v3.25.2
Business Segment
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Business segment
We operate and manage our business as one reportable and operating segment, which is the business of developing and commercializing highly differentiated therapies that have a meaningful impact on patients. Our chief operating decision maker ("CODM") is the Chief Executive Officer, who decides how to allocate resources and assesses segment performance based on net income (loss) reported in the Condensed Consolidated Statements of Operations.
The table below is a summary of the segment net income (loss), including significant segment expenses (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total revenues160 39 188 184 
Less:
Late-stage development programs (1)
74 64 129 127 
Early-stage development and preclinical programs (2)
38 33 80 58 
Compensation and personnel costs61 64 128 128 
Depreciation and amortization2 2 5 5 
Impairment of long-lived assets— — — 20 
Interest income, net(8)(13)(18)(25)
Income tax expense— — — — 
Other segment items (3)
26 22 47 45 
Partnership reimbursements(33)(40)(71)(77)
Segment and Consolidated net income (loss)$— $(93)$(112)$(97)
(1) R&D expenses incurred related to a Phase 3 clinical program intended to result in registration of a new product. This includes all unallocated program-level expense not directly attributable to a specific clinical trial once a molecule enters into one or more Phase 3 clinical trials.
(2) R&D expenses incurred for activities ranging from early-stage development and preclinical to Phase 2 clinical trials. This includes all unallocated program-level expense not directly attributable to a specific clinical trial unless the related program has entered into one or more Phase 3 clinical trials.
(3) Other segment items includes non-allocated program costs and other G&A costs.
Total segment assets at June 30, 2025 and 2024 were $1.1 billion and $1.2 billion, respectively.