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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Total revenues $ 32,000,000 $ 33,000,000 $ 86,000,000 $ 78,000,000
Operating expenses:        
Research and development (Net of recoveries of $22, $27, $89 and $93 from a related party) 82,000,000 77,000,000 247,000,000 208,000,000
General and administrative 30,000,000 26,000,000 88,000,000 76,000,000
Total operating expenses 112,000,000 103,000,000 335,000,000 284,000,000
Loss from operations (80,000,000) (70,000,000) (249,000,000) (206,000,000)
Non-operating income (expense):        
Interest and other income, net 12,000,000 5,000,000 30,000,000 8,000,000
Effective interest on liability for sale of future royalties (1,000,000) 0 (2,000,000) (1,000,000)
Total non-operating income, net 11,000,000 5,000,000 28,000,000 7,000,000
Loss before income taxes (69,000,000) (65,000,000) (221,000,000) (199,000,000)
Income tax expense (2,000,000) 0 (5,000,000) (1,000,000)
Net loss $ (71,000,000) $ (65,000,000) $ (226,000,000) $ (200,000,000)
Net loss per share, basic (in dollars per share) $ (0.94) $ (0.90) $ (3.07) $ (2.78)
Net loss per share, diluted (in dollars per share) $ (0.94) $ (0.90) $ (3.07) $ (2.78)
Shares used to compute net loss per share, basic (in shares) 74.6 72.2 73.6 71.8
Shares used to compute net loss per share, diluted (in shares) 74.6 72.2 73.6 71.8
License and Development Services Revenue        
Revenues:        
Total revenues $ 22,000,000 $ 23,000,000 $ 58,000,000 $ 48,000,000
Other Collaboration Revenue        
Revenues:        
Total revenues $ 10,000,000 $ 10,000,000 $ 28,000,000 $ 30,000,000