Theravance Biopharma, Inc. Reports Second Quarter 2024 Financial Results and Provides Business Update
Theravance Biopharma reported Q2 2024 financial results and provided a business update. YUPELRI net sales decreased 1% to $54.5 million, while Viatris collaboration revenue increased 4% to $14.3 million. The company updated its timeline for the CYPRESS study, now expecting the last patient enrollment in mid-2025. TRELEGY net sales reached $1.065 billion, increasing the likelihood of achieving up to $50 million in milestones in 2024. Theravance ended Q2 with a cash balance of $96.1 million. The company is exploring opportunities to unlock value from its Irish tax assets and has updated its 2024 financial guidance.
Theravance Biopharma ha riportato i risultati finanziari del secondo trimestre 2024 e fornito un aggiornamento aziendale. Le vendite nette di YUPELRI sono diminuite dell'1% a 54,5 milioni di dollari, mentre le entrate da collaborazione con Viatris sono aumentate del 4% a 14,3 milioni di dollari. L'azienda ha aggiornato la sua tempistica per lo studio CYPRESS, prevedendo ora l'arruolamento dell'ultimo paziente a metà 2025. Le vendite nette di TRELEGY hanno raggiunto 1,065 miliardi di dollari, aumentando le probabilità di raggiungere fino a 50 milioni di dollari in traguardi nel 2024. Theravance ha concluso il secondo trimestre con un saldo di cassa di 96,1 milioni di dollari. L'azienda sta esplorando opportunità per valorizzare i suoi attivi fiscali irlandesi e ha aggiornato le sue previsioni finanziarie per il 2024.
Theravance Biopharma informó los resultados financieros del segundo trimestre de 2024 y brindó una actualización empresarial. Las ventas netas de YUPELRI disminuyeron un 1% a 54.5 millones de dólares, mientras que los ingresos de colaboración con Viatris aumentaron un 4% a 14.3 millones de dólares. La empresa actualizó su cronograma para el estudio CYPRESS, ahora esperando la inscripción del último paciente a mediados de 2025. Las ventas netas de TRELEGY alcanzaron 1.065 millones de dólares, aumentando la probabilidad de alcanzar hasta 50 millones de dólares en hitos en 2024. Theravance finalizó el segundo trimestre con un saldo de efectivo de 96.1 millones de dólares. La empresa está explorando oportunidades para desbloquear el valor de sus activos fiscales en Irlanda y ha actualizado su guía financiera para 2024.
Theravance Biopharma는 2024년 2분기 재무 결과를 보고하고 비즈니스 업데이트를 제공했습니다. YUPELRI의 순매출은 1% 감소하여 5,450만 달러에 달했으며, Viatris와의 협업 수익은 4% 증가하여 1,430만 달러가 되었습니다. 이 회사는 CYPRESS 연구의 타임라인을 업데이트하여, 이제 마지막 환자 등록이 2025년 중반으로 예상하고 있습니다. TRELEGY의 순매출은 10억 6,500만 달러에 도달하여 2024년까지 최대 5,000만 달러의 이정표 달성을 높였습니다. Theravance는 2분기를 9,610만 달러의 현금 잔고로 마감했습니다. 이 회사는 아일랜드 세금 자산에서 가치를 획득하기 위한 기회를 모색하고 있으며, 2024년 재무 가이드를 업데이트했습니다.
Theravance Biopharma a rapporté les résultats financiers du deuxième trimestre 2024 et a fourni une mise à jour commerciale. Les ventes nettes de YUPELRI ont diminué de 1% à 54,5 millions de dollars, tandis que les revenus de collaboration avec Viatris ont augmenté de 4% à 14,3 millions de dollars. L'entreprise a mis à jour son calendrier pour l'étude CYPRESS, s'attendant désormais à l'inscription du dernier patient à la mi-2025. Les ventes nettes de TRELEGY ont atteint 1,065 milliard de dollars, augmentant la probabilité d'atteindre jusqu'à 50 millions de dollars en jalons en 2024. Theravance a terminé le deuxième trimestre avec un solde de liquidités de 96,1 millions de dollars. L'entreprise explore des opportunités pour libérer de la valeur de ses actifs fiscaux irlandais et a mis à jour ses prévisions financières pour 2024.
Theravance Biopharma hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und ein Firmenupdate bereitgestellt. Der Nettoumsatz von YUPELRI sank um 1% auf 54,5 Millionen Dollar, während die Einnahmen aus der Zusammenarbeit mit Viatris um 4% auf 14,3 Millionen Dollar stiegen. Das Unternehmen hat seinen Zeitrahmen für die CYPRESS-Studie aktualisiert und erwartet nun die letzte Patientenrekrutierung bis Mitte 2025. Die Nettoumsätze von TRELEGY erreichten 1,065 Milliarden Dollar, was die Wahrscheinlichkeit erhöht, 2024 bis zu 50 Millionen Dollar an Meilensteine zu erreichen. Theravance schloss das zweite Quartal mit einem Bargeldbestand von 96,1 Millionen Dollar. Das Unternehmen prüft Möglichkeiten, um den Wert seiner irischen Steueraktiva zu heben, und hat seine Finanzprognosen für 2024 aktualisiert.
- Viatris collaboration revenue increased 4% to $14.3 million
- TRELEGY net sales reached $1.065 billion, increasing likelihood of achieving up to $50 million in milestones in 2024
- YUPELRI customer demand increased 13% year-over-year
- Hospital doses sold for YUPELRI increased 43% year-over-year
- YUPELRI market share in hospitals surpassed 18% and reached 32% in community settings
- Additional method of use patent for YUPELRI granted, expiring in August 2039
- YUPELRI net sales decreased 1% to $54.5 million
- CYPRESS study timeline extended, with last patient enrollment now expected in mid-2025
- Net loss increased to $16.5 million in Q2 2024 from $15.6 million in Q2 2023
- $3.0 million non-cash impairment charge on long-lived assets due to softening R&D lab space market
Insights
The Q2 2024 results for Theravance Biopharma present a mixed picture. YUPELRI net sales decreased
The company's cash position of
The delay in the CYPRESS study for ampreloxetine is a setback, with the last patient enrollment now expected in mid-2025, pushing top-line data to late 2025 or early 2026. This delay could impact Theravance's competitive position in the nOH treatment market for MSA patients. However, the focus on study quality over speed is commendable for long-term prospects.
On a positive note, YUPELRI's market share gains in both hospital (
Theravance's intellectual property strategy appears robust. The new method-of-use patent for YUPELRI, expiring in 2039, strengthens their market exclusivity. This, combined with the four settlements granting licenses for generic versions starting April 2039, creates a solid barrier against early generic competition.
The ongoing patent infringement suits against four companies, including a new case filed in June 2024, demonstrate Theravance's aggressive defense of its IP. The automatic 30-month FDA stay on the new ANDA filer provides additional time to resolve the dispute without immediate market threat. However, these legal battles could incur significant costs. The company's proactive approach in exploring opportunities to unlock value from its Irish tax assets shows strategic financial planning, potentially benefiting shareholders in the long run.
- Q2 2024 YUPELRI® (revefenacin) net sales of
$54.5 million 1% from Q2 20231 - Viatris collaboration revenue of
$14.3 million 4% versus Q2 2023 - Partner Viatris submitted YUPELRI NDA in
China ;$7.5 million - Now expecting last patient into the open label portion of CYPRESS in mid-2025, top line data anticipated approximately 6 months later
- Q2 2024 TRELEGY net sales of
$1.06 5 billion$50 million - Q2 2024 ending cash balance of
$96.1 million
"YUPELRI net sales decreased
Second Quarter Highlights
YUPELRI® (revefenacin) inhalation solution, the first and only once-daily, nebulized LAMA (long- acting muscarinic agent) bronchodilator approved in the US for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD):
- Realized total net sales of
$54.5 million 1% compared with the same period in 2023.1 - Generated a robust
13% increase in customer demand (Q2 2024 vs Q2 2023).2 - Increased hospital doses sold by
43% (Q2 2024 vs Q2 2023).3 - Increased share of the long-acting nebulized segment of the COPD market, with hospital share surpassing
18% and community share reaching32% , both all-time highs.4 - Granted an additional method of use patent for YUPELRI on July 30, 2024, with an expiration date of August 2039. Listed in the FDA Orange Book.
Ampreloxetine, an investigational, once-daily norepinephrine reuptake inhibitor in development for the treatment of symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA):
- Achieved steady progress in CYPRESS enrollment, with over
80% of planned sites now activated, including a number of global academic institutions, tertiary care centers and MSA Centers of Excellence. - Updated anticipated completion of enrollment into the open-label portion of the study to mid-2025. Target completion impacted by lengthier timelines to site activation, and to ensure sufficient patients progress to the randomized withdrawal portion of the study.
- Top line data anticipated to be available approximately 6 months after enrollment is completed in the open label portion of the study.
TRELEGY Update:
- GSK posted second quarter 2024 global net sales of approximately
$1.1 billion 40% from$760 million $1.8 billion 37% from the same period in 2023). - As of June 30, 2024, Theravance Biopharma is eligible to receive a total of
$200 million $25 million $2.9 billion $1.1 billion $25 million $50 million $3.2 billion $1.4 billion
Second Quarter Financial Results
- Revenue: Total revenue for the second quarter of 2024 was
$14.3 million $0.5 million 4% , in the second quarter compared to the same period in 2023 due primarily to lower costs incurred by Viatris. The Viatris collaboration revenue represents amounts receivable from Viatris and comprises the Company's35% share of net sales of YUPELRI, as well as its proportionate amount of the total shared costs incurred by the two companies. The non-shared YUPELRI costs incurred by Theravance Biopharma are recorded within operating expenses. While Viatris records the total net sales of YUPELRI within its financial statements, Theravance Biopharma's implied35% share of net sales of YUPELRI for the second quarter of 2024 was$19.1 million 1% decrease compared to the same period in 2023. - Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2024 were
$10.0 million $9.4 million $1.2 million - Selling, General and Administrative (SG&A) Expenses: SG&A expenses for the second quarter of 2024 were
$17.1 million $19.3 million $4.2 million - Non-Cash Impairment of Long-Lived Assets: As the R&D lab space leasing market in South San Francisco continued to soften in the second quarter, the Company incurred a non-cash impairment charge of
$3.0 million - Share-Based Compensation: Share-based compensation expenses for the second quarter of 2024 was
$5.4 million $6.3 million $1.2 million $4.2 million $1.9 million $4.4 million - Net Loss and Non-GAAP Net Loss from Operations5: Net loss was
$16.5 million $15.6 million $3.0 million $6.3 million $7.4 million - Cash Position: Cash, cash equivalents and marketable securities totaled
$96.1 million
Updated 2024 Financial Guidance
- Operating Expenses (excluding share-based compensation): The Company continues to expect full year 2024 R&D expenses of
$30 million $36 million $45 million $55 million - Share-Based Compensation: The Company continues to expect full year share-based compensation expenses of
$18 million $22 million - Non-GAAP Net Profit / Loss: The Company now expects levels of both non-GAAP losses and cash burn to be similar to first half actuals 2024.
Corporate Initiatives to Maximize Shareholder Value
Pursuant to a recently-completed review of its substantial Irish tax assets, the Company is engaging tax and financial advisors to explore opportunities through which to unlock value, given the gap between our share price and the value of our diverse and unique portfolio, including YUPELRI, ampreloxetine, TRELEGY and the Company's tax assets. We will provide further updates as appropriate.
Intellectual Property Updates
Patent Infringement Suits
Patent litigation is pending against four companies, along with certain affiliates; we previously disclosed litigation involving three of these companies. In June 2024, the Company filed a patent infringement suit in the
Additional Patent
An additional method of use patent for YUPELRI was granted on July 30, 2024, which expires in August 2039, and is listed in the FDA Orange Book.
Conference Call and Live Webcast Today at 5:00 pm ET
Theravance Biopharma will hold a conference call and live webcast accompanied by slides today at 5:00 pm ET / 2:00 pm PT / 10:00 pm IST. To participate in the live call by telephone, please register here. Those interested in listening to the conference call live via the internet may do so by visiting Theravance Biopharma's website at www.theravance.com, under the Investors section, Events and Presentations.
A replay of the webcast will be available on Theravance Biopharma's website for 30 days through September 4, 2024.
About Ampreloxetine
Ampreloxetine, an investigational, once-daily norepinephrine reuptake inhibitor in development for the treatment of symptomatic neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). The unique benefits of ampreloxetine treatment reported in MSA patients from Study 0170 included an increase in norepinephrine levels, a favorable impact on blood pressure, clinically meaningful and durable symptom improvement, and no signal for supine hypertension. In the US, the Company has been granted an Orphan Drug Designation for ampreloxetine for the treatment of symptomatic nOH in patients with MSA and, if results from the ongoing Phase 3 CYPRESS study are supportive, plans to file an NDA for full approval in this indication.
About CYPRESS (Study 0197), a Phase 3 Study
Study 0197 (NCT05696717) is currently enrolling. This is a registrational Phase 3, multi-center, randomized withdrawal study to evaluate the efficacy and durability of ampreloxetine in participants with MSA and symptomatic nOH after 20 weeks of treatment; the primary endpoint of the study is change in the Orthostatic Hypotension Symptom Assessment (OHSA) composite score. The Study includes four periods: screening, open label (12-week period, participants will receive a single daily 10 mg dose of ampreloxetine), randomized withdrawal (eight-week period, double-blind, placebo-controlled, participants will receive a single daily 10 mg dose of placebo or ampreloxetine), and a long-term treatment extension. Secondary outcome measures include change from baseline in Orthostatic Hypotension Daily Activity Scale (OHDAS) item 1 (activities that require standing for a short time) and item 3 (activities that require walking for a short time).
About Multiple System Atrophy (MSA) and Symptomatic Neurogenic Orthostatic Hypotension (nOH)
MSA is a progressive brain disorder that affects movement and balance and disrupts the function of the autonomic nervous system. The autonomic nervous system controls body functions that are mostly involuntary. One of the most frequent autonomic symptoms associated with MSA is a sudden drop in blood pressure upon standing (nOH).6 There are approximately 50,000 MSA patients in the US7 and 70
Neurogenic orthostatic hypotension (nOH) is a rare disorder defined as a fall in systolic blood pressure of ⩾20 mm Hg or diastolic blood pressure of ⩾10 mm Hg, within 3 minutes of standing. Severely affected patients are unable to stand for more than a few seconds because of their decrease in blood pressure, leading to cerebral hypoperfusion and syncope. A debilitating condition, nOH results in a range of symptoms including dizziness, lightheadedness, fainting, fatigue, blurry vision, weakness, trouble concentrating, and head and neck pain.
About Theravance Biopharma
Theravance Biopharma, Inc.'s focus is to deliver Medicines that Make a Difference® in people's lives. In pursuit of its purpose, Theravance Biopharma leverages decades of expertise, which has led to the development of FDA-approved YUPELRI® (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). Ampreloxetine, its late-stage investigational once-daily norepinephrine reuptake inhibitor in development for symptomatic neurogenic orthostatic hypotension (nOH) in patients with Multiple System Atrophy (MSA), has the potential to be a first in class therapy effective in treating a constellation of cardinal symptoms in MSA patients. The Company is committed to creating/driving shareholder value.
For more information, please visit www.theravance.com.
THERAVANCE BIOPHARMA®, THERAVANCE® and the Cross/Star logo are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries).
YUPELRI® is a registered trademark of Mylan Specialty L.P., a Viatris company. Trademarks, trade names or service marks of other companies appearing in this press release are the property of their respective owners.
Forward-Looking Statements
This press release and the conference call will contain certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, expectations and future events. Theravance Biopharma intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the Company's expectations regarding its future profitability, expenses and uses of cash, the Company's goals, designs, strategies, plans and objectives, future growth of YUPELRI sales, future royalty payments, the ability to provide value to shareholders, the Company's regulatory strategies and timing of clinical studies, possible safety, efficacy or differentiation of our investigational therapy, the status of patent infringement litigation initiated by the Company and its partner against certain generic companies in federal district courts; contingent payments due to the Company from the sale of the Company's TRELEGY ELLIPTA royalty interests to Royalty Pharma, and expectations around the use of OHSA scores as endpoints for clinical trials. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date of this press release and the conference call and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance Biopharma to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: factors that could increase the Company's cash requirements or expenses beyond its expectations and any factors that could adversely affect its profitability, whether the milestone thresholds can be achieved, delays or difficulties in commencing, enrolling or completing clinical studies, the potential that results from clinical or non-clinical studies indicate the Company's product candidates or product are unsafe, ineffective or not differentiated, risks of decisions from regulatory authorities that are unfavorable to the Company, dependence on third parties to conduct clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates, risks of collaborating with or relying on third parties to discover, develop, manufacture and commercialize products, and risks associated with establishing and maintaining sales, marketing and distribution capabilities with appropriate technical expertise and supporting infrastructure, the ability of the Company to protect and to enforce its intellectual property rights, volatility and fluctuations in the trading price and volume of the Company's shares, and general economic and market conditions. Other risks affecting Theravance Biopharma are in the Company's Form 10-Q filed with the SEC on May 15, 2024, and other periodic reports filed with the SEC. In addition to the risks described above and in Theravance Biopharma's filings with the SEC, other unknown or unpredictable factors also could affect Theravance Biopharma's results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance Biopharma assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
Theravance Biopharma provides a non-GAAP profitability target and a non-GAAP metric in this press release. Theravance Biopharma believes that the non-GAAP profitability target and non-GAAP net profit (loss) from operations provide meaningful information to assist investors in assessing prospects for future performance and actual performance as they provide better metrics for analyzing the performance of its business by excluding items that may not be indicative of core operating results and the Company's cash position. Because non-GAAP financial targets and metrics, such as non-GAAP profitability and non-GAAP net loss from continuing operations, are not standardized, it may not be possible to compare these measures with other companies' non-GAAP targets or measures having the same or a similar name. Thus, Theravance Biopharma's non-GAAP measures should be considered in addition to, not as a substitute for, or in isolation from, the Company's actual GAAP results and other targets.
Please see the appendix attached to this press release for a reconciliation of non-GAAP net profit (loss) from operations to its corresponding measure, net profit (loss) from operations. A reconciliation of non-GAAP net profit (loss) from operations to its corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future.
Contact:
investor.relations@theravance.com
650-808-4045
1 In the US, Viatris is leading the commercialization of YUPELRI, and the Company co-promotes the product under a profit and loss sharing arrangement ( |
THERAVANCE BIOPHARMA, INC. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(In thousands) | |||||
June 30, | December 31, | ||||
2024 | 2023 | ||||
Assets | (Unaudited) | (1) | |||
Current assets: | |||||
Cash and cash equivalents and short-term marketable securities | $ | 96,078 | $ | 102,426 | |
Receivables from collaborative arrangements | 14,299 | 17,474 | |||
Prepaid clinical and development services | 2,646 | 2,038 | |||
Other prepaid and current assets | 6,284 | 11,603 | |||
Total current assets | 119,307 | 133,541 | |||
Property and equipment, net | 8,142 | 9,068 | |||
Operating lease assets | 31,815 | 36,287 | |||
Future contingent milestone and royalty assets | 194,200 | 194,200 | |||
Restricted cash | 836 | 836 | |||
Other assets | 7,729 | 8,067 | |||
Total assets | $ | 362,029 | $ | 381,999 | |
Liabilities and Shareholders' Equity | |||||
Current liabilities | $ | 22,946 | $ | 24,767 | |
Long-term operating lease liabilities | 42,441 | 45,236 | |||
Future royalty payment contingency | 29,061 | 27,788 | |||
Unrecognized tax benefits | 69,007 | 65,294 | |||
Other long-term liabilities | 4,885 | 5,919 | |||
Shareholders' equity | 193,689 | 212,995 | |||
Total liabilities and shareholders' equity | $ | 362,029 | $ | 381,999 | |
________________________________ | |||||
(1) The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. | |||||
THERAVANCE BIOPHARMA, INC. | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(In thousands, except per share data) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
Revenue: | ||||||||||||
Viatris collaboration agreement (1) | $ | 14,256 | $ | 13,743 | $ | 28,759 | $ | 24,154 | ||||
Collaboration revenue | - | 6 | - | 12 | ||||||||
Total revenue | 14,256 | 13,749 | 28,759 | 24,166 | ||||||||
Costs and expenses: | ||||||||||||
Research and development (2) | 9,954 | 9,425 | 18,922 | 23,997 | ||||||||
Selling, general and administrative (2) | 17,056 | 19,278 | 33,798 | 38,461 | ||||||||
Impairment of long-lived assets (non-cash) | 2,951 | - | 2,951 | - | ||||||||
Restructuring and related expenses (2) | - | 1,169 | - | 2,743 | ||||||||
Total costs and expenses | 29,961 | 29,872 | 55,671 | 65,201 | ||||||||
Loss from operations | (15,705) | (16,123) | (26,912) | (41,035) | ||||||||
Interest expense (non-cash) | (644) | (568) | (1,273) | (1,118) | ||||||||
Interest income and other income (expense), net | 1,128 | 2,504 | 2,562 | 5,483 | ||||||||
Loss before income taxes | (15,221) | (14,187) | (25,623) | (36,670) | ||||||||
Provision for income tax expense | (1,308) | (1,458) | (2,570) | (1,063) | ||||||||
Net loss | $ | (16,529) | $ | (15,645) | $ | (28,193) | $ | (37,733) | ||||
Net loss per share: | ||||||||||||
Basic and diluted net loss per share | $ | (0.34) | $ | (0.28) | $ | (0.58) | $ | (0.63) | ||||
Shares used to compute basic and diluted net loss per share | 48,747 | 56,682 | 48,515 | 59,791 | ||||||||
Non-GAAP net loss | $ | (6,250) | $ | (7,355) | $ | (10,795) | $ | (22,267) | ||||
________________________________ | ||||||||||||
(1) While Viatris, Inc. records the total YUPELRI net sales, the Company is entitled to a | ||||||||||||
pursuant to a co-promotion agreement with Viatris as presented below: | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
YUPELRI net sales ( | $ | 54,530 | $ | 55,038 | $ | 109,756 | $ | 101,993 | ||||
YUPELRI net sales (Theravance Biopharma implied | 19,085 | 19,263 | 38,415 | 35,697 | ||||||||
(2) Amounts include share-based compensation expense as follows: | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
Research and development | $ | 1,151 | $ | 1,855 | $ | 2,616 | $ | 4,296 | ||||
Selling, general and administrative | 4,225 | 4,409 | 7,988 | 8,632 | ||||||||
Restructuring and related expenses | - | - | - | 357 | ||||||||
Total share-based compensation expense | $ | 5,376 | $ | 6,264 | $ | 10,604 | $ | 13,285 | ||||
THERAVANCE BIOPHARMA, INC. | ||||||||||||
Reconciliation of GAAP to Non-GAAP Net Loss | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
GAAP net loss | $ | (16,529) | $ | (15,645) | $ | (28,193) | $ | (37,733) | ||||
Adjustments: | ||||||||||||
Share-based compensation expense | 5,376 | 6,264 | 10,604 | 13,285 | ||||||||
Non-cash impairment of long-lived assets | 2,951 | - | 2,951 | - | ||||||||
Non-cash interest expense | 644 | 568 | 1,273 | 1,118 | ||||||||
Income tax expense | 1,308 | 1,458 | 2,570 | 1,063 | ||||||||
Non-GAAP net loss | $ | (6,250) | $ | (7,355) | $ | (10,795) | $ | (22,267) | ||||
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SOURCE Theravance Biopharma, Inc.
FAQ
What were YUPELRI's net sales in Q2 2024 for Theravance Biopharma (TBPH)?
How much did Theravance Biopharma's (TBPH) Viatris collaboration revenue increase in Q2 2024?
What is the updated timeline for Theravance Biopharma's (TBPH) CYPRESS study?
What were TRELEGY's net sales in Q2 2024 and how does it affect Theravance Biopharma (TBPH)?
What was Theravance Biopharma's (TBPH) cash balance at the end of Q2 2024?
