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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net (loss) income $ 21.7 $ (104.6)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1.5 2.4
Net accretion of bond discounts/premiums (7.3) (11.2)
Amortization of right-of-use assets 1.2 1.0
Amortization of collaboration contract asset 3.7 1.7
Stock-based compensation 25.3 40.2
Changes in operating assets and liabilities:    
Accounts receivable 5.2 0.0
Other receivables (2.6) (2.8)
Prepaid expenses and other assets (3.1) (6.0)
Collaboration contract asset 0.0 (3.0)
Accounts payable and accrued liabilities (17.6) (13.9)
Operating lease liability (1.0) (1.0)
Deferred revenue (211.3) 50.0
Net cash used in operating activities (184.3) (47.2)
Cash flows from investing activities:    
Purchases of marketable securities (237.6) (440.4)
Maturities of marketable securities 437.5 326.4
Purchases of property, equipment and leasehold improvements (1.6) (0.8)
Proceeds from disposal of property, equipment and leaseholds improvements 0.0 0.1
Net cash provided by (used in) investing activities 198.3 (114.7)
Cash flows from financing activities:    
Repayments of long-term debt (0.1) (0.3)
Proceeds from exercise of stock options and issuance of ESPP shares 0.5 5.3
Net cash provided by financing activities 0.4 5.0
Net increase (decrease) in cash, cash equivalents and restricted cash 14.4 (156.9)
Cash, cash equivalents and restricted cash, beginning of the period 100.5 317.2
Cash, cash equivalents and restricted cash, end of the period 114.9 160.3
Supplemental disclosure of cash flow information:    
Cash paid for taxes $ 0.0 $ 1.5