CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ 19,032		$ (18,477)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	6,967		6,966
Stock-based compensation	4,705		3,755
Amortization of premium (discount) on short-term investments	(14)		392
Interest added to the principal balance of the non-recourse term notes due 2029	855		12,836
Gain on repurchase of convertible subordinated notes due 2023	(1,752)		0
Amortization of debt issuance costs	1,414		1,527
Realized gain on sale of marketable securities, net	1		(1,204)
Amortization of lease guarantee	(28)		0
Other non-cash items	0		(2)
Changes in operating assets and liabilities:
Receivables from collaborative arrangements	(9,589)		(3,447)
Prepaid expenses and other current assets	76		437
Other assets	(40)		0
Accounts payable	(681)		462
Payable to Theravance Biopharma, Inc., net	0		(906)
Accrued personnel-related expenses and other accrued liabilities	(627)		(1,709)
Accrued interest payable	(88)		374
Other long-term liabilities	(78)		(3)
Deferred revenue	(443)		(443)
Net cash provided by operating activities	19,710		558
Cash flows from investing activities
Maturities of marketable securities	44,101		59,120
Purchases of marketable securities	(59,893)		(8,457)
Sales of marketable securities	2,995		57,098
Purchases of property and equipment	(8)		(6)
Net cash (used in) provided by investing activities	(12,805)		107,755
Cash flows from financing activities
Repurchase of common stock	(44,331)		0
Repurchase of convertible subordinated notes due 2023	(8,095)		0
Payments of cash dividends to stockholders	(843)		(58,045)
Repurchase of shares to satisfy tax withholding	(597)		(2,121)
Proceeds from capped-call options	391		0
Proceeds from issuances of common stock, net	335		4,632
Net cash used in financing activities	(53,140)		(55,534)
Net (decrease) increase in cash and cash equivalents	(46,235)		52,779
Cash and cash equivalents at beginning of period	159,180	[1]	96,800
Cash and cash equivalents at end of period	112,945		149,579
Supplemental disclosure of cash flow information
Cash paid for interest	$ 24,132		$ 10,954

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