Theravance Biopharma, Inc. TBPH reported a second-quarter 2024 adjusted net loss of 13 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 9 cents per share. In the year-ago quarter, the company had reported a loss of 13 cents per share.

The reported loss excludes share-based compensation expense, non-cash impairment of long-lived assets, income tax expense and non-cash interest expense. Including these items, the company reported a loss of 34 cents per share in the second quarter.

Total revenues came in at $14.3 million, missing the Zacks Consensus Estimate of $16 million. Revenues, however, rose 4.4% year over year owing to increased collaboration revenues from partner Viatris VTRS.

Quarter in Detail

The top line fully comprised Viatris’ collaboration revenues in relation to Yupelri (revefenacin) sales.

Theravance and Viatris have collaborated for the development and commercialization of Yupelri.

Viatris and Theravance share U.S. profits and losses received in connection with the commercialization of Yupelri. While Viatris gets 65% of the profits, Theravance receives 35%. Viatris collaboration revenues include Theravance’s 35% share of net sales of Yupelri, as well as its proportionate amount of the total shared costs incurred by the two companies.

VTRS recognizes product sales from Yupelri and also owns a stake in Theravance.

Shares of Theravance have declined 14.7% year to date compared with the industry’s decline of 3.3%.

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Research and development expenses (excluding share-based compensation) totaled $8.8 million, up almost 17.3% from the year-ago quarter’s level. Selling, general and administrative expenses (excluding share-based compensation) declined around 13.4% year over year to $12.9 million.

As of Jun 30, 2024, Theravance had cash, cash equivalents and marketable securities worth $96.1 million compared with $100 million as of Mar 31, 2024.

2024 Guidance

Theravance continues to expect adjusted R&D expenses (excluding share-based compensation) in the $30-$36 million range. Adjusted SG&A expenses (excluding share-based compensation) are projected between $45 million and $55 million.

TBPH continues to expect share-based compensation expenses of $18-$22 million in 2024.

For the remainder of 2024, TBPH now expects levels of both adjusted losses and cash burn to be the same as the first half of 2024. Earlier, the company expected to achieve breakeven in the second half of 2024 while expecting limited cash burn for the year.

Pipeline Updates

Theravance is developing an investigational candidate, ampreloxetine (TD-9855), a norepinephrine reuptake inhibitor for the treatment of neurogenic orthostatic hypotension (nOH) in patients with multiple system atrophy (MSA). The FDA has granted Orphan Drug designation to ampreloxetine for the given indication.