CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 141,186	$ 96,800	[1]
Short-term marketable securities	109,954	143,698	[1]
Related party receivables from collaborative arrangements	10,239	10,550	[1]
Prepaid expenses and other current assets	1,013	1,134	[1]
Total current assets	262,392	252,182	[1]
Marketable securities	3,932	42,856	[1]
Property and equipment, net	303	324	[1]
Capitalized fees paid to a related party,net	204,735	208,191	[1]
Other assets	17,337	18,101	[1]
Total assets	488,699	521,654	[1]
Current liabilities:
Accounts payable	1,025	0	[1]
Payable to Theravance Biopharma, Inc.	126	1,056	[1]
Accrued personnel-related expenses	1,063	1,959	[1]
Accrued interest payable	6,195	7,551	[1]
Other accrued liabilities	1,686	2,108	[1]
Deferred revenue	885	1,082	[1]
Total current liabilities	10,980	13,756	[1]
Convertible subordinated notes, due 2023	255,109	255,109	[1]
Non-recourse notes, due 2029	476,954	470,527	[1]
Deferred rent	89	105	[1]
Other long-term liabilities	1,947	1,718	[1]
Deferred revenue	3,763	3,788	[1]
Commitments and contingencies (Notes 3, 6 and 9)			[1]
Stockholders' Deficit:
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding			[1]
Common stock: $0.01 par value, 200,000 shares authorized, 116,920 and 116,445 shares issued as of March 31, 2015 and December 31, 2014, respectively	1,169	1,164	[1]
Treasury stock: 150 shares at March 31, 2015 and December 31, 2014	(3,263)	(3,263)	[1]
Additional paid-in capital	1,426,297	1,452,504	[1]
Accumulated other comprehensive loss	(12)	(87)	[1]
Accumulated deficit	(1,684,334)	(1,673,667)	[1]
Total stockholders' deficit	(260,143)	(223,349)	[1]
Total liabilities and stockholders' deficit	$ 488,699	$ 521,654	[1]

[1] Condensed consolidated balance sheet at December 31, 2014 has been derived from audited consolidated financial statements.