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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (80.8) $ (198.9) $ (367.3)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3.0 4.6 4.8
Net accretion of bond discounts/premiums (12.8) (21.8) (16.6)
Loss on sale of marketable securities 0.0 0.0 0.9
Amortization of right-of-use assets 2.2 2.0 1.9
Amortization of collaboration contract asset 4.3 4.6 1.3
Net loss on disposal of property, equipment and leasehold improvements 0.0 2.6 0.0
Stock-based compensation 44.0 88.2 71.6
Changes in operating assets and liabilities:      
Accounts receivable 4.7 (5.7) 1.0
Other receivables 2.6 (0.8) (0.2)
Prepaid expenses and other assets 5.3 (7.0) 14.1
Collaboration contract asset 0.0 (3.0) 0.0
Accounts payable and accrued liabilities (1.7) (21.2) 17.3
Operating lease liabilities (2.0) (1.9) (2.0)
Deferred revenue (242.6) (101.0) (74.6)
Net cash used in operating activities (273.8) (259.3) (347.8)
Cash flows from investing activities:      
Purchase of marketable securities (354.2) (652.1) (956.3)
Maturities of marketable securities 731.1 644.0 1,103.9
Sale of marketable securities 32.6 44.5 58.8
Purchase of property, equipment and leasehold improvements (1.9) (1.8) (2.9)
Proceeds from disposal of property, equipment and leasehold improvements 0.0 0.1 0.0
Net cash provided by investing activities 407.6 34.7 203.5
Cash flows from financing activities:      
Repayments of long-term debt (0.2) (0.4) 0.0
Proceeds from issuance of common stock and pre-funded warrants 0.0 0.0 387.2
Payment of common stock offering costs 0.0 0.0 (17.0)
Repurchase of common shares, net (91.9) 0.0 0.0
Proceeds from exercise of stock options and issuance of ESPP shares 0.7 8.3 4.5
Net cash (used in) provided by financing activities (91.4) 7.9 374.7
Net increase (decrease) in cash, cash equivalents and restricted cash 42.4 (216.7) 230.4
Cash, cash equivalents and restricted cash, beginning of the period 100.5 317.2 86.8
Cash, cash equivalents and restricted cash, end of the period 142.9 100.5 317.2
Supplemental disclosure of cash flow information:      
Purchases of property, equipment and leasehold improvements unpaid at period end $ 0.3 $ 0.9 $ 0.0