Business Segment (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Segment Reporting Information

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenues	26		48		214		232
Less:
Late-stage development programs (1)	78		69		207		196
Early-stage development and preclinical programs (2)	33		34		113		92
Compensation and personnel costs	59		62		187		190
Depreciation and amortization	2		2		7		7
Impairment of long-lived assets	—		—		—		20
Interest income, net	(7)		(13)		(25)		(38)
Income tax expense	—		—		—		—
Other segment items (3)	24		23		71		68
Partnership reimbursements	(28)		(37)		(99)		(114)
Segment and Consolidated net loss	$	(135)	$	(92)	$	(247)	$	(189)

(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.