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No No P5Y 21323000 22476000 17043000 <div> <div style="margin-left:0pt;margin-right:0pt;"> 3. Available-for-Sale Securities and Fair Value Measurements Available-for-Sale Securities         The following table summarizes the classification of the available-for-sale securities in our consolidated balance sheets:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #CCEEFF;padding:0pt;"> Cash equivalents </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.62%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,866  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> Short-term marketable securities </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165,396  </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #CCEEFF;padding:0pt;"> Marketable securities </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,399  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> Restricted cash </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.62%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287,494  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         The estimated fair value of available-for-sales securities is based on quoted market prices for these or similar investments that were based on prices obtained from a commercial pricing service. The fair value of our marketable securities classified within Level 2 is based upon observable inputs that 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:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;padding:0pt;">   </td> <td valign="bottom" style="width:00.82%;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:51.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.82%;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amortized Cost </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Gains </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Losses </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Estimated Fair Value </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #CCEEFF;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:00.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #CCEEFF;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,699 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,699 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> U.S. government securities </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,515 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,541 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #CCEEFF;padding:0pt;"> U.S. government agencies </td> <td valign="bottom" style="width:00.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #CCEEFF;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,598 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,588 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> U.S. corporate notes </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,779 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(110 </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,681 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #CCEEFF;padding:0pt;"> U.S. commercial paper </td> <td valign="bottom" style="width:00.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #CCEEFF;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,985 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,985 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287,576 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.80%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(124 </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287,494 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>                                                                                                                                                                                        <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:31.42%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td valign="bottom" style="width:11.42%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:54.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2013 </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:31.42%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td valign="bottom" style="width:11.42%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amortized Cost </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Gains </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Losses </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Estimated Fair Value </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:31.42%;background-color: #CCEEFF;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.42%;background-color: #CCEEFF;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.22%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.06%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>         At December 31, 2014, all of the available-for-sale securities had contractual maturities within two years and the average duration of marketable securities was approximately eight months. We do not intend to sell the investments that are in an unrealized loss position, and it is unlikely that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. We have determined that the gross unrealized losses on our marketable securities at December 31, 2014 were temporary in nature. All marketable securities with unrealized losses at December 31, 2014 have been in a loss position for less than twelve months. There were no transfers between Level 1 and Level 2 during the periods presented.         During 2014, we sold available-for-sale securities totaling $0.9 million, and the related realized gains and losses were not material. There were no sales during 2013 and 2012. </div> </div> 0.02 P12M 2 2 3 P12M 0.02 P10Y P15Y P2Y 0.20 0.15 0.25 0.30 0.20 148000000 53500000 10000000 10000000 941000 185000 756000 0 6523000 1500000 4937000 86000 1884000 1764000 0 120000 <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;padding:0pt;">   </td> <td valign="bottom" style="width:00.86%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:30.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:06.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #CCEEFF;padding:0pt;"> Clinigen </td> <td valign="bottom" style="width:00.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,011  </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:05.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.08%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #FFFFFF;padding:0pt;"> R-Pharm </td> <td valign="bottom" style="width:00.86%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,259  </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.12%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.08%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #CCEEFF;padding:0pt;"> Astellas </td> <td valign="bottom" style="width:00.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125,788  </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #FFFFFF;padding:0pt;"> Merck </td> <td valign="bottom" style="width:00.86%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.12%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226  </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.08%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,357  </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.86%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #CCEEFF;padding:0pt;"> Total revenue from collaborative arrangements </td> <td valign="bottom" style="width:00.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,270  </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:05.12%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>226  </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.08%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130,145  </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.86%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:67.62%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.86%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> 130145000 125788000 0 4357000 0 226000 0 0 226000 0 7270000 0 5011000 0 2259000 2100000 900000 1000000 5000000 5000000 100000 33000 200000 900000 1000000 4400000 400000 1100000 1100000 5000000 5000000 0.286 <div> <div style="margin-left:0pt;margin-right:0pt;"> 10. Contractual Agreements with Theravance, Inc. Separation and Distribution Agreement         In connection with the Spin-Off, on June 1, 2014, Theravance and Theravance Biopharma entered into the Separation and Distribution Agreement which set forth the principal transactions necessary to separate the companies. The Separation and Distribution Agreement identifies the assets transferred, liabilities assumed and contracts assigned to us as part of the Spin-Off, and describes when and how these transfers, assumptions and assignments occurred. In particular, all of the assets and liabilities associated or primarily used in connection with the Biopharmaceutical Business operations were transferred to us.         In addition, in connection with the Spin-Off, we were capitalized with $393.0 million in cash, cash equivalents and marketable securities. Except as expressly set forth in the Separation and Distribution Agreement or any ancillary agreement, all assets were transferred to us on an "as is," "where is" basis. Under the terms of the Separation and Distribution Agreement, we will indemnify Theravance, and Theravance will indemnify us from and after the Spin-Off with respect to all debts, liabilities and obligations transferred to Theravance in connection with the Spin-Off (including failure to pay, perform or otherwise promptly discharge any such debts, liabilities or obligations after the Spin-Off) and any breach by us of the Separation and Distribution Agreement, the Transition Services Agreement, the Employee Matters Agreement and the Tax Matters Agreement. Transition Services Agreement         On June 2, 2014, we also entered into a Transition Services Agreement with Theravance pursuant to which Theravance and we will provide each other with a variety of administrative services, including financial, tax, accounting, information technology, legal and human resources services, for a period of time of up to two years following the Spin-Off. Certain services were terminated as of February 28, 2015, and we expect the remaining services will end on or before May 31, 2015. In connection with the services performed under the Transition Services Agreement, each party shall pay a monthly fee to the performing party. For the year ended December 31, 2014, we billed Theravance $1.6 million, and Theravance billed us $0.5 million under the Transition Services Agreement. As of December 31, 2014, we had a receivable from Theravance of $1.1 million. Tax Matters Agreement         On June 2, 2014, we also entered into a Tax Matters Agreement with Theravance that governs Theravance's and our respective rights, responsibilities and obligations after the Spin-Off with respect to taxes. Under the Tax Matters Agreement, all tax liabilities (including tax refunds and credits) (i) attributable to Theravance's Biopharmaceutical Business for any and all periods or portions thereof ending prior to or on, the date of the Spin-Off, (ii) resulting or arising from the contribution of Theravance's Biopharmaceutical Business to us, the distribution of our ordinary shares and the other separation transactions and (iii) otherwise attributable to Theravance, will be borne solely by Theravance. As a result, we should generally expect to be liable only for tax liabilities attributable to, or incurred with respect to, the biopharmaceutical business after the date of the Spin-Off. Employee Matters Agreement         On June 1, 2014, we also entered into an Employee Matters Agreement with Theravance, which governs the employee benefit obligations of Theravance and us as they relate to current and former employees. The Employee Matters Agreement allocates liabilities and responsibilities relating to employee benefit matters, including 401(k) plan matters that are subject to ERISA in connection with the separation, as well as other employee benefit programs. The Employee Matters Agreement also provides the mechanics for the adjustment of equity awards (including stock options, restricted stock, and restricted stock units) granted under Theravance's equity compensation programs in connection with the Spin-Off. Theravance Respiratory Company, LLC Limited Liability Company Agreement         Prior to the Spin-Off, Theravance assigned to Theravance Respiratory Company, LLC ("TRC"), a Delaware limited liability company formed by Theravance, its strategic alliance agreement with GSK and all of its rights and obligations under its collaboration agreement with GSK other than with respect to RELVAR® ELLIPTA®/BREO® ELLIPTA®, ANORO® ELLIPTA® and vilanterol monotherapy. Our equity interest in TRC entitles us to an 85% economic interest in any future payments made by GSK under the strategic alliance agreement and under the portion of the collaboration agreement assigned to TRC. The drug programs assigned to TRC include the Closed Triple or FF/UMEC/VI and the MABA program, as monotherapy and in combination with other therapeutically active components, such as an inhaled corticosteroid (ICS), and any other product or combination of products that may be discovered and developed in the future under the GSK Agreements. Our economic interest will not include any payments associated with RELVAR® ELLIPTA®/BREO® ELLIPTA®, ANORO® ELLIPTA® or vilanterol monotherapy.         On May 31, 2014, we entered into the TRC LLC Agreement with Theravance that governs the operation of TRC. Under the TRC LLC Agreement, Theravance is the manager of TRC, and the business and affairs of TRC are managed exclusively by the manager, including (i) day to day management of the drug programs in accordance with the existing GSK Agreements, (ii) preparing an annual operating plan for TRC and (iii) taking all actions necessary to ensure that the formation, structure and operation of TRC complies with applicable law and partner agreements.         We analyzed our ownership, contractual and other interests in TRC to determine if it is a variable-interest entity ("VIE"), whether we have a variable interest in TRC and the nature and extent of that interest. We determined that TRC is a VIE. The party with the controlling financial interest, the primary beneficiary, is required to consolidate the entity determined to be a VIE. Therefore, we also assessed whether we are the primary beneficiary of TRC based on the power to direct its activities that most significantly impact its economic performance and our obligation to absorb its losses or the right to receive benefits from it that could potentially be significant to TRC and determined we are not the primary beneficiary of TRC. As a result, we do not consolidate TRC. </div> </div> 393000000 393000000 P12M 202000 0 3820000 8088000 11019000 821000 -0.1009 -0.0006 0.0000 P12M P6M 15000000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Other Income, net         Other income includes $1.6 million related to transition services rendered to Theravance. Refer to Note 10, "Contractual Agreements with Theravance, Inc." for further information on transition services. </div> </div> 10400000 P8M P2Y 191000000 0 2 2 12000 1 12000 6000 0.258 0.85 0.01 0.05 P1Y6M P3M P3M 220000000 45000000 175000000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Preclinical Study and Clinical Study Expenses         A substantial portion of our preclinical studies and all of our clinical studies have been performed by third-party contract research organizations ("CROs"). Some CROs bill monthly for services performed, while others bill based upon milestones achieved. We review the activities performed under the significant contracts each quarter. For preclinical studies, the significant factors used in estimating accruals include the percentage of work completed to date and contract milestones achieved. For clinical study expenses, the significant factors used in estimating accruals include the number of patients enrolled and percentage of work completed to date. Vendor confirmations are obtained for contracts with longer duration when necessary to validate our estimate of expenses. Our estimates are highly dependent upon the timeliness and accuracy of the data provided by our CROs regarding the status of each program and total program spending and adjustments are made when deemed necessary.   </div> </div> 0.10 P12M P6M 0.35 0.65 <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                        <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:42.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:00.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:56.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:1.00pt;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:42.52%;background-color: #CCEEFF;padding:0pt;"> Leasehold improvements </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:56.72%;background-color: #CCEEFF;padding:0pt;"> Shorter of remaining lease terms or useful life </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:42.52%;background-color: #FFFFFF;padding:0pt;"> Equipment, furniture and fixtures </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:56.72%;background-color: #FFFFFF;padding:0pt;"> 5 - 7 years </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:42.52%;background-color: #CCEEFF;padding:0pt;"> Software and computer equipment </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:56.72%;background-color: #CCEEFF;padding:0pt;"> 3 years </td> </tr> </table></div>   </div> </div> 934000 1840000 16983000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Related Parties         GSK owned 25.8% of our shares outstanding as of December 31, 2014.         Robert V. Gunderson, Jr. is a director of the Company. We have engaged Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, of which Mr. Gunderson is a partner, as our primary legal counsel. Fees incurred in the ordinary course of business were $1.1 million in 2014, $1.4 million in 2013 and $0.4 million in 2012. </div> </div> -17035000 0 300000 <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:19.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 2, 2014 </td> <td valign="bottom" style="width:01.68%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:17.32%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>277,541 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> Marketable investment securities </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,129 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #CCEEFF;padding:0pt;"> Accounts receivable </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> Reimbursement of certain liabilities </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,983 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #CCEEFF;padding:0pt;"> Prepaid and other current assets </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,172 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> Inventories </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,328 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #CCEEFF;padding:0pt;"> Property and equipment, net </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,580 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> Accrued liabilities </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,342 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #CCEEFF;padding:0pt;"> Deferred revenue </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,694 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> Other liabilities </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,944 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #CCEEFF;padding:0pt;"> Net book value of assets transferred </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.66%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:17.32%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>402,878 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.08%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.24%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:19.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.28%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #CCEEFF;padding:0pt;"> Cash equivalents </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.62%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,866  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> Short-term marketable securities </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165,396  </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #CCEEFF;padding:0pt;"> Marketable securities </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,399  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> Restricted cash </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.62%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287,494  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:01.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:66.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.28%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">         As of December 31, 2014, the unrecognized share-based compensation cost, net of expected forfeitures, and the estimated weighted-average amortization period, using the straight-line attribution method, was as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;padding:0pt;"> (In thousands, except amortization period) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Unrecognized Compensation Cost </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:23.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted-Average Amortization Period </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #CCEEFF;padding:0pt;"> Theravance equity: </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;"> Options </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.66%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,957  </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.8  </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #CCEEFF;padding:0pt;"> RSUs </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,092  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.9  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;"> RSAs </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,160  </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.8  </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #CCEEFF;padding:0pt;"> Performance RSAs </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,216  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.4  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;"> Theravance Biopharma equity: </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #CCEEFF;padding:0pt;"> Options </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,479  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.3  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.84%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.66%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,904  </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:54.52%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:04.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:19.98%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.00%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> P24M P3Y 0.15 2 1 4 P6M <div> <div style="margin-left:0pt;margin-right:0pt;"> 9. Spin-Off from Theravance, Inc.         On June 1, 2014, Theravance separated its late-stage respiratory assets partnered with GSK from its biopharmaceutical operations by transferring its discovery, development and commercialization operations (the "Biopharmaceutical Business") into its then wholly-owned subsidiary Theravance Biopharma. Theravance also contributed certain assets and liabilities from the Biopharmaceutical Business and $393.0 million of cash, cash equivalents and marketable securities to us. In connection with the Spin-Off, on June 2, 2014, Theravance made a pro rata dividend distribution to its stockholders of record on May 15, 2014 of one ordinary share of Theravance Biopharma for every three and one half shares of Theravance common stock outstanding on the record date. The Spin-Off resulted in Theravance Biopharma operating as an independent, publicly traded company.         On June 1, 2014, we entered into the Separation and Distribution Agreement with Theravance that set forth the terms and conditions of our separation from Theravance. In addition, we entered into other definitive agreements in connection with the Spin-Off, including (1) a Transition Services Agreement, (2) a Tax Matters Agreement, (3) an Employee Matters Agreement, and (4) the Theravance Respiratory Company, LLC Limited Liability Company Agreement. See Note 10, "Contractual Agreements with Theravance, Inc.," for further discussion.         The net book value of the net assets that were transferred to us in connection with the Spin-Off is as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 2, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>277,541 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Marketable investment securities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,129 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Accounts receivable </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Reimbursement of certain liabilities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,983 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Prepaid and other current assets </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,172 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Inventories </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,328 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Property and equipment, net </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,580 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Accrued liabilities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,342 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Deferred revenue </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,694 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other liabilities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,944 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net book value of assets transferred </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>402,878 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> 277541000 0 0 0 277541000 0 121606000 0 0 0 121606000 0 123593000 0 0 0 123593000 0 222934000 0 0 0 222934000 0 32260105 9500000 6900000 0 0 125337000 0.25 0.25 0.25 0.75 0.75 0.75

6940000

9921000

500000

1600000

199000

125000

289000

1100000

22342000

51806000

54468000

-82000

429206000

178000

282000

1400000

1100000

21323000

13192000

8131000

22476000

15444000

7032000

43234000

954000

21191000

22043000

4378000

3796000

3169000

9404000

4490000

1400000

7000000

89000

87000

3899000

3475000

424000

150000

25177000

337771000

14106000

275370000

402878000

833000

287494000

51399000

833000

69866000

165396000

70699000

32541000

46985000

97681000

39588000

42000

26000

12000

4000

124000

110000

14000

833000

287576000

70699000

32515000

46985000

97779000

39598000

165396000

115129000

51399000

<div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;padding:0pt;">   </td> <td valign="bottom" style="width:00.82%;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:51.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.82%;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amortized Cost </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Gains </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Losses </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Estimated Fair Value </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #CCEEFF;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:00.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #CCEEFF;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,699 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,699 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> U.S. government securities </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,515 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,541 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #CCEEFF;padding:0pt;"> U.S. government agencies </td> <td valign="bottom" style="width:00.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #CCEEFF;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,598 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,588 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> U.S. corporate notes </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,779 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(110 </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,681 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #CCEEFF;padding:0pt;"> U.S. commercial paper </td> <td valign="bottom" style="width:00.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #CCEEFF;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,985 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,985 </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287,576 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.88%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.80%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.18%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(124 </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>287,494 </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.16%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.82%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:10.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>                                                                                                                                                                                        <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:31.42%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td valign="bottom" style="width:11.42%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:54.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2013 </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:31.42%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td valign="bottom" style="width:11.42%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amortized Cost </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Gains </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Gross Unrealized Losses </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Estimated Fair Value </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:31.42%;background-color: #CCEEFF;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.42%;background-color: #CCEEFF;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.22%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.80%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.06%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.20%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>833  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>          </div> </div>

277541000

89215000

<div> <div style="margin-left:0pt;margin-right:0pt;">   Cash and Cash Equivalents         We consider 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 fair value. </div> </div>

32260105

0.00001

200000000

32221000

32221083

-9575000

-156284000

-237211000

4058000

6364000

141000

6223000

9500000

P6Y

4774000

5150000

8207000

6694000

89000

3016000

182689000

19171000

384000

140851000

181000

29000

18837000

7489000

4944000

2563000

182689000

13000000

18787000

-384000

3251000

2653000

2662000

<div> <div style="margin-left:0pt;margin-right:0pt;"> 6. Share-Based Compensation Theravance Biopharma Equity Plans         Upon the completion of the Spin-Off, we had two equity compensation plans—our 2013 Equity Incentive Plan (the "2013 EIP") and our 2013 Employee Share Purchase Plan (the "2013 ESPP"). Under the 2013 EIP and 2013 ESPP, we are authorized to issue 5,428,571 ordinary shares and 857,142 ordinary shares. In October 2014, we adopted the 2014 New Employee Equity Incentive Plan (the "2014 NEEIP"). We are authorized to issue 750,000 ordinary shares under the 2014 NEEIP.         The 2013 EIP provides for the issuance of share-based awards, including restricted shares, restricted share units, options, share appreciation rights ("SARs") and other equity-based awards, to our employees, officers, directors and consultants. As of January 1 of each year, commencing on January 1, 2015 and ending on (and including) January 1, 2023, the aggregate number of ordinary shares that may be issued under the 2013 EIP shall automatically increase by a number equal to the least of 5% of the total number of ordinary shares outstanding on December 31 of the prior year, 3,428,571 ordinary shares, or a number of ordinary shares determined by our board of directors. 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 our 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. We 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.         Under the 2013 ESPP, our 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 our board of directors. The 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. ESPP contributions are limited to a maximum of 15% of an employee's eligible compensation.         Our 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.         The 2014 NEEIP provides for the issuance of share-based awards, including restricted shares, restricted share units, non-qualified options and SARs, to our 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 our 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. We 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. Theravance's Equity Plans         Many of our employees have in the past received Theravance stock-based compensation awards, and, therefore, the following disclosures include information regarding share-based compensation expense allocated to Theravance Biopharma that related to Theravance stock-based equity awards. Accordingly, the amounts presented are not necessarily indicative of future performance and do not necessarily reflect the results that we would have experienced as an independent, publicly-traded company for the periods presented.         At the time of the Spin-Off, Theravance had one active stock-based incentive plan under which it granted stock-based awards to employees, officers and consultants, the 2012 Equity Incentive Plan. All outstanding stock options and RSUs held by (1) Theravance employees who became our employees, and (2) members of the board of directors of Theravance who became members of our board of directors, in connection with the Spin-Off were adjusted for the Spin-Off. Such awards, along with outstanding RSAs held by Theravance employees who became our employees in connection with the Spin-Off, will continue to vest and remain outstanding based on continuing employment or service with us.         The 2012 Equity Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, stock unit awards and SARs to employees, non-employee directors and consultants. Stock options were granted with an exercise price not less than the fair market value of the common stock on the grant date. Stock 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. However, Theravance granted 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 be forfeited at the end of three months or the expiration of the option, whichever is earlier.         On June 2, 2014, Theravance made a pro rata dividend distribution to its stockholders of record on May 15, 2014 of one ordinary share of Theravance Biopharma for every three and one half shares of Theravance common stock outstanding on the record date. Theravance's outstanding stock options and RSUs, which were not entitled to the dividend distribution were adjusted for the Spin-Off. Specifically, the number of shares and exercise price for Theravance's outstanding stock options were adjusted and the number of shares underlying Theravance's outstanding RSUs was adjusted. All other terms of these options and RSUs remained the same; provided, however, that the vesting and expiration of these grants are based on the holder's continuing employment or service with Theravance or us, as applicable.         Although the anti-dilution adjustments were required pursuant to the terms of each equity plan, the anti-dilution adjustments were calculated using a volume-weighted average stock price, rather than the stock price as of the date of the dividend distribution, which resulted in incremental compensation expense. The accounting impact of the adjustment to the outstanding Theravance stock options and RSUs that occurred in connection with the Spin-Off of Theravance Biopharma was measured by comparing the fair values of the modified stock options and RSUs to our employees and directors immediately before and after the adjustment. As a result, we will recognize total incremental share-based compensation expense of $0.7 million associated with this adjustment over the remaining service period as it pertains to unvested stock options and RSUs held by individuals now in service with us. The incremental expense recognized in 2014 was not material. Theravance Performance-Contingent Restricted Stock Awards         Over the past three years, the Compensation Committee of Theravance's board of directors ("Theravance's Compensation Committee") has approved grants of performance-contingent RSAs to its senior management and a non-executive officer. Generally, these awards have dual triggers of vesting based upon the achievement of certain performance goals by a pre-specified date, as well as a requirement for continued employment. When the performance goals are deemed achieved for these types of awards, time-based vesting and, as a result, recognition of stock-based compensation expense commence. Included in these performance-contingent RSAs is the grant of 1,290,000 special long-term retention and incentive performance-contingent RSAs to senior management in 2011. The awards had dual triggers of vesting based upon the achievement of certain performance conditions over a six-year timeframe from 2011 through December 31, 2016 and require continued employment.         In May 2014, Theravance's Compensation Committee determined that the requisite performance conditions for the first tranche of the awards were achieved and, as a result, $7.0 million in share-based compensation expense was recognized by us during the year ended December 31, 2014.         In May 2014, Theravance's Compensation Committee approved the modification of the remaining tranches related to these awards, contingent upon the Spin-Off. The modification acknowledged the Spin-Off and permitted recognition of achievement of the original performance conditions that were met prior to the Spin-Off, triggering twelve-month service-based vesting for a portion of the equity awards. Share-based compensation expense of $6.9 million associated with this portion of the awards after the modification is expected to be recognized by us during the twelve-month service period commencing in June 2014.         During the fourth quarter of 2014, we determined that it was probable that the performance conditions associated with the vesting of the remaining 417,000 RSAs outstanding under these awards would be achieved. In addition, the remaining RSAs outstanding under these awards were entitled to the pro rata dividend distribution made by Theravance on June 2, 2014 of one ordinary share of Theravance Biopharma for every three and one half shares of Theravance common stock. As a result, $1.4 million of the total share-based compensation expense of $9.5 million related to these remaining RSAs and the pro rata dividend was recognized by us in 2014. The RSAs and pro rata dividend remain subject to a twelve-month service period, which commenced in February 2015. Director Compensation Program         Each member of our board of directors who is not an employee is paid an annual retainer as well as a fee for each board and committee meeting attended. In addition, the chairpersons of the various committees of our board of directors and lead independent director of our board of directors receive a fixed annual retainer.         Each of our non-employee directors is also compensated with periodic automatic grants of equity awards under a program implemented under our 2013 EIP. These grants are non-discretionary, and only our non-employee directors are eligible to receive these automatic grants.         Under our automatic grant program, each individual who first becomes a non-employee director will, on the date such individual joins our board, automatically be granted a one-time nonstatutory share option grant covering 12,000 ordinary shares. These initial option grants vest monthly over the director's first two years of service. In addition, on the date of joining our board of directors, a new non-employee director will also receive the standard annual equity award (if joining on the date of our annual meeting of shareholders) or a pro-rated annual equity award (if joining on any other date), as described below. The pro-ration will be based upon the number of months of service the new board member will provide during the 12-month period ending on the one-year anniversary of the most recent annual meeting of shareholders.         Annually, upon his or her re-election to our board at the annual meeting of shareholders, each non-employee director automatically will be granted restricted share units ("RSUs") covering 6,000 ordinary shares. This standard annual RSU grant will vest in full on the earlier of the one-year anniversary of the date of grant or the next annual meeting of shareholders.         In connection with the Spin-Off and in contrast to our automatic grant program, however, each of our non-employee directors that was serving as a member of our board of directors at the time of the Spin-Off, as well as each of our non-employee directors that became a member of our board of directors in connection with the Spin-Off, received the initial option grant described above (with vesting occurring monthly over the director's first three years of service, rather than two years) as well as an annual equity award provided in the form of an option covering 12,000 of our ordinary shares that vests monthly over the twelve month period following the date of grant. Share-Based Compensation Expense         The allocation of share-based compensation expense included in the consolidated statements of operations was as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,191  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,444  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,192  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Selling, general and administrative </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,043  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,032  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,131  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total share-based compensation expense </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,234  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,476  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,323  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         Share-based compensation expense included in the consolidated statements of operations by award type was as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Transferred from parent </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,043  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,476  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,323  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Theravance equity: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Options </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,378  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> RSUs </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,169  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> RSAs </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,796  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Performance RSAs </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,490  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Theravance Biopharma equity: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Options </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,404  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> ESPP </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>954  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total share-based compensation expense </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,234  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,476  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,323  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         Total share-based compensation expense capitalized to inventory was not material for any of the periods presented.         As of December 31, 2014, the unrecognized share-based compensation cost, net of expected forfeitures, and the estimated weighted-average amortization period, using the straight-line attribution method, was as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;"> (In thousands, except amortization period) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Unrecognized Compensation Cost </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted-Average Amortization Period </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Theravance equity: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Options </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,957  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.8  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> RSUs </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,092  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.9  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> RSAs </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,160  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.8  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Performance RSAs </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,216  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.4  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Theravance Biopharma equity: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Options </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,479  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.3  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,904  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div> Compensation Awards         The following table summarizes equity award activity under the 2013 EIP and 2014 NEEIP, and related information since the Company began trading on the NASDAQ Global Market on June 3, 2014:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Shares Subject to Outstanding Options </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted-Average Exercise Price of Outstanding Options </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Balance at June 2, 2014 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Granted </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,235,059 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.75 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(272,633 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.01 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Balance at December 31, 2014 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,962,426 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.73 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         As of December 31, 2014, the aggregate intrinsic value of the options outstanding and the aggregate intrinsic value of the options exercisable was not material. The total estimated fair value of options vested was $1.0 million in 2014. Valuation Assumptions         The range of assumptions we used to estimate the fair value of options granted under the 2013 EIP, 2014 NEEIP and rights granted under the 2013 ESPP was as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, 2014 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Options Under the 2013 EIP and 2014 NEEIP </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 1.7% - 2.0% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 5 - 6 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 64% - 70% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted-average estimated fair value </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $15.55 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2013 ESPP </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 0% - 0.7% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 0.6 - 2.2 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 58% - 66% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted-average estimated fair value </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $10.95 </td> </tr> </table></div>         The range of assumptions Theravance used to estimate the fair value of stock options granted prior to the Spin-Off was as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Options under the 2012 Equity Incentive Plan </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 1.6% - 2.1% </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 0.7% - 2.0% </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 0.7% - 1.2% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 5 - 6 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 5 - 6 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 5 - 6 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 52% - 61% </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 58% - 60% </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 55% - 60% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted-average estimated fair value </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $16.14 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $19.96 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $11.50 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Employee stock purchase plan issuances </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 0.1% - 0.3% </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 0.1% - 0.3% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 0.5 - 2 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 0.5 - 2 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 56% - 61% </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 51% - 64% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted-average estimated fair value </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $— </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $16.44 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $8.07 </td> </tr> </table></div>   </div> </div>

-0.30

-1.01

-4.92

-1.23

-1.29

-1.39

-1.89

-7.46

-1.83

-1.72

-2.02

<div> <div style="margin-left:0pt;margin-right:0pt;"> Net Loss per Share         Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of outstanding, less ordinary shares subject to forfeiture. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding, less ordinary shares subject to forfeiture, plus all additional ordinary shares that would have been outstanding, assuming dilutive potential common shares had been issued for other dilutive securities.         For the years ended December 31, 2014, 2013 and 2012, diluted and basic net loss per share was identical since potential common shares were excluded from the calculation, as their effect was anti-dilutive. Prior to the Spin-Off in June 2014, we operated as part of Theravance and not as a separate entity. As a result, the calculation of basic and diluted net loss per share assumes that the 32,260,105 ordinary shares issued to Theravance stockholders in connection with the Spin-Off, less the number of ordinary shares subject to forfeiture, were outstanding from the beginning of all periods presented. Anti-dilutive Securities         The following common equivalent shares were not included in the computation of diluted net loss per share because their effect was anti-dilutive:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:21.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:00.88%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:00.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:05.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:00.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:05.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:00.88%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;background-color: #CCEEFF;padding:0pt;"> Share issuances under equity incentive plan and ESPP </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.98%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,475  </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;background-color: #FFFFFF;padding:0pt;"> Forfeitable shares </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.98%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>424  </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.98%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,899  </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:00.88%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:76.94%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.88%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

0.0000

-0.0276

0.3400

0.0000

-0.2068

-0.3589

-0.0242

0.0000

-0.0099

-0.0060

-0.0004

0.0000

-0.0263

0.0031

0.0000

0.0004

-0.0119

-0.0035

-0.0004

0.0000

0.0287

0.0100

9870000

18156000

96904000

15957000

12160000

7092000

49479000

12216000

P2Y9M18D

P1Y9M18D

P1Y10M24D

P3Y3M18D

P1Y4M24D

282000

1400000

-9575000

-156284000

-230674000

-9575000

-156284000

-230674000

-235306000

4632000

<div> <div style="margin-left:0pt;margin-right:0pt;"> 7. 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 Theravance and began operations subsequent to the Spin-Off with wholly-owned subsidiaries in the Cayman Islands, U.S. and United Kingdom. The provision for income taxes in 2014 is a result of operating in multiple jurisdictions and generating taxable income in our U.S. operations, although we incur operating losses on a consolidated basis.         The components of the provision for income taxes are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;padding:0pt;">   </td> <td valign="bottom" style="width:00.74%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:39.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:02.48%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.46%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:02.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:02.48%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Income (loss) before provision for income taxes: </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Cayman Islands </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(235,306 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,632 </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(156,284 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,575 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(230,674 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(156,284 </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,575 </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Current </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Cayman Islands </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> United States </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,223 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> United Kingdom </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141 </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Subtotal </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,364 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Deferred </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Cayman Islands </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> United States </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> United Kingdom </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Subtotal </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,364 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Effective tax rate </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2.76 </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;"> )% </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div>         The provision for income taxes of $6.4 million for the year ended December 31, 2014 is primarily due to timing differences between the book and tax treatment of certain income and expenses. As the realization of our deferred tax assets is uncertain, we currently record a full valuation allowance against all deferred tax assets. Therefore, any timing differences between book and tax treatment of certain income and expenses will be reflected as current tax expense.         No provision for income taxes has been recognized on undistributed earnings of our foreign subsidiaries because we consider such earning to be indefinitely reinvested. In the event of a distribution of these earnings in the form of dividends or otherwise, we 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, 2014, it is not practicable to determine the amount of the income tax liability related to the undistributed earnings due to a variety of factors.         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 our deferred tax assets and liabilities are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;padding:0pt;">   </td> <td valign="bottom" style="width:00.78%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred tax assets: </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Net operating loss carryforwards </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>181 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>140,851 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred revenues </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,016 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Capitalized research and development expenditures </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Research and development tax credit carryforwards </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>821 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,019 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Fixed assets and acquired intangibles </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,088 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,820 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred compensation </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,489 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,837 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Accruals </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,563 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,944 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Subtotal </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,171 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182,689 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Valuation allowance </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,787 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(182,689 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Total deferred tax assets </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>384 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred tax liabilities: </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Prepaid </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Total deferred tax liabilities </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Net deferred tax assets/liabilities </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.56%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.12%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         The deferred income taxes corresponding to the period ending December 31, 2013 are carve-out balances and are representative of amounts assuming the business began in 2011. However, upon separation from Theravance, the balances corresponding to net operating losses and research credits were not transferred. As such, the changes in such balances do not reflect the utilization of such amounts.         The differences between the Cayman Islands and the U.S. federal statutory income tax rate and our effective tax rate are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:32.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #CCEEFF;padding:0pt;"> Provision at statutory income tax rate </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.00 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.00 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> Foreign rate differential </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.99 </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #CCEEFF;padding:0pt;"> State income taxes, net of federal benefit </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.04 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> Share-based compensation </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.31 </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2.63 </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #CCEEFF;padding:0pt;"> Non-deductible executive compensation </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.06 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10.09 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> United States federal and state research tax credits </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.00 </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.87 </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #CCEEFF;padding:0pt;"> Meals & entertainment </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.04 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.60 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> Change in valuation allowance </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2.42 </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(35.89 </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(20.68 </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.35 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.19 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:00.80%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.04 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> Effective tax rate </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2.76 </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;padding:0pt;"> )% </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> % </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> %   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:64.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:06.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         Realization of deferred tax assets is dependent upon future taxable income in the respective jurisdiction, if any, the timing and the amount of which are uncertain. Accordingly, the deferred tax assets have been fully offset by a valuation allowance. The valuation allowance as of December 31, 2014 increased by $5.8 million from the $13.0 million valuation allowance established as of the June 2, 2014 Spin-Off date. Valuation allowances require an assessment of both positive and negative evidence when determining whether it is more likely than not deferred tax assets are recoverable. Such assessment is required on a jurisdiction-by-jurisdiction basis.         As of December 31, 2014, we had no federal net operating loss carryforwards and no federal research and development tax credit carryforwards. We had state net operating loss carryforwards of $3.2 million expiring in 2034 and state research and development credit carryforwards of $1.5 million to be carried forward indefinitely.         The net operating loss deferred tax asset balances as of December 31, 2014 does not include excess tax benefits from option exercises. Shareholders' equity and parent company deficit will be credited if and when such excess tax benefits are ultimately realized.         Utilization of 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.         Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2014, the amount of accrued tax expense related to interest or penalties was not material. Uncertain Tax Positions         A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.44%;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #CCEEFF;padding:0pt;"> Unrecognized tax benefits as of December 31, 2013 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.36%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41  </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #FFFFFF;padding:0pt;"> Gross decrease in tax positions for prior years </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.36%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #CCEEFF;padding:0pt;"> Gross increase in tax positions for current year </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.36%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,018  </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #FFFFFF;padding:0pt;"> Unrecognized tax benefits as of December 31, 2014 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.08%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.36%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,059  </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:86.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>         If we eventually are able to recognize these uncertain positions, the $1.1 million of the unrecognized benefit would reduce the effective tax rate. We currently have a full valuation allowance against our deferred tax assets, which would impact the timing of the effective tax rate benefit should any of these uncertain positions be favorably settled in the future. We do not believe it is reasonably possible that our unrecognized tax benefits will significantly change within the next twelve months.         We are subject to taxation in the United Kingdom, United States, and various state jurisdictions. The tax years 2013 and forward remain open to examination in the U.S. while the tax years 2012 and forward remain open to examination in the United Kingdom.     </div> </div>

4450000

6364000

-1532000

2113000

3917000

199000

90000

-1702000

4170000

11680000

747000

300000

-376000

-124494000

7467000

-7991000

-14635000

4822000

3101000

6628000

866000

211000

617000

-7000

906000

388000

-19000

2878000

-60000

833000

4908000

5571000

10406000

14328000

12546000

5138000

6830000

360000

145000

2887000

2900000

612000

25177000

337771000

36853000

41256000

-173000

89215000

121537000

123593000

370621000

-2430000

-2634000

-106251000

-119107000

-120959000

-175155000

-9575000

-32174000

-156284000

-38952000

-41078000

-44080000

-60018000

-237038000

-97701000

-139337000

-58215000

-54495000

-64310000

<div> <div style="margin-left:0pt;margin-right:0pt;"> Recently Issued Accounting Pronouncements Not Yet Adopted         In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which converges the FASB and the International Accounting Standards Board standards on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. This guidance is effective for the fiscal years and interim reporting periods beginning after December 15, 2016, at which time we may adopt the new standard under the full retrospective method or the modified retrospective method. Early adoption is not permitted. We are currently evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements and related disclosures. </div> </div>

139720000

32196000

156510000

38957000

41102000

44255000

60963000

244227000

59680000

56398000

67186000

-9575000

-32174000

-156284000

-38952000

-41078000

-44080000

-60018000

-232539000

-56706000

-50062000

-65753000

33391000

5770000

6494000

6305000

6121000

5943000

2758000

5469000

5763000

6616000

160000

3200000

1500000

9714000

7871000

506000

-173000

1600000

2122000

4944000

5219000

585000

1578000

-196000

-20000

1865000

-878000

178000

168893000

2590000

2734000

3107000

0.00001

230000

2567000

3172000

6084000

277541000

121606000

123593000

92976000

100000

140000

65564000

900000

62044000

31910000

3084000

3890000

17769000

5391000

64131000

33790000

3152000

3897000

17857000

5435000

10238000

9580000

9663000

P3Y

P7Y

P5Y

<div> <div style="margin-left:0pt;margin-right:0pt;">   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 period ended December 31, 2014. 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. Prior to the Spin-Off in June 2014, we operated as part of Theravance and not as a separate entity. As a result, the calculation of basic and diluted net loss per share assumes that the 32,260,105 ordinary shares issued to Theravance stockholders in connection with the Spin-Off, less the number of ordinary shares subject to forfeiture, were outstanding from the beginning of all periods presented.                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Quarters Ended </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> September 30 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total revenue(1) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>945 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,974 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,336 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,433 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Costs and expenses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60,963 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,680 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,398 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,186 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Loss from operations </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(60,018 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56,706 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50,062 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(65,753 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net loss </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(60,018 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(58,215 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54,495 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64,310 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Basic and diluted net loss per share </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.89 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.83 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.72 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2.02 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total revenue </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Operating expenses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,196 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,957 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,102 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,255 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Loss from operations </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,174 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38,952 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41,078 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,080 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net loss </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,174 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(38,952 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41,078 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(44,080 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Basic and diluted net loss per share </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.01 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.23 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.29 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.39 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> </table></div><hr style="border-bottom-style:solid;width:26%;height:1.5pt; ;color:#000000" align="left"></hr> <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:15;margin-left:0pt;"> <tr style="CellSpacing:15;"> <td valign="top" style="width:auto;padding:0.9pt 0.9pt 0.9pt 0.9pt;"> (1) </td> <td valign="middle" style="width:auto;padding:0.9pt 0.9pt 0.9pt 0.9pt;"> Commencing in the first quarter of 2014, we recognized revenue from sales of VIBATIV. In the second quarter of 2014, previously deferred revenue from the R-Pharm collaborative arrangement of $2.1 million was recognized. In the third quarter of 2014, previously deferred revenue from the Clinigen collaborative arrangement of $5.0 million was recognized. </td> </tr> </table></div>   </div> </div>

400000

1400000

1100000

69000

113995000

120579000

168522000

800000

833000

-139337000

130145000

22000

226000

5000

24000

175000

945000

11688000

2974000

6336000

1433000

4418000

<div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;padding:0pt;">   </td> <td valign="bottom" style="width:00.74%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:39.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:02.48%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:03.46%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:02.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2012 </td> <td valign="bottom" style="width:02.48%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Income (loss) before provision for income taxes: </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Cayman Islands </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(235,306 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,632 </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(156,284 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,575 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(230,674 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(156,284 </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,575 </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Current </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Cayman Islands </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> United States </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,223 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> United Kingdom </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141 </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Subtotal </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,364 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Deferred </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Cayman Islands </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> United States </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> United Kingdom </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Subtotal </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,364 </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.74%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.46%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.48%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:57.60%;background-color: #CCEEFF;padding:0pt;"> Effective tax rate </td> <td valign="bottom" style="width:00.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2.76 </td> <td valign="bottom" style="width:03.46%;background-color: #CCEEFF;padding:0pt;"> )% </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.60%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.64%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.48%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div>          </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;padding:0pt;">   </td> <td valign="bottom" style="width:00.78%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:23.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:02.64%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:00.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2013 </td> <td valign="bottom" style="width:02.64%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred tax assets: </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Net operating loss carryforwards </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>181 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>140,851 </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred revenues </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,016 </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Capitalized research and development expenditures </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>202 </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Research and development tax credit carryforwards </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>821 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,019 </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Fixed assets and acquired intangibles </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,088 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,820 </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred compensation </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,489 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,837 </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Accruals </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,563 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,944 </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Subtotal </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,171 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182,689 </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Valuation allowance </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,787 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(182,689 </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Total deferred tax assets </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>384 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Deferred tax liabilities: </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Prepaid </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384 </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #CCEEFF;padding:0pt;"> Total deferred tax liabilities </td> <td valign="bottom" style="width:00.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(384 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;background-color: #CCEEFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> Net deferred tax assets/liabilities </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.52%;background-color: #FFFFFF;padding:0pt;"> —   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:73.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.78%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;"> Future minimum lease payments under this lease, exclusive of executory costs, at December 31, 2014, were as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;padding:0pt;"> (In thousands) </td> <td valign="bottom" style="width:01.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.76%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #CCEEFF;padding:0pt;"> Years ending December 31: </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.40%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,770  </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #CCEEFF;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,943  </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,121  </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #CCEEFF;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,305  </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,494  </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #CCEEFF;padding:0pt;"> Thereafter </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,758  </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.40%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,391  </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:74.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:03.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>           </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                          <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;padding:0pt;">   </td> <td valign="bottom" style="width:00.98%;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ended December 31, 2014 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #CCEEFF;padding:0pt;"> Options Under the 2013 EIP and 2014 NEEIP </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #FFFFFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:00.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #FFFFFF;padding:0pt;"> 1.7% - 2.0% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #CCEEFF;padding:0pt;"> 5 - 6 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #FFFFFF;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:00.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #FFFFFF;padding:0pt;"> 64% - 70% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #CCEEFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #CCEEFF;padding:0pt;"> — </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #FFFFFF;padding:0pt;"> Weighted-average estimated fair value </td> <td valign="bottom" style="width:00.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #FFFFFF;padding:0pt;"> $15.55 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #CCEEFF;padding:0pt;"> 2013 ESPP </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #FFFFFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:00.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #FFFFFF;padding:0pt;"> 0% - 0.7% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #CCEEFF;padding:0pt;"> 0.6 - 2.2 </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #FFFFFF;padding:0pt;"> Volatility </td> <td valign="bottom" style="width:00.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #FFFFFF;padding:0pt;"> 58% - 66% </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #CCEEFF;padding:0pt;"> Dividend yield </td> <td valign="bottom" style="width:00.98%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #CCEEFF;padding:0pt;"> — </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:75.20%;background-color: #FFFFFF;padding:0pt;"> Weighted-average estimated fair value </td> <td valign="bottom" style="width:00.98%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:23.82%;background-color: #FFFFFF;padding:0pt;"> $10.95 </td> </tr> </table></div>   </div> </div>

25725000

35931000

71647000

21323000

22476000

43234000

P6Y

P4Y

P2Y

P3Y

417000

P10Y

0.00

P2Y

P6M

P6Y

P5Y

P2Y

P6M

P6Y

P5Y

P2Y2M12D

P7M6D

P6Y

P5Y

P6Y

P5Y

0.64

0.60

0.61

0.60

0.66

0.00

0.70

0.61

0.51

0.55

0.56

0.58

0.64

0.52

0.0030

0.0120

0.0030

0.0200

0.0070

0.0200

0.0210

0.0010

0.0070

0.0010

0.0070

0.0000

0.0170

0.0160

571428

3428571

1290000

857142

5428571

750000

31285

272633

4235059

8.07

11.50

16.44

19.96

10.95

0.00

15.55

16.14

3962426

0.00

24.73

1000000

700000

0.85

25.01

24.75

18.918

7737

21703000

22646000

43454000

26315000

17139000

-140724000

-6990000

-17035000

289787000

-82000

429206000

-139337000

91000

402787000

-402878000

1585790

30000000

<div> <div style="margin-left:0pt;margin-right:0pt;"> Accounts Receivable         Trade accounts receivable are recorded net of allowances for wholesaler chargebacks related to government rebate programs, cash discounts for prompt payment and sales returns. Estimates for wholesaler chargebacks for government rebates, cash discounts and sales returns are based on contractual terms, historical trends and our expectations regarding the utilization rates for these programs. When appropriate, we provide for an allowance for doubtful accounts by reserving for specifically identified doubtful accounts. For the periods presented, we did not have any write-offs of accounts receivable. We perform ongoing credit evaluations of our customers and generally do not require collateral. </div> </div>

41000

1059000

1018000

<div> <div style="margin-left:0pt;margin-right:0pt;"> Use of Management's Estimates         The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its significant accounting policies or estimates. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. </div> </div>

5800000

31741000

31755000