Business segment

12 Months Ended

Dec. 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 the net loss reported in the Consolidated Statements of Operations.

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

	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Total revenues	$	247	$	258	$	117
Adjusted for expense (income):
Late-stage development programs (1)	274		252		168
Early-stage development and preclinical programs (2)	141		132		128
Compensation and personnel costs	245		250		223
Depreciation and amortization	10		10		8
Impairment of long-lived assets	—		20		—
Interest income, net	(33)		(48)		(39)
Income tax expense	—		1		6
Other segment items (3)	90		89		92
Partnership reimbursements	(127)		(165)		(162)
Segment net loss and Consolidated net loss	$	(353)	$	(283)	$	(307)

(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 the related program 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 December 31, 2025 and 2024 were $1.1 billion and $1.2 billion, respectively.