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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flow from operating activities      
Net loss $ (283) $ (307) $ (267)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Stock-based compensation expense 76 73 65
Depreciation and amortization 10 8 6
Noncash lease expense 7 8 8
Impairment on right-of use assets 20 0 0
Amortization of discounts on marketable securities (25) (19) 0
Other items, net 3 2 3
Changes in operating assets and liabilities:      
Receivable from collaboration partners ($14, $19 and $704 from a related party) 28 15 704
Other assets ($6, ($4) and ($2) from a related party) 22 (14) 2
Accounts payable 3 (1) 8
Deferred revenue (($56), ($77) and ($107) to a related party) (56) (68) (112)
Other liabilities 25 (3) 21
Net cash provided by (used in) operating activities (170) (306) 438
Cash flow from investing activities      
Purchases of marketable securities (1,043) (788) (1,241)
Proceeds from maturities of marketable securities 929 982 694
Proceeds from sales of marketable securities 36 24 143
Purchases of property and equipment (6) (24) (6)
Other items, net 0 0 (3)
Net cash provided by (used in) investing activities (84) 194 (413)
Cash flow from financing activities      
Proceeds from issuance of common stock ($228, $20 and $— from a related party), net 228 25 0
Proceeds from debt issuances, net 47 0 0
Proceeds from issuance of common stock pursuant to equity award plans 9 8 23
Payments of employee taxes related to net settlement of equity awards (7) 0 0
Proceeds from sale of future royalties 0 0 10
Net cash provided by financing activities 277 33 33
Net increase (decrease) in cash, cash equivalents and restricted cash 23 (79) 58
Cash, cash equivalents and restricted cash at beginning of period 130 209 151
Cash, cash equivalents and restricted cash at end of period 153 130 209
Supplemental disclosure of cash flow information      
Income taxes paid 0 5 3
Interest paid 1 0 0
Non-cash investing and financing activities:      
Unpaid portion of property and equipment purchases included in Accounts payable and Other current liabilities $ 0 $ 2 $ 3