Segments of Business

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments of Business

Segments of business

We operate and manage our business as one reportable and operating segment, which is the business of developing and commercializing highly differentiated therapies that have a meaningful impact on patients. Our chief operating decision maker ("CODM") is the Chief Executive Officer, who decides how to allocate resources and assesses segment performance based on net loss reported on the Consolidated Income Statements.

The table below is a summary of the segment net loss, including significant segment expenses (in millions):

	Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022
Total revenues	$	258	$	117	$	112
Less:
Late-stage development programs (1)	252		168		124
Early-stage development and preclinical programs (2)	132		128		145
Compensation and personnel costs	250		223		189
Depreciation and amortization	10		8		6
Impairment of long-lived assets	20		—		—
Interest income, net	(48)		(39)		(13)
Income tax expense	1		6		1
Other segment items (3)	89		92		89
Partnership reimbursements	(165)		(162)		(162)
Segment net loss and Consolidated net loss	$	(283)	$	(307)	$	(267)

(1) R&D expenses incurred related to a Phase 3 clinical program intended to result in registration of a new product. This includes all unallocated program-level expense not directly attributable to a specific clinical trial once a molecule enters into one or more Phase 3 clinical trials.

(2) R&D expenses incurred for activities ranging from early-stage R&D and preclinical to Phase 2 clinical trials. This includes all unallocated program-level expense not directly attributable to a specific clinical trial unless the related program has entered into one or more Phase 3 clinical trials.

(3) Other segment items includes non-allocated program costs and other G&A costs.

Total segment assets at December 31, 2024, 2023 and 2022 were $1.2 billion, $1.1 billion, and $1.3 billion, respectively.