v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 111.8 $ 21.7
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 1.4 1.5
Net accretion of bond discounts/premiums (3.2) (7.3)
Amortization of right-of-use assets 0.9 1.2
Amortization of collaboration contract asset 3.5 3.7
Stock-based compensation 18.0 25.3
Changes in operating assets and liabilities:    
Accounts receivable (49.3) 5.2
Other receivables 1.4 (2.6)
Prepaid expenses and other assets (4.6) (3.1)
Contract assets (26.8) 0.0
Accounts payable and accrued liabilities (16.9) (17.6)
Operating lease liability (0.9) (1.0)
Deferred revenue (205.5) (211.3)
Collaboration liability 52.7 0.0
Net cash used in operating activities (117.5) (184.3)
Cash flows from investing activities:    
Purchases of marketable securities (239.3) (237.6)
Maturities of marketable securities 280.5 437.5
Sales of marketable securities 28.9 0.0
Purchases of property, equipment and leasehold improvements (1.5) (1.6)
Net cash provided by investing activities 68.6 198.3
Cash flows from financing activities:    
Repayments of long-term debt (0.2) (0.1)
Proceeds from exercise of stock options and issuance of ESPP shares 0.5 0.5
Net cash provided by financing activities 0.3 0.4
Net (decrease) increase in cash and cash equivalents (48.6) 14.4
Cash and cash equivalents, beginning of the period 142.9 100.5
Cash and cash equivalents, end of the period $ 94.3 $ 114.9