| Financial Information of Reportable Segment |
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):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Research and development ("R&D") programs: |
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CLN-049 |
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$ |
4,898 |
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$ |
1,686 |
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$ |
8,793 |
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$ |
3,162 |
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CLN-418 |
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— |
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2,037 |
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— |
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5,109 |
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CLN-617 |
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1,403 |
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953 |
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3,196 |
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1,965 |
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CLN-619 |
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7,317 |
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7,329 |
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13,435 |
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11,615 |
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CLN-978 |
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5,393 |
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4,458 |
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10,066 |
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5,961 |
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Early-stage programs |
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1,986 |
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1,455 |
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3,008 |
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2,816 |
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Velinotamig |
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10 |
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— |
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10 |
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— |
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Zipalertinib |
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6,001 |
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7,226 |
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16,161 |
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15,514 |
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Total R&D program expense |
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27,008 |
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25,144 |
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54,669 |
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46,142 |
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Equity-based compensation |
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9,887 |
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10,533 |
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19,261 |
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18,760 |
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R&D personnel and operations |
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9,741 |
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7,236 |
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19,572 |
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13,724 |
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General and administrative personnel |
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3,335 |
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3,601 |
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6,824 |
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7,553 |
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License agreement obligations |
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20,115 |
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25 |
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20,153 |
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50 |
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Other segment expenses(1) |
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5,712 |
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3,488 |
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10,315 |
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6,787 |
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Loss from operations |
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(75,798 |
) |
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(50,027 |
) |
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(130,794 |
) |
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(93,016 |
) |
Other income (expense): |
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Interest income |
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5,924 |
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8,071 |
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12,504 |
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13,764 |
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Other income (expense), net |
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(181 |
) |
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(72 |
) |
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(266 |
) |
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(116 |
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Net loss |
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(70,055 |
) |
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(42,028 |
) |
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(118,556 |
) |
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(79,368 |
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Net loss attributable to noncontrolling interests |
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— |
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— |
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— |
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(192 |
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Net loss attributable to Cullinan |
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$ |
(70,055 |
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$ |
(42,028 |
) |
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$ |
(118,556 |
) |
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$ |
(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.
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