CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	[1]
Current assets:
Cash and cash equivalents	$ 78,746	$ 96,800
Short-term marketable securities	127,446	143,698
Related party receivables from collaborative arrangements	16,947	10,550
Prepaid expenses and other current assets	615	1,134
Total current assets	223,754	252,182
Marketable securities	0	42,856
Property and equipment, net	248	324
Capitalized fees paid to a related party, net	197,824	208,191
Other assets	15,805	18,101
Total assets	437,631	521,654
Current liabilities:
Accounts payable	154	0
Payable to Theravance Biopharma, Inc.	0	1,056
Accrued personnel-related expenses	1,392	1,959
Accrued interest payable	6,390	7,551
Other accrued liabilities	2,457	2,108
Deferred revenue	885	1,082
Total current liabilities	11,278	13,756
Convertible subordinated notes, due 2023	255,109	255,109
Non-recourse notes, due 2029	488,976	470,527
Deferred rent	100	105
Other long-term liabilities	1,847	1,718
Deferred revenue	$ 3,320	$ 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, 117,575 and 116,445 shares issued as of September 30, 2015 and December 31, 2014, respectively	$ 1,176	$ 1,164
Treasury stock: 150 shares as of September 30, 2015 and December 31, 2014	(3,263)	(3,263)
Additional paid-in capital	1,375,805	1,452,504
Accumulated other comprehensive income (loss)	11	(87)
Accumulated deficit	(1,696,728)	(1,673,667)
Total stockholders' deficit	(322,999)	(223,349)
Total liabilities and stockholders' deficit	$ 437,631	$ 521,654

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