v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 201 $ 222
Marketable securities 621 759
Receivable from collaboration partners 3 11
Prepaid expenses and other current assets 19 15
Total current assets 844 1,007
Long-term marketable securities 54 29
Property and equipment, net 38 40
Other noncurrent assets 61 63
Total assets 997 1,139
Current liabilities:    
Accounts payable ($11 and $24 to a related party) 39 42
Deferred revenue ($27 and $35 to a related party) 34 35
Other current liabilities 136 154
Total current liabilities 209 231
Deferred revenue, noncurrent ($36 and $43 to a related party) 45 43
Long-term debt 100 99
Other noncurrent liabilities 119 135
Commitments
Stockholders’ equity:    
Common stock and additional paid-in capital: $0.0001 par value per share; 400.0 shares authorized; 125.5 shares in 2026 and 125.3 shares in 2025 issued and outstanding 2,138 2,116
Accumulated deficit (1,613) (1,485)
Accumulated other comprehensive loss (1) 0
Total stockholders’ equity 524 631
Total liabilities and stockholders’ equity $ 997 $ 1,139