CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 159,180	$ 96,800
Short-term marketable securities	28,103	143,698
Related party receivables from collaborative arrangements	26,228	10,550
Prepaid expenses and other current assets	814	1,134
Total current assets	214,325	252,182
Marketable securities	0	42,856
Property and equipment, net	221	324
Capitalized fees paid to a related party, net	194,368	208,191
Other assets	15,158	18,101
Total assets	424,072	521,654
Current liabilities:
Accounts payable	818	0
Payable to Theravance Biopharma, Inc.	0	1,056
Accrued personnel-related expenses	1,659	1,959
Accrued interest payable	7,911	7,551
Other accrued liabilities	2,218	2,108
Deferred revenue	885	1,082
Total current liabilities	13,491	13,756
Convertible subordinated notes, due 2023	255,109	255,109
Non-recourse notes, due 2029	493,162	470,527
Other long-term liabilities	1,856	1,823
Deferred revenue	$ 3,099	$ 3,788
Commitments and contingencies (Notes 3, 6 and 9)
Stockholders' deficit:
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding
Common stock: $0.01 par value, 200,000 shares authorized, 114,933 and 116,445 shares issued as of December 31, 2015 and 2014, respectively	$ 1,149	$ 1,164
Treasury stock: 150 shares as of December 31, 2015 and 2014	(3,263)	(3,263)
Additional paid-in capital	1,351,898	1,452,504
Accumulated other comprehensive loss	(2)	(87)
Accumulated deficit	(1,692,427)	(1,673,667)
Total stockholders' deficit	(342,645)	(223,349)
Total liabilities and stockholders' deficit	$ 424,072	$ 521,654