The Company computes net loss per share attributable to Cullinan for its common stock and preferred stock using the two-class method required for multiple classes of common stock. The two-class method is an earnings (loss) allocation method under which earnings (loss) per share is calculated for each class of common stock.

The following tables set forth the calculation of basic and diluted net loss per share attributable to Cullinan for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share data):


	Three Months Ended June 30,
	2025						2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(63,127	)	$	(6,928	)	$	(37,605	)	$	(4,423	)
Denominator:
Weighted-average shares outstanding — basic and diluted		59,015			648			55,052			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(1.07	)	$	(10.70	)	$	(0.68	)	$	(6.83	)


	Six Months Ended June 30,
	2025						2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(106,825	)	$	(11,731	)	$	(69,940	)	$	(9,236	)
Denominator:
Weighted-average shares outstanding — basic and diluted		58,960			648			49,031			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(1.81	)	$	(18.12	)	$	(1.43	)	$	(14.26	)

Cullinan used the treasury stock method for equity awards and the if converted method for preferred stock to determine the number of dilutive shares outstanding in each period. The following table sets forth potential common shares that were excluded from the diluted weighted-average common shares outstanding for the six months ended June 30, 2025 and 2024 because their effect would have been anti-dilutive (in thousands):


	Six Months Ended June 30,
	2025		2024
Stock options		12,601		8,289
Preferred stock		6,475		6,475
Restricted stock units		1,609		301
Employee stock purchase plan		10		7
Total		20,695		15,072