0001558370-22-007651 | 10-Q | XBRL Viewer

Three Months Ended

March 31,

(In thousands)

Viatris collaboration agreement - Amounts receivable from Viatris

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36033
Entity Registrant Name	THERAVANCE BIOPHARMA, INC.
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	98-1226628
Entity Address, Address Line One	PO Box 309
Entity Address, Address Line Two	Ugland House, South Church Street
Entity Address, City or Town	George Town, Grand Cayman
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-1104
City Area Code	650
Local Phone Number	808-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Ordinary Share $0.00001 Par Value
Trading Symbol	TBPH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		76,115,393
Entity Central Index Key	0001583107
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 94,367	$ 89,959
Short-term marketable securities	53,149	83,506
Receivables from collaborative arrangements	12,277	14,065
Amounts due from TRC, LLC	35,559	43,534
Prepaid clinical and development services	4,742	10,245
Other prepaid and current assets	4,542	8,561
Total current assets	204,636	249,870
Property and equipment, net	13,236	13,657
Operating lease assets	39,349	39,690
Equity in net assets of TRC, LLC	94,108	67,537
Restricted cash	836	837
Other assets	3,194	3,228
Total assets	355,359	374,819
Current liabilities:
Accounts payable	1,510	3,098
Accrued personnel-related expenses	9,560	12,796
Accrued clinical and development expenses	8,922	17,010
Accrued general and administrative expenses	4,412	2,898
Accrued interest payable	5,841	3,940
Current portion of non-recourse notes due 2035, net	9,012	16,940
Operating lease liabilities	4,054	503
Deferred revenue	98	98
Other accrued liabilities	792	1,304
Total current liabilities	44,201	58,587
Convertible senior notes due 2023, net	228,303	228,035
Non-recourse notes due 2035, net	384,161	371,359
Long-term operating lease liabilities	47,415	52,681
Long-term deferred revenue	301	310
Other long-term liabilities	2,428	2,420
Commitments and contingencies
Shareholders' Deficit
Preferred shares, $0.00001 par value: 230 shares authorized, no shares issued or outstanding
Ordinary shares, $0.00001 par value: 200,000 shares authorized; 76,081 and 74,435 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1	1
Additional paid-in capital	1,400,566	1,387,469
Accumulated other comprehensive loss	(28)
Accumulated deficit	(1,751,989)	(1,726,043)
Total shareholders' deficit	(351,450)	(338,573)
Total liabilities and shareholders' deficit	$ 355,359	$ 374,819

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred shares, shares authorized	230	230
Preferred shares, shares issued	0	0
Preferred shares, outstanding shares	0	0
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, authorized shares	200,000	200,000
Ordinary shares, shares issued	76,081	74,435
Ordinary shares, outstanding shares	76,081	74,435

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 13,196	$ 14,257
Expenses:
Research and development (1)	23,253	67,599
Selling, general and administrative (1)	19,121	30,550
Restructuring and related expenses	9,324
Total expenses	51,698	98,149
Total share-based compensation expense	14,545	15,832
Loss from operations	(38,502)	(83,892)
Income from investment in TRC, LLC	25,110	16,547
Interest expense	(11,655)	(11,873)
Interest and other income, net	(375)	(234)
Loss before income taxes	(25,422)	(79,452)
Provision for income tax benefit	(524)	(227)
Net loss	(25,946)	(79,679)
Net unrealized loss on available-for-sale investments	(28)	(30)
Total comprehensive loss	$ (25,974)	$ (79,709)
Net loss per share:
Basic net loss per share	$ (0.34)	$ (1.24)
Diluted net loss per share	$ (0.65)	$ (1.24)
Shares used to compute basic net loss per share	75,247	64,493
Shares used to compute diluted net loss per share	75,247	64,493
Research and development
Expenses:
Restructuring and related expenses	$ 4,700
Total share-based compensation expense	4,530	$ 7,921
Selling, general and administrative
Expenses:
Restructuring and related expenses	4,600
Total share-based compensation expense	5,498	7,911
Restructuring and related expenses
Expenses:
Total share-based compensation expense	4,517
Collaborative revenue
Revenue:
Total revenue	9	3,872
Licensing revenue
Revenue:
Total revenue	2,500
Viatris collaboration agreement
Revenue:
Total revenue	$ 10,687	$ 10,385

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS DEFICIT - USD ($) shares in Thousands, $ in Thousands	Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balances at Dec. 31, 2020	$ 1	$ 1,222,818	$ 47	$ (1,526,617)	$ (303,751)
Balances (in shares) at Dec. 31, 2020	64,328
Increase (Decrease) in Stockholders' Equity
Employee share-based compensation expense		15,832			15,832
Issuance of restricted shares (in shares)	1,188
Option exercises		3			3
Repurchase of shares to satisfy tax withholding		(5,593)			(5,593)
Repurchase of shares to satisfy tax withholding (in shares)	(298)
Net unrealized gain (loss) on marketable securities			(30)		(30)
Net loss				(79,679)	(79,679)
Balances at Mar. 31, 2021	$ 1	1,233,060	17	(1,606,296)	(373,218)
Balances (in shares) at Mar. 31, 2021	65,218
Balances at Dec. 31, 2021	$ 1	1,387,469		(1,726,043)	$ (338,573)
Balances (in shares) at Dec. 31, 2021	74,435				74,435
Increase (Decrease) in Stockholders' Equity
Employee share-based compensation expense		14,545			$ 14,545
Issuance of restricted shares (in shares)	1,796
Repurchase of shares to satisfy tax withholding		(1,448)			(1,448)
Repurchase of shares to satisfy tax withholding (in shares)	(150)
Net unrealized gain (loss) on marketable securities			(28)		(28)
Net loss				(25,946)	(25,946)
Balances at Mar. 31, 2022	$ 1	$ 1,400,566	$ (28)	$ (1,751,989)	$ (351,450)
Balances (in shares) at Mar. 31, 2022	76,081				76,081

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (25,946)	$ (79,679)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,141	1,539
Amortization and accretion income, net	2	11
Share-based compensation	14,545	15,832
Loss on disposal of property and equipment	(218)
Amortization of right-of-use assets	341	743
Undistributed earnings from TRC, LLC	(18,596)	4,751
Interest shortfall on 2035 notes, net	4,712
Other		46
Changes in operating assets and liabilities:
Receivables from collaborative and licensing arrangements	1,788	3,953
Prepaid clinical and development services	5,503	1,582
Other prepaid and current assets	2,436	322
Other assets	1	65
Accounts payable	(1,619)	(1,073)
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	(10,344)	(17,299)
Accrued interest payable	1,901	1,830
Deferred revenue	(9)	(3,871)
Operating lease liabilities	(1,715)	1,159
Other long-term liabilities	8	224
Net cash used in operating activities	(26,069)	(69,865)
Investing activities
Purchases of property and equipment	(250)	(1,767)
Purchases of marketable securities	(18,174)	(36)
Maturities of marketable securities	48,499	115,500
Proceeds from the sale of property and equipment	1,849
Net cash provided by (used in) investing activities	31,924	113,697
Financing activities
Principal payment on 2035 notes		(5,698)
Principal payment on 2033 notes		(5,698)
Proceeds from option exercises		3
Repurchase of shares to satisfy tax withholding	(1,448)	(5,593)
Net cash provided by financing activities	(1,448)	(11,288)
Net increase (decrease) in cash, cash equivalents, and restricted cash	4,407	32,544
Cash, cash equivalents, and restricted cash at beginning of period	90,796	82,300
Cash, cash equivalents, and restricted cash at end of period	95,203	114,844
Supplemental disclosure of cash flow information
Cash paid for interest	$ 4,613	$ 14,385

Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Organization and Summary of Significant Accounting Policies

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Theravance Biopharma, Inc. (“Theravance Biopharma” or the “Company”) is a biopharmaceutical company primarily focused on the discovery, development, and commercialization of respiratory medicines. The Company’s core purpose is to create medicines that make a difference® in people's lives.

Basis of Presentation

The Company’s condensed consolidated financial information as of March 31, 2022, and for the three months ended March 31, 2022 and 2021 is unaudited but includes all adjustments (consisting only of normal recurring adjustments), which are considered necessary for a fair presentation of the financial position at such date and of the operating results and cash flows for those periods, and have been prepared in accordance with United States (“US”) generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated December 31, 2021 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022.

The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other interim period or for any future period. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.

Significant Accounting Policies

There have been no material revisions in the Company’s significant accounting policies described in Note 1 to the consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021.

Recently Adopted Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging: Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity by removing certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. The standard also enhances the consistency of earnings-per-share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings-per-share calculations. ASU 2020-06 became effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. The Company evaluated ASU 2020-06 and determined that its adoption did not have an impact on the Company’s condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

The Company has evaluated other recently issued accounting pronouncements and does not currently believe that any of these pronouncements will have a material impact on its condensed consolidated financial statements and related disclosures.

Net Loss per Share

3 Months Ended

Mar. 31, 2022

Net Loss per Share

Net Loss per Share

2. Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding, less ordinary shares subject to forfeiture. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding, less ordinary shares subject to forfeiture, plus all additional ordinary shares that would have been outstanding, assuming dilutive potential ordinary shares had been issued for other dilutive securities.


	Three Months Ended
	March 31,
(In thousands, except per share data)	2022		2021
Numerator:
Net loss	$	(25,946)	$	(79,679)
Denominator:
Weighted-average ordinary shares outstanding		75,247		64,723
Less: weighted-average ordinary shares subject to forfeiture		—		(230)
Weighted-average ordinary shares used to compute basic and diluted net loss per share		75,247		64,493
Basic and diluted net loss per share	$	(0.34)	$	(1.24)

For the three months ended March 31, 2022 and 2021, diluted and basic net loss per share were identical since potential ordinary shares were excluded from the calculation, as their effect was anti-dilutive.

Anti-dilutive Securities

The following ordinary equivalent shares were not included in the computation of diluted net loss per share because their effect was anti-dilutive:


	Three Months Ended
	March 31,
(In thousands)	2022	2021
Share issuances under equity incentive plans and ESPP	6,831	8,483
Share issuances upon the conversion of convertible senior notes	6,676	6,676
Total	13,507	15,159

Revenue

3 Months Ended

Mar. 31, 2022

Revenue

Revenue

3. Revenue

Revenue from Collaborative Arrangements

Viatris

In January 2015, the Company and Viatris Inc. (“Viatris”) established a strategic collaboration (the “Viatris Agreement”) for the development and commercialization of revefenacin, including YUPELRI^® (revefenacin) inhalation solution. The Company entered into the collaboration to expand the breadth of its revefenacin development program and extend its commercial reach beyond the acute care setting.

In the US, Viatris is leading the commercialization of YUPELRI, and the Company co-promotes the product under a profit and loss sharing arrangement (65% to Viatris; 35% to Theravance Biopharma). Outside the US (including China and adjacent territories), Viatris is responsible for development and commercialization and will pay the Company a tiered royalty on net sales at percentage royalty rates ranging from low double-digits to mid-teens. Viatris is the principal in the sales transactions, and as a result, the Company does not reflect the product sales in its condensed consolidated financial statements.

As of March 31, 2022, the Company is eligible to receive from Viatris potential global development, regulatory and sales milestone payments totaling up to $257.5 million in the aggregate, with $205.0 million associated with YUPELRI monotherapy, and $52.5 million associated with future potential combination products. Of the $205.0 million associated with monotherapy, $187.5 million relates to sales milestones based on achieving certain levels of net sales and $17.5 million relates to global development and regulatory actions. The $52.5 million associated with future potential combination products relates solely to development and regulatory actions.

The Viatris Agreement is considered to be within the scope of ASC 808 and partially within the scope of ASC 606, as the parties are active participants and exposed to the risks and rewards of the collaborative activity with a unit of account provided to Viatris as a customer. Under the terms of the Viatris Agreement, which included the delivery by the Company of a license to Viatris to develop and commercialize revefenacin in exchange for $15.0 million received in 2015, Viatris was responsible for reimbursement of the Company’s costs related to the registrational program up until the approval of the first new drug application in November 2018, thereafter, R&D expenses are shared. Performing R&D services for reimbursement is considered to be a collaborative activity under the scope of ASC 808. Reimbursable program costs are recognized proportionately with the performance of the underlying services and accounted for as reductions to R&D expense. For this unit of account, the Company did not recognize revenue or analogize to ASC 606 and, as such, the reimbursable program costs are excluded from the transaction price. The Company determined the license to develop and commercialize revefenacin to be a unit of account and a separate performance obligation, for which Viatris is a customer, with the $15.0 million for the delivery of the license representing the transaction price.

The future potential milestone amounts for the Viatris Agreement were not included in the transaction price, as they were all determined to be fully constrained following the concepts of ASC 606. As part of the Company’s evaluation of the development and regulatory milestones constraint, the Company determined that the achievement of such milestones is contingent upon success in future clinical trials and regulatory approvals which are not within its control and uncertain at this stage. The Company expects that the sales-based milestone payments and royalty arrangements will be recognized when the sales occur or the milestone is achieved.

Following the US Food and Drug Administration (“FDA”) approval of YUPELRI in November 2018, net amounts payable to or receivable from Viatris each quarter under the profit-sharing structure are disaggregated according to their individual components. In accordance with the applicable accounting guidance, amounts receivable from Viatris in connection with the commercialization of YUPELRI are recorded within the condensed consolidated statements of operations as revenue from “Viatris collaboration agreement” irrespective of whether the overall collaboration is profitable. Amounts payable to Viatris, if any, in connection with the commercialization of YUPELRI are recorded within the condensed consolidated statements of operations as a collaboration loss within selling, general and administrative expenses. Any reimbursement from Viatris attributed to the 65% cost-sharing of the Company’s R&D expenses is characterized as a reduction of R&D expense, as the Company does not consider performing research and development services for reimbursement to be a part of its ordinary activities. For the three months ended March 31, 2022, YUPELRI continued to be profitable for the Company.

The following YUPELRI-related amounts were recognized within revenue in the Company’s condensed consolidated statements of operations:

While Viatris records the total net sales of YUPELRI within its consolidated financial statements, Viatris collaboration agreement revenue includes the Company’s implied 35% share of net sales of YUPELRI for the three months ended March 31, 2022 and 2021 of $15.3 million and $12.9 million, respectively, before deducting shared expenses.

Other Collaborative Arrangements

The Company recognized revenues from its other collaborative arrangements as follows:


	Three Months Ended
	March 31,
(In thousands)	2022		2021
Other	$	9	$	10
Janssen		—		3,862
Total collaboration revenue	$	9	$	3,872

All of the recognized revenues from the Company’s other collaborative arrangements presented in the table above were included in deferred revenue at the beginning of the respective periods.

Janssen Biotech

In February 2018, the Company entered into a global co-development and commercialization agreement with Janssen Biotech, Inc. (“Janssen”) for izencitinib and related back-up compounds for inflammatory intestinal diseases, including ulcerative colitis and Crohn’s disease (the “Janssen Agreement”). The Company received an upfront payment of $100.0 million related to the Janssen Agreement. Following unfavorable Phase 3 clinical trial results for izencitinib announced in August 2021, Janssen terminated the Janssen Agreement effective January 16, 2022. As a result, the Company did not recognize any collaboration revenue related to the Janssen Agreement for the three months ended March 31, 2022. For three months ended March 31, 2021, the Company recognized $3.9 million in collaboration revenue related to the Janssen Agreement.

Reimbursement of R&D Expenses

As noted above, under certain collaborative arrangements the Company is entitled to reimbursement of certain R&D expenses. Activities under collaborative arrangements for which the Company is entitled to reimbursement are considered to be collaborative activities under the scope of ASC 808. For these units of account, the Company does not analogize to ASC 606 or recognize revenue. The Company records reimbursement payments received from its collaboration partners as reductions to R&D expense.

The following table summarizes the reductions to R&D expense related to the reimbursement payments:


	Three Months Ended
	March 31,
(In thousands)	2022		2021
Viatris	$	1,536	$	94
Janssen		—		1,332
Total reduction to R&D expense, net	$	1,536	$	1,426

Revenue from Licensing Arrangements

Pfizer

In December 2019, the Company entered into a global license agreement with Pfizer Inc. (“Pfizer”) for our preclinical skin-selective, locally-acting pan-JAK inhibitor program (the “Pfizer Agreement”). The compounds in this program are designed to target validated pro-inflammatory pathways and are specifically designed to possess skin-selective activity with minimal systemic exposure.

Under the Pfizer Agreement, Pfizer has an exclusive license to develop, manufacture and commercialize certain compounds for all uses other than gastrointestinal, ophthalmic, and respiratory applications. The Company received an upfront cash payment of $10.0 million in 2019, and in March 2022, the Company recognized $2.5 million in licensing revenue related to a development milestone payment from Pfizer for the dosing of the first patient in the Phase 1 clinical trial.

As of March 31, 2022, the Company is eligible to receive up to an additional $237.5 million in development and sales milestone payments from Pfizer. In addition, the Company is eligible to receive a tiered royalty on worldwide net sales of any potential products under the license at percentage royalty rates ranging from middle single-digits to low double-digits.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

4. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the current period and comparable prior year period condensed consolidated balance sheets that sum to the total of the same such amounts shown on the condensed consolidated statements of cash flows.


	March 31,
(In thousands)	2022		2021
Cash and cash equivalents	$	94,367	$	114,011
Restricted cash		836		833
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows	$	95,203	$	114,844

The Company maintains restricted cash for certain lease agreements and letters of credit by which the Company has pledged cash and cash equivalents as collateral. Separately, the Company also maintains restricted cash for debt servicing of its 9.5% non-recourse 2035 notes. See “Note 6. Debt” for further information regarding the 9.5% non-recourse 2035 notes. The cash-related amounts reported in the table above exclude the Company’s investments in any short and long-term marketable securities that are reported separately on the condensed consolidated balance sheets.

Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Investments and Fair Value Measurements

Investments and Fair Value Measurements

5. Investments and Fair Value Measurements

Available-for-Sale Securities

The estimated fair value of marketable securities is based on quoted market prices for these or similar investments obtained from a commercial pricing service. The fair market value of marketable securities classified within Level 1 is based on quoted prices for identical instruments in active markets. The fair value of marketable securities classified within Level 2 is based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-driven valuations whose inputs are observable or whose significant value drivers are observable. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

Available-for-sale securities are summarized below:


		March 31, 2022
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
(In thousands)		Cost		Gains		Losses		Fair Value
US government securities	Level 1	$	44,982	$	—	$	(27)	$	44,955
Corporate notes	Level 2		5,004		—		(2)		5,002
Commercial paper	Level 2		18,194		—		(5)		18,189
Marketable securities			68,180		—		(34)		68,146
Money market funds	Level 1		38,250		—		—		38,250
Total		$	106,430	$	—	$	(34)	$	106,396


		December 31, 2021
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
(In thousands)		Cost		Gains		Losses		Fair Value
US government securities	Level 1	$	29,986	$	—	$	(2)	$	29,984
Corporate notes	Level 2		5,034		—		(2)		5,032
Commercial paper	Level 2		48,490		1		(1)		48,490
Marketable securities			83,510		1		(5)		83,506
Money market funds	Level 1		50,228		—		—		50,228
Total		$	133,738	$	1	$	(5)	$	133,734

As of March 31, 2022, all of the Company’s available-for-sale securities had contractual maturities within five months, and the weighted-average maturity of marketable securities was approximately one month. There were no transfers

between Level 1 and Level 2 during the periods presented, and there have been no material changes to the Company’s valuation techniques during the three months ended March 31, 2022.

Available-for-sale debt securities with unrealized losses are summarized below:


	March 31, 2022
	Less than 12 Months				Greater than 12 Months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
US government securities	$	39,956	$	(27)	$	—	$	—	$	39,956	$	(27)
Corporate notes		5,002		(2)		—		—		5,002		(2)
Commercial paper		18,189		(5)		—		—		18,189		(5)
Total	$	63,147	$	(34)	$	—	$	—	$	63,147	$	(34)


	December 31, 2021
	Less than 12 Months				Greater than 12 Months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
US government securities	$	19,991	$	(2)	$	—	$	—	$	19,991	$	(2)
Corporate notes		5,031		(2)		—		—		5,031		(2)
Commercial paper		9,995		(1)		—		—		9,995		(1)
Total	$	35,017	$	(5)	$	—	$	—	$	35,017	$	(5)

The Company invests primarily in high credit quality and short-term maturity debt securities with the intent to hold such securities until maturity at par value. The Company does not intend to sell the investments that are currently in an unrealized loss position, and it is unlikely that it will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The Company reviewed its available-for-sale debt securities and determined that there were no credit-related losses to be recognized as of March 31, 2022.

As of March 31, 2022, the Company’s accumulated other comprehensive income (loss) on its condensed consolidated balance sheets consisted of net unrealized gains (losses) on available-for-sale investments. For the three months ended March 31, 2022 and 2021, the Company did not sell any marketable securities.

Debt

3 Months Ended

Mar. 31, 2022

Debt

Debt

6. Debt

Debt consisted of the following:


	March 31,
(In thousands)	2022
9.5% Non-Recourse 2035 Notes:
Principal amount	$	418,251
Less: 5% retained by the Company		(20,913)
Unamortized debt issuance costs - 9.5% Non-Recourse 2035 Notes		(2,949)
Unamortized debt issuance costs - Modified 9.0% Non-Recourse 2033 Notes		(1,216)
		393,173
3.25% Convertible 2023 Notes:
Principal amount		230,000
Unamortized debt issuance costs		(1,697)
		228,303

Total debt	$	621,476

9.5% Non-Recourse Notes Due 2035

On February 21, 2020, Theravance Biopharma R&D, Inc. (“Theravance R&D”), a wholly-owned subsidiary of the Company, and Triple Royalty Sub II LLC (the “Issuer II” or “Triple II”), a wholly-owned subsidiary of Theravance Biopharma R&D, entered into certain note purchase agreements (“Note Purchase Agreements”) with certain note purchasers (“Note Purchasers”), relating to the private placement by Issuer II of $400.0 million 9.5% Fixed Rate Term Notes due on or before 2035 (the “Non-Recourse 2035 Notes”). Ninety-five percent of the Non-Recourse 2035 Notes were sold to the Note Purchasers pursuant to the Note Purchase Agreements. The remaining 5% of the Non-Recourse 2035 Notes (the “Retained Notes”) were retained by the Company to comply with Regulation RR — Credit Risk Retention (17 C.F.R. Part 246). The Retained Notes are eliminated in the Company’s condensed consolidated financial statements.

The Non-Recourse 2035 Notes are secured by all of Issuer II’s right, title and interest as a holder of certain membership interests (the “Issuer II Class C Units”) in Theravance Respiratory Company, LLC (“TRC”). TRC holds the right to receive upward-tiering royalties ranging from 6.5% to 10% on worldwide net sales of TRELEGY, and the Company holds an 85% economic interest in TRC. The Issuer II Class C Units represent 75% of the Company's 85% economic interest, which equates to 63.75% of the economic interests in TRC.

The source of principal and interest payments for the Non-Recourse 2035 Notes are the future royalty payments generated from the TRELEGY program, and as a result, the holders of the Non-Recourse 2035 Notes have no recourse against the Company even if the TRELEGY payments are insufficient to cover the principal and interest payments for the Non-Recourse 2035 Notes. Prior to and including the December 5, 2024 payment date, in the event that the distributions received by the Issuer II from TRC in a quarter are less than the interest accrued for that quarter, the principal amount of the Non-Recourse 2035 Notes will increase by the interest shortfall amount for that quarter. While the holders of the Non-Recourse 2035 Notes have no recourse against the Company, the terms of the Non-Recourse 2035 Notes also provide that the Company, at its option, may satisfy the quarterly interest payment obligations by making a capital contribution to the Issuer II.

For the three months ended March 2022, $4.7 million of net interest shortfall was added to the Non-Recourse 2035 Notes. As of March 31, 2022, the Non-Recourse 2035 Notes’ issuance-to-date net interest shortfall was $28.0 million and the issuance-to-date net principal paydown was $10.7 million.

The Non-Recourse 2035 Notes are not convertible into Company equity and have no security interest in nor rights under any agreement with GSK. The Non-Recourse 2035 Notes may be redeemed by Issuer II on and after February 28, 2022, in whole or in part, at specified redemption premiums. The Non-Recourse 2035 Notes bear an annual interest rate of 9.5%, with interest and principal paid quarterly beginning June 5, 2020. Since the principal and interest payments on the Non-Recourse 2035 Notes are ultimately based on royalties from TRELEGY product sales, which will vary from quarter to quarter, the Non-Recourse 2035 Notes may be repaid prior to the final maturity date in 2035. Following the redemption or repayment of the Non-Recourse 2035 Notes, all TRELEGY-related pledged cash flows will revert to the Company.

As of March 31, 2022, the net principal and estimated fair value of the Non-Recourse 2035 Notes were $397.3 million and $377.5 million, respectively. The inputs to determine fair value of the Non-Recourse 2035 Notes are categorized as Level 2 inputs. Level 2 inputs include quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

3.25% Convertible Senior Notes Due 2023

The Company had $230.0 million of 3.25% convertible senior notes due in 2023 (“Convertible Senior 2023 Notes”) outstanding as of March 31, 2022. For each of the three months ended March 31, 2022 and 2021, the Company recognized $1.9 million in contractual interest expense and $0.3 million in amortization of debt issuance costs related to the Convertible Senior 2023 Notes. As of March 31, 2022, the Convertible Senior 2023 Notes had an estimated fair value of $223.7 million. The estimated fair value was primarily based upon the underlying price of Theravance Biopharma’s publicly traded shares and other observable inputs as of March 31, 2022. The inputs to determine fair value of the Convertible Senior 2023 Notes are categorized as Level 2 inputs. Level 2 inputs include quoted prices for similar instruments in active markets; quoted

prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Theravance Respiratory Company, LLC

3 Months Ended

Mar. 31, 2022

Theravance Respiratory Company, LLC

Theravance Respiratory Company, LLC

7. Theravance Respiratory Company, LLC

Through the Company’s 85% equity interest in TRC, the Company is entitled to receive an 85% economic interest in any future payments made by GSK under the strategic alliance agreement and under the portion of the collaboration agreement assigned to TRC (net of TRC expenses paid and the amount of cash, if any, expected to be used by TRC pursuant to the TRC LLC Agreement over the next four fiscal quarters). The primary drug program assigned to TRC is Trelegy.

In May 2014, the Company entered into the TRC LLC Agreement with Innoviva, Inc. (“Innoviva”) that governs the operation of TRC. Under the TRC LLC Agreement, Innoviva is the manager of TRC, and the business and affairs of TRC are managed exclusively by the manager, including (i) day to day management of the drug programs in accordance with the existing GSK agreements; (ii) preparing an annual operating plan for TRC; and (iii) taking all actions necessary to ensure that the formation, structure and operation of TRC complies with applicable law and partner agreements. The Company is responsible for its proportionate share of TRC’s administrative expenses incurred, and communicated to the Company, by Innoviva.

The Company analyzed its ownership, contractual and other interests in TRC to determine if it is a variable-interest entity (“VIE”), whether the Company has a variable interest in TRC and the nature and extent of that interest. The Company determined that TRC is a VIE. The party with the controlling financial interest, the primary beneficiary, is required to consolidate the entity determined to be a VIE. Therefore, the Company also assessed whether it is the primary beneficiary of TRC based on the power to direct TRC’s activities that most significantly impact TRC’s economic performance and its obligation to absorb TRC’s losses or the right to receive benefits from TRC that could potentially be significant to TRC. Based on the Company’s assessment, the Company determined that it is not the primary beneficiary of TRC, and, as a result, the Company does not consolidate TRC in its condensed consolidated financial statements. The Company’s maximum exposure to loss, as a result of its involvement with TRC, are the amounts recorded in the condensed consolidated balance sheets within “Amounts due from TRC, LLC” and “Equity in net assets of TRC, LLC”, as noted below. TRC is recognized in the Company’s condensed consolidated financial statements under the equity method of accounting.

For the three months ended March 31, 2022, the Company recognized net royalty income of $25.1 million in the condensed consolidated statements of operations within “Income from investment in TRC, LLC”. This amount was recorded net of the Company’s share of TRC’s expenses of $0.2 million for the three months ended March 31, 2022.

For the three months ended March 31, 2021, the Company recognized net royalty income of $16.5 million. This amount was recorded net of the Company’s share of TRC’s expenses of $2.8 million for the three months ended March 31, 2021 and was primarily comprised of TRC legal and related fees associated with the arbitration between Innoviva, as the manager of TRC, and TRC and the Company (see below for more information regarding the arbitration).

For the three months ended March 31, 2022, the Company received $6.5 million from TRC related to TRELEGY royalties, and as of March 31, 2022, the amounts due from TRC of $35.6 million were recorded as a current asset in the condensed consolidated balance sheets within “Amounts due from TRC, LLC”. The Company has also recorded $94.1 million as a long-term asset within “Equity in net assets of TRC, LLC” in the condensed consolidated balance sheets, which represented its share of TRC’s net assets which included funds withheld by TRC for future investments. For the three months ended March 31, 2022, the Company recognized a net unrealized gain of $0.4 million associated with the estimated fair market value of certain equity investments previously made by TRC which TRC reports as non-operating income.

TRC’s summarized income statement information is presented below:


	Three Months Ended
	March 31,
(In thousands)	2022		2021
Royalty revenue and gross profit	$	29,309	$	22,084
Income from continuing operations		29,112		18,803
Net income		29,541		18,320

TRC Arbitration

The Company initiated an arbitration proceeding in October 2020 against Innoviva and TRC, challenging the authority of Innoviva and TRC to pursue a business plan to use TRELEGY royalties to invest in certain privately-held companies, rather than distribute such funds that would otherwise be available for distribution to the Company under the terms of the TRC LLC Agreement in a manner that it believes is consistent with the TRC LLC Agreement and its 85% economic interest in TRC.

On March 30, 2021, the arbitrator ruled that the Company had not shown that, at the then current levels of investment, Innoviva and TRC had breached the TRC LLC Agreement as of the date of the arbitration. The arbitrator further ruled that Innoviva and TRC had not breached the implied covenant of good faith and fair dealing or their fiduciary duties. The arbitrator also ruled that (i) Innoviva is entitled to indemnification from TRC for all legal fees and expenses reasonably incurred in the arbitration and (ii) the Company is entitled to indemnification from TRC for legal fees and costs incurred in defending an action Innoviva brought against it in the Delaware Court of Chancery. The arbitrator noted in the ruling that although the Company failed to show that Innoviva’s investment activities, at the then current levels of investment, have or will have a material and adverse effect on its economic interest in TRC, this does not mean that any future investments or actions will not require the Company’s consent. The arbitrator noted in the ruling that the Company may, in the future, have a consent right over the decision to continue this investment strategy or whether to make a particular investment if, for example, Innoviva develops a track record of poor investments, over allocates royalties to these investment activities, or fails to distribute sufficient investment returns, and such facts cause the strategy or investment to have a material adverse effect on the Company’s economic interest in TRC.

Pursuant to the terms of the TRC LLC Agreement, Innoviva is required to deliver to the Company a draft quarterly financial plan 30 days prior to the end of each fiscal quarter covering the next fiscal quarter. While the TRC LLC Agreement provides that Innoviva must consider in good faith any comments the Company provides, an applicable financial plan becomes effective 30 days after the draft plan is provided to the Company. The Company has objected to the proposed investments in private companies presented in draft TRC quarterly financial plans to date. If TRC identifies and consummates investments and incurs associated fees identified in a TRC quarterly plan, even over the Company’s objections, distributions by TRC to its members in subsequent quarters will be reduced.

The Company’s objections with regard to a TRC quarterly plan or other actions by TRC could result in additional legal proceedings between the Company, TRC and Innoviva, as was the case when the Company initiated arbitration proceedings against Innoviva and TRC in May 2019 and again in October 2020. Any such legal proceedings could divert the attention of management and cause the Company to incur significant costs, regardless of the outcome, which the Company cannot predict. If such proceedings were pursued, there can be no assurance that they would result in the Company receiving additional distributions from TRC. An adverse result could materially and adversely affect the funds that the Company would otherwise expect to receive from TRC in the future.

Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-Based Compensation

Share-Based Compensation

8. Share-Based Compensation

Performance-Contingent Awards

The Company periodically grants performance-contingent share-based awards to employees. For the three months ended March 31, 2022, the Company recognized $0.1 million of share-based compensation expense related to these types of awards. As of March 31, 2022, there were 305,000 shares of performance-contingent restricted share units (“RSUs”) outstanding that have a maximum remaining share-based compensation expense of $2.6 million with performance expiration dates through December 2025. For the three months ended March 31, 2021, the Company recognized $0.5 million of share-based compensation expense related to performance-contingent share-based awards.

Share-Based Compensation Modification Due to Corporate Restructuring

As a result of the Company’s corporate restructuring announcement in September 2021 (see “Note 10. Corporate Restructuring”), the Board of Directors’ Compensation Committee approved the acceleration of certain equity awards for employees affected by the restructuring. The Company accounted for this acceleration as a Type III modification (improbable to probable) which resulted in a fair value of $1.6 million, as of the modification date, that was recorded in “Restructuring and related expenses” within the condensed consolidated statements of operations. The total cumulative compensation cost

previously recognized for these awards of $0.3 million within “Research and development” and “Selling, general and administrative” through the modification date, was reversed. The acceleration resulted in a net incremental share-based compensation expense of $1.3 million for the three months ended March 31, 2022 and impacted approximately 40 terminated employees who met the conditions of the acceleration and departed the Company at the end of February 2022.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

9. Income Taxes

For the three months ended March 31, 2022, the Company recognized an income tax expense of $0.5 million. The income tax provision for the three months ended March 31, 2022 was primarily attributed to the Company’s estimate of contingent liabilities for uncertain tax positions taken with respect to transfer pricing for the reporting period. No provision for income taxes has been recognized on undistributed earnings of the Company’s foreign subsidiaries because it considers such earnings to be indefinitely reinvested.

The Company follows the accounting guidance related to accounting for income taxes which requires that a company reduce its deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. As of March 31, 2022, the Company’s deferred tax assets were offset in full by a valuation allowance.

The Company records liabilities related to uncertain tax positions in accordance with the income tax guidance which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. The Company includes any applicable interest and penalties within the provision for income taxes in the condensed consolidated statements of operations.

The Company is currently under Internal Revenue Service (“IRS”) examination for the tax year ended December 31, 2018. The Company believes that an adequate provision has been made for any material adjustments that may result from the tax examination.

The Company’s future income tax expense may be affected by such factors as changes in tax laws, its business, regulations, tax rates, interpretation of existing laws or regulations, the impact of accounting for share-based compensation, the impact of accounting for business combinations, its international organization, shifts in the amount of income before tax earned in the US as compared with other regions in the world, and changes in overall levels of income before tax.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Corporate Restructuring

3 Months Ended

Mar. 31, 2022

Corporate Restructuring

Corporate Restructuring

10. Corporate Restructuring

On September 15, 2021, the Company announced a strategic update and corporate restructuring (the “Restructuring”) to focus on leveraging its expertise in developing and commercializing respiratory therapeutics. As part of the Restructuring, the Company initiated a reduction in workforce of approximately 75%. Approximately 75% of the total reduction in workforce occurred in November 2021, and the remainder was completed in February 2022.

For the three months ended March 31, 2022, the Company incurred Restructuring and related expenses of $9.3 million of which $4.7 million was related to R&D expenses and $4.6 million was related to selling, general and administrative expenses. Of the total $9.3 million, cash-related expenses were $4.8 million and non-cash expenses were $4.5 million which were primarily related to the modification of equity-based awards for employees affected by the Restructuring and certain related awards for other employees.

Since the Restructuring announcement in September 2021, the Company has incurred total Restructuring and related expenses of $29.5 million of which $15.3 million was related to R&D expenses and $14.2 million was related to selling, general and administrative expenses. Of the total $29.5 million, cash-related expenses were $16.3 million and non-cash expenses were $13.2 million, which were primarily related to the modification of equity-based awards.

The Company estimates that it will incur total Restructuring and related expenses of approximately $33.0 million comprised of $17.1 million in cash expenses and $15.9 million in non-cash expenses. These expenses are primarily comprised of severance and other related costs which are being recognized ratably over the future service period.

Selected information relating to accrued cash-related Restructuring expenses was as follows:


(In thousands)
Balance at December 31, 2021	$	9,550
Net accruals		5,131
Cash paid		(11,276)
Balance at March 31, 2022	$	3,405

The Company expects to recognize the remaining Restructuring and related expenses of approximately $3.5 million, comprised of $0.8 million in cash-related expenses and $2.7 million in non-cash expenses by the third quarter of 2022. The remaining Restructuring and related expense estimates are subject to a number of assumptions, and actual amounts may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Restructuring.

The Company also evaluated the impact of the Restructuring on the carrying value of its long-lived assets, such as property and equipment and operating lease assets. This process included evaluating the estimated remaining lives, significant changes in the use, and potential impairment charges related to its long-lived assets. Based on its evaluation, the Company determined that its long-lived assets were not impaired as of March 31, 2022, and it has not recognized any impairment charges related to its long-lived assets since the Restructuring announcement.

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial information as of March 31, 2022, and for the three months ended March 31, 2022 and 2021 is unaudited but includes all adjustments (consisting only of normal recurring adjustments), which are considered necessary for a fair presentation of the financial position at such date and of the operating results and cash flows for those periods, and have been prepared in accordance with United States (“US”) generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated December 31, 2021 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other interim period or for any future period. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no material revisions in the Company’s significant accounting policies described in Note 1 to the consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging: Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity by removing certain accounting models which separate the embedded conversion features from the host contract for convertible instruments. The standard also enhances the consistency of earnings-per-share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings-per-share calculations. ASU 2020-06 became effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. The Company evaluated ASU 2020-06 and determined that its adoption did not have an impact on the Company’s condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted The Company has evaluated other recently issued accounting pronouncements and does not currently believe that any of these pronouncements will have a material impact on its condensed consolidated financial statements and related disclosures.

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2022

Net Loss per Share

Schedule of basic and diluted net loss per share


	Three Months Ended
	March 31,
(In thousands, except per share data)	2022		2021
Numerator:
Net loss	$	(25,946)	$	(79,679)
Denominator:
Weighted-average ordinary shares outstanding		75,247		64,723
Less: weighted-average ordinary shares subject to forfeiture		—		(230)
Weighted-average ordinary shares used to compute basic and diluted net loss per share		75,247		64,493
Basic and diluted net loss per share	$	(0.34)	$	(1.24)

Schedule of anti-dilutive securities


	Three Months Ended
	March 31,
(In thousands)	2022	2021
Share issuances under equity incentive plans and ESPP	6,831	8,483
Share issuances upon the conversion of convertible senior notes	6,676	6,676
Total	13,507	15,159

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue

Summary of the reductions to R&D costs related to reimbursement payments


	Three Months Ended
	March 31,
(In thousands)	2022		2021
Viatris	$	1,536	$	94
Janssen		—		1,332
Total reduction to R&D expense, net	$	1,536	$	1,426

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents, and Restricted Cash

Schedule of reconciliation of cash, cash equivalents, and restricted cash


	March 31,
(In thousands)	2022		2021
Cash and cash equivalents	$	94,367	$	114,011
Restricted cash		836		833
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows	$	95,203	$	114,844

Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Investments and Fair Value Measurements

Schedule of available-for-sale securities


		March 31, 2022
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
(In thousands)		Cost		Gains		Losses		Fair Value
US government securities	Level 1	$	44,982	$	—	$	(27)	$	44,955
Corporate notes	Level 2		5,004		—		(2)		5,002
Commercial paper	Level 2		18,194		—		(5)		18,189
Marketable securities			68,180		—		(34)		68,146
Money market funds	Level 1		38,250		—		—		38,250
Total		$	106,430	$	—	$	(34)	$	106,396


		December 31, 2021
				Gross		Gross
		Amortized		Unrealized		Unrealized		Estimated
(In thousands)		Cost		Gains		Losses		Fair Value
US government securities	Level 1	$	29,986	$	—	$	(2)	$	29,984
Corporate notes	Level 2		5,034		—		(2)		5,032
Commercial paper	Level 2		48,490		1		(1)		48,490
Marketable securities			83,510		1		(5)		83,506
Money market funds	Level 1		50,228		—		—		50,228
Total		$	133,738	$	1	$	(5)	$	133,734

Schedule of Available for sale debt securities with unrealized losses

Available-for-sale debt securities with unrealized losses are summarized below:


	March 31, 2022
	Less than 12 Months				Greater than 12 Months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
US government securities	$	39,956	$	(27)	$	—	$	—	$	39,956	$	(27)
Corporate notes		5,002		(2)		—		—		5,002		(2)
Commercial paper		18,189		(5)		—		—		18,189		(5)
Total	$	63,147	$	(34)	$	—	$	—	$	63,147	$	(34)


	December 31, 2021
	Less than 12 Months				Greater than 12 Months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(In thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
US government securities	$	19,991	$	(2)	$	—	$	—	$	19,991	$	(2)
Corporate notes		5,031		(2)		—		—		5,031		(2)
Commercial paper		9,995		(1)		—		—		9,995		(1)
Total	$	35,017	$	(5)	$	—	$	—	$	35,017	$	(5)

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt

Schedule of debt


	March 31,
(In thousands)	2022
9.5% Non-Recourse 2035 Notes:
Principal amount	$	418,251
Less: 5% retained by the Company		(20,913)
Unamortized debt issuance costs - 9.5% Non-Recourse 2035 Notes		(2,949)
Unamortized debt issuance costs - Modified 9.0% Non-Recourse 2033 Notes		(1,216)
		393,173
3.25% Convertible 2023 Notes:
Principal amount		230,000
Unamortized debt issuance costs		(1,697)
		228,303

Total debt	$	621,476

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Theravance Respiratory Company, LLC (Tables)

3 Months Ended

Mar. 31, 2022

Theravance Respiratory Company, LLC

Summary financial information


	Three Months Ended
	March 31,
(In thousands)	2022		2021
Royalty revenue and gross profit	$	29,309	$	22,084
Income from continuing operations		29,112		18,803
Net income		29,541		18,320

Corporate Restructuring (Tables)

3 Months Ended

Mar. 31, 2022

Corporate Restructuring

Schedule of information related to accrued restructuring, severance costs and one-time termination


(In thousands)
Balance at December 31, 2021	$	9,550
Net accruals		5,131
Cash paid		(11,276)
Balance at March 31, 2022	$	3,405

Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (25,946)	$ (79,679)
Denominator:
Weighted-average ordinary shares outstanding	75,247	64,723
Less: weighted-average ordinary shares subject to forfeiture		(230)
Weighted-average shares used to compute basic net loss per share	75,247	64,493
Weighted-average shares used to compute diluted net loss per share	75,247	64,493
Basic net loss per share	$ (0.34)	$ (1.24)
Diluted net loss per share	$ (0.65)	$ (1.24)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Net Loss per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	13,507	15,159
Share issuances under equity incentive plans and ESPP
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	6,831	8,483
Share issuances upon the conversion of convertible senior notes
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	6,676	6,676

Revenue - Viatris Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2018	Mar. 31, 2022	Mar. 31, 2021
Collaborative Arrangements and Co-Promote Agreement
Revenues		$ 13,196	$ 14,257
Percentage of profit share		35.00%
Research and development		$ 23,253	67,599
Collaborative revenue
Collaborative Arrangements and Co-Promote Agreement
Revenues		9	3,872
Revefenacin Monotherapy (TD-4208)
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable		205,000
Revefenacin Monotherapy (TD-4208) \| Success Based Development Regulatory And Sales Milestones
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable		17,500
Revefenacin Monotherapy (TD-4208) \| Sales milestones
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable		187,500
Future potential combination products
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable		52,500
YUPELRI Monotherapy
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable		205,000
Collaborative Arrangement
Collaborative Arrangements and Co-Promote Agreement
Revenues		9	3,872
Janssen \| Collaborative Arrangement
Collaborative Arrangements and Co-Promote Agreement
Revenues			3,862
Janssen \| Development and Commercialization Agreement
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable	$ 100,000
Revenue from collaborative arrangements			3,900
Viatris
Collaborative Arrangements and Co-Promote Agreement
Upfront payment receivable		$ 257,500
Percentage of profit share		65.00%
Viatris \| YUPELRI Monotherapy
Collaborative Arrangements and Co-Promote Agreement
Revenues		$ 15,300	$ 12,900
Percentage of profit share		35.00%	35.00%
Viatris \| Collaborative Arrangement \| Collaborative revenue
Collaborative Arrangements and Co-Promote Agreement
Revenues		$ 10,687	$ 10,385
Other \| Collaborative Arrangement
Collaborative Arrangements and Co-Promote Agreement
Revenues		$ 9	$ 10

Revenue - Development and Commercialization Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2015
Collaborative Arrangements and Co-Promote Agreement
Milestone payment		$ 13,196	$ 14,257
Percentage of profit share		35.00%
Collaborative Arrangement
Collaborative Arrangements and Co-Promote Agreement
Milestone payment		$ 9	3,872
Viatris
Collaborative Arrangements and Co-Promote Agreement
Percentage of profit share		65.00%
Viatris \| Revefenacin Monotherapy (TD-4208)
Collaborative Arrangements and Co-Promote Agreement
Initial cash payment					$ 15,000
Transaction price					$ 15,000
Viatris \| YUPELRI Monotherapy
Collaborative Arrangements and Co-Promote Agreement
Milestone payment		$ 15,300	$ 12,900
Percentage of profit share		35.00%	35.00%
Pfizer
Collaborative Arrangements and Co-Promote Agreement
Initial cash payment				$ 10,000
Milestone payment	$ 2,500
Pfizer \| Sales milestones
Collaborative Arrangements and Co-Promote Agreement
Initial cash payment				$ 237,500

Revenue - Reimbursement of R and D Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Research and Development Reimbursement
Total reduction to R and D expense	$ 1,536	$ 1,426
Janssen
Research and Development Reimbursement
Total reduction to R and D expense		1,332
Viatris
Research and Development Reimbursement
Total reduction to R and D expense	$ 1,536	$ 94

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 94,367	$ 89,959	$ 114,011
Restricted cash	836		833
Total cash, cash equivalents, and restricted cash shown on the condensed consolidated statements of cash flows	$ 95,203	$ 90,796	$ 114,844	$ 82,300
9.5% non-recourse notes due 2035
Interest rate (as a percent)	9.50%

Investments and Fair Value Measurements - Available-for-sale securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Available for sale securities:
Amortized Cost	$ 106,430	$ 133,738
Gross Unrealized Gains		1
Gross Unrealized Losses	(34)	(5)
Estimated Fair Value	106,396	133,734
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Estimated Fair Value lesser than 12 months	63,147	35,017
Estimated Fair Value Total	63,147	35,017
Gross unrealized lesser than 12 months	(34)	(5)
Gross unrealized loss, Total	(34)	(5)
Marketable securities
Available for sale securities:
Amortized Cost	68,180	83,510
Gross Unrealized Gains		1
Gross Unrealized Losses	(34)	(5)
Estimated Fair Value	68,146	83,506
U.S. government securities
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Estimated Fair Value lesser than 12 months	39,956	19,991
Estimated Fair Value Total	39,956	19,991
Gross unrealized lesser than 12 months	(27)	(2)
Gross unrealized loss, Total	(27)	(2)
U.S. government securities \| Quoted Prices in Active Markets for Identical Assets, Level 1
Available for sale securities:
Amortized Cost	44,982	29,986
Gross Unrealized Losses	(27)	(2)
Estimated Fair Value	44,955	29,984
U.S. corporate notes
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Estimated Fair Value lesser than 12 months	5,002	5,031
Estimated Fair Value Total	5,002	5,031
Gross unrealized lesser than 12 months	(2)	(2)
Gross unrealized loss, Total	(2)	(2)
U.S. corporate notes \| Significant Other Observable Inputs, Level 2
Available for sale securities:
Amortized Cost	5,004	5,034
Gross Unrealized Losses	(2)	(2)
Estimated Fair Value	5,002	5,032
U.S. commercial paper
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Estimated Fair Value lesser than 12 months	18,189	9,995
Estimated Fair Value Total	18,189	9,995
Gross unrealized lesser than 12 months	(5)	(1)
Gross unrealized loss, Total	(5)	(1)
U.S. commercial paper \| Significant Other Observable Inputs, Level 2
Available for sale securities:
Amortized Cost	18,194	48,490
Gross Unrealized Gains		1
Gross Unrealized Losses	(5)	(1)
Estimated Fair Value	18,189	48,490
Money market funds \| Quoted Prices in Active Markets for Identical Assets, Level 1
Available for sale securities:
Amortized Cost	38,250	50,228
Estimated Fair Value	$ 38,250	$ 50,228

Investments and Fair Value Measurements - Convertible senior notes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Maturity period for marketable securities
Maximum contractual maturity period	5 months
Weighted average contractual maturity period	1 month
Fair value transfers
Fair value of assets transferred from Level 1 to Level 2	$ 0
Fair value of assets transferred from Level 2 to Level 1	0
Unrealized losses
Net unrealized losses	$ 0

Debt (Details) - USD ($) $ in Thousands		3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Feb. 21, 2020	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Total long-term debt		$ 621,476
Long-term debt interest expense
Total debt interest expense		11,655	$ 11,873
Principal payment on notes			5,698
Issuer II Class C Units
Long-term debt interest expense
Percentage of equity interest	75.00%
9.5% Non-Recourse 2035 Notes
Debt Instrument [Line Items]
Principal amount	$ 400,000	418,251
Less: 5% retained by the Company		(20,913)
Unamortized debt issuance costs		(2,949)
Total long-term debt		$ 393,173
Long-term debt interest expense
Interest rate (as a percent)	9.50%	9.50%
Percentage of note to be sold	95.00%
Percentage of note to be retained	5.00%
Net principal		$ 397,300
Estimated fair value		377,500
9.0% Non-Recourse 2033 Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs		(1,216)
Long-term debt interest expense
Total debt interest expense		$ 1,900	1,900
Interest rate (as a percent)		9.00%
3.25% Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
Principal amount		$ 230,000
Unamortized debt issuance costs		(1,697)
Total long-term debt		228,303
Long-term debt interest expense
Amortization of debt issuance costs		$ 300	$ 300
Interest rate (as a percent)		3.25%
Notes fair value		$ 223,700
TRC
Long-term debt interest expense
Percentage of economic interest	85.00%
Net interest shortfall		$ 4,700
Percentage of equity interest		85.00%
Net interest shortfall		$ 28,000
Net principal paydown		$ 10,700
TRC \| Minimum
Long-term debt interest expense
Upward tiering royalties (as a percent)	6.50%
TRC \| Maximum
Long-term debt interest expense
Upward tiering royalties (as a percent)	10.00%
TRC \| Issuer II Class C Units
Long-term debt interest expense
Percentage of economic interest	63.75%
Theravance Biopharma R&D, Inc. \| 9.5% Non-Recourse 2035 Notes
Long-term debt interest expense
Interest rate (as a percent)		5.00%

Theravance Respiratory Company, LLC (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 21, 2020	Mar. 31, 2022	Mar. 31, 2021
NDA Group
Theravance Respiratory Company, LLC
Percentage of equity interest		85.00%
TRC
Theravance Respiratory Company, LLC
Percentage of equity interest		85.00%
Percentage of economic interest	85.00%
Royalty payments		$ 25.1	$ 16.5
Royalty expenses		0.2	$ 2.8
Amount due		35.6
Long-term asset		94.1
Net unrealized loss		0.4
Payment received		$ 6.5

Theravance Respiratory Company, LLC - Summary financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary financial information
Current assets	$ 204,636		$ 249,870
Current liabilities	44,201		$ 58,587
Revenues	13,196	$ 14,257
Net income	(25,946)	(79,679)
TRC
Summary financial information
Income from continuing operations	29,112	18,803
Net income	$ 29,541	18,320
Percentage of equity interest	85.00%
TRC \| Royalties
Summary financial information
Revenues	$ 29,309	$ 22,084

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount after tax of income (loss) from continuing operations attributable to the parent.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Share-Based Compensation - Performance Contingent Awards (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($) employee shares	Mar. 31, 2021 USD ($)
Share-Based Compensation
Incremental Share-Based Compensation expense		$ 1,300
Cumulative compensation cost	$ 300
Total share-based compensation expense		14,545	$ 15,832
Research and development
Share-Based Compensation
Total share-based compensation expense		4,530	7,921
Selling, general and administrative
Share-Based Compensation
Total share-based compensation expense		$ 5,498	7,911
Restructuring and related expenses
Share-Based Compensation
Incremental Share-Based Compensation expense	$ 1,600
Number of employees reduction in workforce \| employee		40
Total share-based compensation expense		$ 4,517
Performance-Contingent Awards - RSUs
Share-Based Compensation
RSUs outstanding (in shares) \| shares		305,000
Performance-Contingent Awards - RSUs.
Share-Based Compensation
Total share-based compensation expense		$ 100	$ 500
Maximum potential expense \| Performance-Contingent Awards - RSUs.
Share-Based Compensation
Total share-based compensation expense		$ 2,600

Income Taxes - Components of provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Provision for income tax benefit (expense)
Income tax benefit	$ (524)	$ (227)
Provision for income taxes on undistributed earnings of foreign subsidiaries	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Corporate Restructuring (Details) - USD ($) $ in Thousands			3 Months Ended		7 Months Ended
Corporate Restructuring (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Sep. 15, 2021	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2022
Corporate Restructuring
Reduction in workforce (as a percent)	75.00%	75.00%
Cash expenses related to the costs of employee severance				$ 17,100	$ 17,100
Restructuring costs				9,324	29,500
Non-cash charges related to modification of equity-awards for terminated and remaining employee				15,900
Forecast
Corporate Restructuring
Cash expenses related to the costs of employee severance			$ 3,500
Restructuring costs			800
Non-cash charges related to modification of equity-awards for terminated and remaining employee			$ 2,700
Research and development
Corporate Restructuring
Restructuring costs				4,700	15,300
Selling, general and administrative
Corporate Restructuring
Restructuring costs				4,600	14,200
Severance
Corporate Restructuring
Employee-related separation costs				9,300
Restructuring costs					29,500
Cash charges related to modification of equity-awards for terminated and remaining employee				4,800	16,300
Non-cash charges related to modification of equity-awards for terminated and remaining employee				4,500	$ 13,200
Minimum
Corporate Restructuring
Employee-related separation costs				$ 33,000

Corporate Restructuring - Accrued restructuring, severance costs and one-time termination costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2021	$ 9,550
Net accruals	5,131
Cash paid	(11,276)
Balance at March 31, 2022	$ 3,405