Theravance's Q3 Loss Narrower Than Expected, Revenues Rise Y/Y

Financial Performance - Theravance Biopharma reported a third-quarter 2024 adjusted net loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 10 cents, compared to an adjusted loss of 1 cent per share in the same quarter last year [1][2] - The total revenues for the quarter were $16.9 million, exceeding the Zacks Consensus Estimate of$16 million, and representing an 8% year-over-year increase due to higher collaboration revenues from partner Viatris [2][4] - The reported loss, including share-based compensation and other expenses, was 26 cents per share, compared to a loss of 17 cents in the year-ago quarter [2] Collaboration and Revenue Sharing - The revenue was entirely derived from Viatris' collaboration revenues related to Yupelri (revefenacin) sales, which is approved for the maintenance treatment of chronic obstructive pulmonary disease [4] - Viatris retains 65% of the profits from Yupelri, while Theravance receives 35%, which includes Theravance's share of net sales and proportionate shared costs [5] Expenses and Financial Guidance - Research and development expenses (excluding share-based compensation) totaled $8.2 million, reflecting a nearly 30$13 million [6] - Theravance expects adjusted R&D expenses in the range of $30-$36 million and adjusted SG&A expenses between $45 million and$55 million for 2024 [8] Cash Position - As of September 30, 2024, Theravance had cash, cash equivalents, and marketable securities amounting to $91.4 million, down from$96.1 million as of June 30, 2024 [7] Pipeline Developments - Theravance is developing ampreloxetine (TD-9855), a norepinephrine reuptake inhibitor for neurogenic orthostatic hypotension in patients with multiple system atrophy, which has received Orphan Drug designation from the FDA [9] - The phase III CYPRESS study for ampreloxetine began earlier in 2024, with expected completion of patient enrollment by mid-2025 and top-line data anticipated six months post-enrollment [10] Strategic Initiatives - To enhance shareholder value, Theravance has formed a Strategic Review Committee to evaluate all strategic alternatives, including those related to Yupelri and ampreloxetine [11] - In September 2024, Theravance and Viatris reached a settlement with Qilu Pharmaceutical regarding Yupelri, allowing Qilu to produce a generic version starting April 23, 2039, pending regulatory review [12][13]