v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (128) $ (112)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 19 16
Depreciation and amortization 2 3
Noncash lease expense 2 2
Amortization of discounts on marketable securities (3) (4)
Other items, net 1 0
Changes in operating assets and liabilities:    
Receivable from collaboration partners ($— and $2 from a related party) 8 5
Other assets (3) 0
Accounts payable (($13) and $— to a related party) (3) 3
Deferred revenue (($15) and ($28) to a related party) (17) (28)
Other liabilities (16) (17)
Net cash used in operating activities (138) (132)
Cash flows from investing activities    
Purchases of marketable securities (150) (353)
Proceeds from maturities of marketable securities 257 360
Proceeds from sales of marketable securities 7 26
Purchases of property and equipment 0 (1)
Net cash provided by investing activities 114 32
Cash flows from financing activities    
Proceeds from issuance of common stock ($— and $14 from a related party) 0 142
Proceeds from issuance of common stock pursuant to equity award plans 3 0
Net cash provided by financing activities 3 142
Net increase (decrease) in cash, cash equivalents and restricted cash (21) 42
Cash, cash equivalents and restricted cash at beginning of period 225 153
Cash, cash equivalents and restricted cash at end of period $ 204 $ 195