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Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Total revenues $ 29,000,000 $ 27,000,000 $ 54,000,000 $ 45,000,000
Operating expenses:        
Research and development (Net of recoveries of $34, $36, $67 and $66 from a related party) 84,000,000 70,000,000 165,000,000 131,000,000
General and administrative 28,000,000 26,000,000 58,000,000 50,000,000
Total operating expenses 112,000,000 96,000,000 223,000,000 181,000,000
Loss from operations (83,000,000) (69,000,000) (169,000,000) (136,000,000)
Non-operating income (expense):        
Interest and other income, net 9,000,000 3,000,000 18,000,000 3,000,000
Effective interest on liability for sale of future royalties   (1,000,000) (1,000,000) (1,000,000)
Total non-operating income, net 9,000,000 2,000,000 17,000,000 2,000,000
Loss before income taxes (74,000,000) (67,000,000) (152,000,000) (134,000,000)
Income tax expense (1,000,000) 0 (3,000,000) (1,000,000)
Net loss $ (75,000,000) $ (67,000,000) $ (155,000,000) $ (135,000,000)
Net loss per share, basic $ (1.04) $ (0.93) $ (2.13) $ (1.88)
Net loss per share, diluted $ (1.04) $ (0.93) $ (2.13) $ (1.88)
Shares used to compute net income loss per share, basic 73.2 71.8 73.1 71.5
Shares used to compute net income loss per share, diluted 73.2 71.8 73.1 71.5
License and Development Services Revenue        
Revenues:        
Total revenues $ 19,000,000 $ 17,000,000 $ 36,000,000 $ 25,000,000
Other Collaboration Revenue        
Revenues:        
Total revenues $ 10,000,000 $ 10,000,000 $ 18,000,000 $ 20,000,000