Theravance Biopharma(TBPH) - 2024 Q4 - Annual Results

Financial Performance - Theravance Biopharma reported record Q4 2024 net sales of YUPELRI at $66.7 million, an increase of 10% year-over-year, and total FY 2024 net sales of $238.6 million, up 8% compared to 2023[6]. - FY 2024 TRELEGY global net sales reached $3.46 billion, a 26% increase from 2023, triggering a $50 million milestone payment to Theravance Biopharma[6][8]. - Total revenue for Q4 2024 was $18,754,000, an increase from $17,565,000 in Q4 2023, representing a growth of 6.8%[32]. - YUPELRI net sales recorded by Viatris for Q4 2024 were $66,680,000, compared to $60,644,000 in Q4 2023, indicating a year-over-year increase of 9.4%[32]. Expenses - R&D expenses for Q4 2024 were $9.5 million, compared to $8.3 million in Q4 2023, while SG&A expenses increased to $18.5 million from $15.5 million in the same period[12]. - The company expects full-year 2025 R&D expenses to be between $32 million and $38 million, and SG&A expenses to be between $50 million and $60 million, excluding share-based compensation[18]. - Research and development expenses for Q4 2024 were $9,452,000, up from $8,314,000 in Q4 2023, marking an increase of 13.7%[32]. - Selling, general and administrative expenses for Q4 2024 totaled $18,502,000, compared to $15,492,000 in Q4 2023, an increase of 19.5%[32]. Net Loss - Theravance Biopharma's net loss for Q4 2024 was $15.5 million, compared to a net loss of $8.5 million in Q4 2023, with a non-GAAP net loss of $2.5 million[12]. - The net loss for Q4 2024 was $15,528,000, compared to a net loss of $8,511,000 in Q4 2023, reflecting a deterioration of 82.5%[32]. - Non-GAAP net loss for Q4 2024 was $2,472,000, a decrease from a non-GAAP net income of $1,431,000 in Q4 2023[35]. Cash and Assets - The company ended Q4 2024 with $88 million in cash, excluding the $50 million TRELEGY milestone, with cash receipt expected in February 2025[6]. - Cash and cash equivalents decreased to $88,350,000 as of December 31, 2024, down from $102,426,000 as of December 31, 2023, a decline of 13.8%[30]. - Total current assets increased to $161,067,000 as of December 31, 2024, compared to $133,541,000 as of December 31, 2023, representing a growth of 20.6%[30]. - Future contingent milestone and royalty assets decreased to $144,200,000 as of December 31, 2024, down from $194,200,000 as of December 31, 2023, a decline of 25.8%[30]. - Shareholders' equity decreased to $175,545,000 as of December 31, 2024, compared to $212,995,000 as of December 31, 2023, a decrease of 17.6%[30]. Strategic Initiatives - Theravance Biopharma formed a Strategic Review Committee to assess strategic alternatives aimed at unlocking shareholder value[10]. - The CYPRESS study is on track to enroll the final patient in mid-2025, with top-line data anticipated approximately six months later[9]. - Ampreloxetine, an investigational drug for symptomatic neurogenic orthostatic hypotension, is preparing for an expedited NDA filing post-CYPRESS readout[9][16]. Market Demand - Customer demand for YUPELRI grew by 9% in Q4 2024 compared to Q3 2024, and doses sold into the hospital channel increased by 49% year-over-year[9].