Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 96,800	$ 143,510
Short-term marketable securities	143,698	321,615
Accounts receivable, net of allowances of $89 at December 31, 2013	0	199
Receivables from collaborative arrangements (including amounts from a related party of $10,550 and $2,247 at December 31, 2014 and 2013)	10,550	3,181
Prepaid expenses and other current assets	1,134	4,287
Inventories	0	10,406
Total current assets	252,182	483,198
Marketable securities	42,856	55,374
Restricted cash	0	833
Property and equipment, net	324	10,238
Capitalized fees paid to a related party	208,191	124,257
Other assets	18,101	7,355
Total assets	521,654	681,255
Current liabilities:
Accounts payable	0	7,583
Payable to a related party	0	40,000
Payable to Theravance Biopharma, Inc.	1,056	0
Accrued personnel-related expenses	1,959	10,881
Accrued clinical and development expenses	0	9,714
Accrued interest payable	7,551	2,800
Other accrued liabilities	2,108	4,137
Deferred revenue	1,082	9,289
Total current liabilities	13,756	84,404
Convertible subordinated notes	255,109	287,500
Non-recourse notes payable, due 2029	470,527	0
Deferred rent	105	4,774
Other long-term liabilities	1,718	0
Deferred revenue	3,788	5,455
Commitments and contingencies (Notes 3, 6 and 8)
Stockholders' Equity (Deficit):
Preferred stock, $0.01 par value, 230 shares authorized, no shares issued and outstanding at December 31, 2014 and 2013
Common stock, $0.01 par value; authorized: 200,000 shares; issued 116,445 and 111,516 shares at December 31, 2014 and 2013	1,164	1,115
Treasury stock, 150 and 0 shares at December 31, 2014 and 2013	(3,263)	0
Additional paid-in capital	1,452,504	1,803,048
Accumulated other comprehensive income (loss)	(87)	162
Accumulated deficit	(1,673,667)	(1,505,203)
Total stockholders' equity (deficit)	(223,349)	299,122
Total liabilities and stockholders' equity (deficit)	$ 521,654	$ 681,255