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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 142.9 $ 100.5
Marketable securities 542.5 938.9
Accounts receivable 1.0 5.7
Other receivables 5.4 8.0
Prepaid expenses and other current assets 8.9 14.2
Total current assets 700.7 1,067.3
Property, equipment and leasehold improvements, net 5.2 7.0
Operating lease right of use assets 8.2 9.0
Collaboration contract asset and other assets 3.8 8.1
Total assets 717.9 1,091.4
Current liabilities:    
Accounts payable and accrued liabilities 69.5 71.8
Deferred revenue 71.3 156.2
Current portion of operating lease liability 1.7 1.8
Total current liabilities 142.5 229.8
Deferred revenue 134.3 292.0
Long term debt 0.4 0.6
Operating lease liability 6.8 7.3
Total liabilities 284.0 529.7
Commitments and contingencies (Note 12)
Stockholders' equity:    
Preferred stock, $0.001 par value, zero shares issued and outstanding as of December 31, 2025 and 2024, respectively 0.0 0.0
Common stock, $0.001 par value, 73.5 shares issued and 63.5 shares outstanding as of December 31, 2025, and 68.8 shares issued and outstanding as of December 31, 2024 0.1 0.1
Accumulated deficit (1,612.4) (1,531.6)
Additional paid-in capital 2,136.9 2,092.2
Accumulated other comprehensive income 1.2 1.0
Treasury Stock, at cost (10.0 and zero shares at December 31, 2025 and December 31, 2024, respectively) (91.9) 0.0
Total stockholders' equity 433.9 561.7
Total liabilities and stockholders' equity $ 717.9 $ 1,091.4