Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Revenue | ||||
| Revenue | $ 249.7 | $ 22.4 | $ 265.3 | $ 211.2 |
| Operating expenses: | ||||
| Cost of license revenue | 9.0 | 0.0 | 9.0 | 0.0 |
| Research and development | 52.6 | 68.6 | 113.0 | 159.4 |
| General and administrative | 24.0 | 25.3 | 43.0 | 51.9 |
| Total operating expenses | 85.6 | 93.9 | 165.0 | 211.3 |
| Income (loss) from operations | 164.1 | (71.5) | 100.3 | (0.1) |
| Other income | ||||
| Other expense, net | 0.0 | (0.3) | (0.1) | (0.4) |
| Interest income, net | 5.5 | 10.3 | 11.9 | 22.0 |
| Total other income | 5.5 | 10.0 | 11.8 | 21.6 |
| Net income (loss) before income taxes | 169.6 | (61.5) | 112.1 | 21.5 |
| Income tax (expense) benefit | (0.2) | 0.3 | (0.3) | 0.2 |
| Net income (loss) | $ 169.4 | $ (61.2) | $ 111.8 | $ 21.7 |
| Earnings (loss) per common share | ||||
| Basic (in dollars per share) | $ 2.61 | $ (0.84) | $ 1.74 | $ 0.30 |
| Diluted (in dollars per share) | $ 2.58 | $ (0.84) | $ 1.70 | $ 0.30 |
| Weighted average common shares outstanding | ||||
| Basic (in shares) | 64.8 | 73.0 | 64.4 | 72.8 |
| Diluted (in shares) | 65.7 | 73.0 | 65.7 | 73.0 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||
| Net income (loss) | $ 169.4 | $ (61.2) | $ 111.8 | $ 21.7 |
| Other comprehensive loss: | ||||
| Unrealized loss on available-for-sale securities | (0.4) | (0.5) | (2.0) | 0.0 |
| Comprehensive income (loss) | $ 169.0 | $ (61.7) | $ 109.8 | $ 21.7 |
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- Definition Cost Of License Revenue, Operating Expense No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount of expense for research and development. Includes, but is not limited to, cost for computer software product to be sold, leased, or otherwise marketed and writeoff of research and development assets acquired in transaction other than business combination or joint venture formation or both. Excludes write-down of intangible asset acquired in business combination or from joint venture formation or both, used in research and development activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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