v3.26.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 94.3 $ 142.9
Marketable securities 473.6 542.5
Accounts receivable 50.3 1.0
Other receivables 4.0 5.4
Prepaid expenses and other current assets 30.0 8.9
Total current assets 652.2 700.7
Property, equipment and leasehold improvements, net 5.0 5.2
Operating lease right-of-use assets 7.3 8.2
Contract and other assets 10.6 3.8
Total assets 675.1 717.9
Current liabilities:    
Accounts payable and accrued liabilities 52.2 69.5
Deferred revenue 0.0 71.3
Current portion of collaboration liability 28.4 0.0
Current portion of operating lease liabilities 1.9 1.7
Total current liabilities 82.5 142.5
Deferred revenue 0.0 134.3
Collaboration liability 24.3 0.0
Long-term debt 0.3 0.4
Operating lease liabilities 5.8 6.8
Total liabilities 112.9 284.0
Commitments and Contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.001 par value, zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0.0 0.0
Common stock, $0.001 par value; 75.3 shares issued and 65.3 shares outstanding as of June 30, 2026, and 73.5 shares issued and 63.5 outstanding as of December 31, 2025 0.1 0.1
Accumulated deficit (1,500.6) (1,612.4)
Additional paid-in capital 2,155.4 2,136.9
Accumulated other comprehensive (loss) income (0.8) 1.2
Treasury Stock, at cost (10.0 shares as of June 30, 2026 and December 31, 2025) (91.9) (91.9)
Total stockholders’ equity 562.2 433.9
Total liabilities and stockholders’ equity $ 675.1 $ 717.9