho Pharmaceutical Co., Ltd ("Taiho") for an upfront payment of $275.0 million, with an increase to the purchase price in the amount of $2.9 million for cash held by Cullinan Pearl that was transferred with the sale. As of June 30, 2022, $5.0 million of the upfront payment was held in escrow. The escrow amount was released to Cullinan in the third quarter of 2022 once the Company and Taiho determined that no post-sale net working capital adjustment was necessary. Pursuant to the share purchase agreement with Taiho, Cullinan is also eligible to receive an additional $130.0 million tied to epidermal growth factor receptor exon20 non-small-cell lung cancer regulatory milestones.

The Company concluded the transaction was a sale of non-financial assets, which were comprised mainly of intellectual property rights and related intangible assets, and that it transferred control of the non-financial assets at the closing of the sale. Cullinan recognized a gain on sale of Cullinan Pearl of $276.8 million within income from operations in its consolidated statement of operations and other comprehensive income (loss) for the three and six months ended June 30, 2022. The table below sets forth the book value of the Cullinan Pearl assets and liabilities sold along with the calculation of the gain on sale based on the cash consideration received.


	(in thousands)
Book value of assets sold
Cash	$	2,898
Prepaid expenses and other current assets		619
Amounts attributable to assets sold		3,517
Book value of liabilities sold
Accrued expenses and other current liabilities		2,404
Amounts attributable to liabilities sold		2,404
Total identifiable net assets sold		1,113
Upfront consideration, inclusive of escrow of $5,000 and cash transferred of $2,898		277,898
Gain on sale of Cullinan Pearl	$	276,785

During the six months ended June 30, 2022, Cullinan Pearl issued $2.2 million of convertible notes to an affiliate of Taiho. The Company repaid these convertible notes at the closing of the Cullinan Pearl sale.

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Accounting Policies [Abstract]
Number of operating segments	1

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Basis of Presentation

(1)

Nature of Business and Basis of Presentation

Organization

Cullinan Oncology, Inc., together with its consolidated subsidiaries ("Cullinan" or the "Company"), is a clinical-stage biopharmaceutical company focused on modality-agnostic targeted oncology that was incorporated in September 2016 and has a principal place of business in Cambridge, Massachusetts.

Liquidity

The Company has incurred significant operating losses, with the exception of 2022, and negative cash flows from operations since its inception and expects to continue to generate operating losses for the foreseeable future. Cullinan’s ultimate success depends on the outcome of its research and development activities as well as the ability to commercialize the Company’s product candidates. Cullinan is subject to a number of risks including, but not limited to, the need to obtain adequate additional funding for the ongoing and planned clinical development of its product candidates. Due to the numerous risks and uncertainties associated with pharmaceutical products and development, the Company is unable to accurately predict the timing or amount of funds required to complete development of its product candidates, and costs could exceed Cullinan’s expectations for a number of reasons, including reasons beyond the Company’s control.

Since inception, Cullinan has funded its operations primarily through the sale of equity securities and from licensing or selling the rights to its product candidates. The Company expects that its cash, cash equivalents and short-term investments of $491.8 million and long-term investments and interest receivable of $20.3 million as of June 30, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements through at least twelve months from the date of issuance of these unaudited consolidated financial statements. Interest receivable is included in prepaid expenses and other current assets on the consolidated balance sheets and represents accrued and unpaid interest on Cullinan's marketable securities.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income (loss)	$ (90,355)	$ 161,173
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity-based compensation expense	15,179	15,173
Amortization accretion on marketable securities	(3,516)	1,737
Depreciation and amortization	153	25
Non Cash Contributions From Noncontrolling Interests	4	139
Gain on sale of Cullinan Pearl	0	(276,785)
Realized loss on marketable securities	0	109
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,161	(1,050)
Accounts payable	(169)	(70)
Accrued expenses and other current liabilities	(178)	5,719
Income tax payable	(4,282)	46,502
Net cash used in operating activities	(82,003)	(47,328)
Investing activities:
Proceeds from sales and maturities of marketable securities	198,094	158,933
Purchase of marketable securities	(170,592)	(93,370)
Purchase of property and equipment	(208)	0
Proceeds from sale of Cullinan Pearl, net of escrow of $5,000 and cash transferred with sale of $2,898	0	270,000
Net cash provided by (used in) investing activities	27,294	335,563
Financing activities:
Proceeds from issuance of common stock	38,388	0
Proceeds from issuance of convertible notes	1,825	2,200
Proceeds from net issuance of common stock under equity-based compensation plans	178	4,401
Repayment of convertible note	0	(2,200)
Contributions From Noncontrolling Interests	0	1,153
Net cash provided by financing activities	40,391	5,554
Net increase (decrease) in cash and cash equivalents	(14,318)	293,789
Cash and cash equivalents at beginning of period	156,152	59,774
Cash and cash equivalents at end of period	141,834	353,563
Non-cash financing activities and supplemental cash flow information
Conversion Of Convertible Note Into Noncontrolling Interest	175	0
Cash paid for income taxes	$ 4,708	$ 0

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(11)

Commitments and Contingencies

The Company enters into contracts in the normal course of business with contract research organizations, contract manufacturing organizations, and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These agreements generally include cancellation clauses.

Indemnification Agreements

In the ordinary course of business, Cullinan may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require Cullinan, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in certain cases, unlimited. To date, Cullinan has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of June 30, 2023 and December 31, 2022.

Legal Proceedings

Cullinan is not currently party to or aware of any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. Cullinan expenses as incurred the costs related to such legal proceedings.

Equity-Based Compensation - Schedule of Equity-based Compensation Expense Categories In Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 7,920	$ 8,608	$ 15,179	$ 15,173
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	3,249	4,379	6,303	7,039
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 4,671	$ 4,229	$ 8,876	$ 8,134

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Financial Instruments Pledged as Collateral [Abstract]

Schedule of Short-term and Long-term Investment Marketable Securities by Security Type

Investments

Cullinan recognized its short-term and long-term investments by security type at June 30, 2023 as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	202,320	$	—	$	(1,113	)	$	201,207
U.S. government notes		74,708		3		(86	)		74,625
Asset-backed securities		74,434		—		(302	)		74,132
Total short-term investments		351,462		3		(1,501	)		349,964
Long-term investments
Corporate notes		18,758		—		(127	)		18,631
Total long-term investments		18,758		—		(127	)		18,631
Total investments	$	370,220	$	3	$	(1,628	)	$	368,595

The Company recognized its short-term and long-term investments by security type at December 31, 2022 as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	244,498	$	11	$	(1,743	)	$	242,766
U.S. government notes		34,029		—		(290	)		33,739
Commercial paper		18,035		3		(13	)		18,025
Asset-backed securities		16,625		—		(15	)		16,610
Total short-term investments		313,187		14		(2,061	)		311,140
Long-term investments
Corporate notes		81,436		18		(572	)		80,882
Total long-term investments		81,436		18		(572	)		80,882
Total investments	$	394,623	$	32	$	(2,633	)	$	392,022

Summary of Fair Value of Financial Assets Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of Cullinan’s financial assets that were measured at fair value on a recurring basis as of June 30, 2023:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Short-term investments
Corporate notes	$	—	$	201,207	$	—	$	201,207
U.S. government notes		—		74,625		—		74,625
Asset-backed securities		—		74,132		—		74,132
Total short-term investments		—		349,964		—		349,964
Long-term investments
Corporate notes		—		18,631		—		18,631
Total long-term investments		—		18,631		—		18,631
Total investments	$	—	$	368,595	$	—	$	368,595

The following table sets forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2022:


	Level 1		Level 2		Level 3		Total
	(in thousands)
Short-term investments
Corporate notes	$	—	$	242,766	$	—	$	242,766
U.S. government notes		—		33,739		—		33,739
Commercial paper		—		18,025		—		18,025
Asset-backed securities		—		16,610		—		16,610
Total short-term investments		—		311,140		—		311,140
Long-term investments
Corporate notes		—		80,882		—		80,882
Total long-term investments		—		80,882		—		80,882
Total investments	$	—	$	392,022	$	—	$	392,022

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

(5)

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of June 30, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
	(in thousands)
Accrued research and development expenses	$	6,130	$	7,486
Due to Taiho under collaboration agreement, net		3,378		—
Accrued bonus		3,108		4,516
Convertible note and accrued interest		1,885		178
Other current liabilities		1,030		1,955
Total accrued expenses and other current liabilities	$	15,531	$	14,135

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Income (loss) from operations	$ (37,605)	$ 239,679	$ (100,361)	$ 207,022
Operating expenses:
Research and development	27,391	26,411	79,487	50,947
General and administrative	10,214	10,695	20,874	18,816
Total operating expenses	37,605	37,106	100,361	69,763
Gain on sale of Cullinan Pearl	0	276,785	0	276,785
Other income (expense):
Interest income	5,322	697	9,830	894
Other income (expense), net	69	(241)	176	241
Net income (loss) before income taxes	(32,214)	240,135	(90,355)	207,675
Income tax expense	0	66,070	0	46,502
Net income (loss)	(32,214)	174,065	(90,355)	161,173
Net loss attributable to noncontrolling interests	(0)	(833)	(179)	(1,627)
Net income (loss) attributable to common stockholders of Cullinan	(32,214)	174,898	(90,176)	162,800
Comprehensive income (loss):
Net income (loss)	(32,214)	174,065	(90,355)	161,173
Unrealized gain (loss) on investments	(383)	(499)	976	(2,795)
Comprehensive income (loss)	(32,597)	173,566	(89,379)	158,378
Comprehensive loss attributable to noncontrolling interests	(0)	(833)	(179)	(1,627)
Comprehensive income (loss) attributable to Cullinan	$ (32,597)	$ 174,399	$ (89,200)	$ 160,005
Net income (loss) per share:
Basic	$ (0.82)	$ 3.90	$ (2.24)	$ 3.65
Diluted	$ (0.82)	$ 3.77	$ (2.24)	$ 3.51
Weighted-average shares used in computing net income (loss) per share:
Weighted-average common stock outstanding - basic	39,952	44,873	40,315	44,654
Diluted	39,952	46,381	40,315	46,389

Equity-Based Compensation - Schedule of Assumptions Used to Estimate Fair value of Market-Based RSUs Granted (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Risk-free interest rate	3.90%	2.20%
Expected term (in years)	6 years	6 years
Expected volatility	79.10%	78.80%
Expected dividend yield	0.00%	0.00%

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Accrued Expenses And Other Current Liabilities [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of June 30, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
	(in thousands)
Accrued research and development expenses	$	6,130	$	7,486
Due to Taiho under collaboration agreement, net		3,378		—
Accrued bonus		3,108		4,516
Convertible note and accrued interest		1,885		178
Other current liabilities		1,030		1,955
Total accrued expenses and other current liabilities	$	15,531	$	14,135

Leases - Summary of Future Minimum Payments Due Under Operating Lease (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Remainder of 2023	$ 1,006
2024	1,738
2025	1,461
2026	872
Total future minimum lease payments	5,077
Less: imputed interest	(691)
Total lease liabilities at present value	$ 4,386

License and Collaboration Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
License And Collaboration Agreements [Line Items]
Accrued expenses and other current liabilities		$ 2,404		$ 2,404
Research and development costs		27,391	$ 26,411	79,487	$ 50,947
Harbour License Agreement [Member]
License And Collaboration Agreements [Line Items]
Upfront license fee				25,000
Harbour BioMed US Inc. [Member] \| Harbour License Agreement [Member]
License And Collaboration Agreements [Line Items]
Upfront license fee				25,000
Harbour BioMed US Inc. [Member] \| Maximum \| Harbour License Agreement [Member] \| Achievement Based [Member]
License And Collaboration Agreements [Line Items]
Aggregate amount of milestone payment				148,000
Harbour BioMed US Inc. [Member] \| Maximum \| Harbour License Agreement [Member] \| Sales Based [Member]
License And Collaboration Agreements [Line Items]
Aggregate amount of milestone payment				415,000
Pearl - Taiho
License And Collaboration Agreements [Line Items]
Percentage of profits from potential sales	50.00%
Research and development expense related to share of costs		5,500		10,200
Accrued expenses and other current liabilities		3,400		3,400
Research and development costs		$ 2,100		3,100
Adimab
License And Collaboration Agreements [Line Items]
Research and development costs					500
MIT
License And Collaboration Agreements [Line Items]
Research and development costs			$ 200	$ 200	$ 200

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 31, 2023	Dec. 31, 2022
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Dividends declared	$ 0		$ 0
Common stock, voting rights			Each share of common stock entitles the holder to one vote and to receive dividends when and if declared by the board of directors of the Company.
Preferred Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001			$ 0.0001
Number of shares of common stock, percentage	9.99%		9.99%
Increase in number of shares of preferred stock, percentage	19.99%		19.99%
Shares issued	647,500		647,500			0
Shares sold/issued	42,735,304		42,735,304			45,796,449
Losses attributed to noncontrolling interests	$ (0)	$ (833,000)	$ (179,000)	$ (1,627,000)
Biotechnology Value Fund, L.P exchange agreement [Member]
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Newly designated Series A preferred stock					600,000
Preferred Stock, Par or Stated Value Per Share					$ 0.0001
Number of common stock exchange					6,500,000
In May 2023
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Offer and sell companys common stock	$ 125,000,000.0		$ 125,000,000.0
Common Stock
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Additional shares issued	3,310,000
At-the-Market Equity Offering Program \| In May 2023
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Net proceeds	$ 38,400,000
Shares sold/issued	3,300,000		3,300,000
Treasury Stock, Common, Shares	85,600,000		85,600,000
Cullinan Amber Corp
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Losses attributed to noncontrolling interests	$ 0	100,000	$ 0	100,000
Cullinan Amber Corp \| Series A Preferred Stock
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Percentage of share purchased as part of asset acquisition			94.00%
Ownership interest percentage			6.00%
Cullinan Florentine Corp \| Series A Preferred Stock
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Percentage of share purchased as part of asset acquisition			96.00%
Ownership interest percentage			4.00%
MICA \| HLBV
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Losses attributed to noncontrolling interests	$ 0	700,000	$ 200,000	1,100,000
MICA \| Series A Preferred Stock
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Percentage of share purchased as part of asset acquisition			96.00%
Cullinan Pearl Corp \| HLBV
Common Stock And Noncontrolling Interest In Subsidiaries [Line Items]
Losses attributed to noncontrolling interests		$ 0		$ 300,000

Summary of Significant Accounting Policies - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating lease right-of-use assets	$ 3,501	$ 4,130
Operating lease liabilities, current	1,652	1,421
Noncurrent portion of operating lease liabilities	$ 2,734	$ 3,590

Net Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Net Loss Per Share

The following table sets forth the calculation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
	(in thousands, except per share data)
Numerator:
Net income (loss) attributable to common stockholders of Cullinan	$	(32,214	)	$	174,898	$	(90,176	)	$	162,800
Denominator:
Weighted-average common stock outstanding - basic		39,952			44,873		40,315			44,654
Dilutive effect of common stock issuable from assumed exercise of equity awards		—			1,508		—			1,735
Weighted-average common stock outstanding - diluted		39,952			46,381		40,315			46,389
Net income (loss) per share:
Basic	$	(0.82	)	$	3.90	$	(2.24	)	$	3.65
Diluted	$	(0.82	)	$	3.77	$	(2.24	)	$	3.51

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 income (loss) per share for the six months ended June 30, 2023 and 2022 because their effect would have been anti-dilutive:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Stock options		9,185		6,250
Preferred stock		5,795		—
Restricted stock awards and RSUs		156		—
Total		15,136		6,250

Sale of Cullinan Pearl and Co-Development Agreement with Taiho - Parenthetical (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Abstract]
Payment held in escrow	$ 5,000
Upfront consideration, cash transferred	$ 2,898

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 141,834	$ 156,152
Short-term investments	349,964	311,140
Prepaid expenses and other current assets	6,437	7,180
Total current assets	498,235	474,472
Property and equipment, net	1,158	1,174
Operating lease right-of-use assets	3,501	4,130
Other assets	459	459
Long-term investments	18,631	80,882
Total assets	521,984	561,117
Current liabilities:
Accounts payable	2,493	2,660
Accrued expenses and other current liabilities	15,531	14,135
Income tax payable	0	4,282
Operating lease liabilities, current	1,652	1,421
Total current liabilities	19,676	22,498
Long-term liabilities:
Operating lease liabilities, net of current portion	2,734	3,590
Total liabilities	22,410	26,088
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 647,500 and no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 42,735,304 and 45,796,449 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	4	5
Additional paid-in capital	639,066	585,320
Accumulated other comprehensive loss	(1,625)	(2,601)
Accumulated deficit	(137,871)	(47,695)
Total Cullinan stockholders' equity	499,574	535,029
Noncontrolling interests	0	0
Total stockholders' equity	499,574	535,029
Total liabilities and stockholders' equity	$ 521,984	$ 561,117

License and Collaboration Agreements

6 Months Ended

Jun. 30, 2023

License And Collaboration Agreements [Abstract]

License and Collaboration Agreements

(6)

License and Collaboration Agreements

Harbour License Agreement

In February 2023, the Company and Harbour BioMed US Inc. (“Harbour”) entered into a license and collaboration agreement (the “Harbour License Agreement”), pursuant to which Harbour granted to Cullinan an exclusive license for the development, manufacturing and commercialization of HBM7008 (CLN-418) in the U.S.

Under the terms of the Harbour License Agreement, the Company paid Harbour an upfront license fee of $25.0 million at signing. Harbour will be eligible to receive up to $148.0 million in milestone payments based on the achievement of pre-specified development and regulatory milestones. Harbour is also eligible to receive up to an additional $415.0 million in sales-based milestones as well as tiered royalties up to the high teens on a licensed product-by-licensed product basis, as a percentage of U.S. commercial sales. In addition, under the Harbour License Agreement, Harbour granted Cullinan certain intellectual property rights to enable the Company to perform its obligations and exercise its rights under the Harbour License Agreement.

Unless earlier terminated, the Harbour License Agreement will continue in effect until the expiration of Cullinan’s royalty obligations. The Harbour License Agreement may be terminated by either party for a material breach by the other party, subject to notice and cure provisions, or in the event of the other party’s insolvency. The Company may terminate the Harbour License Agreement for convenience by providing 90 days written notice to Harbour. In the Harbour License Agreement, each party made customary representations and warranties and agreed to customary covenants, including, without limitation, with respect to indemnification, for transactions of this type.

Cullinan evaluated the Harbour License Agreement and determined that the exclusive license for the development, manufacturing and commercialization of HBM7008 (CLN-418) in the U.S represented an asset acquisition of in-process research and development. The Company also determined that the asset had no alternative future use at the time of acquisition, and therefore the upfront license fee of $25.0 million was recorded within research and development expenses during the six months ended June 30, 2023.

Co-Development Agreement with Taiho

In June 2022, Cullinan and an affiliate of Taiho entered into a co-development agreement, pursuant to which the Company will collaborate to develop zipalertinib and will retain the option to co-commercialize zipalertinib in the U.S. Under the co-development agreement, development costs for zipalertinib shall be shared equally between Taiho and Cullinan with each party receiving 50% of any future pre-tax profits from potential U.S. sales of zipalertinib.

The Company concluded that the co-development agreement with Taiho is a collaborative arrangement because Cullinan is an active participant in the development of zipalertinib. Payments made to or received from Taiho for zipalertinib development activities after the execution of the co-development agreement are recorded within research and development expenses. For the three and six months ended June 30, 2023, the Company recorded research and development expense of $5.5 million and $10.2 million, respectively, related to its share of costs incurred by Taiho. Cullinan incurred $2.1 million and $3.1 million of costs that were reimbursable by Taiho during the three and six months ended June 30, 2023, respectively, which were recorded as a reduction to research and development expenses. The net amount of $3.4 million due to Taiho was recorded within accrued expenses and other current liabilities as of June 30, 2023.

Other License and Collaboration Expenses

During the six months ended June 30, 2023, Cullinan recorded $0.2 million in research and development expenses relating to the license agreement with the Massachusetts Institute of Technology (the "MIT License Agreement") for CLN-617. During the three and six months ended June 30, 2022, the Company recorded $0.2 million in research and development expenses relating to the MIT License Agreement.

During the six months ended June 30, 2022, Cullinan recorded $0.5 million in research and development expenses relating to a collaboration agreement with Adimab, LLC.

Net Income (Loss) per Share - Summary of Outstanding Equity Instruments Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net loss per share (in shares)	15,136	6,250
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net loss per share (in shares)	9,185	6,250
Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net loss per share (in shares)	5,795	0
Restricted Stock Awards and RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from computation of diluted net loss per share (in shares)	156	0

Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Share

(13)

Net Income (Loss) per Share

The following table sets forth the calculation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
	(in thousands, except per share data)
Numerator:
Net income (loss) attributable to common stockholders of Cullinan	$	(32,214	)	$	174,898	$	(90,176	)	$	162,800
Denominator:
Weighted-average common stock outstanding - basic		39,952			44,873		40,315			44,654
Dilutive effect of common stock issuable from assumed exercise of equity awards		—			1,508		—			1,735
Weighted-average common stock outstanding - diluted		39,952			46,381		40,315			46,389
Net income (loss) per share:
Basic	$	(0.82	)	$	3.90	$	(2.24	)	$	3.65
Diluted	$	(0.82	)	$	3.77	$	(2.24	)	$	3.51

Cullinan used the treasury stock and if-converted methods to determine the number of dilutive shares. The following table sets forth potential common shares that were excluded from the computation of diluted net income (loss) per share for the six months ended June 30, 2023 and 2022 because their effect would have been anti-dilutive:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Stock options		9,185		6,250
Preferred stock		5,795		—
Restricted stock awards and RSUs		156		—
Total		15,136		6,250

Leases - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
Leases - Additional Information (Details) $ in Millions	Aug. 31, 2022 ft²	Dec. 31, 2017 ft²	Jun. 30, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating Lease expense			$ 0.4	$ 0.1	$ 0.9	$ 0.3
Sublease income			$ 0.1		$ 0.3
Operating lease commence date		Feb. 01, 2018
Operating lease expiration date					Jun. 30, 2024
Massachusetts
Lessee Lease Description [Line Items]
Operating lease rentable area \| ft²	14,000	8,000

Nature of Business and Basis of Presentation - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Nature Of Business And Basis Of Presentation [Line Items]
Long-term investments and interest receivables	$ 20.3
Cash, cash equivalents, short-term investments and long-term investments	$ 491.8

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 0	$ (66,070)	$ 0	$ (46,502)
Income Tax Provision		$ 66,100		$ 46,500

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Equity-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

(8)

Equity-Based Compensation

Cullinan recorded equity-based compensation in the following expense categories in the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Research and development	$	3,249	$	4,379	$	6,303	$	7,039
General and administrative		4,671		4,229		8,876		8,134
Total equity-based compensation	$	7,920	$	8,608	$	15,179	$	15,173

Determining Fair Value of Options

The fair value of options is estimated using the Black-Scholes option pricing model, which takes into account inputs such as the exercise price, the value of the underlying common stock at the grant date, expected term, expected volatility, risk-free interest rate and dividend yield. The fair value of each grant of options during the six months ended June 30, 2023 and 2022 were determined using the methods and assumptions discussed below:

•

The expected term of options is determined using the “simplified” method, as prescribed in the SEC Staff Accounting Bulletin No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data.

•

The risk-free interest rate is based on implied yields available from U.S. Treasury securities with a remaining term equal to the expected term assumed at the grant date.

•

Prior to 2023, the expected volatility used in the Black-Scholes option pricing model for new options was based on historical volatilities of the stock prices of similar entities within Cullinan’s industry over a period of time commensurate with the expected term assumption. In 2023, the Company determined that a sufficient amount of historical information was available regarding the volatility of its stock price to begin using a blended rate that combines its historical volatility with the historical volatilities of the stock prices of similar entities within Cullinan’s industry over a period of time commensurate with the expected term assumption.

•

The estimated annual dividend yield was based on the Company’s expectation of not paying dividends on its common stock in the foreseeable future.

The grant date fair value was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions in the six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023	2022
Risk-free interest rate	3.9%	2.2%
Expected term (in years)	6.0	6.0
Expected volatility	79.1%	78.8%
Expected dividend yield	0.0%	0.0%

Commitment and Contingencies (Additional Information) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Indemnification Agreement [Member]
Loss Contingencies [Line Items]
Accrued Liabilities	$ 0	$ 0

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Cullinan’s significant accounting policies have not changed materially from those disclosed in its annual audited consolidated financial statements and accompanying notes in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 10-K”), except for its accounting policy for equity-based compensation. Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and in accordance with applicable rules and regulations of the Securities Exchange Commission (the "SEC") for interim financial reporting and include the accounts of the Company and its consolidated subsidiaries. Cullinan considers consolidation of entities over which control is achieved by means other than voting rights. Intercompany balances and transactions have been eliminated in consolidation. The Company operates as one segment, which is developing early-stage cancer therapeutics. In the opinion of Cullinan’s management, the unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, and necessary for fair financial statement presentation. The preparation of these unaudited consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in the 2022 10-K. Equity-Based Compensation The fair value of equity-based awards is measured at the grant date and is recognized as expense over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. Cullinan classifies equity-based compensation in its consolidated statements of operations and comprehensive income (loss) in the same manner in which the award recipient’s payroll costs or service payments are classified. The fair value of service-based restricted stock units ("RSUs") is the closing market price of the Company's common stock on the grant date. Cullinan measures the fair value of market-based RSUs on the grant date using a Monte Carlo simulation model. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. Both the Monte Carlo simulation model and the Black-Scholes option pricing model require the input of objective and subjective assumptions. Certain assumptions used, including Cullinan's expected stock price volatility, involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, equity-based compensation expense could be materially different for future awards. Prior to 2023, the expected volatility used in the Black-Scholes option pricing model for new options was based on historical volatilities of the stock prices of similar entities within the Company’s industry over a period of time commensurate with the expected term assumption. In 2023, Cullinan determined that a sufficient amount of historical information was available regarding the volatility of its stock price to begin using a blended rate that combines the Company's historical volatility with the historical volatilities of the stock prices of similar entities within the Company’s industry over a period of time commensurate with the expected term assumption. Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that will have a material impact on Cullinan's consolidated financial statements.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and in accordance with applicable rules and regulations of the Securities Exchange Commission (the "SEC") for interim financial reporting and include the accounts of the Company and its consolidated subsidiaries. Cullinan considers consolidation of entities over which control is achieved by means other than voting rights. Intercompany balances and transactions have been eliminated in consolidation. The Company operates as one segment, which is developing early-stage cancer therapeutics. In the opinion of Cullinan’s management, the unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, and necessary for fair financial statement presentation. The preparation of these unaudited consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in the 2022 10-K.
Equity-based Compensation	Equity-Based Compensation The fair value of equity-based awards is measured at the grant date and is recognized as expense over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. Cullinan classifies equity-based compensation in its consolidated statements of operations and comprehensive income (loss) in the same manner in which the award recipient’s payroll costs or service payments are classified. The fair value of service-based restricted stock units ("RSUs") is the closing market price of the Company's common stock on the grant date. Cullinan measures the fair value of market-based RSUs on the grant date using a Monte Carlo simulation model. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. Both the Monte Carlo simulation model and the Black-Scholes option pricing model require the input of objective and subjective assumptions. Certain assumptions used, including Cullinan's expected stock price volatility, involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, equity-based compensation expense could be materially different for future awards. Prior to 2023, the expected volatility used in the Black-Scholes option pricing model for new options was based on historical volatilities of the stock prices of similar entities within the Company’s industry over a period of time commensurate with the expected term assumption. In 2023, Cullinan determined that a sufficient amount of historical information was available regarding the volatility of its stock price to begin using a blended rate that combines the Company's historical volatility with the historical volatilities of the stock prices of similar entities within the Company’s industry over a period of time commensurate with the expected term assumption.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that will have a material impact on Cullinan's consolidated financial statements.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References + Details

Financial Instruments - Schedule of Short-term and Long-term Investment Marketable Securities by Security Type (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	$ 370,220	$ 394,623
Gross Unrealized Gains	3	32
Gross Unrealized Losses	(1,628)	(2,633)
Estimated Fair Value	368,595	392,022
Long Term Investment
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	18,758	81,436
Gross Unrealized Gains	0	18
Gross Unrealized Losses	(127)	(572)
Estimated Fair Value	18,631	80,882
Long Term Investment \| Corporate Note Securities
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	18,758	81,436
Gross Unrealized Gains	0	18
Gross Unrealized Losses	(127)	(572)
Estimated Fair Value	18,631	80,882
Short Term Investments
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	351,462	313,187
Gross Unrealized Gains	3	14
Gross Unrealized Losses	(1,501)	(2,061)
Estimated Fair Value	349,964	311,140
Short Term Investments \| U.S. Government Notes
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	74,708	34,029
Gross Unrealized Gains	3	0
Gross Unrealized Losses	(86)	(290)
Estimated Fair Value	74,625	33,739
Short Term Investments \| Asset-backed Securities
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	74,434	16,625
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(302)	(15)
Estimated Fair Value	74,132	16,610
Short Term Investments \| Commercial Paper
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost		18,035
Gross Unrealized Gains		3
Gross Unrealized Losses		(13)
Estimated Fair Value		18,025
Short Term Investments \| Corporate Note Securities
Available For Sale Securities Fair Value To Amortized Cost Basis [Line Items]
Amortized Cost	202,320	244,498
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(1,113)	(1,743)
Estimated Fair Value	$ 201,207	$ 242,766

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

(12)

Leases

The Company has an operating lease for approximately 8,000 square feet of office space in a multi-tenant building in Cambridge, Massachusetts, which commenced in February 2018 and goes through June 2024 (the "Suite 520 Lease"). In August 2022, Cullinan entered into an additional operating lease for approximately 14,000 square feet of office space in a multi-tenant building in Cambridge, Massachusetts through July 2026. Lease expense consisted of operating lease costs of $0.4 million and $0.9 million for the three and six months ended June 30, 2023, respectively. Lease expense consisted of operating lease costs of $0.1 million and $0.3 million for the three and six months ended June 30, 2022, respectively.

The following table summarizes supplemental cash flow information for the six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	875	$	303
Right-of-use asset obtained in exchange for an operating lease liability	$	—	$	1,311

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of June 30, 2023:


	June 30, 2023
	(in thousands)
Remainder of 2023	$	1,006
2024		1,738
2025		1,461
2026		872
Total future minimum lease payments		5,077
Less: imputed interest		(691	)
Total lease liabilities at present value	$	4,386

The following table summarizes the weighted-average remaining lease term and discount rate as of June 30, 2023 and December 31, 2022:


	June 30, 2023			December 31, 2022
Weighted-average remaining lease term (in years)		2.8			3.2
Weighted-average discount rate		10.8	%		10.8	%

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.

Sublease Agreement

In September 2022, Cullinan entered into a sublease agreement through May 2024 for the Suite 520 Lease. For the three and six months ended June 30, 2023, the Company recorded sublease income of $0.1 million and $0.3 million, respectively, within other income (expense), net.

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Supplemental Cash Flow Information Relating to Leases

The following table summarizes supplemental cash flow information for the six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	875	$	303
Right-of-use asset obtained in exchange for an operating lease liability	$	—	$	1,311

Summarizes of future minimum lease payments

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of June 30, 2023:


	June 30, 2023
	(in thousands)
Remainder of 2023	$	1,006
2024		1,738
2025		1,461
2026		872
Total future minimum lease payments		5,077
Less: imputed interest		(691	)
Total lease liabilities at present value	$	4,386

Summarizes Lease Term and Discount Rate

The following table summarizes the weighted-average remaining lease term and discount rate as of June 30, 2023 and December 31, 2022:


	June 30, 2023			December 31, 2022
Weighted-average remaining lease term (in years)		2.8			3.2
Weighted-average discount rate		10.8	%		10.8	%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interest in Subsidiaries
Balances at Dec. 31, 2021	$ 425,374		$ 4	$ 584,714	$ (838)	$ (158,909)	$ 403
Balances, shares at Dec. 31, 2021			44,292,102
Net issuance of common stock under equity-based compensation plans	(1,566)			(1,566)
Contributions from noncontrolling interests	1,153						1,153
Net issuance of common stock under equity-based compensation plans, shares			367,924
Equity-based compensation	6,565			6,559			6
Unrealized gain (loss) on investments	(2,296)				(2,296)
Net income (loss)	(12,892)					(12,098)	(794)
Balances at Mar. 31, 2022	419,470		$ 4	592,839	(3,134)	(171,007)	768
Balances, shares at Mar. 31, 2022			44,660,026
Balances at Dec. 31, 2021	425,374		$ 4	584,714	(838)	(158,909)	403
Balances, shares at Dec. 31, 2021			44,292,102
Unrealized gain (loss) on investments	(2,795)
Net income (loss)	161,173
Balances at Jun. 30, 2022	604,618		$ 5	604,275	(3,633)	3,891	80
Balances, shares at Jun. 30, 2022			45,396,398
Balances at Mar. 31, 2022	419,470		$ 4	592,839	(3,134)	(171,007)	768
Balances, shares at Mar. 31, 2022			44,660,026
Net issuance of common stock under equity-based compensation plans	(2,835)		$ (1)	(2,834)
Contributions from noncontrolling interests	139						139
Net issuance of common stock under equity-based compensation plans, shares			736,372
Equity-based compensation	8,608			8,602			6
Unrealized gain (loss) on investments	(499)				(499)
Net income (loss)	174,065					174,898	(833)
Balances at Jun. 30, 2022	604,618		$ 5	604,275	(3,633)	3,891	80
Balances, shares at Jun. 30, 2022			45,396,398
Balances at Dec. 31, 2022	535,029		$ 5	585,320	(2,601)	(47,695)	0
Balances, shares at Dec. 31, 2022			45,796,449
Issuance of preferred stock in exchange for common stock, Share		647,500	(6,475,000)
Issuance of preferred stock in exchange for common stock			$ (1)	1
Net issuance of common stock under equity-based compensation plans	(36)			(36)
Contributions from noncontrolling interests	179						179
Net issuance of common stock under equity-based compensation plans, shares			22,152
Equity-based compensation	7,259			7,259
Unrealized gain (loss) on investments	1,359				1,359
Net income (loss)	(58,141)					(57,962)	(179)
Balances at Mar. 31, 2023	485,649		$ 4	592,544	(1,242)	(105,657)	0
Balances, shares at Mar. 31, 2023		647,500	39,343,601
Balances at Dec. 31, 2022	535,029		$ 5	585,320	(2,601)	(47,695)	0
Balances, shares at Dec. 31, 2022			45,796,449
Unrealized gain (loss) on investments	976
Net income (loss)	(90,355)
Balances at Jun. 30, 2023	499,574		$ 4	639,066	(1,625)	(137,871)	0
Balances, shares at Jun. 30, 2023		647,500	42,735,304
Balances at Mar. 31, 2023	485,649		$ 4	592,544	(1,242)	(105,657)	0
Balances, shares at Mar. 31, 2023		647,500	39,343,601
Net issuance of common stock under equity-based compensation plans	(214)			(214)
Net issuance of common stock under equity-based compensation plans, shares			81,703
Equity-based compensation	7,920			7,920
Unrealized gain (loss) on investments	(383)				(383)
Issuance of common stock	38,388			38,388
Issuance of common stock, shares			3,310,000
Net income (loss)	(32,214)					(32,214)
Balances at Jun. 30, 2023	$ 499,574		$ 4	$ 639,066	$ (1,625)	$ (137,871)	$ 0
Balances, shares at Jun. 30, 2023		647,500	42,735,304

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-based Compensation Expense Categories In Consolidated Statements of Operations and Comprehensive Income (Loss)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Research and development	$	3,249	$	4,379	$	6,303	$	7,039
General and administrative		4,671		4,229		8,876		8,134
Total equity-based compensation	$	7,920	$	8,608	$	15,179	$	15,173

Schedule of Assumptions Used to Estimate Fair value of Market-Based RSUs Granted


	Six Months Ended June 30,
	2023	2022
Risk-free interest rate	3.9%	2.2%
Expected term (in years)	6.0	6.0
Expected volatility	79.1%	78.8%
Expected dividend yield	0.0%	0.0%

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	CULLINAN ONCOLOGY, INC.
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0001789972
Entity File Number	001-39856
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3879991
Entity Address, Address Line One	One Main Street
Entity Address, Address Line Two	Suite 1350
Entity Address, City or Town	Cambridge
Entity Address, Country	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	410-4650
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CGEM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,734,644

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred Stock par value	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, Share issued	647,500	0
Preferred Stock, Shares Outstanding	647,500	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	42,735,304	45,796,449
Common stock, shares outstanding	42,735,304	45,796,449

Sale of Cullinan Pearl and Co-Development Agreement with Taiho - Schedule of cash consideration received (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Book Value of Asset Sold [Abstract]
Cash	$ 2,898
Prepaid expenses and other current assets	619
Amounts attributable to assets sold	3,517
Book Value Of Liability Sold [Abstract]
Accrued expenses and other current liabilities	2,404
Amounts attributable to liabilities sold	2,404
Total identifiable net assets sold	1,113
Upfront consideration, inclusive of escrow of $5,000 and cash transferred of $2,898	277,898
Gain on sale of Cullinan Pearl	$ 276,785

Leases - Summary of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	2 years 9 months 18 days	3 years 2 months 12 days
Weighted-average discount rate	10.80%	10.80%

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(10)

Income Taxes

During each of the three and six months ended June 30, 2023, Cullinan did not record an income tax expense or benefit.

During the three and six months ended June 30, 2022, the Company recorded an income tax provision of $66.1 million and $46.5 million, respectively. The tax provision recorded for the period ended June 30, 2022 was driven by the expected tax from the gain on sale of Cullinan Pearl, partially offset by the release of valuation allowance for the expected utilization of certain historical tax attributes against the gain from the sale. Refer to Note 3 for additional details on the sale of Cullinan's equity interest in Cullinan Pearl.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which primarily consist of capitalized research and development costs, temporary differences on equity-based compensation, and net operating loss carryforwards. Cullinan has considered its history of cumulative net losses and its estimated future taxable income and has concluded that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, Cullinan has maintained a full valuation allowance against its remaining net deferred tax assets as of June 30, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Section 50
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Financial Instruments - Summary of Fair Value of Financial Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	$ 349,964	$ 311,140
Total long-term investments	18,631	80,882
Assets Fair Value Disclosure, Total	368,595	392,022
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Assets Fair Value Disclosure, Total	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	349,964	311,140
Total long-term investments	18,631	80,882
Assets Fair Value Disclosure, Total	368,595	392,022
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Assets Fair Value Disclosure, Total	0	0
U.S. Government Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	74,625	33,739
U.S. Government Notes \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
U.S. Government Notes \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	74,625	33,739
U.S. Government Notes \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Asset-backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		16,610
Total long-term investments	74,132
Asset-backed Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
Total long-term investments	0
Asset-backed Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		16,610
Total long-term investments	74,132
Asset-backed Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
Total long-term investments	0
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		18,025
Commercial Paper \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		18,025
Commercial Paper \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
Corporate Note Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	18,631	242,766
Total long-term investments	201,207	80,882
Corporate Note Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	0	0
Corporate Note Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	18,631	242,766
Total long-term investments	201,207	80,882
Corporate Note Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Total long-term investments	$ 0	$ 0