CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (18,477)		$ (131,267)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,966		6,190
Stock-based compensation	3,755		21,281
Amortization of premium on short-term investments	392		1,412
Interest added to the principal balance of the non-recourse term notes due 2029	12,836		0
Realized gain on sale of marketable securities, net	(1,204)		0
Amortization of debt issuance costs	1,527		0
Other non-cash items	(2)		(2)
Changes in operating assets and liabilities:
Account receivable	0		74
Receivables from collaborative arrangements	(3,447)		(294)
Prepaid expenses and other current assets	437		(177)
Inventories	0		(1,908)
Other assets	0		(411)
Accounts payable	462		(5,832)
Payable to Theravance Biopharma, Inc., net	(906)		(1,738)
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	(1,709)		1,874
Accrued interest payable	374		8,213
Deferred rent	(3)		183
Deferred revenue	(443)		(2,640)
Net cash provided by (used in) operating activities	558		(105,042)
Cash flows from investing activities
Purchases of property and equipment	(6)		(556)
Purchases of marketable securities	(8,457)		(142,861)
Maturities of marketable securities	59,120		241,173
Sales of marketable securities	57,098		5,000
Increase in intangible assets	0		(100,000)
Payments received on notes receivable	0		140
Net cash provided by investing activities	107,755		2,896
Cash flows from financing activities
Cash and cash equivalents contributed to Theravance Biopharma, Inc.	0		(277,541)
Payments of cash dividends to stockholders	(58,045)		0
Proceeds from issuances of common stock, net	2,511		23,786
Change in restricted cash	0		(14,234)
Proceeds from issuances of note payable, net of debt issuance costs	0		434,677
Net cash (used in) provided by financing activities	(55,534)		166,688
Net increase in cash and cash equivalents	52,779		64,542
Cash and cash equivalents at beginning of period	96,800	[1]	143,510
Cash and cash equivalents at end of period	149,579		208,052
Supplemental disclosure of cash flow information
Cash paid for interest	10,954		3,055
Supplemental disclosure of noncash information
Contribution of net assets, excluding cash and cash equivalents to Theravance Biopharma, Inc.	0		125,337
Guarantee issued in connection with the Spin-Off (Note 9)	$ 0		$ 1,300

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