CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 4,435		$ (10,667)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	3,483		3,483
Stock-based compensation	1,864		1,933
Amortization of premium (discount) on short-term investments	(3)		233
Interest added to the principal balance of the non-recourse term notes due 2029	683		6,427
Amortization of debt issuance costs	699		764
Realized gain on sale of marketable securities, net			(1,204)
Other non-cash items			(2)
Changes in operating assets and liabilities:
Receivables from collaborative arrangements	(1,311)		311
Prepaid expenses and other current assets	(161)		121
Accounts payable	(242)		1,025
Payable to Theravance Biopharma, Inc., net	0		(930)
Accrued personnel-related expenses and other accrued liabilities	(625)		(1,516)
Accrued interest payable	(1,349)		(1,356)
Other long-term liabilities	(2)		(16)
Deferred revenue	(221)		(222)
Net cash provided by (used in) operating activities	7,250		(1,616)
Cash flows from investing activities
Maturities of marketable securities	27,671		25,075
Purchases of marketable securities	(15,978)		(8,457)
Sales of marketable securities	0		57,098
Purchases of property and equipment	0		(6)
Net cash provided by investing activities	11,693		73,710
Cash flows from financing activities
Repurchase of common stock	(25,357)		0
Payments of cash dividends to stockholders	(719)		(28,794)
Repurchase of shares to satisfy tax withholding	(442)		(661)
Proceeds from issuances of common stock, net	173		1,747
Net cash used in financing activities	(26,345)		(27,708)
Net increase (decrease) in cash and cash equivalents	(7,402)		44,386
Cash and cash equivalents at beginning of period	159,180	[1]	96,800
Cash and cash equivalents at end of period	151,778		141,186
Supplemental disclosure of cash flow information
Cash paid for interest	$ 13,124		$ 6,870

[1] Condensed consolidated balance sheet as of December 31, 2015 has been derived from audited consolidated financial statements.