v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities    
Net loss $ (112) $ (97)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 31 40
Depreciation and amortization 5 5
Noncash lease expense 3 4
Impairment of long-lived assets 0 20
Amortization of discounts on marketable securities (7) (13)
Other items, net 0 1
Changes in operating assets and liabilities:    
Receivable from collaboration partners ($2 and $6 from a related party) 5 20
Other assets ($— and $6 from a related party) (1) 15
Accounts payable 11 (1)
Deferred revenue (($188) and ($90) to a related party) (188) (81)
Other liabilities (12) (9)
Net cash used in operating activities (265) (96)
Cash flow from investing activities    
Purchases of marketable securities (514) (593)
Proceeds from maturities of marketable securities 615 484
Proceeds from sales of marketable securities 69 7
Purchases of property and equipment (1) (4)
Net cash provided by (used in) investing activities 169 (106)
Cash flow from financing activities    
Proceeds from issuance of common stock ($14 and $228 from a related party) 142 228
Proceeds from debt issuances, net 49 0
Proceeds from issuance of common stock pursuant to equity award plans 3 4
Payments of employee taxes related to net settlement of equity awards 0 (1)
Net cash provided by financing activities 194 231
Net increase in cash, cash equivalents and restricted cash 98 29
Cash, cash equivalents and restricted cash at beginning of period 153 130
Cash, cash equivalents and restricted cash at end of period $ 251 $ 159