v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 125 $ 421
Marketable securities 167 259
Accounts receivable, net 200 158
Inventory 59 52
Prepaid expenses and other assets 55 61
Total current assets 606 951
Property, plant, and equipment, net 235 244
Marketable securities 144 57
Intangible assets, net 172 176
Goodwill 44 44
Other assets 63 60
Total assets 1,264 1,532
Current liabilities:    
Accounts payable 39 31
Accrued liabilities 221 265
Liabilities for sales of future royalties 76 69
Other liabilities 15 19
Total current liabilities 351 384
Deferred tax liabilities 30 30
Liabilities for sales of future royalties 1,126 1,147
Other liabilities 41 44
Total liabilities 1,548 1,605
Noncontrolling interest 7 7
Stockholders' deficit:    
Preferred stock, par value of $0.001 per share - 25.0 shares authorized; nil outstanding in 2026 and in 2025 0 0
Common stock, par value of $0.001 per share - 250.0 shares authorized; outstanding - 98.6 in 2026 and 96.6 in 2025 0 0
Treasury stock, at cost, 0.3 shares in 2026 and 0.2 shares in 2025 (10) (8)
Deferred compensation obligation 10 8
Additional paid-in capital 4,518 4,451
Accumulated other comprehensive loss 0 1
Accumulated deficit (4,809) (4,532)
Total stockholders' deficit (291) (80)
Total liabilities, noncontrolling interest and stockholders' deficit $ 1,264 $ 1,532