Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenues by Collaboration, Category of Revenue and Method of Recognition

The following table summarizes our revenues by collaboration, category of revenue, and the method of recognition (in millions):

			Three Months Ended March 31,
	Over time	Point in time	2025		2024
Gilead collaboration
License and R&D services	*		$	20	$	131
R&D services	*		2		2
Access rights	*		6		8
Taiho collaboration
Other	*		—		4
Total revenues			$	28	$	145
Total revenues from collaborations			$	20	$	135
Total revenues from a customer			$	8	$	10

Summary of Revenue Recognized as a Result of Changes in Deferred Revenue

The following table summarizes the revenue recognized as a result of changes in the deferred revenue balance (in millions):

	Three Months Ended March 31,
	2025		2024
Revenue recognized from amounts in deferred revenue at the beginning of the period	$	28	$	142

Summary of Transaction Price and Allocation of Transaction Price to the Performance Obligations

The following table summarizes the transaction price (in millions):

Transaction price	Amount
Premium from Third Stock Purchase Agreement Amendment	$	87
Option continuation payment received in the third quarter of 2024	100
Deferred revenue as of January 2024	335
Total transaction price	$	522

The following table summarizes the allocation of the transaction price to the performance obligations (in millions):

Allocation to performance obligations	Distinct	Combined	Amount
Etrumadenant - License and R&D services		*	$	210
Quemliclustat - License and R&D services		*	168
Domvanalimab - R&D services	*		33
Access rights	*		57
Option continuation periods	*		20
Rights to certain studies	*		34
Total allocated transaction price			$	522

The following table summarizes the allocation of the transaction price to the performance obligations (in millions):

Allocation to performance obligations	Distinct	Amount
Inflammation target 1 - R&D services	*	$	18
Inflammation target 2 - R&D services	*	17
Total allocated transaction price		$	35