Financial Instruments

9 Months Ended

Sep. 30, 2025

Financial Instruments Pledged as Collateral [Abstract]

(3)

Financial Instruments

Investments

Cullinan recognized its investments by security type at September 30, 2025 as follows (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government notes	$	119,144	$	208	$	—		$	119,352
Corporate notes		109,852		84		(27	)		109,909
Total short-term investments		228,996		292		(27	)		229,261
Long-term investments
U.S. government notes		90,009		565		—		$	90,574
Corporate notes		39,647		104		(12	)	$	39,739
Asset-backed securities		9,631		51		—		$	9,682
Total long-term investments		139,287		720		(12	)		139,995
Total investments	$	368,283	$	1,012	$	(39	)	$	369,256

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

Fair Value of Financial Instruments

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 September 30, 2025 (in thousands):


	Level 1		Level 2		Level 3		Total
Short-term investments
U.S. government notes	$	—	$	119,352	$	—	$	119,352
Corporate notes		—		109,909		—		109,909
Total short-term investments		—		229,261		—		229,261
Long-term investments
U.S. government notes		—		90,574		—		90,574
Corporate notes		—		39,739		—		39,739
Asset-backed securities		—		9,682		—		9,682
Total long-term investments		—		139,995		—		139,995
Total investments	$	—	$	369,256	$	—	$	369,256

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

As of September 30, 2025 and December 31, 2024, the fair values of Cullinan's cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated their carrying values due to the short-term nature of these instruments.

Cullinan Therapeutics, Inc. 10-Q