Cullinan recognized its investments by security type at June 30, 2025 as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government notes	$	128,522	$	40	$	(14	)	$	128,548
Corporate notes		64,183		6		(75	)		64,114
Total short-term investments		192,705		46		(89	)		192,662
Long-term investments
U.S. government notes		129,675		561		(3	)		130,233
Corporate notes		72,430		139		(73	)		72,496
Asset-backed securities		39,547		37		(11	)		39,573
Total long-term investments		241,652		737		(87	)		242,302
Total investments	$	434,357	$	783	$	(176	)	$	434,964

Cullinan recognized its investments by security type at December 31, 2024 as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
Corporate notes	$	211,584	$	343	$	(6	)	$	211,921
U.S. government notes		78,874		81		—			78,955
Asset-backed securities		25,084		12		—			25,096
Total short-term investments		315,542		436		(6	)		315,972
Long-term investments
U.S. government notes		118,423		88		(188	)		118,323
Corporate notes		77,196		9		(472	)		76,733
Asset-backed securities		9,384		—		—			9,384
Total long-term investments		205,003		97		(660	)		204,440
Total investments	$	520,545	$	533	$	(666	)	$	520,412

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, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total
Short-term investments
U.S. government notes	$	—	$	128,548	$	—	$	128,548
Corporate notes		—		64,114		—		64,114
Total short-term investments		—		192,662		—		192,662
Long-term investments
U.S. government notes		—		130,233		—		130,233
Corporate notes		—		72,496		—		72,496
Asset-backed securities		—		39,573		—		39,573
Total long-term investments		—		242,302		—		242,302
Total investments	$	—	$	434,964	$	—	$	434,964

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, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Short-term investments
Corporate notes	$	—	$	211,921	$	—	$	211,921
U.S. government notes		—		78,955		—		78,955
Asset-backed securities		—		25,096		—		25,096
Total short-term investments		—		315,972		—		315,972
Long-term investments
U.S. government notes		—		118,323		—		118,323
Corporate notes		—		76,733		—		76,733
Asset-backed securities		—		9,384		—		9,384
Total long-term investments		—		204,440		—		204,440
Total investments	$	—	$	520,412	$	—	$	520,412

As of June 30, 2025 and December 31, 2024, 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.