v3.25.2
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
(10)
Leases

Cullinan has an operating lease for approximately 14,000 square feet of office space in a multi-tenant building in Cambridge, Massachusetts, which commenced in August 2022 and goes through July 2026. The Company also had 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 expired in June 2024. Lease expense consisted of operating lease costs of $0.3 million in each of the three months ended June 30, 2025 and 2024. Lease expense consisted of operating lease costs of $0.6 million in each of the six months ended June 30, 2025 and 2024.

The following table summarizes supplemental cash flow information for the six months ended June 30, 2025 and 2024 (in thousands):

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Cash paid for amounts included in measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

729

 

 

$

1,024

 

The following table summarizes the Company’s future minimum lease payments as of June 30, 2025 (in thousands):

 

 

June 30, 2025

 

Remainder of 2025

 

$

732

 

2026

 

 

872

 

Total future minimum lease payments

 

 

1,604

 

Less: imputed interest

 

 

(85

)

Total lease liabilities at present value

 

$

1,519

 

The following table summarizes the weighted-average remaining lease term and discount rate as of June 30, 2025 and December 31, 2024:

 

 

June 30, 2025

 

 

December 31, 2024

 

Weighted-average remaining lease term (in years)

 

 

1.1

 

 

 

1.6

 

Weighted-average discount rate

 

 

11.0

%

 

 

11.0

%