| Schedule of Short-term and Long-term Investment Marketable Securities by Security Type |
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 |
|
|
| Summary of Fair Value of Financial Assets Measured on 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, 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 |
|
|