v3.26.1
Business Segment
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Business segment
We operate and manage our business as one reportable and operating segment, which is the business of developing and commercializing highly differentiated therapies that have a meaningful impact on patients. Our chief operating decision maker ("CODM") is the Chief Executive Officer, who decides how to allocate resources and assesses segment performance based on the net loss reported in the Condensed Consolidated Statements of Operations.
The table below is a summary of the segment net loss, including significant segment expenses (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total revenues41 160 58 188 
Adjusted for expense (income):
Late-stage development programs (1)
51 74 111 129 
Early-stage development and preclinical programs (2)
21 38 39 80 
Compensation and personnel costs58 61 129 128 
Depreciation and amortization2 2 5 5 
Interest income, net(5)(8)(11)(18)
Other segment items (3)
22 26 40 47 
Partnership reimbursements(17)(33)(36)(71)
Segment net income (loss) and Consolidated net income (loss)$(91)$— $(219)$(112)
(1) R&D expenses incurred related to a Phase 3 clinical program intended to result in registration of a new product. This includes all unallocated program-level expense not directly attributable to a specific clinical trial once the related program enters into one or more Phase 3 clinical trials.
(2) R&D expenses incurred for activities ranging from early-stage development and preclinical to Phase 2 clinical trials. This includes all unallocated program-level expense not directly attributable to a specific clinical trial unless the related program has entered into one or more Phase 3 clinical trials.
(3) Other segment items includes non-allocated program costs and other G&A costs.
Total segment assets at June 30, 2026 and 2025 were $0.9 billion and $1.1 billion, respectively.