v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 150 $ 222
Marketable securities 552 759
Receivable from collaboration partners 36 11
Prepaid expenses and other current assets 18 15
Total current assets 756 1,007
Long-term marketable securities 73 29
Property and equipment, net 36 40
Other noncurrent assets 59 63
Total assets 924 1,139
Current liabilities:    
Accounts payable ($12 and $24 to a related party) 34 42
Deferred revenue ($11 and $35 to a related party) 19 35
Other current liabilities 145 154
Total current liabilities 198 231
Deferred revenue, noncurrent ($19 and $43 to a related party) 37 43
Long-term debt 101 99
Other noncurrent liabilities 124 135
Commitments
Stockholders’ equity:    
Common stock and additional paid-in capital: $0.0001 par value per share; 400.0 shares authorized; 127.0 shares in 2026 and 125.3 shares in 2025 issued and outstanding 2,169 2,116
Accumulated deficit (1,704) (1,485)
Accumulated other comprehensive loss (1) 0
Total stockholders’ equity 464 631
Total liabilities and stockholders’ equity $ 924 $ 1,139