Business Segment (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total revenues	41		160		58		188
Adjusted for expense (income):
Late-stage development programs (1)	51		74		111		129
Early-stage development and preclinical programs (2)	21		38		39		80
Compensation and personnel costs	58		61		129		128
Depreciation and amortization	2		2		5		5
Interest income, net	(5)		(8)		(11)		(18)
Other segment items (3)	22		26		40		47
Partnership reimbursements	(17)		(33)		(36)		(71)
Segment net income (loss) and Consolidated net income (loss)	$	(91)	$	—	$	(219)	$	(112)

(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.