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Investments and Fair Value Measurements - Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Roll Forward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Contract derivative, beginning balance	$ 2,381
Unrealized gain	(41)
Contract derivative, ending balance	$ 2,340
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income	Interest and other income, net

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net loss	$ (4,933)	$ (13,579)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	381	413
Amortization and accretion on investment securities, net	(602)	(327)
Future royalty payment contingency interest accretion		643
Share-based compensation	4,504	4,877
Amortization of right-of-use assets	1,056	966
Deferred income taxes	(2,999)	(1,852)
Other	42	(39)
Changes in operating assets and liabilities:
Receivables from collaborative and licensing arrangements	29,954	3,087
Receivables from milestones and royalty assets	50,000	50,000
Prepaid clinical and development services		73
Other prepaid and current assets	1,666	148
Right-of-use lease assets	314	(42)
Other assets	1,025	330
Accounts payable	(1,468)	166
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	(4,867)	(1,514)
Operating lease liabilities	(2,199)	(1,664)
Unrecognized tax benefits	1,474	1,285
Other long-term liabilities	(69)	68
Net cash provided by operating activities	73,279	43,039
Investing activities
Purchases of marketable securities	(43,407)	(1,968)
Maturities of marketable securities	96,000	32,600
Net cash provided by investing activities	52,593	30,632
Financing activities
Proceeds from the sale of ordinary shares		20
Proceeds from option exercises	241
Repurchase of shares to satisfy tax withholding	(5,818)	(874)
Net cash used in financing activities	(5,577)	(854)
Net increase in cash, cash equivalents, and restricted cash	120,295	72,817
Cash, cash equivalents, and restricted cash at beginning of period	168,642	38,633
Cash, cash equivalents, and restricted cash at end of period	288,937	111,450
Supplemental disclosure of cash flow information
Cash (received) paid for income taxes, net	$ (351)	$ 4

CONDENSED 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, 2024		$ 1,141,060	$ 7	$ (965,522)	$ 175,545
Balances (in shares) at Dec. 31, 2024	49,471,000
Increase (Decrease) in Stockholders' Equity
Proceeds from the sale of ordinary shares		20			20
Proceeds from the sale of ordinary shares (in shares)	2,000
Employee share-based compensation expense		4,877			4,877
Issuance of restricted shares	$ 1				1
Issuance of restricted shares (in shares)	619,000
Repurchase of shares to satisfy tax withholding		(874)			(874)
Repurchase of shares to satisfy tax withholding (in shares)	(91,000)
Net unrealized loss on marketable securities			(7)		(7)
Net loss				(13,579)	(13,579)
Balances at Mar. 31, 2025	$ 1	1,145,083		(979,101)	165,983
Balances (in shares) at Mar. 31, 2025	50,001,000
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
Increase (Decrease) in Stockholders' Equity
Employee share-based compensation expense		4,504			$ 4,504
Issuance of restricted shares (in shares)	720,000
Option exercises		241			$ 241
Option exercises (in shares)	22,000				22,044
Repurchase of shares to satisfy tax withholding		(5,818)			$ (5,818)
Repurchase of shares to satisfy tax withholding (in shares)	(296,000)
Net unrealized loss on marketable securities			(123)		(123)
Net loss				(4,933)	(4,933)
Balances at Mar. 31, 2026	$ 1	$ 1,155,215	$ (62)	$ (864,560)	$ 290,594
Balances (in shares) at Mar. 31, 2026	51,515,000				51,515,000

Investments and Fair Value Measurements - Contract Derivative - Fair Value Assumptions (Details)	Mar. 31, 2026	Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques
Derivative asset, measurement input	0.051	0.048
Derivative Asset, Measurement Input	us-gaap:MeasurementInputDiscountRateMember

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Restricted Cash

5. Cash, Cash Equivalents, and Restricted Cash

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


	March 31,
(In thousands)	2026		2025
Cash and cash equivalents	$	288,101	$	110,614
Restricted cash		836		836
Total cash, cash equivalents, and restricted cash	$	288,937	$	111,450

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 condensed consolidated balance sheets.

The Company periodically engages in foreign exchange transactions as a part of its operations. The Company recognized net realized and unrealized foreign currency losses were immaterial for the three months ended March 31, 2026 and 2025, respectively. These amounts are included in the Company’s condensed consolidated statements of operations within “Interest income and other income, net”.

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

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


	March 31,
(In thousands)	2026		2025
Cash and cash equivalents	$	288,101	$	110,614
Restricted cash		836		836
Total cash, cash equivalents, and restricted cash	$	288,937	$	111,450

Organization and Summary of Significant Accounting Policies (Details)	Mar. 31, 2026
Accounting Standards Update 2024-03
Recently Issued Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	false

- Definition

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

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+ Details

Investments and Fair Value Measurements - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	$ 116,077	$ 41,828
Estimated fair value, total	116,077	41,828
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(64)	(5)
Gross unrealized losses, total	(64)	(5)
US Treasury and Government
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	5,322	9,998
Estimated fair value, total	5,322	9,998
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(5)	(1)
Gross unrealized losses, total	(5)	(1)
Corporate Note Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	37,717	8,265
Estimated fair value, total	37,717	8,265
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(40)	(1)
Gross unrealized losses, total	(40)	(1)
Commercial Paper
Debt Securities, Available-for-Sale, Unrealized Loss Position
Estimated fair value, less than 12 months	73,038	23,565
Estimated fair value, total	73,038	23,565
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss
Gross unrealized losses, less than 12 months	(19)	(3)
Gross unrealized losses, total	$ (19)	$ (3)

Revenue - Implied Share of Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Viatris \| YUPELRI Monotherapy \| Theravance Biopharma, Inc.
Revenues:
Revenues	$ 21,851	$ 20,420

- 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

Investments and Fair Value Measurements - Fair Value to Amortized Cost - Total (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Amortized cost, available-for-sale securities	$ 131,539	$ 239,987
Estimated fair value, available-for-sale securities	131,477	240,048
Money market funds	256,172	79,387
Amortized cost, total	387,711	319,374
Estimated fair value, total	$ 387,649	$ 319,435

- 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

Segment Information - Tabular Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Information
Total revenues	$ 17,699	$ 15,388
Revenue from Contract with Customer, Product and Service	tbph:CollaborativeArrangementRevenueMember	tbph:CollaborativeArrangementRevenueMember
Share-based compensation	$ 4,504	$ 4,877
Restructuring expenses (including share-based compensation)	3,633
Total expenses	27,182	29,822
Loss from operations	(9,483)	(14,434)
Interest expense (non-cash)		(643)
Interest and other income, net	3,013	939
Provision for income tax benefit	1,537	559
Net loss	(4,933)	(13,579)
Single Reportable Segment
Segment Information
Total revenues	$ 17,699	$ 15,388
Revenue from Contract with Customer, Product and Service	tbph:CollaborativeArrangementRevenueMember	tbph:CollaborativeArrangementRevenueMember
Employee-related (Research and development)	$ 2,447	$ 3,931
External-related (Research and development)	1,952	5,565
Facilities and other allocated expenses (Research and development)	803	886
Supporting general and administration functions	7,961	7,258
Sales and marketing, and medical affairs	6,910	7,305
Share-based compensation	3,476	4,877
Total recurring operating expenses	23,549	29,822
Restructuring expenses (including share-based compensation)	3,633
Total expenses	27,182	29,822
Loss from operations	(9,483)	(14,434)
Interest expense (non-cash)		(643)
Interest and other income, net	3,013	939
Provision for income tax benefit	1,537	559
Net loss	$ (4,933)	$ (13,579)

Segment Information - General Information (Details) - segment	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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

Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

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 condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 are unaudited but include all adjustments (consisting only of normal recurring adjustments), which are considered necessary for a fair presentation of the financial position at such date and of the operating results and cash flows for the period, and have been prepared in accordance with United States (“US”) generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated December 31, 2025 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 23, 2026.

The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for any other interim period or for any future period. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. 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 condensed consolidated financial statements based on current operating plans and financial forecasts.

Significant Accounting Policies

Other than an update to the “Future Royalty Payment Contingency” accounting policy below, there have been no material revisions in the Company’s significant accounting policies described in Note 1 to the consolidated financial statements included in its Annual Report on Form 10-K as of and for the year ended December 31, 2025.

Future Royalty Payment Contingency

The Company treats contingent liabilities related to sale of future royalties 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.

In periods in which updated estimates of the amount or timing of future royalty payments results in the undiscounted cash flows payable to be less than the current net carrying amount of the debt, the Company ceases the recognition of interest expense on the royalty liability. Consistent with the accounting guidance applicable to debt financings, the Company does not reduce the net carrying amount of the royalty liability below its initial carrying amount, which represents the original proceeds received.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

Revenue - Collaborative Arrangements - General Information (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement - Viatris $ in Millions	Mar. 31, 2026 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

Investments and Fair Value Measurements - Maturities (Details)	Mar. 31, 2026
Maximum
Debt Securities, Available-for-Sale
Debt securities, available-for-sale, term	1 year
Weighted Average
Debt Securities, Available-for-Sale
Debt securities, available-for-sale, term	1 month

Investments and Fair Value Measurements - Future Royalty Payment Contingency (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2022	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Collaborative arrangement, closing consideration payment	$ 25,000
Collaborative arrangement, milestones, regulatory approval, receivable	15,000
Future royalty payment contingency	$ 25,000	$ 32,795	$ 32,795

Organizational Restructuring (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of elected information relating to accrued restructuring expenses


(In thousands)
Balance at December 31, 2025		$	—
Net accruals			2,605
Cash paid			—
Balance at March 31, 2026		$	2,605

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of significant segment expenses


	Three Months Ended March 31,
(In thousands)	2026		2025
Viatris collaboration agreement	$	17,699	$	15,388
Total revenue		17,699		15,388

Employee-related (Research and development) ¹		2,447		3,931
External-related (Research and development)		1,952		5,565
Facilities and other allocated expenses (Research and development)		803		886
Supporting general and administration functions ¹		7,961		7,258
Sales and marketing, and medical affairs ¹		6,910		7,305
Share-based compensation		3,476		4,877
Total recurring operating expenses		23,549		29,822
Restructuring expenses (including share-based compensation)		3,633		—
Total operating expenses		27,182		29,822
Loss from operations		(9,483)		(14,434)
Interest expense (non-cash)		—		(643)
Interest and other income, net		3,013		939
Provision for income tax benefit		1,537		559
Net loss	$	(4,933)	$	(13,579)

¹Excludes share-based compensation

Investments and Fair Value Measurements - Fair Value to Amortized Cost - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss
Amortized cost	$ 131,539	$ 239,987
Gross unrealized gains	2	66
Gross unrealized losses	(64)	(5)
Estimated fair value	131,477	240,048
US Treasury and Government
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss
Amortized cost	12,838	130,602
Gross unrealized gains	1	43
Gross unrealized losses	(5)	(1)
Estimated fair value	$ 12,834	$ 130,644
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	$ 37,757	$ 37,690
Gross unrealized gains		15
Gross unrealized losses	(40)	(1)
Estimated fair value	$ 37,717	$ 37,704
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	$ 80,944	$ 71,695
Gross unrealized gains	1	8
Gross unrealized losses	(19)	(3)
Estimated fair value	$ 80,926	$ 71,700
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

Subleases - General Information (Details) - South San Francisco Lease ft² in Thousands	Mar. 31, 2026 ft² company
Lessee, Operating Lease, Description
Area of real estate property	162
Lessee, Operating Sublease, Description
Lessee, operating sublease, area	130
Lessee, operating sublease, subtenants, number \| company	4

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

8. Share-Based Compensation

Share-Based Compensation Expense

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


		Three Months Ended March 31,
(In thousands)		2026			2025
Research and development		$	627		$	1,070
Selling, general and administrative			2,849			3,807
Restructuring expenses			1,028			—
Total share-based compensation expense		$	4,504		$	4,877

Share-Based Compensation Modification Due to Organizational Restructuring

As a result of the Company’s organizational restructuring announcement on March 3, 2026 (see “Note 10. Organizational Restructuring” for information), the Board of Directors’ Compensation Committee approved the acceleration of certain equity awards for employees affected by the restructuring. The Company accounted for this acceleration as a Type III modification (improbable to probable) which resulted in an incremental fair value of $1.0 million, as of the modification date, and was recorded in “Restructuring expenses” within the condensed consolidated statements of operations.

Share-Based Compensation Option and Award Activity

The following tables summarize option and RSU activity (including market-based and performance-contingent RSUs) for the three months ended March 31, 2026 and 2025:


			Weighted-Average		Weighted-Average
		Number of Shares	Remaining		Exercise Price of	Number of Shares
		Subject to	Contractual		Outstanding Options	Subject to
		Outstanding Options	Term (Years)		(in dollars)	Outstanding RSUs
Outstanding at December 31, 2025		1,927,447		$	15.05	3,202,492
Granted		—			—	69,215
Exercised/Released		(22,044)			10.95	(720,320)
Forfeited		(2,393)			10.30	(193,076)
Expired		(17,240)			27.73	—
Outstanding at March 31, 2026		1,885,770	5.3	$	14.98	2,358,311


			Weighted-Average	Weighted-Average
		Number of Shares	Remaining	Exercise Price of		Number of Shares
		Subject to	Contractual	Outstanding Options		Subject to
		Outstanding Options	Term (Years)	(in dollars)		Outstanding RSUs
Outstanding at December 31, 2024		1,896,908		$	15.53	3,955,487
Granted		—			—	1,311,088
Exercised/Released		—			—	(619,026)
Forfeited		—			—	(163,160)
Expired		—			—	—
Outstanding at March 31, 2025		1,896,908	5.8	$	15.53	4,484,389

Investments and Fair Value Measurements - Available-for-Sale Securities - Credit Losses (Details) $ in Thousands	Mar. 31, 2026 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

Organizational Restructuring - Accrued Restructuring Expenses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Reserve
Net accruals	$ 2,605
Organizational Restructuring, 2026
Restructuring Reserve
Balance at beginning of period	0
Net accruals	2,605
Balance at end of period	$ 2,605

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Share-Based Compensation - Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Shares Subject to Outstanding Options
Beginning balance, outstanding (in shares)	1,927,447	1,896,908
Exercised (in shares)	(22,044)
Forfeited (in shares)	(2,393)
Expired (in shares)	(17,240)
Ending balance, outstanding (in shares)	1,885,770	1,896,908
Weighted-Average Exercise Price of Outstanding Options
Beginning balance, outstanding (in dollars per share)	$ 15.05	$ 15.53
Exercised (in dollars per share)	10.95
Forfeited (in dollars per share)	10.3
Expired (in dollars per share)	27.73
Ending balance, outstanding (in dollars per share)	$ 14.98	$ 15.53
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures
Weighted-average remaining contractual term, exercisable	5 years 3 months 18 days	5 years 9 months 18 days

Organizational Restructuring - General Information (Details) $ in Millions	Mar. 03, 2026 USD ($)	Mar. 02, 2026 employee
Restructuring and Related Cost, Positions Eliminated
Entity number of employees \| employee		90
Organizational Restructuring, 2026
Restructuring and Related Cost, Positions Eliminated
Restructuring and related cost, expected number of positions eliminated, percent (as a percent)	50.00%
Organizational Restructuring, 2026 \| Minimum
Restructuring and Related Cost, Expected Cost
Restructuring and related cost, expected cost, cash-related expenses	$ 5.0
Restructuring and related cost, expected cost, non-cash related expenses	3.5
Organizational Restructuring, 2026 \| Maximum
Restructuring and Related Cost, Expected Cost
Restructuring and related cost, expected cost, cash-related expenses	7.0
Restructuring and related cost, expected cost, non-cash related expenses	$ 4.5

Share-Based Compensation - Share-Based Compensation Expense Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based compensation expense
Share-based compensation expense	$ 4,504	$ 4,877
Research and Development
Share-based compensation expense
Share-based compensation expense	627	1,070
Selling, General and Administrative
Share-based compensation expense
Share-based compensation expense	2,849	$ 3,807
Restructuring Expenses
Share-based compensation expense
Share-based compensation expense	$ 1,028

Subleases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Subleases

7. Subleases

Sublease Income

As of March 31, 2026, the Company has subleased approximately 130,000 square feet of a total 162,000 square feet of its South San Francisco office and laboratory space under four separate subleases. The Company’s sublease income is recognized as a reduction to rent expense within selling, general and administrative expenses on the condensed consolidated statements of operations. The Company’s sublease income from its subleases is summarized below:


	Three Months Ended March 31,
(In thousands)	2026		2025
Sublease income	$	2,447	$	2,304

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,553,005
Entity Central Index Key	0001583107
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Investments and Fair Value Measurements - Contract Derivative - Fair Value and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative Asset
Contract derivative	$ 2,340	$ 2,381
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

Organizational Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Organizational Restructuring

10. Organizational Restructuring

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.

As the Company’s Board of Directors evaluates 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. As part of the Restructuring, the Company is reducing its headcount of 90 employees by approximately 50% through a reduction in its workforce. This reduction includes the wind-down of the R&D function and a decrease of approximately 50% in G&A employees. The Company estimates that it will incur approximately $5.0 million to $7.0 million in one-time total cash severance costs and approximately $3.5 million to $4.5 million in one-time total non-cash costs primarily related to the modification of equity-based awards for employees affected by the Restructuring.

Certain employees departed the Company on March 31, 2026, and the remainder of the impacted employees are expected to depart the Company over the next two quarters. For the three months ended March 31, 2026, the Company incurred a total of $3.6 million in Restructuring expenses, consisting of $1.7 million in R&D expenses and $1.9 million in G&A expenses, which is included on the condensed consolidated statements of operations within “Restructuring expenses”. Cash-related and non-cash related Restructuring expenses were $2.6 million and $1.0 million, respectively, for the three months ended March 31, 2026.

Selected information related to accrued cash-related Restructuring expenses (excludes share-based compensation expenses) was as follows:


(In thousands)
Balance at December 31, 2025		$	—
Net accruals			2,605
Cash paid			—
Balance at March 31, 2026		$	2,605

As of March 31, 2026, the Company did not recognize any Restructuring-related impairment charges associated with its long-lived assets.

Subleases - Sublease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Sublease Income
Operating sublease income	$ 2,447	$ 2,304

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of amounts were recognized within revenue


	Three Months Ended March 31,
(In thousands)	2026		2025
Viatris collaboration agreement – Amounts receivable from Viatris	$	17,699	$	15,388

Schedule of implied share of total net sales


	Three Months Ended March 31,
(In thousands)	2026		2025
YUPELRI net sales (Theravance Biopharma implied 35%)	$	21,851	$	20,420

Investments and Fair Value Measurements - Transfers (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
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

Investments and Fair Value Measurements - Available-for-Sale Securities - Sales of Marketable Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale
Available-for-sale securities sold	$ 0	$ 0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

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 its 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 March 31, 2026, 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. Additional patents covering YUPELRI, granted on July 4, 2023, January 2, 2024, July 30, 2024 and April 29, 2025, were listed in the Orange Book. The Company filed additional patent infringement suits in the US District Court for the District of New Jersey against generic companies who had not settled at those times, and these suits were consolidated with the above action.

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.

As of March 31, 2026, the Company has settled all litigation with all of the parties listed above 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 and other provisions customary for agreements of this type. As required by law, the settlements are subject to review by the US Department of Justice and the Federal Trade Commission.

Net Loss per Share - Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (4,933)	$ (13,579)
Net loss available to common stockholders, basic	(4,933)	(13,579)
Net loss available to common stockholders, diluted	$ (4,933)	$ (13,579)
Denominator:
Weighted-average ordinary shares outstanding - basic (in shares)	51,279	49,706
Weighted-average ordinary shares outstanding - diluted (in shares)	51,279	49,706
Net loss per share - basic (in dollars per share)	$ (0.1)	$ (0.27)
Net loss per share - diluted (in dollars per share)	$ (0.1)	$ (0.27)

- Definition

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

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Revenue from Collaborative Arrangements

Viatris

In January 2015, the Company and Viatris Inc. (“Viatris”) established a strategic collaboration (the “Viatris Agreement”) for the development and commercialization of revefenacin, including YUPELRI^® (revefenacin) inhalation solution. The Company entered into the collaboration to expand the breadth of its revefenacin development program and extend its commercial reach. 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 March 31, 2026, 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.

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.

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 condensed 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 condensed consolidated statements of operations:


	Three Months Ended March 31,
(In thousands)	2026		2025
Viatris collaboration agreement – Amounts receivable from Viatris	$	17,699	$	15,388

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


	Three Months Ended March 31,
(In thousands)	2026		2025
YUPELRI net sales (Theravance Biopharma implied 35%)	$	21,851	$	20,420

- 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.

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Share-Based Compensation - Organizational Restructuring (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 03, 2026	Mar. 31, 2026
Share-Based Compensation
Non-cash related expenses		$ 1,028
Organizational Restructuring, 2026
Share-Based Compensation
Share-based payment arrangement, plan modification, incremental cost	$ 1,000
Non-cash related expenses		$ 1,000

- Definition

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Share-Based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of shares subject to outstanding RSUs
Beginning balance, outstanding (in shares)	3,202,492	3,955,487
Granted (in shares)	69,215	1,311,088
Released (in shares)	(720,320)	(619,026)
Forfeited (in shares)	(193,076)	(163,160)
Ending balance, outstanding (in shares)	2,358,311	4,484,389

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Expense (Benefit), Continuing Operations
Provision for income tax expense	$ (1,537)	$ (559)

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 288,101	$ 167,806
Short-term marketable securities	106,565	147,551
Receivables from collaborative arrangements	15,584	45,539
Receivables from milestones and royalty assets		50,000
Other prepaid and current assets	7,384	7,564
Total current assets	417,634	418,460
Long-term marketable securities		11,128
Property and equipment, net	5,539	5,895
Operating lease assets	23,001	24,371
Restricted cash	836	836
Other assets	25,303	24,880
Total assets	472,313	485,570
Current liabilities:
Accounts payable	1,100	2,568
Accrued personnel-related expenses	8,730	12,592
Accrued clinical and development expenses	2,396	3,373
Accrued general and administrative expenses	2,522	2,052
Operating lease liabilities	10,752	10,945
Income tax payable	5,287	5,287
Other accrued liabilities	988	1,485
Total current liabilities	31,775	38,302
Long-term operating lease liabilities	29,752	31,758
Future royalty payment contingency	32,795	32,795
Unrecognized tax benefits	87,153	85,679
Other long-term liabilities	244	313
Commitments and contingencies (Note 11)
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; 51,515 and 51,069 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	1,155,215	1,156,288
Accumulated other comprehensive income	(62)	61
Accumulated deficit	(864,560)	(859,627)
Total shareholders' equity	290,594	296,723
Total liabilities and shareholders' equity	$ 472,313	$ 485,570

Organizational Restructuring - Restructuring Expenses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Charges
Restructuring expenses	$ 3,633
Cash-related expenses	2,605
Non-cash related expenses	1,028
Organizational Restructuring, 2026
Restructuring Charges
Restructuring expenses	3,600
Cash-related expenses	2,605
Non-cash related expenses	1,000
Organizational Restructuring, 2026 \| Research and Development
Restructuring Charges
Restructuring expenses	1,700
Organizational Restructuring, 2026 \| General and Administrative Expense
Restructuring Charges
Restructuring expenses	$ 1,900

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 17,699	$ 15,388
Revenue from Contract with Customer, Product and Service	tbph:CollaborativeArrangementRevenueMember	tbph:CollaborativeArrangementRevenueMember
Expenses:
Research and development	$ 5,829	$ 11,452
Selling, general and administrative	17,720	18,370
Restructuring expenses	3,633
Total expenses	27,182	29,822
Loss from operations	(9,483)	(14,434)
Interest expense (non-cash)		(643)
Interest and other income, net	3,013	939
Loss before income taxes	(6,470)	(14,138)
Provision for income tax benefit	1,537	559
Net loss	$ (4,933)	$ (13,579)
Net loss per share:
Net loss per share - basic (in dollars per share)	$ (0.1)	$ (0.27)
Net loss per share - diluted (in dollars per share)	$ (0.1)	$ (0.27)
Shares used to compute net income loss per share - basic (in shares)	51,279	49,706
Shares used to compute net income loss per share - diluted (in shares)	51,279	49,706

Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

6. Investments and Fair Value Measurements

Available-for-Sale Securities

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

Available-for-sale securities are summarized below:


				March 31, 2026
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	12,838		$	1		$	(5)		$	12,834
Corporate notes		Level 2			37,757			—			(40)			37,717
Commercial paper		Level 2			80,944			1			(19)			80,926
Marketable securities					131,539			2			(64)			131,477
Money market funds		Level 1			256,172			—			—			256,172
Total				$	387,711		$	2		$	(64)		$	387,649


				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

As of March 31, 2026, all of the Company’s available-for-sale securities had contractual maturities within one year, and the weighted-average maturity of marketable securities was approximately one month. There were no transfers between Level 1 and Level 2 during the periods presented, and there have been no material changes to the Company’s valuation techniques during the three months ended March 31, 2026.

Available-for-sale securities with unrealized losses as of March 31, 2026 are summarized below:


		March 31, 2026
		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		$	5,322		$	(5)	$	—	$	—		$	5,322	$	(5)
Corporate notes			37,717			(40)		—		—			37,717		(40)
Commercial paper			73,038			(19)		—		—			73,038		(19)
Total		$	116,077		$	(64)	$	—	$	—		$	116,077	$	(64)

Available-for-sale securities with unrealized losses as of December 31, 2025 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)

The Company invests primarily in high credit quality and short-term maturity debt securities with the intent to hold such securities until maturity at par value. The Company does not intend to sell the investments that are currently in an unrealized loss position, and it is unlikely that it will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The Company reviewed its available-for-sale debt securities and determined that there were no credit-related losses to be recognized as of March 31, 2026, and there were no individual securities that were in a significant unrealized loss position as of March 31, 2026.

For the three months ended March 31, 2026 and 2025, the Company did not sell any marketable securities.

Ampreloxetine Funding

The Company recognizes a contingent liability related to funding received from Royalty Pharma Investments (“Royalty Pharma”) in exchange for certain future royalty rights to ampreloxetine. The contingent liability consists of an upfront $25.0 million received in July 2022 and management’s estimate of (i) a 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 is 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 is reported on the condensed consolidated balance sheets as “Future royalty payment contingency”.

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 Company would not be obligated to repay any of the funding amounts received from Royalty Pharma.

On March 3, 2026, the Company announced that its ampreloxetine Phase 3 clinical study top-line results did not meet its primary endpoint. As a result of this outcome, the Company decided to wind down the ampreloxetine program, and in accordance with accounting guidance under ASC 470, Debt, the Company ceased recognizing interest expense on the contingent liability balance beginning in the first quarter of 2026.

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 4.8%, as of December 31, 2025 and 5.1% as of March 31, 2026.

The contract derivative was recognized within non-current “Other assets” on the condensed consolidated balance sheets and changes to the contract derivative fair value were as follows for the three months ended March 31, 2026:


(In thousands)
Balance at December 31, 2025		$	2,381
Unrealized loss			(41)
Balance at March 31, 2026		$	2,340

For the three months ended March 31, 2026, the decrease in the contract derivative’s fair value was driven by an increase in the estimated discount rate, and the unrealized loss was recognized within “Interest and other income, net” on the condensed consolidated statements of operations.

- 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
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+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

4. 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 loss basis. The measure of segment assets is the Company’s total assets which are reported on the condensed 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:


	Three Months Ended March 31,
(In thousands)	2026		2025
Viatris collaboration agreement	$	17,699	$	15,388
Total revenue		17,699		15,388

Employee-related (Research and development) ¹		2,447		3,931
External-related (Research and development)		1,952		5,565
Facilities and other allocated expenses (Research and development)		803		886
Supporting general and administration functions ¹		7,961		7,258
Sales and marketing, and medical affairs ¹		6,910		7,305
Share-based compensation		3,476		4,877
Total recurring operating expenses		23,549		29,822
Restructuring expenses (including share-based compensation)		3,633		—
Total operating expenses		27,182		29,822
Loss from operations		(9,483)		(14,434)
Interest expense (non-cash)		—		(643)
Interest and other income, net		3,013		939
Provision for income tax benefit		1,537		559
Net loss	$	(4,933)	$	(13,579)

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.

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+ Details

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

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


		Three Months Ended March 31,
(In thousands, except per share data)		2026			2025
Numerator:
Net loss		$	(4,933)		$	(13,579)

Denominator:
Weighted-average ordinary shares outstanding - basic and diluted			51,279			49,706

Net loss per share:
Net loss per share - basic and diluted		$	(0.10)		$	(0.27)

Commitments and Contingencies - Litigation (Details) - patent	Feb. 28, 2023	Jan. 31, 2023
Patent Infringement, Generic Companies
Loss Contingency, Information about Litigation Matters
Number of patents listed in orange book	5	5

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$ 288,101	$ 167,806	$ 110,614
Restricted cash	836		836
Total cash, cash equivalents, and restricted cash	$ 288,937	$ 168,642	$ 111,450	$ 38,633

Revenue - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Disaggregation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 17,699	$ 15,388
Revenue from Contract with Customer, Product and Service	tbph:CollaborativeArrangementRevenueMember	tbph:CollaborativeArrangementRevenueMember

- 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

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+ Details

Commitments and Contingencies - Legal Proceedings (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Loss Contingency Accrual, Disclosures
Loss contingency accrual	$ 0

Net Loss per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share

2. Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted net loss 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 restricted share units (“RSUs”), including market-based and performance-contingent awards. See “Note 8. Share-Based Compensation” for information related to outstanding options and RSUs as of March 31, 2026 and 2025.

In accordance with Accounting Standards Codification (“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 three months ended March 31, 2026 and 2025, the Company recognized net losses. As a result, the potential ordinary shares as described above were not included in the computation of diluted net loss per share, as presented below, due to their anti-dilutive effects.


		Three Months Ended March 31,
(In thousands, except per share data)		2026			2025
Numerator:
Net loss		$	(4,933)		$	(13,579)

Denominator:
Weighted-average ordinary shares outstanding - basic and diluted			51,279			49,706

Net loss per share:
Net loss per share - basic and diluted		$	(0.10)		$	(0.27)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss
Net loss	$ (4,933)	$ (13,579)
Other comprehensive income:
Net unrealized loss on available-for-sale investments	(123)	(7)
Total comprehensive loss	$ (5,056)	$ (13,586)

- 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

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Restructuring Expenses $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Charges
Cash-related expenses	$ 2,605
Non-cash related expenses	1,028
Total restructuring expenses	$ 3,633

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred shares
Preferred shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred shares, shares authorized (in shares)	230,000	230,000
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)	200,000,000	200,000,000
Ordinary shares, shares issued (in shares)	51,515,000	51,069,000
Ordinary shares, shares outstanding (in shares)	51,515,000	51,069,000

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

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


		Three Months Ended March 31,
(In thousands)		2026			2025
Research and development		$	627		$	1,070
Selling, general and administrative			2,849			3,807
Restructuring expenses			1,028			—
Total share-based compensation expense		$	4,504		$	4,877

Summary of option activity


			Weighted-Average		Weighted-Average
		Number of Shares	Remaining		Exercise Price of	Number of Shares
		Subject to	Contractual		Outstanding Options	Subject to
		Outstanding Options	Term (Years)		(in dollars)	Outstanding RSUs
Outstanding at December 31, 2025		1,927,447		$	15.05	3,202,492
Granted		—			—	69,215
Exercised/Released		(22,044)			10.95	(720,320)
Forfeited		(2,393)			10.30	(193,076)
Expired		(17,240)			27.73	—
Outstanding at March 31, 2026		1,885,770	5.3	$	14.98	2,358,311


			Weighted-Average	Weighted-Average
		Number of Shares	Remaining	Exercise Price of		Number of Shares
		Subject to	Contractual	Outstanding Options		Subject to
		Outstanding Options	Term (Years)	(in dollars)		Outstanding RSUs
Outstanding at December 31, 2024		1,896,908		$	15.53	3,955,487
Granted		—			—	1,311,088
Exercised/Released		—			—	(619,026)
Forfeited		—			—	(163,160)
Expired		—			—	—
Outstanding at March 31, 2025		1,896,908	5.8	$	15.53	4,484,389

Schedule of RSU activity


			Weighted-Average		Weighted-Average
		Number of Shares	Remaining		Exercise Price of	Number of Shares
		Subject to	Contractual		Outstanding Options	Subject to
		Outstanding Options	Term (Years)		(in dollars)	Outstanding RSUs
Outstanding at December 31, 2025		1,927,447		$	15.05	3,202,492
Granted		—			—	69,215
Exercised/Released		(22,044)			10.95	(720,320)
Forfeited		(2,393)			10.30	(193,076)
Expired		(17,240)			27.73	—
Outstanding at March 31, 2026		1,885,770	5.3	$	14.98	2,358,311


			Weighted-Average	Weighted-Average
		Number of Shares	Remaining	Exercise Price of		Number of Shares
		Subject to	Contractual	Outstanding Options		Subject to
		Outstanding Options	Term (Years)	(in dollars)		Outstanding RSUs
Outstanding at December 31, 2024		1,896,908		$	15.53	3,955,487
Granted		—			—	1,311,088
Exercised/Released		—			—	(619,026)
Forfeited		—			—	(163,160)
Expired		—			—	—
Outstanding at March 31, 2025		1,896,908	5.8	$	15.53	4,484,389

Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of available-for-sale securities

Available-for-sale securities are summarized below:


				March 31, 2026
							Gross			Gross
				Amortized			Unrealized			Unrealized			Estimated
(In thousands)				Cost			Gains			Losses			Fair Value
US government securities		Level 1		$	12,838		$	1		$	(5)		$	12,834
Corporate notes		Level 2			37,757			—			(40)			37,717
Commercial paper		Level 2			80,944			1			(19)			80,926
Marketable securities					131,539			2			(64)			131,477
Money market funds		Level 1			256,172			—			—			256,172
Total				$	387,711		$	2		$	(64)		$	387,649


				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

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

Available-for-sale securities with unrealized losses as of March 31, 2026 are summarized below:


		March 31, 2026
		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		$	5,322		$	(5)	$	—	$	—		$	5,322	$	(5)
Corporate notes			37,717			(40)		—		—			37,717		(40)
Commercial paper			73,038			(19)		—		—			73,038		(19)
Total		$	116,077		$	(64)	$	—	$	—		$	116,077	$	(64)

Available-for-sale securities with unrealized losses as of December 31, 2025 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)

Schedule of changes to the contract derivative


(In thousands)
Balance at December 31, 2025		$	2,381
Unrealized loss			(41)
Balance at March 31, 2026		$	2,340

- 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

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

For the three months ended March 31, 2026, the Company recognized an income tax benefit of $1.5 million, primarily due to the Company’s pre-tax loss for the year-to-date period.

No provision for income taxes has been recognized on undistributed earnings of the Company's foreign subsidiaries because it considers such earnings to be indefinitely reinvested.

The Company follows the accounting guidance related to accounting for income taxes which requires that a company reduce its deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. In 2022, the Company released its valuation allowance for US federal tax purposes stemming from the effects of the Company’s sale of its equity interests in Theravance Respiratory Company, LLC in July 2022. As of March 31, 2026, the Company does not believe a

valuation allowance against its deferred tax assets should be re-established to offset its deferred tax assets for US federal tax purposes. As of March 31, 2026, the Company continues to maintain a full valuation allowance in certain states, including California, and other jurisdictions.

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

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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-Topic 942
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+ Details

Subleases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of operating leases


	Three Months Ended March 31,
(In thousands)	2026		2025
Sublease income	$	2,447	$	2,304

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Share-Based Compensation Expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Expense
Share-based compensation expense	$ 4,504	$ 4,877
Research and Development
Share-Based Compensation Expense
Share-based compensation expense	627	1,070
Selling, General and Administrative
Share-Based Compensation Expense
Share-based compensation expense	2,849	$ 3,807
Restructuring Expenses
Share-Based Compensation Expense
Share-based compensation expense	$ 1,028

Revenue - Collaborative Arrangements - Revenue Recognized (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenues:
Total revenues		$ 17,699	$ 15,388
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
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Viatris \| Milestone
Revenues:
Total revenues	$ 25,000

- Definition

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+ Details

Income Taxes - Undistributed Earnings of Foreign Subsidiaries (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Deferred Tax Liability Not Recognized, Undistributed Earnings of Foreign Subsidiaries
Provision for income taxes on undistributed earnings of foreign subsidiaries	$ 0

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 are unaudited but include all adjustments (consisting only of normal recurring adjustments), which are considered necessary for a fair presentation of the financial position at such date and of the operating results and cash flows for the period, and have been prepared in accordance with United States (“US”) generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated December 31, 2025 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 23, 2026. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for any other interim period or for any future period. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Due to the inherent uncertainty in making estimates, actual results could differ materially from those estimates.
Liquidity and Capital Resources	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 condensed consolidated financial statements based on current operating plans and financial forecasts.
Significant Accounting Policies	Significant Accounting Policies Other than an update to the “Future Royalty Payment Contingency” accounting policy below, there have been no material revisions in the Company’s significant accounting policies described in Note 1 to the consolidated financial statements included in its Annual Report on Form 10-K as of and for the year ended December 31, 2025.
Future Royalty Payment Contingency	Future Royalty Payment Contingency The Company treats contingent liabilities related to sale of future royalties 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. In periods in which updated estimates of the amount or timing of future royalty payments results in the undiscounted cash flows payable to be less than the current net carrying amount of the debt, the Company ceases the recognition of interest expense on the royalty liability. Consistent with the accounting guidance applicable to debt financings, the Company does not reduce the net carrying amount of the royalty liability below its initial carrying amount, which represents the original proceeds received.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details