$TBPH
Theravance Biopharma Inc

2022 Q1 Form 10-Q Financial Statement

#000155837022007651 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $13.20M $14.26M
YoY Change -7.44% -28.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $19.12M $30.55M
YoY Change -37.41% 16.05%
% of Gross Profit
Research & Development $23.25M $67.60M
YoY Change -65.6% 2.4%
% of Gross Profit
Depreciation & Amortization $1.141M $1.540M
YoY Change -25.91% -36.36%
% of Gross Profit
Operating Expenses $51.70M $98.15M
YoY Change -47.33% 6.29%
Operating Profit -$38.50M -$83.89M
YoY Change -54.11% 15.75%
Interest Expense $11.66M $11.87M
YoY Change -1.84% 19.43%
% of Operating Profit
Other Income/Expense, Net -$375.0K -$234.0K
YoY Change 60.26% -116.03%
Pretax Income -$25.42M -$79.45M
YoY Change -68.0% -4.17%
Income Tax $500.0K $227.0K
% Of Pretax Income
Net Earnings -$25.95M -$79.68M
YoY Change -67.44% -4.06%
Net Earnings / Revenue -196.62% -558.88%
Basic Earnings Per Share -$0.34 -$1.24
Diluted Earnings Per Share -$0.65 -$1.24
COMMON SHARES
Basic Shares Outstanding 75.25M 64.49M
Diluted Shares Outstanding 75.25M 64.49M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.5M $210.0M
YoY Change -29.74% -56.89%
Cash & Equivalents $94.37M $114.0M
Short-Term Investments $53.15M $95.96M
Other Short-Term Assets $9.284M $28.80M
YoY Change -67.76% 423.64%
Inventory
Prepaid Expenses
Receivables $12.28M $11.90M
Other Receivables $35.56M $42.40M
Total Short-Term Assets $204.6M $293.1M
YoY Change -30.18% -45.14%
LONG-TERM ASSETS
Property, Plant & Equipment $13.24M $16.94M
YoY Change -21.88% 21.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $94.11M $19.44M
YoY Change 384.12% 281.16%
Other Assets $3.194M $2.304M
YoY Change 38.63% 76.15%
Total Long-Term Assets $150.7M $82.04M
YoY Change 83.73% 15.24%
TOTAL ASSETS
Total Short-Term Assets $204.6M $293.1M
Total Long-Term Assets $150.7M $82.04M
Total Assets $355.4M $375.1M
YoY Change -5.26% -38.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.510M $6.834M
YoY Change -77.9% 2.84%
Accrued Expenses $33.58M $60.30M
YoY Change -44.31% -11.58%
Deferred Revenue $98.00K $7.661M
YoY Change -98.72% -66.97%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.012M $11.70M
YoY Change -22.97%
Total Short-Term Liabilities $44.20M $86.49M
YoY Change -48.9% -11.78%
LONG-TERM LIABILITIES
Long-Term Debt $612.5M $602.4M
YoY Change 1.67% 0.4%
Other Long-Term Liabilities $2.428M $2.058M
YoY Change 17.98% -78.52%
Total Long-Term Liabilities $2.428M $2.058M
YoY Change 17.98% -78.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.20M $86.49M
Total Long-Term Liabilities $2.428M $2.058M
Total Liabilities $46.63M $88.55M
YoY Change -47.34% -17.72%
SHAREHOLDERS EQUITY
Retained Earnings -$1.752B -$1.606B
YoY Change 9.07% 20.62%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$351.5M -$373.2M
YoY Change
Total Liabilities & Shareholders Equity $355.4M $375.1M
YoY Change -5.26% -38.04%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$25.95M -$79.68M
YoY Change -67.44% -4.06%
Depreciation, Depletion And Amortization $1.141M $1.540M
YoY Change -25.91% -36.36%
Cash From Operating Activities -$26.07M -$69.87M
YoY Change -62.69% 26.79%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$1.770M
YoY Change -85.88% 86.32%
Acquisitions
YoY Change
Other Investing Activities $32.17M $115.5M
YoY Change -72.13% 66.46%
Cash From Investing Activities $31.92M $113.7M
YoY Change -71.92% 66.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.448M -11.29M
YoY Change -87.17% -104.32%
NET CHANGE
Cash From Operating Activities -26.07M -69.87M
Cash From Investing Activities 31.92M 113.7M
Cash From Financing Activities -1.448M -11.29M
Net Change In Cash 4.407M 32.54M
YoY Change -86.46% -88.15%
FREE CASH FLOW
Cash From Operating Activities -$26.07M -$69.87M
Capital Expenditures -$250.0K -$1.770M
Free Cash Flow -$25.82M -$68.10M
YoY Change -62.08% 25.75%

Facts In Submission

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IncreaseDecreaseInAccountsPayable
-1073000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-10344000
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-17299000
CY2022Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1901000
CY2021Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1830000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9000
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3871000
CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1715000
CY2021Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
1159000
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
8000
CY2021Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
224000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-26069000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-69865000
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
250000
CY2021Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1767000
CY2022Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
18174000
CY2021Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
36000
CY2022Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
48499000
CY2021Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
115500000
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1849000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
31924000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
113697000
CY2021Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
5698000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1448000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5593000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1448000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11288000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4407000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
32544000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
90796000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82300000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95203000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114844000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
4613000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
14385000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.</p>
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
63147000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-25946000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-79679000
CY2022Q1 tbph Weighted Average Number Of Shares Outstanding Before Forfeitures
WeightedAverageNumberOfSharesOutstandingBeforeForfeitures
75247000
CY2021Q1 tbph Weighted Average Number Of Shares Outstanding Before Forfeitures
WeightedAverageNumberOfSharesOutstandingBeforeForfeitures
64723000
CY2021Q1 tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
IncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeitureIncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeiture
-230000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75247000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64493000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.24
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13507000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15159000
CY2022Q1 tbph Profit Loss Percentage As Per Collaboration Agreement
ProfitLossPercentageAsPerCollaborationAgreement
0.35
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
34000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
63147000
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
34000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
35017000
CY2022Q1 tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
1536000
CY2021Q1 tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
1426000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
94367000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
114011000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
836000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
833000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95203000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114844000
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
106430000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
34000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
106396000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
133738000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
133734000
CY2022Q1 tbph Marketable Securities Maximum Contractual Maturity Period
MarketableSecuritiesMaximumContractualMaturityPeriod
P5M
CY2022Q1 tbph Marketable Securities Average Contractual Maturity Period
MarketableSecuritiesAverageContractualMaturityPeriod
P1M
CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
5000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
35017000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
5000
CY2022Q1 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
0
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
621476000
CY2021Q3 tbph Share Based Compensation Allocation Of Recognized Period Costs Capitalized Reversed Amount
ShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedReversedAmount
300000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1300000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000
CY2022Q1 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
0
CY2021Q3 tbph Percentage Of Reduction In Workforce
PercentageOfReductionInWorkforce
0.75
CY2021Q4 tbph Percentage Of Reduction In Workforce
PercentageOfReductionInWorkforce
0.75
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
9300000
us-gaap Restructuring Charges
RestructuringCharges
29500000
CY2022Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
17100000
CY2022Q1 tbph Non Cash Charges Related To Modification Of Equity Awards For Terminated And Remaining Employee
NonCashChargesRelatedToModificationOfEquityAwardsForTerminatedAndRemainingEmployee
15900000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
9550000
CY2022Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
5131000
CY2022Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
11276000
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
3405000

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