v3.25.2
Business Segment (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Summary of Segment Reporting Information
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.