CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (23,061)		$ (152,538)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	10,449		8,720
Stock-based compensation	5,223		26,013
Amortization of premium on short-term investments	526		1,539
Interest added to the principal balance of the non-recourse term notes due 2029	18,449		0
Realized gain on sale of marketable securities, net	(1,204)		0
Amortization of debt issuance costs	2,296		1,550
Other non-cash items	(2)		(2)
Changes in operating assets and liabilities:
Account receivable	0		74
Receivables from collaborative arrangements	(6,397)		(833)
Prepaid expenses and other current assets	519		(52)
Inventories	0		(1,908)
Other assets	0		561
Accounts payable	154		(7,122)
Payable to Theravance Biopharma, Inc., net	(1,056)		(16,166)
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	(851)		71
Accrued interest payable	(1,161)		16,667
Deferred rent	(5)		224
Deferred revenue	(665)		(2,911)
Net cash provided by (used in) operating activities	3,214		(126,113)
Cash flows from investing activities
Purchases of property and equipment	(6)		(556)
Purchases of marketable securities	(86,523)		(228,899)
Maturities of marketable securities	89,311		292,666
Sales of marketable securities	57,098		5,000
Capitalized fees paid to a related party	0		(125,000)
Payments received on notes receivable	0		140
Net cash provided by (used in) investing activities	59,880		(56,649)
Cash flows from financing activities
Payments of cash dividends to stockholders	(87,144)		(28,338)
Proceeds from issuances of common stock, net	5,996		35,629
Cash and cash equivalents contributed to Theravance Biopharma, Inc.	0		(277,541)
Change in restricted cash	0		(5,600)
Proceeds from issuances of note payable, net of debt issuance costs	0		434,677
Net cash (used in) provided by financing activities	(81,148)		158,827
Net decrease in cash and cash equivalents	(18,054)		(23,935)
Cash and cash equivalents at beginning of period	96,800	[1]	143,510
Cash and cash equivalents at end of period	78,746		119,575
Supplemental disclosure of cash flow information
Cash paid for interest	19,169		6,109
Supplemental disclosure of noncash information
Contribution of net assets, excluding cash and cash equivalents to Theravance Biopharma, Inc.	0		125,337
Conversion of convertible subordinated notes into common stock	0		32,391
Guarantee issued in connection with the Spin-Off (Note 9)	$ 0		$ 1,300

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