v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (219) $ (112)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 34 31
Depreciation and amortization 5 5
Noncash lease expense 4 3
Amortization of discounts on marketable securities (5) (7)
Other items, net 2 0
Changes in operating assets and liabilities:    
Receivable from collaboration partners ($— and $2 from a related party) 5 5
Other assets (3) (1)
Accounts payable (($12) and $13 to a related party) (8) 11
Deferred revenue (($48) and ($188) to a related party) (54) (188)
Other liabilities (18) (12)
Net cash used in operating activities (257) (265)
Cash flows from investing activities    
Purchases of marketable securities (332) (514)
Proceeds from maturities of marketable securities 482 615
Proceeds from sales of marketable securities 16 69
Purchases of property and equipment 0 (1)
Net cash provided by investing activities 166 169
Cash flows from financing activities    
Proceeds from issuance of common stock ($— and $14 from a related party) 0 142
Proceeds from debt issuances, net 0 49
Proceeds from issuance of common stock pursuant to equity award plans 19 3
Net cash provided by financing activities 19 194
Net increase (decrease) in cash, cash equivalents and restricted cash (72) 98
Cash, cash equivalents and restricted cash at beginning of period 225 153
Cash, cash equivalents and restricted cash at end of period $ 153 $ 251