CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Cash flows from operating activities
Net loss	$ (10,667)		$ (67,703)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,483		2,638
Stock-based compensation	1,933		13,535
Amortization of premium on short term investment	233		762
Interest added to the principal balance of the non-recourse term notes due 2029	6,427		0
Realized gain on sale of marketable securities, net	(1,204)		0
Amortization of debt issuance costs	764		0
Other non-cash items	(2)		(2)
Changes in operating assets and liabilities:
Account receivable	0		(178)
Receivables from collaborative arrangements	311		2,316
Prepaid expenses and other current assets	121		(2,132)
Inventories	0		(430)
Other assets	0		(998)
Accounts payable	1,025		(1,174)
Payable to Theravance Biopharma, Inc., net	(930)		0
Accrued personnel-related expenses and other accrued liabilities	(1,516)		4,448
Accrued interest payable	(1,356)		(1,527)
Deferred rent	(16)		116
Deferred revenue	(222)		(308)
Net cash used in operating activities	(1,616)		(50,637)
Cash flows from investing activities
Purchases of property and equipment	(6)		(1,620)
Purchases of marketable securities	(8,457)		(56,649)
Maturities of marketable securities	25,075		122,399
Sales of marketable securities	57,098		5,000
Payments for capitalized fees paid to a related party	0		(55,000)
Net cash provided by investing activities	73,710		14,130
Cash flows from financing activities
Proceeds from issuances of common stock, net	1,086		18,272
Payments of cash dividends to stockholders	(28,794)		0
Net cash (used in) provided by financing activities	(27,708)		18,272
Net increase (decrease) in cash and cash equivalents	44,386		(18,235)
Cash and cash equivalents at beginning of period	96,800	[1]	143,510
Cash and cash equivalents at end of period	141,186		125,275
Supplemental disclosure of cash flow information
Cash paid for interest	$ 6,870		$ 3,055

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