0001104659-26-033077 | 10-K | XBRL Viewer

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Defined Contribution Plan (Details) - USD ($)	12 Months Ended
Defined Contribution Plan (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan [Abstract]
Defined contribution plan, employer matching contribution, percent of match (as a percent)	100.00%
Defined contribution plan, employer matching contribution, maximum employee annual compensation	$ 5,000	$ 5,000
Amount recognized in compensation expense	$ 400,000	$ 400,000

Contract Derivative - Fair Value and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Asset
Contract derivative	$ 2,381	$ 2,292
Derivative Asset, Statement of Financial Position	Other assets	Other assets

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Income Taxes - Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
National
National	$ 1,518
Foreign
Total income taxes paid, net	27,884	$ 109
Income Tax Jurisdiction, Domestic Federal
Foreign
Foreign	$ 24,779
Income Tax Paid, after Refund Received, Foreign Jurisdiction	United States
Income Tax Jurisdiction, Domestic State and Local
Foreign
Foreign	$ 1,587

Organization and Summary of Significant Accounting Policies - Concentration of Credit Risks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Allowance for Credit Loss
Accounts receivable, credit loss expense (reversal)	$ 0	$ 0

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Continuing Operations
Provision for income tax expense	$ 23,352	$ 11,804

- Definition

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

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+ Details

Share-Based Compensation - Unrecognized Compensation Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized
Unrecognized compensation cost, options	$ 539
Unrecognized compensation cost, total	$ 20,504
Employee Stock Option
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized
Weighted-average amortization period	5 months 4 days
Restricted Stock Units (RSUs), Market-Based RSUs
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized
Unrecognized compensation cost, other than options	$ 19,390
Weighted-average amortization period	2 years 4 months 9 days
Restricted Stock Units (RSUs), Performance-Contingent RSUs
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized
Unrecognized compensation cost, other than options	$ 575
Weighted-average amortization period	10 months 9 days

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 development and commercialization of medicines. The Company’s focus is to deliver medicines that make a difference^® in people's lives.

Basis of Presentation

The Company’s consolidated financial statements as of December 31, 2025 and 2024, and for the year ended December 31, 2025 and 2024 have been prepared in conformity with United States (“US”) Generally Accepted Accounting Principles ("GAAP"), and the US Securities and Exchange (“SEC”) regulations for annual reporting.

Certain prior period current asset amounts on the “Consolidated Balance Sheets” have been reclassified. The reclassification had no impact on previously reported total current assets, aggregate financial position, results of operations, cash flows, or financial statement disclosures.

Principles of Consolidation

The consolidated financial statements include the accounts of Theravance Biopharma and its wholly-owned subsidiaries, all of which are denominated in US dollars. All intercompany balances and transactions have been eliminated in consolidation.

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 consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Due to the inherent uncertainty in making estimates, actual results could differ materially from those estimates.

Liquidity and Capital Resources

The Company expects its cash, cash equivalents, and marketable securities will be sufficient to fund its operations for at least the next twelve months from the issuance date of these consolidated financial statements based on current operating plans and financial forecasts.

Segment Reporting

The Company has determined that its chief executive officer is the chief operating decision maker (“CODM”). The Company’s business offerings have similar economics and other characteristics, including the nature of products, types of customers, distribution methods, and regulatory environment. As a result, the Company has concluded that it operates in a single segment which is the development and commercialization of human therapeutics. Additional significant segment expenses are provided on a quarterly basis to the CODM to support the CODM’s decision-making process. See “Note 3. Segment Information” for more information.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with a maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents are carried at cost which approximates fair value due to their short-term nature.

Restricted Cash

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. See “Note 4. Cash, Cash Equivalents, and Restricted Cash” for more information.

Investments in Marketable Securities

The Company invests in marketable securities, primarily commercial paper, corporate notes, US government bonds and US government agency bonds. Marketable debt securities with original maturities of greater than three months and remaining maturities of less than 12 months are considered short-term investments. Marketable debt securities with maturities greater than 12 months are considered long-term investments. The Company determines the appropriate classification of the marketable securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its marketable securities as available-for-sale securities and reports them at fair value in cash and cash equivalents or marketable securities on the consolidated balance sheets.

Unrealized gains and losses are included as a component of “Accumulated other comprehensive income (loss)” in shareholders’ equity of the consolidated balance sheets and as a component of “Other comprehensive income (loss)” in the consolidated statements of operations and comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included as a component of “Interest and other income, net” on the consolidated statements of operations.

The cost of securities sold is based on the specific identification method. Realized gains and losses and interest and dividends on securities are included in interest and other income (expense). In circumstances where the Company intends to sell, or is more likely than not required to sell, the security before it recovers its amortized cost basis, the difference between fair value and amortized cost is recognized as a loss in the consolidated statements of operations, with a corresponding write-down of the security's amortized cost.

The Company accounts for credit losses on available-for-sale debt securities in accordance with Accounting Standards Codification (“ASC”), Topic 326, Financial Instruments – Credit Losses (“ASC 326”). Under ASC 326, the Company regularly reviews its debt securities in an unrealized loss position to determine if the unrealized loss was credit-related or noncredit-related. The factors considered in determining whether credit losses exist include, but are not limited to, the creditworthiness of the security issuers, the severity and duration of the unrealized losses, any adverse conditions specifically related to the security, an industry, or geographic area, and whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of the security’s amortized cost basis. The Company did not recognize any credit losses on available-for-sale debt securities for the year ended December 31, 2025 and 2024.

Fair Value of Financial Instruments

The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 — Unadjusted quoted prices for identical instruments in active markets;

Level 2 — 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 (e.g., interest rates, yield curves, etc.); and

Level 3 — Unobservable inputs and little, if any, market activity which require the Company to develop its own assumptions.

The Company’s financial instruments include cash equivalents, marketable securities, derivatives, receivables from collaborative arrangements, accounts payable, and accrued liabilities. Cash equivalents and marketable securities are carried at estimated fair value and remeasured on a recurring basis. The carrying value of receivables from collaborative arrangements, accounts payable, and accrued liabilities approximate their estimated fair value due to the relatively short-term nature of these instruments.

Fair Value of Derivative

The Company utilizes a financial instrument to manage its exposure to financial risk and to mitigate potential tax liability. The Company determined that the financial instrument met the definition of a derivative under ASC Topic 815, Derivatives and Hedging.

The Company records the fair value of the derivative, on the date of issuance and at the end of each subsequent reporting period, as an asset on the consolidated balance sheets. The Company utilizes the derivative for risk management purposes and not for speculative trading or hedging purposes, and therefore, any changes in the fair value of the derivative are recorded each period within “Interest and other income, net” on the consolidated statements of operations. The cash flow effect of the derivative is included within net cash provided by (used in) investing activities on the consolidated statements of cash flows.

Receivables from Collaborative Arrangements

For the periods presented, the Company’s receivables from collaborative arrangements relate to amounts due arising from its collaboration and licensing agreements. When appropriate, the Company provides for an allowance for credit losses. The Company performs periodic credit evaluations of its customers and generally does not require collateral. For the year ended December 31, 2025 and 2024, the Company did not have any material write-offs of receivables from collaborative arrangements.

Concentration of Credit Risks

The Company invests in a variety of financial instruments and, based on its policy, limits the amount of credit exposure with any one issuer, industry, or geographic area for investments other than instruments backed by the US federal government.

The Company’s future contingent milestone and royalty assets and receivables primarily relate to amounts due under its collaboration, licensing, and other agreements. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies or specific to its collaboration, licensing, and other agreements. The Company performs periodic evaluations of its customers and generally does not require collateral. For the year ended December 31, 2025 and 2024, the Company did not experience any material losses related to its receivables.

Property and Equipment

Property, equipment, and leasehold improvements are stated at cost, net of accumulated depreciation, and are depreciated using the straight-line method over the estimated useful lives as presented in the table below. Upon retirement or sale, the cost of the disposed assets and the related accumulated depreciation are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized.


Leasehold improvements		Shorter of remaining lease terms or useful life
Equipment, furniture and fixtures		5 - 7 years
Software and computer equipment		3 - 5 years

Leases

The Company determines whether a contract is or contains a lease at inception of the arrangement. In evaluating whether a contract is indicative of a lease, the Company considers all relevant facts and circumstances to assess whether the arrangement has extended to the Company the right to both (i) obtain substantially all the economic benefits from use of an identified asset and (ii) direct the use of the identified asset. To the extent that the Company determines a contract represents a lease, the arrangement is classified as either an operating lease or a finance lease, with

the classification affecting the presentation and pattern of expense recognition in the consolidated statements of operations. As of December 31, 2025 and 2024, the Company did not have any finance leases.

Operating lease assets represent the Company’s right to use an underlying asset over the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the leasing arrangement. The Company records operating leases on the consolidated balance sheets through an operating lease asset and a corresponding short-term and long-term operating lease liability, as applicable. Lease liabilities are measured based on the present value of lease payments over the lease term discounted at the implicit interest rate at the commencement date of the leasing arrangement, when readily available or using the Company’s incremental borrowing rate, if the implicit rate is not determinable. The incremental borrowing rate is considered the estimated rate of interest that the Company would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company measures its operating lease assets based on the corresponding operating lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date; (ii) any initial direct costs incurred; and (iii) tenant incentives granted under the lease contract.

In calculating operating lease assets and liabilities, the Company may elect to combine lease and non-lease components based on the asset type. When combining lease and non-lease components, the Company would account for the lease and non-lease components as a single lease component. The Company’s lease terms may include options to extend the lease only when it is reasonably certain that such options will be exercised, and the Company recognizes lease expense on a straight-line basis over the lease term.

Operating lease assets and operating lease liabilities are remeasured upon reassessment events and modifications to leases using the present value of remaining lease payments and incremental borrowing rate at the time of remeasurement, as applicable. Operating lease assets are evaluated for possible impairment in accordance with the Company’s long-lived assets policy.

The Company recognizes variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company.

The Company has elected to not recognize operating lease assets or liabilities for leases that have a lease term of 12 months or less at commencement date, and the lease expense related to these short-term lease arrangements is recognized on a straight-line basis over the term of the lease.

Future Contingent Milestone and Royalty Assets

Future contingent milestone and royalty assets (“Contingent Consideration”) on the Company’s consolidated balance sheets was initially measured at fair value in July 2022 utilizing a Monte Carlo simulation model to calculate the present value of the risk-adjusted cash flows estimated to be received from the Contingent Consideration. The fair value model involved significant unobservable inputs derived using Company estimates. The Company’s estimates were based in part on external data and reflected its judgements and forecasts. The primary significant unobservable input was the estimate of forecasted TRELEGY^® ELLIPTA (“TRELEGY”) net revenues which is considered a Level 3 fair value input.

After initial recognition of the Contingent Consideration at fair value on the consolidated balance sheets, the Contingent Consideration was subsequently accounted for under Accounting Standards Codification (“ASC”) Topic 450, Contingencies. Subsequent gains to be recognized on the Contingent Consideration asset are recognized using the gain contingency guidance in ASC 450-30, Gain Contingencies, and subsequent impairments to the Contingent Consideration asset are recognized using the impairment guidance in ASC 450-20, Accounting for Loss Contingencies.

Accordingly, the Contingent Consideration’s carrying value is reduced in the period when milestone or royalty payments are realizable, which are based on TRELEGY’s global net sales. Furthermore, the Contingent Consideration asset was fully settled through the TRELEGY Royalty Sales Agreement, which resulted in the assignment of the TRELEGY royalties to GSK plc (see “Note 9. Net Gain on Realized Contingent Milestone and Royalty Assets” for more information). This transaction was accounted for under ASC 450-30 and was recognized using the gain contingency

model. Any future milestone payments that are realized or realizable will continue to be recognized under the gain contingency guidance in ASC 450-30.

Future Royalty Payment Contingency

The Company treats contingent liabilities related to sale of future royalties (see “Note 10. Ampreloxetine Funding” for more information) as debt financings, amortized under the effective interest method over the estimated life of the related expected royalty stream. The contingent liabilities related to sale of future royalties and the debt amortization are based on current estimates of the amount and timing of future royalty payments. The Company periodically reassesses the amount and timing of probability-adjusted estimated royalty payments based on internal sales projections and external information from market data sources, which are considered Level 3 inputs. To the extent the Company’s estimates of the amount and timing of future royalty payments are materially greater or less than previous estimates, the Company will prospectively adjust the amortization of the contingent liability and effective interest rate.

Impairment of Long-Lived Assets

The Company regularly reviews its long-lived assets, including operating lease assets, to determine whether indicators of impairment may exist. If indicators of impairment exist, the Company performs a test of recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset over its useful life to the carrying value of the long-lived asset. If the carrying value of the long-lived asset exceeds such estimated undiscounted cash flows, the Company would determine the fair value of the long-lived assets using the estimated discounted future cash flow approach. The Company will recognize an impairment loss for the amount in which the carrying value exceeds the estimated fair value of the long-lived asset. For the year ended December 31, 2024, the Company recognized a non-cash impairment charge of $4.5 million related to its long-lived assets consisting of operating lease assets and leasehold improvements. The Company did not recognize any impairment losses related to its long-lived assets for the year ended December 31, 2025.

Revenue Recognition

The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, an entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company identifies the performance obligations in the contract by assessing whether the goods or services promised within each contract are distinct. The Company then recognizes revenue for the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Collaborative Arrangements under ASC 606

The Company enters into collaborative arrangements with partners that fall under the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”). While these arrangements are in the scope of ASC 808, the Company may analogize to ASC 606 for some aspects of these arrangements. The Company analogizes to ASC 606 for certain activities within collaborative arrangements for the delivery of a good or service (i.e., a unit of account) that is part of its ongoing major or central operations. Revenue recognized by analogizing to ASC 606 is recorded as “licensing and milestone revenue” whereas revenue recognized in accordance with ASC 808 is recorded on a separate collaboration revenue line on the consolidated statements of operations.

The terms of the Company’s collaborative arrangements typically include one or more of the following: (i) up-front fees; (ii) milestone payments related to the achievement of development, regulatory, or commercial goals; (iii) royalties on net sales of licensed products; (iv) reimbursements or cost-sharing of research and development expenses; and (v) profit/loss sharing arising from co-promotion arrangements. Each of these payments results in collaboration revenues or an offset against research and development expense. Where a portion of non-refundable up-front fees or

other payments received is allocated to continuing performance obligations under the terms of a collaborative arrangement, they are recorded as deferred revenue and recognized as collaboration revenue when (or as) the underlying performance obligation is satisfied.

As part of the accounting for these arrangements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price may include such estimates as, forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if they can be satisfied at a point in time or over time, and it measures the services delivered to the collaborative partner which are periodically reviewed based on the progress of the related program. The effect of any change made to an estimated input component and, therefore revenue or expense recognized, would be recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.

Up-front Fees: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes collaboration revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing collaboration revenue from the allocated transaction price. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate.

Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the collaborative partner’s control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or the collaborative partner’s control, such as operational developmental milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment.

Royalties: For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Reimbursement, cost-sharing and profit-sharing payments: Under certain collaborative arrangements, the Company may be reimbursed for a portion of its research and development expenses or participates in the cost-sharing of such research and development expenses. Such reimbursements and cost-sharing arrangements are reflected as a reduction of research and development expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations.

Research and Development Expenses

Research and development (“R&D”) expenses are recorded in the period that services are rendered or goods are received. R&D expenses consist of salaries and benefits, facility costs, and fees paid to third-parties that conduct certain clinical study activities on behalf of the Company, net of certain external R&D expenses reimbursed under the Company’s collaborative arrangements.

As part of the process of preparing its consolidated financial statements, the Company is required to estimate and accrue certain R&D expenses. This process involves the following:

•

identifying services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost;

•

estimating and accruing expenses in the Company’s consolidated financial statements as of each balance sheet date based on facts and circumstances known to it at the time; and

•

periodically confirming the accuracy of the Company’s estimates with selected service providers and making adjustments, if necessary.

Examples of estimated R&D expenses that the Company may accrue include:

•

fees paid to investigative sites in connection with clinical studies;

•

fees paid to contract manufacturing organizations (“CMOs”) in connection with the production of clinical study materials; and

•

professional service fees for consulting and related services.

The Company bases its expense accruals related to clinical studies on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions that conduct and manage clinical studies on the Company’s behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors, such as the successful enrollment of patients and the completion of clinical study milestones. The Company’s service providers typically invoice it monthly in arrears for services performed. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the Company does not identify costs that it has begun to incur or if it underestimates or overestimates the level of services performed or the costs of these services, the Company’s actual expenses could differ from its estimates.

To date, the Company has not experienced significant changes in its estimates of accrued R&D expenses after a reporting period. However, due to the nature of estimates, there is no assurance that the Company will not make changes to its estimates in the future as it becomes aware of additional information about the status or conduct of its clinical studies and other R&D activities. Such changes in estimates will be recognized as R&D expenses in the period that the change in estimate occurs.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses are recorded in the period that services are rendered or goods are received. SG&A expenses consist primarily of salaries and benefits, facilities and overhead costs, and other costs related to areas such as legal, finance, information technology, sales and marketing, and medical affairs.

Advertising Expenses

The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $5.1 million and $4.3 million for the year ended December 31, 2025 and 2024, respectively.

Share-Based Compensation

The Company issues share-based awards to employees and non-employees, generally in the form of share options and restricted share units (“RSUs”). Share-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for actual forfeitures as they occur. The Company expenses these share-based awards over the requisite service period on a straight-line basis, based on the grant date fair value of the awards.

The Company determines the fair value of RSUs to be the closing market price of the Company's common shares on the day of grant. The Company uses the Black-Scholes-Merton option pricing model to estimate the fair value of share options granted under its equity incentive plans and rights to acquire shares granted under its employee share purchase plan (“ESPP”). The Black-Scholes-Merton option pricing model requires the use of assumptions, including: (i) the expected term of the options and ESPP purchases; (ii) the share’s expected dividend yield; (iii) the expected share price volatility; and (iv) the risk-free interest rate. The expected term of options is based on historical option exercise behavior. Share price volatility is based on the historical volatility, and the risk-free interest rate is based on the US Treasury rate commensurate with the expected term of the associated award.

The Company may also issue performance-contingent RSUs (“PSUs”) that settle in the Company’s ordinary shares. The fair value of PSUs is determined on the day of grant using the number of shares expected to be vested and the closing market price of the shares on the grant date. The number of shares expected to vest is determined by assessing the probability that the performance criteria will be met and the associated targeted payout level that is forecasted will be achieved. For PSUs, the Company recognizes share-based compensation expense over the requisite service period using the accelerated attribution method when achievement of the performance criteria is considered probable based on the Company’s best estimate at the end of each reporting period.

The Company may also issue market-based RSUs that settle in the Company’s ordinary shares. Market-based RSUs vest upon the Company’s shares meeting certain market-based price targets followed by a service period. The fair value of the market-based RSUs is determined using a Monte-Carlo valuation model. Share-based compensation expense is recognized over the requisite service period regardless of whether or not the market-based price targets are deemed probable, and the share-based compensation expense is not reversed solely because the market-based price target is not achieved.

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are anticipated to be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company’s total unrecognized tax benefits associated with uncertain tax positions of $88.8 million and $83.7 million, as of December 31, 2025 and December 31, 2024, respectively, may impact the effective tax rate in the period of recognition. The Company released its federal valuation allowance as of December 31, 2022. As a result, the statutes of limitations have started on the Company’s federal unrecognized tax benefits. The timing of the effective tax rate benefit is dependent on the expiration of these statutes of limitations, as well as any favorable settlement of the Company’s uncertain positions in the future. See “Note 13. Income Taxes” for more information regarding the Company’s uncertain tax positions and information regarding the Company’s loss carryforwards and capital allowances.

The Company assesses all material positions, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether the factors underlying the sustainability assertion have changed and whether the amount of the recognized tax benefit is still appropriate.

The recognition and measurement of tax benefits require significant judgment. The Company has taken certain positions where it believes that its position is greater than 50% likely to be realized upon ultimate settlement and for which no reserve for uncertain tax positions has been recorded. If the Company does not ultimately realize the expected benefit of these positions, it will record additional income tax expenses in future periods. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

Any tax levied or credited by a governmental taxing authority that is not based on the Company’s income is outside the scope of accounting for income taxes. Therefore, the Company records such items as a component of its loss before income taxes.

Earnings per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted net income per share is computed by increasing the weighted-average number of shares outstanding for the dilutive effect of potential ordinary shares. The Company’s potential ordinary shares include outstanding options to purchase ordinary shares and RSUs, including market-based and performance-contingent awards.


		Year Ended December 31,
(In thousands, except per share data)		2025			2024
Numerator:
Net income (loss)		$	105,895		$	(56,418)

Denominator:
Weighted-average ordinary shares outstanding - basic			50,317			48,847
Dilutive effect of options and awards			1,190			—
Weighted-average ordinary shares outstanding - diluted			51,507			48,847

Net income (loss) per share:
Net income (loss) per share - basic		$	2.10		$	(1.15)
Net income (loss) per share - diluted		$	2.06		$	(1.15)

Securities excluded from the computation of diluted net income per share because their effect would have been anti-dilutive consist of 0.6 million outstanding service-based options and 0.4 million of RSUs, market-based RSUs, and performance-based RSUs as of December 31, 2025.

In accordance with ASC Topic 260, Earnings Per Share, if a company incurred a net loss, then potential ordinary shares are considered anti-dilutive for the periods in which the net loss was recognized. For the year ended December 31, 2024, the Company recognized a net loss. As a result, the potential ordinary shares were not included in the computation of diluted net loss per share due to their anti-dilutive effects. See “Note 11. Share-Based Compensation” for information related to outstanding options and RSUs as of December 31, 2024.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and changes in unrealized gains and losses on the Company’s available-for-sale investments.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to provide additional information in their tax rate reconciliation and additional disclosures about income taxes paid by jurisdiction. ASU 2023-09 became effective on a prospective basis for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025. See “Note 13. Income Taxes” for the additional information and disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 modifies the rules on income statement disclosures to enhance the transparency of and include more detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion, in commonly presented expense captions such as cost of sales, research and development, and selling, general and administrative expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026. The Company is evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with GAAP. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting requirements. ASU 2025-11 will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact of adopting ASU 2025-11 on its consolidated financial statements and related disclosures.

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 consolidated financial statements and related disclosures.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income (loss)	$ 105,895	$ (56,418)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,626	1,710
Amortization and accretion on investment securities, net	(2,830)	(2,509)
Future royalty payment contingency interest accretion	2,461	2,546
Share-based compensation	18,476	21,393
Loss on disposal of property and equipment	35	34
Loss on impairment of long-lived assets	0	4,513
Amortization of right-of-use assets	4,015	4,414
Deferred income taxes	(11,519)	(7,573)
Other	(89)
Changes in operating assets and liabilities:
Receivables from collaborative and licensing arrangements	(27,099)	(966)
Prepaid clinical and development services	73	1,965
Other prepaid and current assets	(3,360)	7,399
Right-of-use lease assets	(32)	(707)
Future contingent milestone and royalty assets	144,200
Other assets	(1,077)	411
Accounts payable	326	750
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	4,009	1,468
Operating lease liabilities	(7,117)	661
Unrecognized tax benefits	10,481	9,906
Other long-term liabilities	67	(532)
Net cash provided by (used in) operating activities	238,541	(11,535)
Investing activities
Purchases of property and equipment	(42)	(332)
Purchases of marketable securities	(248,217)	(140,743)
Maturities of marketable securities	142,975	139,813
Purchase of derivative		(2,292)
Sale of short-term investments and marketable securities		15,838
Net cash (used in) provided by investing activities	(105,284)	12,284
Financing activities
Ordinary share repurchases		(445)
Proceeds from the sale of ordinary shares	20	99
Proceeds from ESPP purchases		508
Proceeds from option exercises	766
Repurchase of shares to satisfy tax withholding	(4,034)	(2,659)
Net cash used in financing activities	(3,248)	(2,497)
Net increase (decrease) in cash, cash equivalents, and restricted cash	130,009	(1,748)
Cash, cash equivalents, and restricted cash at beginning of period	38,633	40,381
Cash, cash equivalents, and restricted cash at end of period	168,642	38,633
Supplemental disclosure of cash flow information
Cash paid for income taxes, net	$ 27,884	$ 109

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity
2026	$ 11,444
2027	11,567
2028	11,747
2029	11,838
2030	4,998
Total operating lease payments	$ 51,594

Income Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Valuation Allowance
Valuation allowance	$ 436,348	$ 435,543

Cash, Cash Equivalents, and Restricted Cash - General Information (Details) - USD ($) $ in Thousands		1 Months Ended
	Jun. 27, 2025	Feb. 28, 2025
Cash and Cash Equivalents [Abstract]
Future contingent milestone and royalty assets, Royalty Sales Agreement, upfront payment, cash proceeds	$ 225,000
Future contingent milestone and royalty assets, milestone payments, received		$ 50,000

Investments and Fair Value Measurements - Available-for-Sale Securities - Credit Losses (Details) $ in Thousands	Dec. 31, 2025 USD ($) position
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss
Debt securities, available-for-sale, allowance for credit loss \| $	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Number of Positions
Debt securities, available-for-sale, unrealized loss position, number of positions \| position	0

Net Gain on Realized Contingent Milestone and Royalty Assets and Milestone Income - General Information (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Jun. 27, 2025	Dec. 31, 2025	Feb. 28, 2025	Dec. 31, 2025	May 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Future contingent milestone and royalty assets, milestone payments, receivable, maximum potential		$ 100,000		$ 100,000	$ 150,000	$ 150,000		$ 250,000
Future contingent milestone and royalty assets, royalty, receivable, percentage of royalty payments payable by product seller (as a percent)								85.00%
Future contingent milestone and royalty assets	$ 144,200					$ 144,200	$ 144,200		$ 194,200
Future contingent milestone and royalty assets, measurement input, discount rate (as a percent)									7.83%
Future contingent milestone and royalty assets, milestone payments, received			$ 50,000
Future contingent milestone and royalty assets, Royalty Sales Agreement, upfront payment, receivable					$ 225,000
Future contingent milestone and royalty assets, Royalty Sales Agreement, upfront payment, cash proceeds	$ 225,000
TRELEGY milestone income		$ 50,000		$ 50,000

Property and Equipment - Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Impairment Charges
Impairment of leasehold improvements		$ 300
Impairment of long-lived assets (non-cash)	$ 0	$ 4,513

Income Taxes - Components of Loss before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest
United States	$ 108,390	$ 2,014
Ireland	20,857	(46,628)
Income (loss) before income taxes	$ 129,247	$ (44,614)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
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+ Details

SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) - Implied Share of Net Sales - Tabular Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Viatris \| YUPELRI Monotherapy \| Theravance Biopharma, Inc.
Revenues:
Revenues	$ 24,697	$ 24,977	$ 23,216	$ 20,420	$ 23,339	$ 21,766	$ 19,085	$ 19,329	$ 93,310	$ 83,519

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Organization and Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2025
Leasehold Improvements
Property and Equipment
Property, Plant, and Equipment, Useful Life, Term, Description	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Laboratory Equipment \| Minimum
Property and Equipment
Estimated useful life	5 years
Laboratory Equipment \| Maximum
Property and Equipment
Estimated useful life	7 years
Furniture and Fixtures \| Minimum
Property and Equipment
Estimated useful life	5 years
Furniture and Fixtures \| Maximum
Property and Equipment
Estimated useful life	7 years
Software and Software Development Costs \| Minimum
Property and Equipment
Estimated useful life	3 years
Software and Software Development Costs \| Maximum
Property and Equipment
Estimated useful life	5 years
Computer Equipment \| Minimum
Property and Equipment
Estimated useful life	3 years
Computer Equipment \| Maximum
Property and Equipment
Estimated useful life	5 years

Contract Derivative

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Contract Derivative

6. Contract Derivative

On December 27, 2024, the Company purchased a contract derivative to manage its exposure to financial risk and to mitigate potential tax liability. The Company determined that the contract derivative met the definition of a derivative under ASC Topic 815, Derivatives and Hedging.

The contract derivative is measured at fair value using the discounted cash flow method and includes unobservable inputs derived from management’s estimates and assumptions. Management’s estimates and assumptions are based in part on external data and internal data and involve a significant degree of judgment. The primary unobservable inputs, classified as Level 3 under the fair value hierarchy, include the remote possibility of a future payout of taxes. The discount rate utilized in the fair value model was 5.5%, as of December 31, 2024 and 4.8% as of December 31, 2025.

The contract derivative was recognized within non-current “Other assets” on the consolidated balance sheets and changes to the contract derivative’s fair value were as follow for the year ended December 31, 2025:


(In thousands)
Balance at December 31, 2024		$	2,292
Unrealized gain			89
Balance at December 31, 2025		$	2,381

For the year ended December 31, 2025, the increase in the contract derivative’s fair value was driven by a decrease in the estimated discount rate, and the unrealized gain was recognized within “Interest and other income, net” on the consolidated statements of operations. For the year ended December 31, 2024, the unrealized gain (loss) recognized related to the contract derivative’s change in fair value was immaterial.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

SUPPLEMENTARY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

SUPPLEMENTARY FINANCIAL DATA

(UNAUDITED)

(In thousands, except per share data)

The following table presents certain unaudited consolidated quarterly financial information for the eight quarters in the periods ended December 31, 2025 and 2024. This information has been prepared on the same basis as the audited consolidated financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the unaudited quarterly results of operations set forth herein.


		For the Quarter Ended
		March 31,			June 30,			September 30,			December 31,
2025
Total revenue		$	15,388		$	26,195		$	19,990		$	45,891
Total expenses			29,822			28,920			26,445			25,879
Income (loss) from operations			(14,434)			(2,725)			(6,455)			20,012
Net income (loss)			(13,579)			54,835			3,615			61,024
Net income (loss) - basic per share			(0.27)			1.09			0.07			1.20
Net income (loss) - diluted per share		$	(0.27)		$	1.08		$	0.07		$	1.15

2024
Total revenue		$	14,503		$	14,256		$	16,868		$	18,754
Total expenses			25,710			29,961			27,705			27,954
Loss from operations			(11,207)			(15,705)			(10,837)			(9,200)
Net loss			(11,664)			(16,529)			(12,698)			(15,527)
Net loss - basic and diluted per share		$	(0.24)		$	(0.34)		$	(0.26)		$	(0.31)

Share of Total YUPELRI Net Sales ⁽¹⁾
		For the Quarter Ended
		March 31,			June 30,			September 30,			December 31,
2025		$	20,420		$	23,216		$	24,977		$	24,697
2024		$	19,329		$	19,085		$	21,766		$	23,339

(1)

The Company co-promotes YUPELRI in the US under a profit and loss sharing arrangement with Viatris (65% to Viatris; 35% to Theravance Biopharma). The amounts represent the Company’s implied 35% share of the total net sales of YUPELRI that were recognized within Viatris’ financial statements for the periods presented.

Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Liquidity and Capital Resources

Segment Reporting

Cash and Cash Equivalents

Restricted Cash

Investments in Marketable Securities

Fair Value of Financial Instruments

Level 1 — Unadjusted quoted prices for identical instruments in active markets;

Level 3 — Unobservable inputs and little, if any, market activity which require the Company to develop its own assumptions.

Fair Value of Derivative

Receivables from Collaborative Arrangements

Concentration of Credit Risks

Property and Equipment


Leasehold improvements		Shorter of remaining lease terms or useful life
Equipment, furniture and fixtures		5 - 7 years
Software and computer equipment		3 - 5 years

Leases

Future Contingent Milestone and Royalty Assets

model. Any future milestone payments that are realized or realizable will continue to be recognized under the gain contingency guidance in ASC 450-30.

Future Royalty Payment Contingency

Impairment of Long-Lived Assets

Revenue Recognition

Collaborative Arrangements under ASC 606

Research and Development Expenses

As part of the process of preparing its consolidated financial statements, the Company is required to estimate and accrue certain R&D expenses. This process involves the following:

•

estimating and accruing expenses in the Company’s consolidated financial statements as of each balance sheet date based on facts and circumstances known to it at the time; and

•

periodically confirming the accuracy of the Company’s estimates with selected service providers and making adjustments, if necessary.

Examples of estimated R&D expenses that the Company may accrue include:

•

fees paid to investigative sites in connection with clinical studies;

•

fees paid to contract manufacturing organizations (“CMOs”) in connection with the production of clinical study materials; and

•

professional service fees for consulting and related services.

Selling, General and Administrative Expenses

Advertising Expenses

Share-Based Compensation

Income Taxes

Earnings per Share


		Year Ended December 31,
(In thousands, except per share data)		2025			2024
Numerator:
Net income (loss)		$	105,895		$	(56,418)

Denominator:
Weighted-average ordinary shares outstanding - basic			50,317			48,847
Dilutive effect of options and awards			1,190			—
Weighted-average ordinary shares outstanding - diluted			51,507			48,847

Net income (loss) per share:
Net income (loss) per share - basic		$	2.10		$	(1.15)
Net income (loss) per share - diluted		$	2.06		$	(1.15)

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and changes in unrealized gains and losses on the Company’s available-for-sale investments.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Completion of Capital Return Program (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Summary of share repurchases


(In thousands, except per share amounts)
Shares repurchased		38
Amount repurchased (excluding fees and expenses)	$	444
Weighted average cost per share (excluding fees and expenses)	$	11.551

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of available-for-sale securities


				December 31, 2025
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	130,602		$	43		$	(1)		$	130,644
Corporate notes		Level 2			37,690			15			(1)			37,704
Commercial paper		Level 2			71,695			8			(3)			71,700
Marketable securities					239,987			66			(5)			240,048
Money market funds		Level 1			79,387			—			—			79,387
Total				$	319,374		$	66		$	(5)		$	319,435


				December 31, 2024
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	17,306		$	8		$	—		$	17,314
Corporate notes		Level 2			5,431			1			(1)			5,431
Commercial paper		Level 2			35,285			1			(2)			35,284
Marketable securities					58,022			10			(3)			58,029
Money market funds		Level 1			550			—			—			550
Total				$	58,572		$	10		$	(3)		$	58,579

Schedule of available-for-sale debt securities with unrealized losses


		December 31, 2025
		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		$	9,998		$	(1)	$	—	$	—		$	9,998	$	(1)
Corporate notes			8,265			(1)		—		—			8,265		(1)
Commercial paper			23,565			(3)		—		—			23,565		(3)
Total		$	41,828		$	(5)	$	—	$	—		$	41,828	$	(5)


	December 31, 2024
	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
Corporate notes	$	4,114	$	(1)	$	—	$	—	$	4,114	$	(1)
Commercial paper		18,883		(2)		—		—		18,883		(2)
Total	$	22,997	$	(3)	$	—	$	—	$	22,997	$	(3)

Ampreloxetine Funding (Tables)

12 Months Ended

Dec. 31, 2025

Collaborative Arrangement [Abstract]

Schedule of changes to the contingent liability


(In thousands)
Balance at December 31, 2024		$	30,334
Non-cash interest expense accretion			2,461
Balance at December 31, 2025		$	32,795

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of property and equipment


Leasehold improvements		Shorter of remaining lease terms or useful life
Equipment, furniture and fixtures		5 - 7 years
Software and computer equipment		3 - 5 years


		December 31,
(In thousands)		2025			2024
Computer equipment		$	1,992		$	2,060
Software			763			762
Furniture and fixtures			1,642			1,642
Laboratory equipment			38			38
Leasehold improvements			25,281			25,317
Subtotal			29,716			29,819
Less: accumulated depreciation			(23,821)			(22,401)
Property and equipment, net		$	5,895		$	7,418

Income Taxes - Undistributed Earnings of Foreign Subsidiaries (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Deferred Tax Liability Not Recognized, Undistributed Earnings of Foreign Subsidiaries
Provision for income taxes on undistributed earnings of foreign subsidiaries	$ 0
Undistributed earnings of foreign subsidiaries	$ 0

Contract Derivative (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of changes to the contract derivative


(In thousands)
Balance at December 31, 2024		$	2,292
Unrealized gain			89
Balance at December 31, 2025		$	2,381

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Leases - Subleases (Details)		1 Months Ended
Leases - Subleases (Details)	Jan. 03, 2025 USD ($) ft²	Nov. 30, 2024 USD ($) ft²	May 31, 2024 USD ($)	Mar. 31, 2024 USD ($) ft²	Jun. 30, 2022 USD ($) ft²	Jul. 31, 2021 USD ($) ft²	Dec. 31, 2025 ft² building lease	May 31, 2022 ft²
Lessee, Operating Lease, Description
Lessee, operating lease, renewal term								2 years
Lessee, Operating Sublease, Description
Lessee, Operating Sublease, Existence of Option to Extend		true
Lessee, operating sublease, base rent, monthly		$ 16,250			$ 500,000
Lessee, operating sublease, base rent, annual increases, percentage (as a percent)		3.00%			3.00%
Lessee, operating sublease, expected sublease income		$ 3,000,000
South San Francisco Lease
Lessee, Operating Lease, Description
Area of real estate property \| ft²							162,000
Lessee, operating lease, buildings, number \| building							2
Lessee, Operating Sublease, Description
Lessee, operating sublease, area \| ft²							130,000
Lessee, operating sublease, subtenants, number \| lease							4
South San Francisco Lease, January 2025 Sublease
Lessee, Operating Sublease, Description
Lessee, operating sublease, area \| ft²	12,000
Lessee, operating sublease, term of contract	2 years
Lessee, Operating Sublease, Existence of Option to Extend	true
Lessee, operating sublease, extension period	1 year
Lessee, operating sublease, base rent, monthly	$ 67,000
Lessee, operating sublease, base rent, annual increases, percentage (as a percent)	3.50%
Lessee, operating sublease, expected sublease income	$ 1,500,000
South San Francisco Lease, March 2024 Sublease
Lessee, Operating Sublease, Description
Lessee, operating sublease, area \| ft²				8,000
Lessee, operating sublease, term of contract				2 years
Lessee, Operating Sublease, Existence of Option to Extend				false
Lessee, operating sublease, base rent, monthly				$ 38,000
Lessee, operating sublease, base rent, annual increases, percentage (as a percent)				3.00%
South San Francisco Lease, March 2024 Sublease Amendment, November 2024
Lessee, Operating Sublease, Description
Lessee, operating sublease, area \| ft²		11,000
Lessee, operating sublease, term of contract		2 years 6 months
South San Francisco Lease, June 2022 Sublease
Lessee, Operating Lease, Description
Lessee, operating lease, tenant improvement allowance					$ 8,900,000
Lessee, Operating Sublease, Description
Lessee, operating sublease, area \| ft²					78,000
Lessee, Operating Sublease, Existence of Option to Extend					false
Lessee, operating sublease, tenant improvement allowance, subtenant					$ 6,500,000
Lessee, operating sublease, expected sublease income					51,700,000
Lessee, operating sublease, expected sublease income, premium over lease obligation					$ 13,500,000
Lessee, operating sublease, expected sublease income, premium over lease obligation, shared with lessor, percentage (as a percent)					50.00%
Lessee, operating sublease, expected sublease income, premium over lease obligation, shared with lessor					$ 6,700,000
Lessee, operating sublease, expected sublease income, premium over lease obligation, retained by lessee, percentage (as a percent)					50.00%
South San Francisco Lease, July 2021 Sublease
Lessee, Operating Sublease, Description
Lessee, operating sublease, area \| ft²						21,000
Lessee, Operating Sublease, Existence of Option to Extend						false
Lessee, Operating Sublease, Existence of Option to Terminate						true
Lessee, operating sublease, existence of option to terminate, written notification period						10 days
Lessee, operating sublease, base rent, monthly						$ 100,000
Lessee, operating sublease, base rent, annual increases, percentage (as a percent)						3.00%
Lessee, operating sublease, expected sublease income						$ 13,100,000
Lessee, operating sublease, expected sublease income, premium over lease obligation						$ 4,200,000
Lessee, operating sublease, expected sublease income, premium over lease obligation, shared with lessor, percentage (as a percent)						50.00%
Lessee, operating sublease, expected sublease income, premium over lease obligation, shared with lessor						$ 2,100,000
Lessee, operating sublease, expected sublease income, premium over lease obligation, retained by lessee, percentage (as a percent)						50.00%
Dublin Lease
Lessee, Operating Lease, Description
Area of real estate property \| ft²								700
Lessee, operating lease, term of contract			2 years					2 years
Lessee, operating lease, base rent expense, term of lease			$ 400,000
Lessee, operating lease, base rent expense, annual			$ 200,000
Lessee, Operating Lease, Existence of Option to Terminate			true
Lessee, operating lease, existence of option to terminate, written notification period			3 months

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

Revenues 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. In November 2018, YUPELRI was approved by the US Food and Drug Administration (the “FDA”) for the maintenance treatment of patients with chronic obstructive pulmonary disease (“COPD”).

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 the Company). Outside the US (excluding 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 also holds exclusive development and commercialization rights to nebulized revefenacin in China and adjacent territories, which include the Hong Kong SAR, the Macau SAR, and Taiwan (collectively, the “China Region”), and the Company is eligible to receive tiered royalties ranging from 14% to 20% on net sales of nebulized revefenacin in the China Region. Viatris is responsible for all aspects of development and commercialization in the China Region, including pre- and post-launch activities and product registration and all associated costs. Viatris is the principal in the YUPELRI sales transactions, and as a result, the Company does not reflect the product sales in its consolidated financial statements.

As of December 31, 2025, the Company is eligible to receive from Viatris potential global sales and regulatory milestone payments (excluding the China Region) up to $180.0 million in the aggregate, with $135.0 million associated with YUPELRI monotherapy and $45.0 million associated with future potential combination products. Of the $135.0 million associated with monotherapy, $125.0 million relates to sales milestones based on achieving certain levels of US net sales and $10.0 million relates to regulatory actions in the European Union (“EU”). The Company is also eligible to receive additional potential sales and regulatory milestones up to $45.0 million related to Viatris’ development and commercialization of nebulized revefenacin in the China Region with $37.5 million associated with YUPELRI monotherapy and $7.5 million associated with future potential combination products. The $37.5 million relates to sales milestones based on achieving certain levels of net sales in the China Region, and the $7.5 million relates to achieving regulatory milestones.

The Viatris Agreement is considered to be within the scope of ASC 808, Collaborative Arrangements, 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, 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 by both parties according to the profit and loss sharing percentages noted above. Performing R&D services for reimbursement is considered a collaborative activity under the scope of ASC 808. Reimbursable program costs, if any, are recognized proportionately with the performance of the underlying services and accounted for as reductions to R&D expense.

The future potential milestone amounts for the Viatris Agreement were not included in the original 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 constraint on development and regulatory milestones, 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. In June 2025, YUPELRI received regulatory approval by China’s National Medical Products Administration (“NMPA”) which triggered a $7.5 million milestone payment from Viatris to the Company. The milestone payment was recognized as “licensing revenue and milestone” on consolidated statements of operations for the year ended December 31, 2025, as the milestone was variable consideration that became no longer constrained. No such licensing and milestone revenue was recognized for the year ended December 31, 2024.

The Company expects that the sales-based milestone payments and royalty arrangements will be recognized when the sales occur or the milestone is achieved. In December 2025, the Company recognized a $25.0 million milestone related to the achievement of $250.0 million in US net sales in 2025. The milestone payment was recognized as “licensing and milestone revenue” on consolidated statements of operations for the year ended December 31, 2025. No such licensing and milestone revenue was recognized for the year ended December 31, 2024.

Following the 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 consolidated statements of operations as revenue from “Viatris collaboration agreement” irrespective of whether the overall collaboration is profitable.

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


	Year Ended December 31,
(In thousands)	2025		2024
Viatris collaboration agreement – Amounts receivable from Viatris	$	74,964	$	64,381
Licensing and milestone revenue – 2025 US net sales milestone		25,000		—
Licensing and milestone revenue – China Region regulatory approval milestone		7,500		—
Total	$	107,464	$	64,381

While Viatris records total YUPELRI net sales within its own consolidated financial statements, Viatris collaboration agreement revenue on the Company’s consolidated statements of operations included the Company’s implied 35% share of total YUPELRI net sales, before deducting shared commercial expenses, as presented below:


	Year Ended December 31,
(In thousands)	2025		2024
YUPELRI net sales (Theravance Biopharma implied 35%)	$	93,310	$	83,519

Revenue by Geographic Region

The following table summarizes total revenue by geographic region based on the location of the Company’s customers or collaboration partners:


	Year Ended December 31,
(In thousands)	2025		2024
US	$	74,964	$	64,381
Europe ¹		32,500		—
Total revenue	$	107,464	$	64,381

¹Represents licensing and milestone revenue from European-based contractual collaboration partner.

Revenue by Significant Customers

The following table summarizes total revenue from each of the Company’s customers or collaboration partners who individually accounted for 10% or more of total revenue (as a percentage of total revenues):


	Year Ended December 31,
(% of total revenue)	2025		2024
Viatris	100	%	100	%

Viatris accounted for 100% of the Company’s receivables from collaborative arrangements as of December 31, 2025 and 2024.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of amounts were recognized within revenue


	Year Ended December 31,
(In thousands)	2025		2024
Viatris collaboration agreement – Amounts receivable from Viatris	$	74,964	$	64,381
Licensing and milestone revenue – 2025 US net sales milestone		25,000		—
Licensing and milestone revenue – China Region regulatory approval milestone		7,500		—
Total	$	107,464	$	64,381

Schedule of implied share of total net sales


	Year Ended December 31,
(In thousands)	2025		2024
YUPELRI net sales (Theravance Biopharma implied 35%)	$	93,310	$	83,519

Schedule of total revenue by geographic region


	Year Ended December 31,
(In thousands)	2025		2024
US	$	74,964	$	64,381
Europe ¹		32,500		—
Total revenue	$	107,464	$	64,381

¹Represents licensing and milestone revenue from European-based contractual collaboration partner.

Schedule of total revenue from customers or collaboration partners who individually accounted for 10% or more of total revenue


	Year Ended December 31,
(% of total revenue)	2025		2024
Viatris	100	%	100	%

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of total number of shares available for future issuance under the plans


2013 EIP		3,579,880
2013 ESPP (suspended as December 31, 2024)		3,447,685
2014 NEEIP (expired)		—
Total		7,027,565

Schedule of share-based compensation expense included in the condensed consolidated statements of operations


		Year Ended December 31,
(In thousands)		2025			2024
Research and development		$	4,081		$	5,104
Selling, general and administrative			14,395			16,289
Total share-based compensation expense		$	18,476		$	21,393

Schedule of share-based compensation expense by award type included in the consolidated statements of operations


		Year Ended December 31,
(In thousands)		2025			2024
Options		$	1,741		$	2,060
RSUs			15,512			16,746
Performance RSUs			1,224			1,848
ESPP			—			739
Total share-based compensation expense		$	18,476		$	21,393

Schedule of unrecognized share-based compensation cost


		Unrecognized			Weighted‑Average
		Compensation			Amortization Period
(In thousands, except amortization period)		Cost			(Years)
Options		$	539		0.43
RSUs			19,390		2.36
Performance RSUs ⁽¹⁾			575		0.86
Total		$	20,504

(1)	Represents unrecognized share-based compensation cost associated with the Company’s market-based and performance-contingent awards described above that are probable of vesting.

Summary of option activity


		Weighted-Average	Weighted-Average
	Number of Shares	Remaining	Exercise Price of			Aggregate
	Subject to	Contractual	Outstanding Options			Intrinsic Value
	Outstanding Options	Term (Years)	(in dollars)			(in thousands)
Outstanding at December 31, 2024	1,896,908		$	15.53
Granted	169,806			9.39
Exercised	(66,517)			11.51	$	363
Forfeited	(1,312)			9.75
Expired	(71,438)			17.75
Outstanding at December 31, 2025	1,927,447	5.62	$	15.05	$	11,143
Exercisable at December 31, 2025	1,816,918	5.45			$	10,152
Vested and expected to vest at December 31, 2025	1,927,447	5.62			$	11,143

Schedule of RSU activity


		Number of Shares
		Subject to
		Outstanding RSUs
Outstanding at December 31, 2024		3,955,487
Granted		1,398,131
Released		(1,834,124)
Forfeited		(317,002)
Outstanding at December 31, 2025		3,202,492

Schedule of valuation assumptions for options granted


		Year Ended December 31,
		2025			2024
Options
Risk-free interest rate			4.19%			4.47%
Expected term (in years)			6.3			6.4
Volatility			51%			52%
Dividend yield			—			—
Weighted-average estimated fair value		$	5.15		$	5.29

Organization and Summary of Significant Accounting Policies - Investments in Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments in Marketable Securities
Credit losses on available-for-sale debt securities	$ 0	$ 0

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

We recognize the importance of maintaining the trust and confidence of our investors, patients, business partners, and employees. Our board of directors are actively involved in the oversight of our risk management program, and cybersecurity represents an important component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology, the international organization for standardization. In general, we seek to address cybersecurity risks through a comprehensive cross-functional approach that is focused on preserving the confidentiality, security, and availability of the information that we collect and store by identifying, preventing, and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.

Our cybersecurity program includes the following key elements:

●

Collaborative Approach

We have implemented a comprehensive cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner.

●

Technical Safeguards

We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.

●

Incident Response and Recovery Planning

We have established and maintain comprehensive incident response and recovery plans that address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis.

●

Third-Party Risk Management

We maintain a comprehensive risk-based approach to identifying and overseeing cybersecurity risks presented by third-parties, including vendors, service providers, and other external users of our systems, as well as the systems of third-parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.

●

Education and Awareness

We provide regular mandatory training for employees regarding cybersecurity threats as a means to equip our employees with effective tools and education to address cybersecurity threats and to communicate our evolving information security policies, standards, processes, and practices.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

●

Collaborative Approach

●

Technical Safeguards

●

Incident Response and Recovery Planning

We have established and maintain comprehensive incident response and recovery plans that address our response to a cybersecurity incident, and such plans are tested and evaluated on a regular basis.

●

Third-Party Risk Management

●

Education and Awareness

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

One of the key functions of our board of directors is informed oversight of our ERM, including risks from cybersecurity threats. Our board of directors receive regular presentations and reports on our cybersecurity risks, which have pertained to a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends, and information security considerations arising with respect to our peers and third-parties. The board of directors also receive prompt and timely information regarding any cybersecurity incident that meets reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed and resolved.

On an annual basis, the board of directors discuss our approach to cybersecurity risk management with management which includes our Chief Information Officer (“CIO”). Our CIO has overall operational responsibility for our cybersecurity risk management. To facilitate the success of our cybersecurity risk management program, we have an Infrastructure, Operations & Security Team (“IOS Team”) that is tasked with the responsibility to design, implement, and manage systems, processes, and policies to defend against cybersecurity threats and to respond to cybersecurity incidents. Working collaboratively across our Company, the IOS Team implements and maintains a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

board of directors

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our board of directors receive regular presentations and reports on our cybersecurity risks, which have pertained to a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends, and information security considerations arising with respect to our peers and third-parties

Cybersecurity Risk Role of Management [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Chief Information Officer

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

On an annual basis, the board of directors discuss our approach to cybersecurity risk management with management which includes our Chief Information Officer (“CIO”).

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

Net Gain on Realized Contingent Milestone and Royalty Assets and Milestone Income - Tabular Disclosure (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 27, 2025	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Jul. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Future contingent milestone and royalty assets, Royalty Sales Agreement, upfront payment, cash proceeds	$ 225,000
Future contingent milestone and royalty assets carrying value	(144,200)		$ (144,200)	$ (144,200)	$ (194,200)
Future contingent milestone and royalty assets, Royalty Sales Agreement, transaction costs	(5,663)
Net gain on realized contingent milestone and royalty assets	$ 75,137	$ 75,137

Cash, Cash Equivalents, and Restricted Cash - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$ 167,806	$ 37,797
Restricted cash	836	836
Total cash, cash equivalents, and restricted cash	$ 168,642	$ 38,633	$ 40,381

Investments and Fair Value Measurements - Fair Value to Amortized Cost - Total (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Amortized cost, available-for-sale securities	$ 239,987	$ 58,022
Estimated fair value, available-for-sale securities	240,048	58,029
Money market funds	79,387	550
Amortized cost, total	319,374	58,572
Estimated fair value, total	$ 319,435	$ 58,579

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Ampreloxetine Phase 3 Clinical Study Top-line Results

On March 3, 2026, the Company announced that its ampreloxetine Phase 3 clinical study (CYPRESS) in development for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy did not meet its primary endpoint in the Orthostatic Hypotension Symptom Assessment composite score. As a result of this outcome, the Company has decided to wind down its ampreloxetine program.

Organizational Restructure

As the Company’s Board of Directors evaluate alternatives to maximize shareholder value, the Company is implementing an organizational restructuring (the “Restructuring”) to streamline costs and align its resources with its commercial focus on YUPELRI. The Restructuring is expected to impact approximately 50% of the Company’s workforce of 90 employees. This reduction includes the complete wind-down of the R&D function and a decrease of approximately 50% in G&A employees. These actions will be implemented over the next two quarters, and the Company expects to incur approximately $5.0 million to $7.0 million in one-time cash severance costs related to these actions.

Share-Based Compensation - Shares Available for Future Issuance (Details)	Dec. 31, 2025 shares
Share-Based Compensation
Total number of shares available for future issuance (in shares)	7,027,565
2013 Equity Incentive Plan
Share-Based Compensation
Total number of shares available for future issuance (in shares)	3,579,880
2013 Employee Share Purchase Plan
Share-Based Compensation
Total number of shares available for future issuance (in shares)	3,447,685

Net Gain on Realized Contingent Milestone and Royalty Assets and Milestone Income (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of net gain on realized contingent milestone and royalty assets


(In thousands)
Cash proceeds		$	225,000
Less:
Future contingent milestone and royalty assets carrying value			(144,200)
Transaction costs			(5,663)
Net gain on realized contingent milestone and royalty assets		$	75,137

Cash, Cash Equivalents, and Restricted Cash - Foreign Exchange Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Gain (Loss), Foreign Currency Transaction, before Tax
Realized and unrealized foreign currency gain (losses)	$ (0.1)	$ (0.1)

SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) - Implied Share of Net Sales - Additional Information (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement - Viatris	Dec. 31, 2025
Collaborative Arrangement
Collaborative arrangement, profit and loss, sharing arrangement, percentage, counterparty share (as a percent)	65.00%
Collaborative arrangement, profit and loss, sharing arrangement, percentage, entity share (as a percent)	35.00%

Organization and Summary of Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Marketing and Advertising Expense
Advertising expenses	$ 5.1	$ 4.3

Net Gain on Realized Contingent Milestone and Royalty Assets and Milestone Income

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Net Gain on Realized Contingent Milestone and Royalty Assets and Milestone Income

9. Net Gain on Realized Contingent Milestone and Royalty Assets and Milestone Income

The Company recognized future contingent milestone and royalty assets related to the sale of its equity interests in Theravance Respiratory Company, LLC (“TRC”) to Royalty Pharma Investments 2019 ICAV, an Irish collective asset-management vehicle (“Royalty Pharma”), in July 2022 (the “TRC Transaction”). The future contingent milestone and royalty assets represented the fair value of potential future milestone payments and royalties related to worldwide net sales of GSK plc’s (“GSK”) TRELEGY as described below.

From and after January 1, 2023, for any calendar year starting with the year ended December 31, 2023 and ending with the year ending December 31, 2026, upon certain milestone minimum royalty amounts for TRELEGY being met, Royalty Pharma is obligated to make certain cash payments to the Company, which are not to exceed $250.0 million in aggregate (the “Milestone Payments”). Additionally, the Company was eligible to receive from Royalty Pharma 85% of the royalty payments on TRELEGY payable by GSK (a) for sales or other activities occurring on and

after January 1, 2031 related to TRELEGY in the US, and (b) for sales or other activities occurring on and after July 1, 2029 related to TRELEGY outside of the US (the “Royalties”).

The future contingent milestone and royalty assets were initially measured at fair value utilizing a Monte Carlo simulation model to calculate the present value of the risk-adjusted cash flows estimated to be received from the future contingent milestone and royalty assets. The fair value model involved significant unobservable inputs derived using management’s estimates. Management’s estimates were based in part on external data and reflected management’s judgements and forecasts. The primary significant unobservable input was the estimate of forecasted TRELEGY net sales which is considered a Level 3 fair value input. In July 2022, the Company estimated the fair value of the future contingent milestone and royalty assets to be $194.2 million, and the discount rate utilized in the valuation model was 7.83%. While the $194.2 million was comprised of two components: (i) Milestone Payments and (ii) Royalties, the Company accounted for the future contingent milestone and royalty assets as a combined single unit of account. As a result, the Company would not recognize any income associated with any potential future contingent milestone and royalty assets payments until the cumulative payments received exceeded the original $194.2 million fair value.

In February 2025, the Company received a $50.0 million Milestone Payment from Royalty Pharma, which was the maximum that the Company could have received, upon achieving certain milestone minimum royalty amounts that were met related to 2024 TRELEGY global net sales. Following the receipt of the $50.0 million, the remaining aggregate Milestone Payments available to the Company totaled $150.0 million, and the remaining fair value of the future contingent milestone and royalty assets was $144.2 million as of March 31, 2025.

On May 30, 2025, the Company entered into a definitive agreement to assign the Royalties to GSK for a one-time upfront payment of $225.0 million (the “TRELEGY Royalty Sales Agreement”) while retaining its right to receive the remaining potential $150.0 million in Milestone Payments from Royalty Pharma. The Company received the $225.0 million cash payment from GSK on June 27, 2025 related to the TRELEGY Royalty Sales Agreement, and as a result, no amount remained on the consolidated balance sheets related to the arrangement with Royalty Pharma. The gain on the sale of the Royalties was presented as “Net gain on realized contingent milestone and royalty assets” on the consolidated statements of operations and was determined as follows:


(In thousands)
Cash proceeds		$	225,000
Less:
Future contingent milestone and royalty assets carrying value			(144,200)
Transaction costs			(5,663)
Net gain on realized contingent milestone and royalty assets		$	75,137

Milestone Income

In December 2025, the Company recognized a $50.0 million Milestone Payment from Royalty Pharma, which was the maximum that the Company could have received, upon achieving certain milestone minimum royalty amounts that were met related to 2025 TRELEGY global net sales. As of December 31, 2025, Company may still receive Milestone Payments of up to $100.0 million for the year ending December 31, 2026.

SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Schedule of consolidated quarterly financial information


		For the Quarter Ended
		March 31,			June 30,			September 30,			December 31,
2025
Total revenue		$	15,388		$	26,195		$	19,990		$	45,891
Total expenses			29,822			28,920			26,445			25,879
Income (loss) from operations			(14,434)			(2,725)			(6,455)			20,012
Net income (loss)			(13,579)			54,835			3,615			61,024
Net income (loss) - basic per share			(0.27)			1.09			0.07			1.20
Net income (loss) - diluted per share		$	(0.27)		$	1.08		$	0.07		$	1.15

2024
Total revenue		$	14,503		$	14,256		$	16,868		$	18,754
Total expenses			25,710			29,961			27,705			27,954
Loss from operations			(11,207)			(15,705)			(10,837)			(9,200)
Net loss			(11,664)			(16,529)			(12,698)			(15,527)
Net loss - basic and diluted per share		$	(0.24)		$	(0.34)		$	(0.26)		$	(0.31)

Share of Total YUPELRI Net Sales ⁽¹⁾
		For the Quarter Ended
		March 31,			June 30,			September 30,			December 31,
2025		$	20,420		$	23,216		$	24,977		$	24,697
2024		$	19,329		$	19,085		$	21,766		$	23,339

(1)

Revenue - Concentration Risk (Details) - Viatris	12 Months Ended
Revenue - Concentration Risk (Details) - Viatris	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk
Concentration risk, percentage (as a percent)	100.00%	100.00%
Accounts Receivable \| Credit Concentration Risk
Concentration Risk
Concentration risk, percentage (as a percent)	100.00%	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Organization and Summary of Significant Accounting Policies - Accounting Pronouncements (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Standards Update 2023-09
Recently Issued Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	us-gaap:AccountingStandardsUpdate202309ProspectiveMember
Accounting Standards Update 2024-03
Recently Issued Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	false

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Indicates (true false) whether accounting standards update was adopted.

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+ Details

Share-Based Compensation - Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assumptions
Weighted-average estimated fair value, options (in dollars per share)	$ 5.15	$ 5.29
Employee Stock Option
Fair Value Assumptions
Risk-free interest rate (as a percent)	4.19%	4.47%
Expected term	6 years 3 months 18 days	6 years 4 months 24 days
Expected volatility (as a percent)	51.00%	52.00%
Dividend yield (as a percent)	0.00%	0.00%

Revenue - Implied Share of Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Viatris \| YUPELRI Monotherapy \| Theravance Biopharma, Inc.
Revenues:
Revenues	$ 24,697	$ 24,977	$ 23,216	$ 20,420	$ 23,339	$ 21,766	$ 19,085	$ 19,329	$ 93,310	$ 83,519

- Definition

+ References

+ Details

Organization and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net income (loss)	$ 61,024	$ 3,615	$ 54,835	$ (13,579)	$ (15,527)	$ (12,698)	$ (16,529)	$ (11,664)	$ 105,895	$ (56,418)
Net income (loss) available to common stockholders, basic									105,895	(56,418)
Net income (loss) available to common stockholders, diluted									$ 105,895	$ (56,418)
Denominator:
Weighted-average ordinary shares outstanding - basic (in shares)									50,317	48,847
Dilutive effect of options and awards (in shares)									1,190
Weighted-average ordinary shares outstanding - diluted (in shares)									51,507	48,847
Net income (loss) per share - basic (in dollars per share)	$ 1.2	$ 0.07	$ 1.09	$ (0.27)	$ (0.31)	$ (0.26)	$ (0.34)	$ (0.24)	$ 2.1	$ (1.15)
Net income (loss) per share - diluted (in dollars per share)	$ 1.15	$ 0.07	$ 1.08	$ (0.27)	$ (0.31)	$ (0.26)	$ (0.34)	$ (0.24)	$ 2.06	$ (1.15)

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

8. Leases

South San Francisco Lease and Subleases

As of December 31, 2025, the Company leased approximately 162,000 square feet of office and laboratory space in two buildings in South San Francisco, California, under a non-cancelable operating lease that ends in May 2030 (“SSF Lease”).

In January 2025, Company entered a non-cancelable agreement commencing (“January 2025 Sublease”), under which it subleased approximately 12,000 square feet of its South San Francisco office and laboratory space to an unaffiliated company. The sublease period is for two years with an option to extend for one additional year. Under the terms of the January 2025 Sublease, the Company is entitled to receive an initial monthly base rent of approximately $67,000 with a 3.5% increase after the first year. The Company will recognize approximately $1.5 million in total sublease income over the two-year sublease term.

In March 2024, the Company entered into a non-cancelable agreement (“March 2024 Sublease”) under which it subleased approximately 8,000 square feet of its South San Francisco office space to an unaffiliated company. The sublease period was for approximately two years expiring in April 2026, and the subtenant has no option to extend the sublease. Under the terms of the March 2024 Sublease, the Company is entitled to receive an initial monthly base rent of $38,000 with a 3% annual increase after the first year.

In November 2024, the Company entered into an amendment to the March 2024 Sublease (“March 2024 Sublease Amendment”). The March 2024 Sublease Amendment included the following key terms: (i) an addition of approximately 11,000 square feet of laboratory space and (ii) an extension of the sublease period by approximately 2.5 years ending on or around November 2028 with an option to extend the sublease through the SSF Lease expiration in May 2030. For the laboratory space addition, the Company is entitled to receive an initial monthly base rent of $16,250 with approximately 3% annual increases after the first year. Under the terms of the March 2024 Sublease Amendment, the Company is expected to recognize approximately $3.0 million in total sublease income for the combined office and laboratory spaces over the March 2024 Sublease Amendment lease period.

In June 2022, the Company entered into a non-cancelable agreement under which it subleased approximately 78,000 square feet of its South San Francisco office and laboratory space to an unaffiliated company. The sublease term continues through May 2030, consistent with the remaining lease term of the SSF Lease, and the subtenant has no option to extend the sublease. Under the terms of the sublease, the Company is entitled to receive an initial monthly base rent of $0.5 million which will be subject to annual increases of 3%, as well as the subtenant’s proportionate share of the property’s operating expenses. As part of the sublease terms, the subtenant was assigned $6.5 million of the Company’s $8.9 million remaining tenant improvement allowance in June 2022. The assigned tenant improvement allowance was recorded within “Other assets” on the Company’s consolidated balance sheets and is amortized over the SSF Lease term, and the assigned tenant improvement allowance was recorded as a current liability which expired in November 2024. The Company expects to receive a total of $51.7 million in base rent over the sublease term which represents a $13.5 million premium (before sublease execution-related costs) over its proportionate lease payment obligations under the SSF Lease. Under the terms of the SSF Lease, 50% of the sublease premium, equal to approximately $6.7 million, shall be shared with the landlord and 50% shall be retained by the Company.

In July 2021, the Company entered into a non-cancelable agreement under which it subleased approximately 21,000 square feet of its South San Francisco office and laboratory space to another unaffiliated company. Under the terms of the sublease agreement, the sublease term continues through September 2028, and the parties have no option to extend the sublease. Either the Company or the subtenant may terminate the sublease by giving the other party ten days prior written notice. The Company is entitled to receive an initial monthly base rent of $0.1 million, with annual base rent increases of 3% and the subtenant’s proportionate share of the building’s operating expenses. The Company expects to receive a total of $13.1 million over the sublease term which represents a $4.2 million premium (before sublease execution-related costs) over its proportionate lease payment obligations under the SSF Lease. Under the terms of the head SSF Lease, 50% of the sublease premium, equal to $2.1 million, shall be shared with the landlord and 50% shall be retained by the Company.

The Company recognizes the sublease income on a straight-line basis over the term of its four subleases which is reflected as a reduction to rent expense within selling, general and administrative expenses in the consolidated statements of operations. No lease modification was deemed to have occurred by entering into the sublease agreements because the Company was not released, either fully or in part, from its obligations under the SSF Lease. As of December 31, 2025, the Company has subleased approximately 130,000 square feet of a total 162,000 square feet of its SSF Lease under the four separate subleases described above.

Dublin Lease

In May 2022, the Company entered into an operating lease agreement for approximately 700 square feet of office space in Dublin, Ireland (“Dublin Lease”). The Dublin Lease had an original two-year term which ended in May 2024. In 2024, the Dublin Lease was renewed for another two years ending in May 2026. Under the renewed Dublin Lease, the Company will incur total base rent expense of approximately $0.4 million (or $0.2 million annually) which is recognized on a straight-line basis over the two-year lease term. The Company may terminate the Dublin Lease by providing three months prior written notice.

The Company has evaluated its existing leases and determined that they were all operating leases. The present values of the remaining lease payments and corresponding right-of-use assets were as follows, and the difference between the right-of-use assets and lease liabilities was primarily due to office-related deferred rent payments that are payable in future periods, tenant improvement reimbursements, and an impairment of operating lease assets recognized for the year ended December 31, 2024.


(In thousands)	Classification		December 31, 2025			December 31, 2024
Assets
Operating lease assets	Operating lease assets		$	24,371		$	28,354

Liabilities
Current:
Operating lease liabilities	Operating lease liabilities		$	10,945		$	10,712
Non-current:
Operating lease liabilities	Long-term operating lease liabilities			31,758			39,108
Total operating lease liabilities			$	42,703		$	49,820

Lease expense and sublease income were included within operating expenses in the consolidated statements of operations as follows:


			Year Ended			Year Ended
(In thousands)	Classification		December 31, 2025			December 31, 2024
Operating lease expense ⁽¹⁾	Selling, general and administrative expense		$	8,250		$	8,518

			Year Ended			Year Ended
(In thousands)	Classification		December 31, 2025			December 31, 2024
Operating sublease income	Selling, general and administrative expense		$	9,644		$	8,739

(1)	Represents operating lease expense before sublease income. Excludes short-term leases which were not material and office lease service-related charges.

Supplemental information related to leases for the periods reported was as follows:


		Year Ended			Year Ended
(In thousands, except weighted average amounts)		December 31, 2025			December 31, 2024
Operating cash outflows related to operating leases		$	11,245		$	10,892
Weighted average remaining lease term			4.4 years			5.4 years
Weighted average discount rate			8.65	%		8.65	%

The Company determined that an implicit interest rate of its leases was not determinable and, therefore, used a weighted average incremental borrowing rate of 8.65% to determine the present value of its lease liabilities.

As of December 31, 2025, the maturities of the Company’s lease liabilities were as follows:


(In thousands)
Year ending December 31:
2026	$	11,444
2027		11,567
2028		11,747
2029		11,838
2030		4,998
Thereafter		—
Total operating lease payments	$	51,594
Less: Imputed interest		(8,891)
Present value of operating lease liabilities	$	42,703

As of December 31, 2025, the undiscounted cash flows to be received related to the Company’s subleases were as follows:


(In thousands)
Year ending December 31:
2026	$	9,929
2027		9,472
2028		9,134
2029		7,152
2030		2,998
Thereafter		—
Total operating sublease receipts	$	38,685

2024 Impairment of Long-Lived Assets

The Company evaluates the carrying value of its long-lived asset groups, which includes operating lease assets and leasehold improvements, for impairment when indicators exist that the carrying amounts of an asset may not be fully recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset or asset group are less than its carrying amount. Impairment, if any, is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

The Company determined that the ceased occupancy and sublease marketing of office and laboratory space were indicators of impairment as of March 31, 2024, June 30, 2024, and September 30, 2024. The Company identified three asset groups for the purposes of its long-lived impairment assessment which were comprised of (i) vivarium laboratory asset group; (ii) general laboratory asset group; and (iii) entity-wide asset group. The vacant office space, which the Company determined it may reoccupy in the future, was considered part of the entity-wide asset group.

The Company recognized an impairment charge of $4.5 million for the vivarium laboratory asset group and the general laboratory asset group during the year ended December 31, 2024 based on the discounted cash flow method to estimate the fair values of the two asset groups which represented Level 3 non-recurring fair value measurements. The estimated fair value of the vivarium laboratory space was based on the terms of the draft March 2024 Sublease Amendment which involved estimates including the expected sublease rental income of $0.6 million, an annual discount rate of 9.7%, and other variable lease-related expenses. The estimated fair value of the general laboratory space was based on the Company’s estimates and assumptions including, but not limited to, expected sublease rental income of $0.8 million, an annual discount rate of 9.7%, and other variable lease-related expenses expected to be incurred during the subtenant search period. The impairment charge is presented in the Company’s consolidated statements of operations within “Impairment of long-lived assets”.

The Company’s estimates and assumptions used to determine the estimated fair values of the above two asset groups were subject to risks, uncertainties, and changes in circumstances that may result in adjustments and material changes to the estimated fair values in future periods. As of December 31, 2025, no further indicators of impairment of long-lived assets have been identified.

Ampreloxetine Funding - Future Royalty Payment Contingency (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement [Abstract]
Collaborative arrangement, closing consideration payment	$ 25,000
Collaborative arrangement, milestones, regulatory approval, receivable	$ 15,000
Collaborative arrangement, royalty, quarterly payments, net sales equal to or below threshold, rate (as a percent)	2.50%
Collaborative arrangement, royalty, quarterly payments, net sales, threshold to determine applied rate, amount	$ 500,000
Collaborative arrangement, royalty, quarterly payments, expiration, pending claim of good faith patent application, term	5 years
Collaborative arrangement, royalty, quarterly payments, net sales above threshold, rate (as a percent)	4.50%
Future royalty payment contingency	$ 25,000	$ 32,795	$ 30,334
Imputed effective interest rate (as a percent)		6.90%

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 28, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Securities Act 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	C/O Theravance Biopharma US, LLC
Entity Address, Address Line Two	901 Gateway Boulevard
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	808-6000
Title of 12(b) Security	Ordinary Share $0.00001 Par Value
Trading Symbol	TBPH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 448.6
Entity Common Stock, Shares Outstanding		51,492,924
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California
Entity Central Index Key	0001583107
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	Specified portions of the registrant’s definitive Proxy Statement to be issued in conjunction with the registrant’s 2026 Annual Meeting of Shareholders, which is expected to be filed not later than 120 days after the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be a part of this Annual Report on Form 10-K.

Share-Based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 shares
Number of shares subject to outstanding RSUs
Beginning balance, outstanding (in shares)	3,955,487
Granted (in shares)	1,398,131
Released (in shares)	(1,834,124)
Forfeited (in shares)	(317,002)
Ending balance, outstanding (in shares)	3,202,492

Organization and Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Impairment Charges
Impairment of long-lived assets (non-cash)	$ 0	$ 4,513

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

11. Share-Based Compensation

Theravance Biopharma Equity Plans

The Company has three equity compensation plans — the 2013 Equity Incentive Plan (the “2013 EIP”), the 2013 Employee Share Purchase Plan (the “2013 ESPP”) and the 2014 New Employee Equity Incentive Plan (the “2014 NEEIP”).

The 2013 EIP provides for the issuance of share-based awards, including restricted shares, restricted share units (“RSUs), options, share appreciation rights (“SARs”) and other equity-based awards, to Company employees, officers, directors, and consultants. Options may be granted with an exercise price not less than the fair market value of the ordinary shares on the grant date. Under the terms of the 2013 EIP, options granted to employees generally have a maximum term of 10 years and vest over a four-year period from the date of grant; 25% vest at the end of one year, and 75% vest monthly over the remaining three years. The Company may grant options with different vesting terms from time to time. Unless an employee’s termination of service is due to disability or death, upon termination of service, any unexercised vested options will generally be forfeited at the end of three months or the expiration of the option, whichever is earlier.

At the Company’s Annual General Meeting of Shareholders on May 2, 2023, the Company’s shareholders approved an amendment and restatement of the 2013 EIP to effect the following material changes to the existing plan: (i) extend the term of the 2013 EIP by an additional ten years to February 14, 2033; (ii) eliminate the provision that provided for automatic annual increases in the number of shares available for issuance under the 2013 EIP; (iii) reduce the number of shares reserved for issuance by 3,808,287 shares; (iv) eliminate the Company’s ability to reprice options and share appreciation rights without first obtaining shareholder approval; and (v) remove certain provisions no longer necessary since the repeal of the exemption from the annual deduction limitation imposed by Section 162(m) of the Internal Revenue Code for performance-based compensation.

Under the 2013 ESPP, the Company’s officers and employees may purchase ordinary shares through payroll deductions at a price equal to 85% of the lower of the fair market value of the ordinary share at the beginning of the offering period or at the end of each applicable purchase period. As of January 1 of each year, commencing on January 1, 2015 and ending on (and including) January 1, 2033, the aggregate number of ordinary shares that may be issued under the 2013 ESPP shall automatically increase by a number equal to the least of 1% of the total number of ordinary shares outstanding on December 31 of the prior year, 571,428 ordinary shares or a number of ordinary shares determined by the Company’s board of directors. The 2013 ESPP generally provides for consecutive and overlapping offering periods of 24 months in duration, with each offering period generally composed of four consecutive six-month purchase periods. The purchase periods end on either May 15 or November 15. 2013 ESPP contributions are limited to a maximum of 15% of an employee’s eligible compensation, up to applicable regulatory limits. The 2013 ESPP also includes a feature that provides for the existing offering period to terminate and for participants in that offering period to automatically be enrolled in a new offering period when the fair market value of an ordinary share at the beginning of a subsequent offering period falls below the fair market value of an ordinary share on the first day of such offering period.

Effective as of December 31, 2024, the 2013 ESPP was suspended. All offering periods in progress were terminated, and no new offering periods will commence under the 2013 ESPP unless and until approved by the Company’s board of directors. The suspension resulted in the acceleration of previously unamortized share-based compensation expense of $0.5 million for the year ended December 31, 2024.

The 2014 NEEIP provides for the issuance of share-based awards, including restricted shares, RSUs, non-qualified options and SARs to the Company’s employees. Options may be granted with an exercise price not less than the fair market value of the ordinary shares on the grant date. Under the terms of the 2014 NEEIP, options granted to employees generally have a maximum term of 10 years and vest over a four-year period from the date of grant; 25% vest at the end of one year, and 75% vest monthly over the remaining three years. The Company may grant options with different vesting terms from time to time. Unless an employee’s termination of service is due to disability or death, upon termination of service, any unexercised vested options will generally be forfeited at the end of three months or the expiration of the option, whichever is earlier. Pursuant to its terms, the 2014 NEEIP expired in October 2024 upon reaching the end of its 10-year term. As a result, no additional shares will be issued under the 2014 NEEIP, though awards previously granted under the 2014 NEEIP will remain outstanding in accordance with their terms.

As of December 31, 2025, the total number of shares available for future issuance under each of the plans were:


2013 EIP		3,579,880
2013 ESPP (suspended as December 31, 2024)		3,447,685
2014 NEEIP (expired)		—
Total		7,027,565

Market-Based and Performance-Contingent Awards

The Company periodically grants market-based share awards to employees that vest upon the Company’s ordinary shares meeting certain market-based price targets followed by a service period. For the year ended December 31, 2024, the Company granted 337,500 market-based RSUs. The Company did not grant any market-based RSUs for the year ended December 31, 2025. The market-based RSUs have a remaining fair value of $0.6 million as of December 31, 2025. The fair value of these market-based RSUs is being recognized through February 2028. For the year ended December 31, 2025 and 2024, the Company recognized $1.0 million and $1.6 million, respectively, of share-based compensation expense related to the market-based RSUs.

Separate from the market-based RSUs described above, the Company granted 421,300 of performance-contingent RSUs (“PSUs”) for the year ended December 31, 2024. The Company did not grant any PSUs for the year ended December 31, 2025. The PSUs have a remaining fair value of $3.0 million as of December 31, 2025. The fair value of these PSUs is being recognized through February 2027. For the year ended December 31, 2025, the Company did not recognize any share-based compensation expense related to PSUs, and for the year ended December 31, 2024, the Company recognized $0.2 million of share-based compensation expense related to the PSUs.

Share-Based Compensation Expense

Share-based compensation expense included in the consolidated statements of operations was recognized as follows:


		Year Ended December 31,
(In thousands)		2025			2024
Research and development		$	4,081		$	5,104
Selling, general and administrative			14,395			16,289
Total share-based compensation expense		$	18,476		$	21,393

Share-based compensation expense included in the consolidated statements of operations by award type was as follows:


		Year Ended December 31,
(In thousands)		2025			2024
Options		$	1,741		$	2,060
RSUs			15,512			16,746
Performance RSUs			1,224			1,848
ESPP			—			739
Total share-based compensation expense		$	18,476		$	21,393

As of December 31, 2025, the unrecognized share-based compensation cost, net of actual forfeitures, and the estimated weighted-average amortization period, using the straight-line attribution method, was as follows:


		Unrecognized			Weighted‑Average
		Compensation			Amortization Period
(In thousands, except amortization period)		Cost			(Years)
Options		$	539		0.43
RSUs			19,390		2.36
Performance RSUs ⁽¹⁾			575		0.86
Total		$	20,504

(1)	Represents unrecognized share-based compensation cost associated with the Company’s market-based and performance-contingent awards described above that are probable of vesting.

Compensation Awards

The following table summarizes option activity under the 2013 EIP and 2014 NEEIP for the year ended December 31, 2025:


		Weighted-Average	Weighted-Average
	Number of Shares	Remaining	Exercise Price of			Aggregate
	Subject to	Contractual	Outstanding Options			Intrinsic Value
	Outstanding Options	Term (Years)	(in dollars)			(in thousands)
Outstanding at December 31, 2024	1,896,908		$	15.53
Granted	169,806			9.39
Exercised	(66,517)			11.51	$	363
Forfeited	(1,312)			9.75
Expired	(71,438)			17.75
Outstanding at December 31, 2025	1,927,447	5.62	$	15.05	$	11,143
Exercisable at December 31, 2025	1,816,918	5.45			$	10,152
Vested and expected to vest at December 31, 2025	1,927,447	5.62			$	11,143

The following table summarizes total RSU activity (including market-based and performance-contingent RSUs) for the year ended December 31, 2025:


		Number of Shares
		Subject to
		Outstanding RSUs
Outstanding at December 31, 2024		3,955,487
Granted		1,398,131
Released		(1,834,124)
Forfeited		(317,002)
Outstanding at December 31, 2025		3,202,492

The weighted average grant date fair value of the RSUs granted in 2025 and 2024 was $9.40 and $9.15, respectively. The total estimated fair value of RSUs vested was $22.8 million and $14.9 million in 2025 and 2024, respectively.

Valuation Assumptions

The range of assumptions used to estimate the fair value of options granted was as follows:


		Year Ended December 31,
		2025			2024
Options
Risk-free interest rate			4.19%			4.47%
Expected term (in years)			6.3			6.4
Volatility			51%			52%
Dividend yield			—			—
Weighted-average estimated fair value		$	5.15		$	5.29

Leases - Sublease Income (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Sublease Income (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Sublease Income
Operating sublease income	$ 9,644	$ 8,739

Organization and Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Uncertainties
Unrecognized tax benefits	$ 88,797	$ 83,658	$ 79,470

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. Commitments and Contingencies

Contract Obligations

In the ordinary course of business, the Company may enter into agreements with service providers to assist in the performance of its clinical trials and other operational activities. Subject to required notice periods and other varying provisions regarding termination, the Company can elect to terminate such agreements at any time.

Lease Commitments

The Company leases certain office and laboratory space. See “Note 8. Leases” for further information on the terms of these non-cancelable lease agreements.

Indemnifications

The Company indemnifies its directors and officers for certain events or occurrences, subject to certain limits, that may arise by reason of their status or service as directors or officers to the extent permissible under applicable law. The Company maintains director and officer liability insurance policies that may limit its exposure. Assuming the applicability of insurance coverage, and subject to certain retention, loss limits, and other policy provisions, the Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these indemnification obligations as of either December 31, 2025 or 2024. However, no assurances can be given regarding the amounts that may ultimately be covered by the insurers, and it is possible that the Company may incur substantial liabilities in the future resulting from these indemnification obligations.

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal claims and regulatory actions that could have a material adverse effect on its business or financial position. The Company assesses it potential liability in

such situations by analyzing the possible outcomes of various litigation, regulatory, and settlement strategies. If the Company determines that a material loss is probable and its amount can be reasonably estimated, it will accrue an amount equal to the estimated loss. As of December 31, 2025, the Company did not accrue any estimated losses related to its ongoing legal proceedings.

Litigation – Patent Infringement

During January 2023, the Company received notice from Accord Healthcare, Inc.; Cipla USA, Inc. and Cipla Limited; Eugia Pharma Specialties Ltd.; Lupin Inc.; Mankind Pharma Ltd.; Orbicular Pharmaceutical Technologies Private Limited; and Teva Pharmaceuticals, Inc. (collectively, the “generic companies”), that they have each filed with the FDA an abbreviated new drug application (“ANDA”), for a generic version of YUPELRI. The notices from the generic companies each included a Paragraph IV certification with respect to five of the Company’s patents listed in the FDA’s Orange Book for YUPELRI on the date of the Company’s receipt of the notice. The asserted patents relate generally to polymorphic forms of and a method of treatment using YUPELRI. In February 2023, the Company filed patent infringement suits against the generic companies in federal district courts, including the US District Court for the District of New Jersey, the US District Court for the District of Delaware, and the US District Court for the Middle District of North Carolina. The suits in Delaware and North Carolina have been dismissed, as all generic companies have agreed to venue in New Jersey. The complaint alleges that by filing the ANDAs, the generic companies have infringed five of the Company’s Orange Book listed patents. The Company is seeking a permanent injunction to prevent the generic companies from introducing a generic version of YUPELRI that would infringe our patents. Additional patents covering YUPELRI, granted on July 4, 2023 and January 2, 2024, were subsequently listed in FDA’s Orange Book. The Company filed additional patent infringement suits in the US District Court for the District of New Jersey during August 2023 and January 2024. These suits have been consolidated with the above action. Further, the original complaint was amended during December 2023 to include certain patents not listed in the Orange Book.

In May 2024, the Company received notice from Qilu Pharmaceuticals Co., Ltd. (“subsequent ANDA filer”), that it had filed with the FDA an ANDA for a generic version of YUPELRI. The notice from the subsequent ANDA filer included a Paragraph IV certification with respect to certain of the Company’s patents listed in FDA’s Orange Book for YUPELRI. The asserted patents relate generally to polymorphic forms of and a method of treatment using YUPELRI. In June 2024, the Company filed a patent infringement suit against the subsequent ANDA filer in the US District Court for the Eastern District of Pennsylvania. The complaint alleges that by filing the ANDA, the subsequent ANDA filer has infringed certain of the Company’s Orange Book listed patents.

Further method of treatment patents, with an expiration date of August 2039, were granted on July 30, 2024 and was listed in the Orange Book. The Company filed an additional patent infringement suit in the US District Court for the District of New Jersey during August 2024 against the three remaining generic companies. This suit has been consolidated with the action described above.

As of February 28, 2026, the Company has settled all litigation with Accord Healthcare, Inc.; Cipla USA, Inc. and Cipla Limited; Eugia Pharma Specialties Ltd.; Lupin Pharmaceuticals, Inc.; Orbicular Pharmaceutical Technologies Private Limited; Qilu Pharmaceuticals Co., Ltd.; and Teva Pharmaceuticals, Inc. pursuant to individual agreements in which the Company granted these companies a royalty-free, non-exclusive, non-sublicensable, non-transferable license to manufacture and market their respective generic versions of YUPELRI inhalation solution in the US on or after the licensed launch date of April 23, 2039, subject to certain exceptions as is customary in these type of agreements. As required by law, the settlements are subject to review by the US Department of Justice and the Federal Trade Commission. The patent litigation against the one remaining generic company, Mankind Pharma Ltd., along with certain affiliates, remains pending. Pursuant to a stipulation filed with the court on December 18, 2025, patents related to polymorphs have been dismissed from the case and Mankind has accordingly agreed not to enter the market until after August 25, 2031 regardless of the outcome of the litigation. Method of treatment patents expiring in 2039 remain in the litigation.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of components of loss before income taxes from operations


	Year Ended December 31,
(In thousands)	2025		2024
Income (loss) before provision for income taxes:
United States	$	108,390	$	2,014
Ireland		20,857		(46,628)
Total	$	129,247	$	(44,614)

Schedule of components of provision for income tax expense from operations


	Year Ended December 31,
(In thousands)	2025		2024
Provision for income tax expense:
Current:
United States	$	(34,866)	$	(19,375)
Ireland		(5)		(2)
Subtotal		(34,871)		(19,377)
Deferred:
United States		11,519		7,573
Ireland		—		—
Subtotal		11,519		7,573
Total	$	(23,352)	$	(11,804)

Schedule of effective tax rate reconciliation


(In thousands)	Year ended December 31, 2025
Federal statutory tax rate	$	32,312	25.00	%
State and local income taxes, net of federal income tax effect		—	—
Foreign tax effects
United States:
Foreign rate differential		(2,488)	(1.92)
Foreign-derived intangible income deduction		(9,467)	(7.32)
US federal and state tax credits		(2,712)	(2.10)
Changes in unrecognized tax benefits		10,480	8.11
Other		436	0.34
Effect of changes in tax laws or rates enacted in the current period		—	—
Effects of cross-border tax laws		—	—
Tax credits		—	—
Changes in valuation allowances		482	0.37
Non-taxable or non-deductible items
Ireland rate differential		(3,430)	(2.65)
Other		(15)	(0.01)
Unrecognized tax benefits		—	—
Other adjustments
Foreign currency adjustments		(2,681)	(2.07)
Other		435	0.34
Effective tax rate	$	23,352	18.07	%


	Year Ended December 31,
	2024
Provision at statutory income tax rate	25.00	%
Foreign rate differential	(8.08)
Share-based compensation	(6.15)
Non-deductible executive compensation	(3.28)
Uncertain tax positions	(21.19)
Research and development tax credit carryforwards	4.07
Change in valuation allowance	(12.76)
Other	(4.07)
Effective tax rate	(26.46)	%

Schedule of significant components of deferred tax assets and liabilities


	December 31,
(In thousands)	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	157,752	$	154,476
Capital loss carryforwards		22,796		20,094
Research and development tax credit carryforwards		16,452		16,211
Fixed assets and intangibles		229,531		235,265
Share-based compensation		3,103		3,402
Accruals		2,239		1,674
Operating lease liabilities		9,127		11,296
Future contingent milestone and royalty asset		6,608		—
Other		9,219		9,170
Subtotal		456,826		451,588
Valuation allowance		(436,348)		(435,543)
Total deferred tax assets		20,478		16,045

Deferred tax liabilities:
Operating lease assets		(6,308)		(7,814)
Future contingent milestone and royalty asset		—		(5,533)
Prepaid assets		(221)		(268)
Total deferred tax liabilities		(6,529)		(13,615)
Net deferred tax assets (liabilities)	$	13,949	$	2,430

Summary of income taxes paid


		Year Ended December 31,
(In thousands)		2025
National	$	1,518
State		—
Foreign:
US Federal		24,779
US States		1,587
Total income taxes paid, net	$	27,884

Schedule of unrecognized tax benefits reconciliation


(In thousands)
Unrecognized tax benefits as of December 31, 2023	$	79,470
Gross increase in tax positions for prior years		97
Gross increase in tax positions for current year		4,091
Decrease related to settlement with tax authorities		—
Decrease related to expiration of statute of limitations		—
Unrecognized tax benefits as of December 31, 2024		83,658
Gross increase in tax positions for prior years		76
Gross increase in tax positions for current year		5,063
Decrease related to settlement with tax authorities		—
Decrease related to expiration of statute of limitations		—
Unrecognized tax benefits as of December 31, 2025	$	88,797

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2025 USD ($)
Income Tax Jurisdiction, Domestic State and Local
Operating Loss Carryforwards
Operating loss carryforwards	$ 121.7
Ireland
Operating Loss Carryforwards
Operating loss carryforwards	$ 1,190.0

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 157,752	$ 154,476
Capital loss carryforwards	22,796	20,094
Research and development tax credit carryforwards	16,452	16,211
Fixed assets and intangibles	229,531	235,265
Share-based compensation	3,103	3,402
Accruals	2,239	1,674
Operating lease liabilities	9,127	11,296
Future contingent milestone and royalty asset	6,608
Other	9,219	9,170
Subtotal	456,826	451,588
Valuation allowance	(436,348)	(435,543)
Total deferred tax assets	20,478	16,045
Deferred tax liabilities:
Operating lease assets	(6,308)	(7,814)
Future contingent milestone and royalty assets		(5,533)
Prepaid assets	(221)	(268)
Total deferred tax liabilities	(6,529)	(13,615)
Net deferred tax assets	$ 13,949	$ 2,430

Organization and Summary of Significant Accounting Policies - Segment Reporting (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	1	1
Segment Reporting, CODM, Individual Title and Position or Group Name	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember

Income Taxes - Tax Examinations (Details)	12 Months Ended
Income Taxes - Tax Examinations (Details)	Dec. 31, 2025
Ireland
Income Tax Examination
Open tax year	2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
United States
Income Tax Examination
Open tax year	2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Ampreloxetine Funding - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Roll Forward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Contingent liability, beginning balance	$ 30,334
Non-cash interest expense accretion	2,461
Contingent liability, ending balance	$ 32,795

Defined Contribution Plan

12 Months Ended

Dec. 31, 2025

Defined Contribution Plan [Abstract]

Defined Contribution Plan

12. Defined Contribution Plan

The Company sponsors a 401(k) retirement plan for eligible employees. Employees may contribute a percentage of their annual compensation to the plan, subject to statutory limitations. The Company makes matching contributions equal to 100% of the employee’s contribution up to $5,000 of their annual compensation. For each of the years ended December 31, 2025 and 2024, the Company recognized $0.4 million in compensation expense associated with its contributions to the 401(k) retirement plan.

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of property and equipment


Leasehold improvements		Shorter of remaining lease terms or useful life
Equipment, furniture and fixtures		5 - 7 years
Software and computer equipment		3 - 5 years


		December 31,
(In thousands)		2025			2024
Computer equipment		$	1,992		$	2,060
Software			763			762
Furniture and fixtures			1,642			1,642
Laboratory equipment			38			38
Leasehold improvements			25,281			25,317
Subtotal			29,716			29,819
Less: accumulated depreciation			(23,821)			(22,401)
Property and equipment, net		$	5,895		$	7,418

Schedule of basic and diluted net income (loss) per share


		Year Ended December 31,
(In thousands, except per share data)		2025			2024
Numerator:
Net income (loss)		$	105,895		$	(56,418)

Denominator:
Weighted-average ordinary shares outstanding - basic			50,317			48,847
Dilutive effect of options and awards			1,190			—
Weighted-average ordinary shares outstanding - diluted			51,507			48,847

Net income (loss) per share:
Net income (loss) per share - basic		$	2.10		$	(1.15)
Net income (loss) per share - diluted		$	2.06		$	(1.15)

Share-Based Compensation - Share-Based Compensation Expense Included in Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based compensation expense
Share-based compensation expense	$ 18,476	$ 21,393
Research and Development
Share-based compensation expense
Share-based compensation expense	4,081	5,104
Selling, General and Administrative
Share-based compensation expense
Share-based compensation expense	$ 14,395	$ 16,289

Cash, Cash Equivalents, and Restricted Cash

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

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 consolidated balance sheets that sum to the total of the same such amounts shown on the consolidated statements of cash flows.


	December 31,
(In thousands)	2025		2024
Cash and cash equivalents	$	167,806	$	37,797
Restricted cash		836		836
Total cash, cash equivalents, and restricted cash	$	168,642	$	38,633

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. The cash-related amounts reported in the table above exclude the Company’s investments in short-term marketable securities that are reported separately on the consolidated balance sheets.

The increase in cash and cash equivalents, as of December 31, 2025, compared to the prior year period was primarily due to (i) proceeds of $225.0 million from the sale of TRELEGY royalties, received in June 2025 (see “Note 9. Net Gain on Realized Contingent Milestone and Royalty Assets” for more information) and (ii) a $50.0 million milestone payment from Royalty Pharma Investments, received in February 2025, associated with the achievement of certain minimum royalty payments related to 2024 TRELEGY global net sales.

The Company periodically engages in foreign exchange transactions as a part of its operations. The Company recognized net realized and unrealized foreign currency losses of $0.1 million for each of the years ended December 31, 2025 and 2024. These amounts are included in the Company’s consolidated statements of operations within “Interest income and other income, net”.

Investments and Fair Value Measurements - Fair Value to Amortized Cost - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss
Amortized cost	$ 239,987	$ 58,022
Gross unrealized gains	66	10
Gross unrealized losses	(5)	(3)
Estimated fair value	240,048	58,029
US Treasury and Government
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss
Amortized cost	130,602	17,306
Gross unrealized gains	43	8
Gross unrealized losses	(1)
Estimated fair value	$ 130,644	$ 17,314
Fair Value by Fair Value Hierarchy Level, Extensible Enumeration
Debt Securities, Available-for-Sale, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel1Member	us-gaap:FairValueInputsLevel1Member
Corporate Note Securities
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss
Amortized cost	$ 37,690	$ 5,431
Gross unrealized gains	15	1
Gross unrealized losses	(1)	(1)
Estimated fair value	$ 37,704	$ 5,431
Fair Value by Fair Value Hierarchy Level, Extensible Enumeration
Debt Securities, Available-for-Sale, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel2Member	us-gaap:FairValueInputsLevel2Member
Commercial Paper
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss
Amortized cost	$ 71,695	$ 35,285
Gross unrealized gains	8	1
Gross unrealized losses	(3)	(2)
Estimated fair value	$ 71,700	$ 35,284
Fair Value by Fair Value Hierarchy Level, Extensible Enumeration
Debt Securities, Available-for-Sale, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel2Member	us-gaap:FairValueInputsLevel2Member

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash Flow, Operating Activities, Lessee
Operating cash outflows related to operating leases	$ 11,245	$ 10,892
Weighted-average remaining lease term	4 years 4 months 24 days	5 years 4 months 24 days
Weighted average discount rate (as a percent)	8.65%	8.65%
Lessee, Operating Lease, Description
Incremental borrowing rate (as a percent)	8.65%

Leases - Undiscounted Cash Flows to be Received Related to Subleases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee Disclosure
2026	$ 9,929
2027	9,472
2028	9,134
2029	7,152
2030	2,998
Total operating sublease receipts	$ 38,685

Completion of Capital Return Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended		40 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Share Repurchase Program
Amount repurchased (excluding fees and expenses)		$ 445
Open Market Share Repurchase Plan
Share Repurchase Program
Shares repurchased (in shares)	0	38,000	31,410,000
Amount repurchased (excluding fees and expenses)		$ 444	$ 325,300
Weighted average cost per share (excluding fees and expenses) (in dollars per share)		$ 11.551	$ 10.354

Organization and Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) shares in Millions	12 Months Ended
	Dec. 31, 2025 shares
Employee Stock Option
Anti-dilutive Securities
Anti-dilutive securities (in shares)	0.6
Restricted Stock Units (RSUs)
Anti-dilutive Securities
Anti-dilutive securities (in shares)	0.4

Investments and Fair Value Measurements - Maturities (Details)	Dec. 31, 2025
Maximum
Debt Securities, Available-for-Sale
Debt securities, available-for-sale, term	15 months
Weighted Average
Debt Securities, Available-for-Sale
Debt securities, available-for-sale, term	2 months

Revenue - Collaborative Arrangements - General Information (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement - Viatris $ in Millions	Dec. 31, 2025 USD ($)
Collaborative Arrangement
Collaborative arrangement, profit and loss, sharing arrangement, percentage, counterparty share (as a percent)	65.00%
Collaborative arrangement, profit and loss, sharing arrangement, percentage, entity share (as a percent)	35.00%
Collaborative arrangement, royalty, tiered royalties receivable, low end of range (as a percent)	14.00%
Collaborative arrangement, royalty, tiered royalties receivable, high end of range (as a percent)	20.00%
Collaborative arrangement, milestones, global sales and regulatory milestone, receivable, maximum potential	$ 180.0
Collaborative arrangement, milestones, global sales and regulatory milestone, receivable, maximum potential, monotherapy	135.0
Collaborative arrangement, milestones, global sales and regulatory milestone, receivable, maximum potential, future potential combination products	45.0
Collaborative arrangement, milestones, sales and regulatory milestones, receivable, maximum potential	45.0
Collaborative arrangement, milestones, sales and regulatory milestones, receivable, maximum potential, monotherapy	37.5
Collaborative arrangement, milestones, sales and regulatory milestones, receivable, maximum potential, future potential combination products	7.5
Collaborative arrangement, milestones, sales and regulatory milestones, receivable, maximum potential, monotherapy, sales milestones	37.5
Collaborative arrangement, milestones, sales and regulatory milestones, receivable, maximum potential, monotherapy, regulatory approval	7.5
United States
Collaborative Arrangement
Collaborative arrangement, milestones, global sales and regulatory milestone, receivable, maximum potential, monotherapy	125.0
European Union
Collaborative Arrangement
Collaborative arrangement, milestones, global sales and regulatory milestone, receivable, maximum potential, monotherapy	$ 10.0

Income Taxes - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Operating loss and tax credit carryforwards, tax attributes, domestic tax jurisdiction	$ 1,310

Revenue - Collaborative Arrangements - Revenue Recognized (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Revenues:
Total revenues		$ 45,891	$ 19,990	$ 26,195	$ 15,388	$ 18,754	$ 16,868	$ 14,256	$ 14,503	$ 107,464	$ 64,381
Collaboration Agreement
Revenues:
Total revenues										74,964	64,381
Licensing and Milestone
Revenues:
Total revenues										32,500
Licensing
Revenues:
Total revenues										7,500
Milestone
Revenues:
Total revenues										25,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Viatris
Collaborative Arrangement
Collaborative arrangement, milestones, sales and regulatory milestones, achieved, net sales in period, domestic										250,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Viatris \| Licensing
Revenues:
Total revenues										$ 7,500	0
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Viatris \| Milestone
Revenues:
Total revenues	$ 25,000										$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 167,806	$ 37,797
Short-term marketable securities	147,551	50,553
Receivables from collaborative arrangements	45,539	18,440
Receivables from milestones and royalty assets	50,000	50,000
Other prepaid and current assets	7,564	4,277
Total current assets	418,460	161,067
Long-term marketable securities	11,128
Property and equipment, net	5,895	7,418
Operating lease assets	24,371	28,354
Future contingent milestone and royalty assets		144,200
Restricted cash	836	836
Other assets	24,880	12,286
Total assets	485,570	354,161
Current liabilities:
Accounts payable	2,568	2,242
Accrued personnel-related expenses	12,592	7,019
Accrued clinical and development expenses	3,373	1,058
Accrued general and administrative expenses	2,052	2,987
Operating lease liabilities	10,945	10,712
Income tax payable	5,287	5,853
Other accrued liabilities	1,485	2,214
Total current liabilities	38,302	32,085
Long-term operating lease liabilities	31,758	39,108
Future royalty payment contingency	32,795	30,334
Unrecognized tax benefits	85,679	75,199
Other long-term liabilities	313	1,890
Commitments and contingencies (Note 15)
Shareholders' Equity
Preferred shares, $0.00001 par value per share: 230 shares authorized, no shares issued or outstanding
Ordinary shares, $0.00001 par value per share: 200,000 shares authorized; 51,069 and 49,471 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1
Additional paid-in capital	1,156,288	1,141,060
Accumulated other comprehensive income	61	7
Accumulated deficit	(859,627)	(965,522)
Total shareholders' equity	296,723	175,545
Total liabilities and shareholders' equity	$ 485,570	$ 354,161

Revenue - Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Revenues:
Total revenues	$ 45,891	$ 19,990	$ 26,195	$ 15,388	$ 18,754	$ 16,868	$ 14,256	$ 14,503	$ 107,464	$ 64,381
United States
Revenues:
Total revenues									74,964	$ 64,381
Europe
Revenues:
Total revenues									$ 32,500

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Investments and Fair Value Measurements - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	$ 41,828	$ 22,997
Estimated fair value, total	41,828	22,997
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(5)	(3)
Gross unrealized losses, total	(5)	(3)
US Treasury and Government
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	9,998
Estimated fair value, total	9,998
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(1)
Gross unrealized losses, total	(1)
Corporate Note Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	8,265	4,114
Estimated fair value, total	8,265	4,114
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(1)	(1)
Gross unrealized losses, total	(1)	(1)
Commercial Paper
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	23,565	18,883
Estimated fair value, total	23,565	18,883
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(3)	(2)
Gross unrealized losses, total	$ (3)	$ (2)

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Revenues:

Total revenues

$ 107,464

$ 64,381

Expenses:

Research and development

^[1]

37,414

37,643

Selling, general and administrative

^[1]

73,652

69,174

Impairment of long-lived assets (non-cash)

4,513

Total expenses

111,066

111,330

Loss from operations

(3,602)

(46,949)

Net gain on realized contingent milestone and royalty assets

75,137

TRELEGY milestone income

50,000

Interest expense (non-cash)

(2,461)

(2,546)

Interest and other income, net

10,173

4,881

Income (loss) before income taxes

129,247

(44,614)

Provision for income tax benefit (expense)

(23,352)

(11,804)

Net income (loss)

$ 105,895

$ (56,418)

Net income (loss) per share:

Net income (loss) per share - basic (in dollars per share)

$ 2.1

$ (1.15)

Net income (loss) per share - diluted (in dollars per share)

$ 2.06

$ (1.15)

Shares used to compute net income (loss) per share - basic (in shares)

50,317

48,847

Shares used to compute net income (loss) per share - diluted (in shares)

51,507

48,847

Collaboration Agreement

Revenues:

Total revenues

$ 74,964

$ 64,381

Licensing and Milestone

Revenues:

Total revenues

$ 32,500

[1]	Amounts include share-based compensation expense as follows:

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

7. Property and Equipment

Property and equipment are held predominantly in the US and consisted of the following:


		December 31,
(In thousands)		2025			2024
Computer equipment		$	1,992		$	2,060
Software			763			762
Furniture and fixtures			1,642			1,642
Laboratory equipment			38			38
Leasehold improvements			25,281			25,317
Subtotal			29,716			29,819
Less: accumulated depreciation			(23,821)			(22,401)
Property and equipment, net		$	5,895		$	7,418

For the year ended December 31, 2024, the Company recognized a non-cash impairment charge of $0.3 million primarily related to leasehold improvements (see “Note 8. Leases” for more information). There were no impairment charges related to property and equipment for the year ended December 31, 2025.

For the year ended December 31, 2025 and 2024, depreciation expense for property and equipment was $1.5 million and $1.6 million, respectively.

Income Taxes - Components of Provision for Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
United States	$ (34,866)	$ (19,375)
Ireland	(5)	(2)
Subtotal	(34,871)	(19,377)
Deferred:
United States	11,519	7,573
Subtotal	11,519	7,573
Total	$ (23,352)	$ (11,804)

- Definition

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

+ References

+ Details

Contract Derivative - Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Roll Forward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Contract derivative, beginning balance	$ 2,292
Unrealized gain	89
Contract derivative, ending balance	$ 2,381
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income	Interest and other income, net

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease assets	$ 24,371	$ 28,354
Liabilities
Operating lease liabilities, current	10,945	10,712
Operating lease liabilities, non-current	31,758	39,108
Total operating lease liabilities	$ 42,703	$ 49,820

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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:


				December 31, 2025
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	130,602		$	43		$	(1)		$	130,644
Corporate notes		Level 2			37,690			15			(1)			37,704
Commercial paper		Level 2			71,695			8			(3)			71,700
Marketable securities					239,987			66			(5)			240,048
Money market funds		Level 1			79,387			—			—			79,387
Total				$	319,374		$	66		$	(5)		$	319,435


				December 31, 2024
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	17,306		$	8		$	—		$	17,314
Corporate notes		Level 2			5,431			1			(1)			5,431
Commercial paper		Level 2			35,285			1			(2)			35,284
Marketable securities					58,022			10			(3)			58,029
Money market funds		Level 1			550			—			—			550
Total				$	58,572		$	10		$	(3)		$	58,579

As of December 31, 2025, all of the Company’s available-for-sale securities had contractual maturities within 15 months, and the weighted-average maturity of marketable securities was approximately two months. 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 year ended December 31, 2025 or 2024.

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


		December 31, 2025
		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		$	9,998		$	(1)	$	—	$	—		$	9,998	$	(1)
Corporate notes			8,265			(1)		—		—			8,265		(1)
Commercial paper			23,565			(3)		—		—			23,565		(3)
Total		$	41,828		$	(5)	$	—	$	—		$	41,828	$	(5)


	December 31, 2024
	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
Corporate notes	$	4,114	$	(1)	$	—	$	—	$	4,114	$	(1)
Commercial paper		18,883		(2)		—		—		18,883		(2)
Total	$	22,997	$	(3)	$	—	$	—	$	22,997	$	(3)

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 December 31, 2025, and there were no individual securities that were in a significant unrealized loss position as of December 31, 2025.

For the year ended December 31, 2024, the Company sold marketable securities for total proceeds of $15.8 million. The sales were based on the specific identification method, and the realized net gain (loss) from the sales was immaterial. The Company did not sell any marketable securities for the year ended December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
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-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies - Litigation (Details) - Patent Infringement, Generic Companies		12 Months Ended
	Feb. 28, 2026 defendant	Dec. 31, 2025 defendant	Feb. 28, 2023 patent	Jan. 31, 2023 patent
Loss Contingency, Information about Litigation Matters
Number of patents listed in orange book \| patent			5	5
Loss contingency, number of defendants		3
Subsequent Events
Loss Contingency, Information about Litigation Matters
Loss contingency, number of defendants	1

Share-Based Compensation - Grants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Stock Units (RSUs)
Share-Based Compensation
Granted (in shares)	1,398,131
Restricted Stock Units (RSUs), Market-Based RSUs
Share-Based Compensation
Granted (in shares)	0	337,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value
Remaining fair value	$ 600
Share-based compensation expense	$ 1,000	$ 1,600
Restricted Stock Units (RSUs), Performance-Contingent RSUs
Share-Based Compensation
Granted (in shares)	0	421,300
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value
Remaining fair value	$ 3,000
Share-based compensation expense	$ 0	$ 200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Completion of Capital Return Program

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Completion of Capital Return Program

14. Completion of Capital Return Program

In January 2024, the Company completed its capital return program. Since the initiation of the capital return program in September 2022 and through its completion in January 2024, the Company repurchased a total of 31.41 million of its shares at a weighted average price of $10.354 per share for an approximate aggregate cost of $325.3 million, excluding fees and expenses. The table below summarizes the share repurchases under the Company’s open market repurchase plan for the year ended December 31, 2024:


(In thousands, except per share amounts)
Shares repurchased		38
Amount repurchased (excluding fees and expenses)	$	444
Weighted average cost per share (excluding fees and expenses)	$	11.551

The Company did not repurchase any of its shares under a capital return program for the year ended December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

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

Segment Information - Tabular Disclosure (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended								12 Months Ended
	Jun. 27, 2025	Dec. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Segment Information
Total revenues			$ 45,891	$ 19,990	$ 26,195	$ 15,388	$ 18,754	$ 16,868	$ 14,256	$ 14,503	$ 107,464	$ 64,381
Share-based compensation											18,476	21,393
Impairment of long-lived assets (non-cash)											0	4,513
Total expenses			25,879	26,445	28,920	29,822	27,954	27,705	29,961	25,710	111,066	111,330
Loss from operations			20,012	(6,455)	(2,725)	(14,434)	(9,200)	(10,837)	(15,705)	(11,207)	(3,602)	(46,949)
Net gain on realized contingent milestone and royalty assets	$ 75,137										75,137
TRELEGY milestone income		$ 50,000									50,000
Interest expense (non-cash)											(2,461)	(2,546)
Interest and other income, net											10,173	4,881
Provision for income tax benefit (expense)											(23,352)	(11,804)
Net income (loss)			$ 61,024	$ 3,615	$ 54,835	$ (13,579)	$ (15,527)	$ (12,698)	$ (16,529)	$ (11,664)	105,895	(56,418)
Collaboration Agreement
Segment Information
Total revenues											74,964	64,381
Licensing and Milestone
Segment Information
Total revenues											32,500
Milestone
Segment Information
Total revenues											25,000
Licensing
Segment Information
Total revenues											7,500
Single Reportable Segment
Segment Information
Total revenues											107,464	64,381
Employee-related (Research and development)											13,742	12,212
External-related (Research and development)											16,228	17,112
Facilities and other allocated expenses (Research and development)											3,363	3,215
Supporting general and administration functions											29,439	27,156
Sales and marketing, and medical affairs											29,818	25,729
Share-based compensation											18,476	21,393
Total recurring operating expenses											111,066	106,817
Impairment of long-lived assets (non-cash)												4,513
Total expenses											111,066	111,330
Loss from operations											(3,602)	(46,949)
Net gain on realized contingent milestone and royalty assets											75,137
TRELEGY milestone income											50,000
Interest expense (non-cash)											(2,461)	(2,546)
Interest and other income, net											10,173	4,881
Provision for income tax benefit (expense)											(23,352)	(11,804)
Net income (loss)											105,895	(56,418)
Single Reportable Segment \| Collaboration Agreement
Segment Information
Total revenues											74,964	$ 64,381
Single Reportable Segment \| Licensing and Milestone
Segment Information
Total revenues											$ 32,500

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits
Unrecognized tax benefits at the beginning of the period	$ 83,658	$ 79,470
Gross increase in tax positions for prior years	76	97
Gross increase in tax positions for current year	5,063	4,091
Unrecognized tax benefits at the end of the period	$ 88,797	$ 83,658

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of operating leases


(In thousands)	Classification		December 31, 2025			December 31, 2024
Assets
Operating lease assets	Operating lease assets		$	24,371		$	28,354

Liabilities
Current:
Operating lease liabilities	Operating lease liabilities		$	10,945		$	10,712
Non-current:
Operating lease liabilities	Long-term operating lease liabilities			31,758			39,108
Total operating lease liabilities			$	42,703		$	49,820


			Year Ended			Year Ended
(In thousands)	Classification		December 31, 2025			December 31, 2024
Operating lease expense ⁽¹⁾	Selling, general and administrative expense		$	8,250		$	8,518

			Year Ended			Year Ended
(In thousands)	Classification		December 31, 2025			December 31, 2024
Operating sublease income	Selling, general and administrative expense		$	9,644		$	8,739

(1)	Represents operating lease expense before sublease income. Excludes short-term leases which were not material and office lease service-related charges.


		Year Ended			Year Ended
(In thousands, except weighted average amounts)		December 31, 2025			December 31, 2024
Operating cash outflows related to operating leases		$	11,245		$	10,892
Weighted average remaining lease term			4.4 years			5.4 years
Weighted average discount rate			8.65	%		8.65	%


(In thousands)
Year ending December 31:
2026	$	9,929
2027		9,472
2028		9,134
2029		7,152
2030		2,998
Thereafter		—
Total operating sublease receipts	$	38,685

Summary of maturities of lease liabilities


(In thousands)
Year ending December 31:
2026	$	11,444
2027		11,567
2028		11,747
2029		11,838
2030		4,998
Thereafter		—
Total operating lease payments	$	51,594
Less: Imputed interest		(8,891)
Present value of operating lease liabilities	$	42,703

Cash, Cash Equivalents, and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

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


	December 31,
(In thousands)	2025		2024
Cash and cash equivalents	$	167,806	$	37,797
Restricted cash		836		836
Total cash, cash equivalents, and restricted cash	$	168,642	$	38,633

Property and Equipment - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment, Net
Property and equipment, gross	$ 29,716	$ 29,819
Less: accumulated depreciation	(23,821)	(22,401)
Property and equipment, net	5,895	7,418
Computer Equipment
Property, Plant and Equipment, Net
Property and equipment, gross	1,992	2,060
Software and Software Development Costs
Property, Plant and Equipment, Net
Property and equipment, gross	763	762
Furniture and Fixtures
Property, Plant and Equipment, Net
Property and equipment, gross	1,642	1,642
Laboratory Equipment
Property, Plant and Equipment, Net
Property and equipment, gross	38	38
Leasehold Improvements
Property, Plant and Equipment, Net
Property and equipment, gross	$ 25,281	$ 25,317

Subsequent Events (Details) - Subsequent Events $ in Millions	3 Months Ended
	Mar. 20, 2026 USD ($) employee
Restructuring and Related Cost, Positions Eliminated
Entity number of employees \| employee	90
Organizational Restructure, 2026
Restructuring and Related Cost, Positions Eliminated
Restructuring and related cost, expected number of positions eliminated, percent (as a percent)	50.00%
Employee Severance \| Organizational Restructure, 2026 \| Minimum
Restructuring and Related Cost, Expected Cost
Restructuring and related cost, expected cost	$ 5.0
Employee Severance \| Organizational Restructure, 2026 \| Maximum
Restructuring and Related Cost, Expected Cost
Restructuring and related cost, expected cost	$ 7.0

Segment Information - General Information (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments
Number of reportable segments	1	1
Segment Reporting, CODM, Individual Title and Position or Group Name	srt:ChiefExecutiveOfficerMember	srt:ChiefExecutiveOfficerMember

Commitments and Contingencies - Indemnifications (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Indemnification Agreement
Loss Contingency Accrual, Disclosures
Loss contingency accrual	$ 0	$ 0

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease, Cost
Operating lease expense	$ 8,250	$ 8,518

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

3. Segment Information

The Company operates in a single segment, which is the development and commercialization of human therapeutics. The Company has determined that its chief executive officer is the Chief Operating Decision Maker (“CODM”). When evaluating the Company’s financial performance, the CODM reviews total revenues and total expenses and makes financial decisions using this information on a consolidated net income (loss) basis. The measure of segment assets is the Company’s total assets which are reported on the consolidated balance sheets. The Company’s segment revenue and long-lived assets are primarily generated and maintained in the US.

The following table summarizes significant segment expenses:


	Year Ended December 31,
(In thousands)	2025		2024
Viatris collaboration agreement	$	74,964	$	64,381
Licensing and milestone revenue		32,500		—
Total revenue		107,464		64,381

Employee-related (Research and development) ¹		13,742		12,212
External-related (Research and development)		16,228		17,112
Facilities and other allocated expenses (Research and development)		3,363		3,215
Supporting general and administration functions ¹		29,439		27,156
Sales and marketing, and medical affairs ¹		29,818		25,729
Share-based compensation		18,476		21,393
Total recurring operating expenses		111,066		106,817
Impairment of long-lived assets		—		4,513
Total operating expenses		111,066		111,330
Loss from operations		(3,602)		(46,949)
Net gain on realized contingent milestone and royalty assets		75,137		—
TRELEGY milestone income		50,000		—
Interest expense (non-cash)		(2,461)		(2,546)
Interest and other income, net		10,173		4,881
Provision for income tax expense		(23,352)		(11,804)
Net income (loss)	$	105,895	$	(56,418)

¹Excludes share-based compensation

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balances at Dec. 31, 2023		$ 1,122,164	$ (65)	$ (909,104)	$ 212,995
Balances (in shares) at Dec. 31, 2023	48,091,000
Increase (Decrease) in Stockholders' Equity
Repurchase of ordinary shares, net of transaction costs		(445)			(445)
Repurchase of ordinary shares, net of transaction costs (in shares)	(38,000)
Proceeds from the sale of ordinary shares		99			99
Proceeds from the sale of ordinary shares (in shares)	11,000
Proceeds from ESPP purchases		508			508
Proceeds from ESPP purchases (in shares)	61,000
Employee share-based compensation expense		21,393			21,393
Issuance of restricted shares (in shares)	1,641,000
Repurchase of shares to satisfy tax withholding		(2,659)			(2,659)
Repurchase of shares to satisfy tax withholding (in shares)	(295,000)
Net unrealized gain (loss) on marketable securities			72		72
Net income (loss)				(56,418)	(56,418)
Balances at Dec. 31, 2024		1,141,060	7	(965,522)	$ 175,545
Balances (in shares) at Dec. 31, 2024	49,471,000				49,471,000
Increase (Decrease) in Stockholders' Equity
Proceeds from ESPP purchases		20			$ 20
Proceeds from ESPP purchases (in shares)	2,000
Employee share-based compensation expense		18,476			18,476
Issuance of restricted shares	$ 1				1
Issuance of restricted shares (in shares)	1,852,000
Option exercises		766			$ 766
Option exercises (in shares)	67,000				66,517
Repurchase of shares to satisfy tax withholding		(4,034)			$ (4,034)
Repurchase of shares to satisfy tax withholding (in shares)	(323,000)
Net unrealized gain (loss) on marketable securities			54		54
Net income (loss)				105,895	105,895
Balances at Dec. 31, 2025	$ 1	$ 1,156,288	$ 61	$ (859,627)	$ 296,723
Balances (in shares) at Dec. 31, 2025	51,069,000				51,069,000

Commitments and Contingencies - Legal Proceedings (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Pending Litigation
Loss Contingency Accrual, Disclosures
Loss contingency accrual	$ 0

Share-Based Compensation - General Information (Details) $ in Millions		12 Months Ended
	May 02, 2023 shares	Dec. 31, 2025 plan period	Dec. 31, 2024 USD ($)	Dec. 31, 2023 shares	Dec. 31, 2014
Share-Based Compensation
Number of plans \| plan		3
2013 Equity Incentive Plan
Share-Based Compensation
Plan term	10 years
Number of shares reserved for issuance reduced (in shares)	3,808,287
2014 New Employee Equity Incentive Plan
Share-Based Compensation
Plan term					10 years
Employee Stock Option \| 2013 Equity Incentive Plan
Share-Based Compensation
Award term		10 years
Vesting period		4 years
Forfeiture period, minimum		3 months
Employee Stock Option \| 2013 Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation
Vesting period		1 year
Vesting (as a percent)		25.00%
Employee Stock Option \| 2013 Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation
Vesting period		3 years
Vesting (as a percent)		75.00%
Employee Stock Option \| 2014 New Employee Equity Incentive Plan
Share-Based Compensation
Award term		10 years
Vesting period		4 years
Forfeiture period, minimum		3 months
Employee Stock Option \| 2014 New Employee Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation
Vesting period		1 year
Vesting (as a percent)		25.00%
Employee Stock Option \| 2014 New Employee Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation
Vesting period		3 years
Vesting (as a percent)		75.00%
Employee Stock \| 2013 Employee Share Purchase Plan
Share-Based Compensation
Discount from market price, offering date (as a percent)		85.00%
Discount from market price, purchase date (as a percent)		85.00%
Shares that may be issued as percent of prior year outstanding shares (as a percent)		1.00%
Automatic increase in number of shares that may be issued (in shares)				571,428
Consecutive and overlapping offering periods		24 months
Number of purchase periods \| period		4
Duration of purchase period		6 months
Employee contribution limit (as a percent)		15.00%
Acceleration of previously unamortized share-based compensation expense \| $			$ 0.5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net income (loss)
Net Income (Loss)	$ 105,895	$ (56,418)
Other comprehensive income:
Net unrealized gain on available-for-sale investments	54	72
Comprehensive income (loss)	$ 105,949	$ (56,346)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Contract Derivative - Fair Value Assumptions (Details)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	0.048	0.055
Derivative Asset, Measurement Input	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Preferred shares
Preferred shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred shares, shares authorized (in shares)	230	230
Preferred shares, shares issued (in shares)	0	0
Preferred shares, outstanding shares (in shares)	0	0
Ordinary shares
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized (in shares)	200,000	200,000
Ordinary shares, shares issued (in shares)	51,069	49,471
Ordinary shares, shares outstanding (in shares)	51,069	49,471

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 61,024	$ 3,615	$ 54,835	$ (13,579)	$ (15,527)	$ (12,698)	$ (16,529)	$ (11,664)	$ 105,895	$ (56,418)

- Definition

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

+ References

+ Details

Ampreloxetine Funding

12 Months Ended

Dec. 31, 2025

Collaborative Arrangement [Abstract]

Ampreloxetine Funding

10. Ampreloxetine Funding

In connection with the TRC Transaction, the Company received $25.0 million in cash from Royalty Pharma in exchange for certain royalty rights to ampreloxetine and is entitled to receive an additional $15.0 million upon the first regulatory approval of any pharmaceutical product that contains ampreloxetine as an active pharmaceutical ingredient by either (a) the FDA or (b) the first of (i) the European Medicines Agency or (ii) all four of Germany, France, Italy and Spain. In exchange for the $25.0 million and potential $15.0 million in cash (the “Ampreloxetine Funding”), the Company will make quarterly royalty payments to Royalty Pharma equal to the amount of ampreloxetine net sales recognized during the applicable quarter multiplied by 2.5% for the first $500.0 million in ampreloxetine net sales and 4.5% for ampreloxetine net sales in excess of $500.0 million. These royalty payments from the Company to Royalty Pharma will continue until, on a country by country and product by product basis, the later of (a) the expiration of all valid and enforceable claims of any patent, or pending claim of a good faith patent application during the five (5) years

from the initial filing of such application, that cover the applicable ampreloxetine product or the manufacture or use thereof in the applicable country and (b) the expiration of regulatory exclusivity granted by the FDA or equivalent organization in the applicable country.

The Company accounted for the ampreloxetine funding received from Royalty Pharma as a contingent liability because the Company has significant continuing involvement in generating the future revenue stream from which the contingent liability would be repaid to Royalty Pharma. If the regulatory approval milestone is achieved, the Company will recognize the $15.0 million milestone payment as an increase to the accumulated liability. If and when ampreloxetine obtains regulatory approval and is commercially launched, the Company will recognize the royalties paid to Royalty Pharma as a decrease to the accumulated liability due to Royalty Pharma and a corresponding reduction in cash.

The carrying amount of the contingent liability for the future royalty payment was based on the upfront $25.0 million received and management’s estimate of (i) the risk-adjusted future contingent $15.0 million milestone and (ii) the amount and timing of royalties to be paid to Royalty Pharma and then discounted over the life of the arrangement using an imputed rate of interest. The excess of future estimated royalty payments over the amount of cash funding received will be recognized as interest expense using the effective interest method. The balance associated with the contingent liability was initially recorded as $25.0 million, net of allocated transaction costs, in July 2022 and was reported on the consolidated balance sheets as “Future royalty payment contingency”.

The Company periodically reassesses the amount and timing of probability-adjusted estimated royalty payments. To the extent such payments are materially greater or less than the Company’s previous estimates, the Company will prospectively adjust the amortization of the contingent liability and the effective interest rate. The imputed effective rate of interest on the unamortized portion of the contingent liability was approximately 6.9% as of December 31, 2025.

There are a number of factors that could materially affect the amount and timing of the contingent $15.0 million milestone and royalty payments, some of which are not within the Company’s control. Such factors include, but are not limited to, changes in the projected market size, the introduction of competing products, patent protection matters, and regulatory product approval for ampreloxetine. The contingent liability was recognized using significant unobservable inputs. These inputs were derived using internal management estimates and reflect management’s judgements and forecasts. The significant unobservable inputs include the forecasted revenues, the probability and timing of the regulatory milestone, and the expected term of the royalty stream, as well as the overall probability of ampreloxetine’s success. These estimates are considered Level 3 fair value inputs. A significant change in certain unobservable inputs, such as the probability of ampreloxetine’s success, could result in a material increase or decrease to the effective interest rate of the contingent liability. If ampreloxetine regulatory approval is not achieved or if ampreloxetine sales are never recognized, the contingent liability recognized would be extinguished as the Company would not be obligated to repay any of the funding amounts received from Royalty Pharma.

Changes to the contingent liability for sale of future royalties were as follows for the year ended December 31, 2025:


(In thousands)
Balance at December 31, 2024		$	30,334
Non-cash interest expense accretion			2,461
Balance at December 31, 2025		$	32,795

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Share-Based Compensation - Share-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Expense
Share-based compensation expense	$ 18,476	$ 21,393
Employee Stock Option
Share-Based Compensation Expense
Share-based compensation expense	1,741	2,060
Restricted Stock Units (RSUs), Market-Based RSUs
Share-Based Compensation Expense
Share-based compensation expense	15,512	16,746
Restricted Stock Units (RSUs), Performance-Contingent RSUs
Share-Based Compensation Expense
Share-based compensation expense	$ 1,224	1,848
Employee Stock
Share-Based Compensation Expense
Share-based compensation expense		$ 739

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Expense
Share-based compensation expense	$ 18,476	$ 21,393
Research and Development
Share-Based Compensation Expense
Share-based compensation expense	4,081	5,104
Selling, General and Administrative
Share-Based Compensation Expense
Share-based compensation expense	$ 14,395	$ 16,289

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Depreciation
Depreciation expense	$ 1.5	$ 1.6

Leases - Gross Difference (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Gross Difference
Total operating lease payments	$ 51,594
Less: Imputed interest	(8,891)
Present value of operating lease liabilities	$ 42,703	$ 49,820

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of significant segment expenses


	Year Ended December 31,
(In thousands)	2025		2024
Viatris collaboration agreement	$	74,964	$	64,381
Licensing and milestone revenue		32,500		—
Total revenue		107,464		64,381

Employee-related (Research and development) ¹		13,742		12,212
External-related (Research and development)		16,228		17,112
Facilities and other allocated expenses (Research and development)		3,363		3,215
Supporting general and administration functions ¹		29,439		27,156
Sales and marketing, and medical affairs ¹		29,818		25,729
Share-based compensation		18,476		21,393
Total recurring operating expenses		111,066		106,817
Impairment of long-lived assets		—		4,513
Total operating expenses		111,066		111,330
Loss from operations		(3,602)		(46,949)
Net gain on realized contingent milestone and royalty assets		75,137		—
TRELEGY milestone income		50,000		—
Interest expense (non-cash)		(2,461)		(2,546)
Interest and other income, net		10,173		4,881
Provision for income tax expense		(23,352)		(11,804)
Net income (loss)	$	105,895	$	(56,418)

¹Excludes share-based compensation

Investments and Fair Value Measurements - Available-for-Sale Securities - Sales of Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale
Available-for-sale securities sold	$ 0	$ 15,800

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenue - Disaggregation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Revenues:
Total revenues	$ 45,891	$ 19,990	$ 26,195	$ 15,388	$ 18,754	$ 16,868	$ 14,256	$ 14,503	$ 107,464	$ 64,381
Collaboration Agreement
Revenues:
Total revenues									74,964	$ 64,381
Licensing and Milestone
Revenues:
Total revenues									32,500
Milestone
Revenues:
Total revenues									25,000
Licensing
Revenues:
Total revenues									$ 7,500

- Definition

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+ Details

Income Taxes - Effective Tax Rate Reconciliation, Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Federal statutory tax rate	$ 32,312
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount
Other	(15)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount
Changes in valuation allowances	482
Ireland rate differential	(3,430)
Foreign currency adjustments	(2,681)
Total	23,352	$ 11,804
Ireland
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount
Other	435
United States
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Foreign tax effects	(2,488)
Effective Income Tax Rate Reconciliation, Cross-Border Tax Effect, Amount
Foreign-derived intangible income deduction / effects of cross-border tax laws	(9,467)
Effective Income Tax Rate Reconciliation, Tax Credit, Amount
Tax credits	(2,712)
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount
Changes in unrecognized tax benefits, foreign	10,480
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount
Other	$ 436

Investments and Fair Value Measurements - Transfers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Assets, Fair Value Disclosure
Fair value of assets transferred from Level 1 to Level 2	$ 0	$ 0
Fair value of assets transferred from Level 2 to Level 1	$ 0	$ 0

Income Taxes - Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2025 USD ($)
Research Tax Credit Carryforward \| Income Tax Jurisdiction, Domestic State and Local
Tax Credit Carryforward
Tax credit carryforward, amount	$ 26.0
Capital Loss Carryforward \| Ireland
Tax Credit Carryforward
Tax credit carryforward, amount	$ 69.1

Leases - Impairment of Long-Lived Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) item
Asset Impairment Charges
Loss on impairment of long-lived assets	$ 0	$ 4,513
South San Francisco Lease
Asset Impairment Charges
Impairment, long-lived asset, held-for-use, asset groups, identified for impairment assessment, number \| item		2
Loss on impairment of long-lived assets		$ 4,500
Impairment, long-lived asset, held-for-use, asset groups, determine estimated fair value, number \| item		2
South San Francisco Lease, March 2024 Sublease Amendment, November 2024
Asset Impairment Charges
Impairment, long-lived asset, held-for-use, assumption, expected sublease rental income		$ 600
Impairment, long-lived asset, held-for-use, assumption, expected annual discount rate, percentage (as a percent)		9.70%
South San Francisco Lease, General Laboratory Space
Asset Impairment Charges
Impairment, long-lived asset, held-for-use, assumption, expected sublease rental income		$ 800
Impairment, long-lived asset, held-for-use, assumption, expected annual discount rate, percentage (as a percent)		9.70%

SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) - Consolidated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Selected Quarterly Financial Information
Total revenues	$ 45,891	$ 19,990	$ 26,195	$ 15,388	$ 18,754	$ 16,868	$ 14,256	$ 14,503	$ 107,464	$ 64,381
Total expenses	25,879	26,445	28,920	29,822	27,954	27,705	29,961	25,710	111,066	111,330
Loss from operations	20,012	(6,455)	(2,725)	(14,434)	(9,200)	(10,837)	(15,705)	(11,207)	(3,602)	(46,949)
Net Income (Loss)	$ 61,024	$ 3,615	$ 54,835	$ (13,579)	$ (15,527)	$ (12,698)	$ (16,529)	$ (11,664)	$ 105,895	$ (56,418)
Net income (loss) per share - basic (in dollars per share)	$ 1.2	$ 0.07	$ 1.09	$ (0.27)	$ (0.31)	$ (0.26)	$ (0.34)	$ (0.24)	$ 2.1	$ (1.15)
Net income (loss) per share - diluted (in dollars per share)	$ 1.15	$ 0.07	$ 1.08	$ (0.27)	$ (0.31)	$ (0.26)	$ (0.34)	$ (0.24)	$ 2.06	$ (1.15)

- 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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-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

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+ Details

Share-Based Compensation - Estimated Fair Value of RSUs Vested (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted-average estimated fair value, other than options (in dollars per share)	$ 9.4	$ 9.15
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value	$ 22.8	$ 14.9

Share-Based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of Shares Subject to Outstanding Options
Beginning balance, outstanding (in shares)	1,896,908
Granted (in shares)	169,806
Exercised (in shares)	(66,517)
Forfeited (in shares)	(1,312)
Expired (in shares)	(71,438)
Ending balance, outstanding (in shares)	1,927,447
Weighted-Average Exercise Price of Outstanding Options
Beginning balance, outstanding (in dollars per share) \| $ / shares	$ 15.53
Granted (in dollars per share) \| $ / shares	9.39
Exercised (in dollars per share) \| $ / shares	11.51
Forfeited (in dollars per share) \| $ / shares	9.75
Expired (in dollars per share) \| $ / shares	17.75
Ending balance, outstanding (in dollars per share) \| $ / shares	$ 15.05
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures
Number of shares subject to outstanding options, exercisable (in shares)	1,816,918
Weighted-average remaining contractual term, outstanding	5 years 7 months 13 days
Weighted-average remaining contractual term, exercisable	5 years 5 months 12 days
Aggregate intrinsic value, exercised \| $	$ 363
Aggregate intrinsic value, outstanding \| $	11,143
Aggregate intrinsic value, exercisable \| $	$ 10,152
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest
Number of shares subject to outstanding options, vested and expected to vest (in shares)	1,927,447
Weighted-average remaining contractual term, vested and expected to vest	5 years 7 months 13 days
Aggregate intrinsic value, vested or expected to vest \| $	$ 11,143

Income Taxes - Effective Tax Rate Reconciliation, Percent (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Percent
Federal statutory tax rate (as a percent)	25.00%	25.00%
Foreign tax effects (as a percent)		(8.08%)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent
Research and development tax credit carryforwards (as a percent)		4.07%
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent
Uncertain tax positions (as a percent)		(21.19%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent
Other (as a percent)	(0.01%)
Share-based compensation (as a percent)		(6.15%)
Non-deductible executive compensation (as a percent)		(3.28%)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent
Changes in valuation allowances (as a percent)	0.37%	(12.76%)
Ireland rate differential (as a percent)	(2.65%)
Foreign currency adjustments (as a percent)	(2.07%)
Other (as a percent)		(4.07%)
Effective tax rate (as a percent)	18.07%	(26.46%)
Ireland
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent
Other (as a percent)	0.34%
United States
Effective Income Tax Rate Reconciliation, Percent
Foreign tax effects (as a percent)	(1.92%)
Effective Income Tax Rate Reconciliation, Cross-Border Tax Effect, Percent
Foreign-derived intangible income deduction / effects of cross-border tax laws (as a percent)	(7.32%)
Effective Income Tax Rate Reconciliation, Tax Credit, Percent
Tax credits (as a percent)	(2.10%)
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent
Changes in unrecognized tax benefits, foreign (as a percent)	8.11%
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent
Other (as a percent)	0.34%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Theravance Biopharma was incorporated in the Cayman Islands in July 2013 under the name Theravance Biopharma, Inc. as a wholly-owned subsidiary of Innoviva, Inc. and began operations subsequent to a spin-off with wholly-owned subsidiaries in the Cayman Islands, US, United Kingdom, and Ireland. Effective July 1, 2015, Theravance Biopharma became an Irish tax resident, therefore, the income (loss) before income taxes of Theravance Biopharma, the parent company, were included in Ireland in the tables below.

The components of the income (loss) before income taxes from operations were as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Income (loss) before provision for income taxes:
United States	$	108,390	$	2,014
Ireland		20,857		(46,628)
Total	$	129,247	$	(44,614)

The components of provision for income tax expense from operations were as follows:


	Year Ended December 31,
(In thousands)	2025		2024
Provision for income tax expense:
Current:
United States	$	(34,866)	$	(19,375)
Ireland		(5)		(2)
Subtotal		(34,871)		(19,377)
Deferred:
United States		11,519		7,573
Ireland		—		—
Subtotal		11,519		7,573
Total	$	(23,352)	$	(11,804)

The provision for income tax expense was $23.4 million and $11.8 million for the year ended December 31, 2025 and 2024, respectively. The income tax expense for the year ended December 31, 2025 was primarily attributed to US federal tax on (i) the TRELEGY Royalty Sales Agreement and (ii) milestone income related to 2025 TRELEGY global net sales, as well as the Company’s uncertain tax positions, including interest on historical positions, offset by the realization of tax credits.

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. In the event of a distribution of these earnings in the form of dividends or otherwise, the Company may be liable for income taxes, subject to an adjustment, if any, for foreign tax credits and foreign withholdings taxes payable to certain foreign tax authorities. As of December 31, 2025, there were no undistributed earnings.

As a result of the Company becoming an Irish tax resident effective July 1, 2015, the tax rates reflect the Irish statutory rate of 25%. The Company adopted ASU 2023-09 in the current year on a prospective basis. The differences between the Irish statutory income tax rate for non-trading income and the Company’s effective tax rates from operations in the current year after the adoption of ASU 2023-09 were as follows:


(In thousands)	Year ended December 31, 2025
Federal statutory tax rate	$	32,312	25.00	%
State and local income taxes, net of federal income tax effect		—	—
Foreign tax effects
United States:
Foreign rate differential		(2,488)	(1.92)
Foreign-derived intangible income deduction		(9,467)	(7.32)
US federal and state tax credits		(2,712)	(2.10)
Changes in unrecognized tax benefits		10,480	8.11
Other		436	0.34
Effect of changes in tax laws or rates enacted in the current period		—	—
Effects of cross-border tax laws		—	—
Tax credits		—	—
Changes in valuation allowances		482	0.37
Non-taxable or non-deductible items
Ireland rate differential		(3,430)	(2.65)
Other		(15)	(0.01)
Unrecognized tax benefits		—	—
Other adjustments
Foreign currency adjustments		(2,681)	(2.07)
Other		435	0.34
Effective tax rate	$	23,352	18.07	%

The differences between the Irish statutory income tax rate for non-trading income and the Company’s effective tax rates from operations in the prior year were as follows:


	Year Ended December 31,
	2024
Provision at statutory income tax rate	25.00	%
Foreign rate differential	(8.08)
Share-based compensation	(6.15)
Non-deductible executive compensation	(3.28)
Uncertain tax positions	(21.19)
Research and development tax credit carryforwards	4.07
Change in valuation allowance	(12.76)
Other	(4.07)
Effective tax rate	(26.46)	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
(In thousands)	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	157,752	$	154,476
Capital loss carryforwards		22,796		20,094
Research and development tax credit carryforwards		16,452		16,211
Fixed assets and intangibles		229,531		235,265
Share-based compensation		3,103		3,402
Accruals		2,239		1,674
Operating lease liabilities		9,127		11,296
Future contingent milestone and royalty asset		6,608		—
Other		9,219		9,170
Subtotal		456,826		451,588
Valuation allowance		(436,348)		(435,543)
Total deferred tax assets		20,478		16,045

Deferred tax liabilities:
Operating lease assets		(6,308)		(7,814)
Future contingent milestone and royalty asset		—		(5,533)
Prepaid assets		(221)		(268)
Total deferred tax liabilities		(6,529)		(13,615)
Net deferred tax assets (liabilities)	$	13,949	$	2,430

The Company follows the accounting guidance related to accounting for income taxes which requires that a company reduces 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. During the year ended December 31, 2022, the Company concluded that the valuation allowance related to its US federal assets was no longer needed primarily due to the gain and forecasted future taxable income from the TRC Transaction, and as a result, the Company released its valuation allowance against deferred tax assets for US federal tax purposes in 2022 as it was more like than not able to fully utilize such attributes. As of December 31, 2025, the Company continues to maintain its position that a valuation allowance against deferred tax assets for US federal tax purposes is not needed, as it is more like than not able to fully utilize such attributes. As of December 31, 2025, the Company continues to maintain a full valuation allowance in other jurisdictions.

The valuation allowance increased from $435.5 million, as of December 31, 2024, to $436.3 million as of December 31, 2025, primarily as a result of activity in the foreign deferred tax assets, as well as the state deferred tax assets during 2025. Valuation allowances require an assessment of both positive and negative evidence when determining whether it is more likely than not that the deferred tax assets are recoverable. As required, the Company prepares its assessment of the realizability of deferred tax assets on a jurisdiction-by jurisdiction basis.

As of December 31, 2025, the Company has utilized all available US federal net operating loss carryforwards and federal general business credit carryforwards. As of December 31, 2025, the Company had state net operating loss carryforwards of $121.7 million which generally begin to expire in 2035 and state research and development credit carryforwards of $26.0 million to be carried forward indefinitely.

As of December 31, 2025, the Company had Irish net operating loss carryforwards of $1.19 billion and capital loss carryforwards of $69.1 million, both of which can be carried forward indefinitely. The Company has additional Irish tax attributes of $1.31 billion which primarily consist of unused capital allowances. Net operating losses and capital allowances can be used to offset future income from Irish entities and income related to intellectual property.

Utilization of federal and state net operating loss and tax credit carryforwards may be subject to an annual limitation due to ownership change limitations provided by the Internal Revenue Code and similar state provisions. Annual limitations may result in expiration of net operating loss and tax credit carryforwards before some or all of such amounts have been utilized.

The following represents a summary of the Company’s income taxes paid for the year ended December 31, 2025:


		Year Ended December 31,
(In thousands)		2025
National	$	1,518
State		—
Foreign:
US Federal		24,779
US States		1,587
Total income taxes paid, net	$	27,884

Uncertain Tax Positions

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits were as follows:


(In thousands)
Unrecognized tax benefits as of December 31, 2023	$	79,470
Gross increase in tax positions for prior years		97
Gross increase in tax positions for current year		4,091
Decrease related to settlement with tax authorities		—
Decrease related to expiration of statute of limitations		—
Unrecognized tax benefits as of December 31, 2024		83,658
Gross increase in tax positions for prior years		76
Gross increase in tax positions for current year		5,063
Decrease related to settlement with tax authorities		—
Decrease related to expiration of statute of limitations		—
Unrecognized tax benefits as of December 31, 2025	$	88,797

The total unrecognized tax benefits of $88.8 million and $83.7 million, as of December 31, 2025 and December 31, 2024, respectively, would reduce the effective tax rate in the period of recognition.

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's policy is to recognize interest and penalties related to income tax matters in income tax expense. The amount of tax expense related to interest was $5.5 million for the year ended December 31, 2025 and $5.6 million for the year ended December 31, 2024. The Company will continue to accrue interest on the respective uncertain tax positions in accordance with applicable rules. The Company has not recognized any penalties related to its uncertain tax positions.

While total unrecognized tax benefits were $88.8 million, the Company’s recorded liability for unrecognized tax benefits was $85.7 million as of December 31, 2025, which can be relieved only if (i) the contingency becomes legally extinguished through either payment to the taxing authority or expiration of the statute of limitations; (ii) the recognition of the benefits associated with the position meets the more likely than not threshold; or (iii) the liability becomes effectively settled through the examination process. The Company considers matters to be effectively settled

once the taxing authority has completed all of its required or expected examination procedures, including all appeals and administrative reviews. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in its income tax expense (benefit) calculation.

The Company is subject to taxation in Ireland, the US, and various other jurisdictions. The tax years 2015 and forward remain open to examination in Ireland, tax years 2015 and forward remain open to examination in the US, and the tax years 2012 and forward remain open to examination in other jurisdictions.

The Company’s future income tax expense may be affected by such factors as changes in tax laws, regulations, its business, tax rates, interpretation of existing laws or regulations, the impact of accounting for share-based compensation, the impact of accounting for business combinations and other transactions, 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 tax.

+ References

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+ Details

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Uncertainties
Unrecognized tax benefits	$ 88,797	$ 83,658	$ 79,470
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	88,800	83,700
Unrecognized tax benefits, can be relieved	85,700
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense
Unrecognized tax benefits, interest on income taxes expense	5,500	5,600
Unrecognized tax benefits, income tax penalties expense	$ 0	$ 0