v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
(12)
Segment Reporting

The Company operates and manages the business as one reporting and one operating segment, which is the business of developing immunology and oncology therapies. Cullinan has determined that its Chief Executive Officer is the chief operating decision maker (“CODM”). Cullinan’s CODM reviews financial information on an aggregate basis and uses net loss attributable to Cullinan as presented in the consolidated statement of operations and comprehensive income (loss) for purposes of allocating resources and evaluating financial performance.

Financial information of the Company’s reportable segment for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development ("R&D") programs:

 

 

 

 

 

 

 

 

 

 

 

 

CLN-049

 

$

4,898

 

 

$

1,686

 

 

$

8,793

 

 

$

3,162

 

CLN-418

 

 

—

 

 

 

2,037

 

 

 

—

 

 

 

5,109

 

CLN-617

 

 

1,403

 

 

 

953

 

 

 

3,196

 

 

 

1,965

 

CLN-619

 

 

7,317

 

 

 

7,329

 

 

 

13,435

 

 

 

11,615

 

CLN-978

 

 

5,393

 

 

 

4,458

 

 

 

10,066

 

 

 

5,961

 

Early-stage programs

 

 

1,986

 

 

 

1,455

 

 

 

3,008

 

 

 

2,816

 

Velinotamig

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

Zipalertinib

 

 

6,001

 

 

 

7,226

 

 

 

16,161

 

 

 

15,514

 

Total R&D program expense

 

 

27,008

 

 

 

25,144

 

 

 

54,669

 

 

 

46,142

 

Equity-based compensation

 

 

9,887

 

 

 

10,533

 

 

 

19,261

 

 

 

18,760

 

R&D personnel and operations

 

 

9,741

 

 

 

7,236

 

 

 

19,572

 

 

 

13,724

 

General and administrative personnel

 

 

3,335

 

 

 

3,601

 

 

 

6,824

 

 

 

7,553

 

License agreement obligations

 

 

20,115

 

 

 

25

 

 

 

20,153

 

 

 

50

 

Other segment expenses(1)

 

 

5,712

 

 

 

3,488

 

 

 

10,315

 

 

 

6,787

 

Loss from operations

 

 

(75,798

)

 

 

(50,027

)

 

 

(130,794

)

 

 

(93,016

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

5,924

 

 

 

8,071

 

 

 

12,504

 

 

 

13,764

 

Other income (expense), net

 

 

(181

)

 

 

(72

)

 

 

(266

)

 

 

(116

)

Net loss

 

 

(70,055

)

 

 

(42,028

)

 

 

(118,556

)

 

 

(79,368

)

Net loss attributable to noncontrolling interests

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(192

)

Net loss attributable to Cullinan

 

$

(70,055

)

 

$

(42,028

)

 

$

(118,556

)

 

$

(79,176

)
(1)
Other segment expenses for the three and six months ended June 30, 2025 and 2024 include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax, and administrative consulting services; insurance costs; marketing expenses; depreciation; and other operating costs.

All of the Company’s long-lived assets were located in the U.S. as of each of June 30, 2025 and 2024. Expenditures for additions to long-lived assets included purchases of property and equipment for the three and six months ended June 30, 2025. There were no expenditures for long-lived assets in the three and six months ended June 30, 2024.