v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (277) $ (266)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 64 78
Amortization of discount on marketable securities, net (1) (3)
Depreciation and amortization 16 18
Non-cash royalty revenue (55) (50)
Non-cash interest expense on liabilities for sales of future royalties 43 28
Other (4) (1)
Changes in operating assets and liabilities:    
Accounts receivable (43) (3)
Inventory (7) (1)
Prepaid expenses and other assets 3 (17)
Accounts payable, accrued, and other liabilities (33) (58)
Net cash used in operating activities (294) (275)
Investing activities:    
Purchase of property, plant, and equipment (2) (4)
Purchase of marketable securities (188) (16)
Proceeds from sale of marketable securities 38 0
Proceeds from maturities of marketable securities 155 226
Payments for intangible asset (5) (15)
Other (3) 0
Net cash (used in) provided by investing activities (5) 191
Financing activities:    
Proceeds from the issuance of common stock in connection with at-the-market offering, net 0 80
Proceeds from the issuance of common stock under equity plans, net 3 4
Net cash provided by financing activities 3 84
Effect of exchange rate changes on cash 0 5
Net (decrease) increase in cash, cash equivalents and restricted cash (296) 5
Cash, cash equivalents and restricted cash at beginning of period 436 184
Cash, cash equivalents and restricted cash at end of period $ 140 $ 189