CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	[1]
Current assets:
Cash and cash equivalents	$ 149,579	$ 96,800
Short-term marketable securities	79,684	143,698
Related party receivables from collaborative arrangements	13,997	10,550
Prepaid expenses and other current assets	697	1,134
Total current assets	243,957	252,182
Marketable securities	0	42,856
Property and equipment, net	276	324
Capitalized fees paid to a related party, net	201,279	208,191
Other assets	16,574	18,101
Total assets	462,086	521,654
Current liabilities:
Accounts payable	462	0
Payable to Theravance Biopharma, Inc.	150	1,056
Accrued personnel-related expenses	1,003	1,959
Accrued interest payable	7,925	7,551
Other accrued liabilities	1,789	2,108
Deferred revenue	885	1,082
Total current liabilities	12,214	13,756
Convertible subordinated notes, due 2023	255,109	255,109
Non-recourse notes, due 2029	483,363	470,527
Deferred rent	102	105
Other long-term liabilities	1,748	1,718
Deferred revenue	$ 3,542	$ 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, 117,174 and 116,445 shares issued as of June 30, 2015 and December 31, 2014, respectively	$ 1,172	$ 1,164
Treasury stock: 150 shares as of June 30, 2015 and December 31, 2014	(3,263)	(3,263)
Additional paid-in capital	1,400,253	1,452,504
Accumulated other comprehensive loss	(10)	(87)
Accumulated deficit	(1,692,144)	(1,673,667)
Total stockholders' deficit	(293,992)	(223,349)
Total liabilities and stockholders' deficit	$ 462,086	$ 521,654

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