Business Segment

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Business Segment

Business segment

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 Condensed Consolidated Statements of Operations.

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

	Three Months Ended March 31,
	2025		2024
Total revenues	28		145
Less:
Late-stage development programs (1)	55		63
Early-stage development and preclinical programs (2)	42		25
Compensation and personnel costs	66		64
Depreciation and amortization	3		3
Impairment of long-lived assets	—		20
Interest income, net	(10)		(12)
Income tax expense	—		—
Other segment items (3)	22		23
Partnership reimbursements	(38)		(37)
Segment net loss and Consolidated net loss	$	(112)	$	(4)

(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 development 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 March 31, 2025 and 2024 were $1.2 billion and $1.3 billion, respectively.