Research Collaboration and License Agreements (Tables)

9 Months Ended

Sep. 30, 2025

Research Collaboration And License Agreements [Abstract]

Schedule of Contract Balances

Changes in the Company's contract balances for the nine months ended September 30, 2025 and 2024 were as follows:

(dollars in millions)	September 30, 2025		September 30, 2024
Accounts receivable related to collaborations
Beginning balance	$	5.7	$	—
Additions	20.4		8.7
Payments received	(5.8)		(1.4)
Ending balance	$	20.3	$	7.3
Accounts payable related to collaborations
Beginning balance	$	5.4	$	13.1
Additions	39.3		43.5
Payments made	(34.9)		(42.3)
Ending balance	$	9.8	$	14.3
Contract assets: Collaboration contract asset
Beginning balance	$	7.8	$	9.4
Additions	—		3.0
Amortization	(4.1)		(3.6)
Ending balance	$	3.7	$	8.8
Contract liabilities: Deferred revenue
Beginning balance	$	448.2	$	549.2
Additions to collaboration agreements	—		130.0
Revenue recognized from balances held at the beginning of the period	(233.1)		(82.0)
Revenue recognized from new collaborations	—		(93.5)
Ending balance	$	215.1	$	503.7

Schedule of Transaction Price Allocated to Performance Obligations

The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of September 30, 2025 totaled $215.1 million, which is expected to be recognized in the following periods:

(dollars in millions)
Remainder of 2025	$	37.7
2026	66.6
2027	20.3
2028	90.5
Total	$	215.1