Net Loss per Share Attributable to Cullinan (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Calculation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended September 30,
	2025						2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(45,611	)	$	(4,999	)	$	(36,508	)	$	(4,052	)
Denominator:
Weighted-average shares outstanding — basic and diluted		59,075			648			58,337			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(0.77	)	$	(7.72	)	$	(0.63	)	$	(6.26	)


	Nine Months Ended September 30,
	2025						2024
	Common Stock			Preferred Stock			Common Stock			Preferred Stock
Numerator:
Net loss attributable to Cullinan - basic and diluted	$	(152,436	)	$	(16,730	)	$	(106,513	)	$	(13,223	)
Denominator:
Weighted-average shares outstanding — basic and diluted		58,999			648			52,157			648
Net loss per share attributable to Cullinan:
Basic and diluted	$	(2.58	)	$	(25.84	)	$	(2.04	)	$	(20.42	)

Summary of Outstanding Equity Instruments Excluded from Computation of Diluted Net Income (Loss) Per Share

The following table sets forth potential common shares that were excluded from the diluted weighted-average common shares outstanding for the nine months ended September 30, 2025 and 2024 because their effect would have been anti-dilutive (in thousands):


	Nine Months Ended September 30,
	2025		2024
Stock options		12,836		8,411
Preferred stock		6,475		6,475
Restricted stock units		1,656		328
Employee stock purchase plan		7		9
Total		20,974		15,223

Cullinan Therapeutics, Inc. 10-Q