$TBPH
Theravance Biopharma Inc

2024 Q2 Form 10-Q Financial Statement

#000155837024008201 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $14.26M $14.50M $17.57M
YoY Change 3.69% 39.22% 19.91%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.06M $16.74M $15.49M
YoY Change -11.53% -12.72% -2.98%
% of Gross Profit
Research & Development $9.954M $8.968M $8.314M
YoY Change 5.61% -38.46% -43.45%
% of Gross Profit
Depreciation & Amortization $427.0K $432.0K $392.0K
YoY Change -22.36% -30.88% -40.52%
% of Gross Profit
Operating Expenses $27.01M $25.71M $23.81M
YoY Change -9.58% -27.23% -25.79%
Operating Profit -$15.71M -$11.21M -$6.240M
YoY Change -2.59% -55.01% -64.2%
Interest Expense $484.0K $629.0K $1.224M
YoY Change -14.79% 14.36% -61.41%
% of Operating Profit
Other Income/Expense, Net $1.128M $1.434M
YoY Change -54.95% -51.86%
Pretax Income -$15.22M -$10.40M -$5.017M
YoY Change 7.29% -53.73% -64.82%
Income Tax $1.308M $1.300M $3.494M
% Of Pretax Income
Net Earnings -$16.53M -$11.66M -$8.511M
YoY Change 5.65% -47.19% -17.86%
Net Earnings / Revenue -115.94% -80.42% -48.45%
Basic Earnings Per Share -$0.34 -$0.24 -$0.17
Diluted Earnings Per Share -$0.34 -$0.24 -$0.17
COMMON SHARES
Basic Shares Outstanding 48.63M 48.16M 49.80M
Diluted Shares Outstanding 48.75M 48.28M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.08M $99.98M $102.4M
YoY Change -42.62% -58.56% -68.72%
Cash & Equivalents $96.08M $53.84M $102.4M
Short-Term Investments $49.73M $46.14M $62.88M
Other Short-Term Assets $8.930M $9.655M $13.64M
YoY Change 1.48% 23.7% 48.35%
Inventory
Prepaid Expenses
Receivables $14.30M $14.66M $17.47M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $119.3M $124.3M $133.5M
YoY Change -37.86% -52.44% -62.22%
LONG-TERM ASSETS
Property, Plant & Equipment $39.96M $8.717M $45.36M
YoY Change 318.27% -27.98% 281.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.8M $7.896M $203.1M
YoY Change 1650.24% -34.71% 2843.95%
Total Long-Term Assets $242.7M $247.0M $248.5M
YoY Change -4.68% -10.89% -2.16%
TOTAL ASSETS
Total Short-Term Assets $119.3M $124.3M $133.5M
Total Long-Term Assets $242.7M $247.0M $248.5M
Total Assets $362.0M $371.3M $382.0M
YoY Change -18.94% -31.05% -37.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.674M $1.686M $1.524M
YoY Change 6.69% -36.69% -1.93%
Accrued Expenses $14.78M $13.49M $16.75M
YoY Change -35.73% -42.61% -38.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.95M $21.66M $24.77M
YoY Change -6.52% -17.27% -13.75%
LONG-TERM LIABILITIES
Long-Term Debt $29.06M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $145.4M $5.445M $144.2M
YoY Change 1793.64% -29.08% 8604.71%
Total Long-Term Liabilities $145.4M $5.445M $144.2M
YoY Change 1793.64% -29.08% 8604.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.95M $21.66M $24.77M
Total Long-Term Liabilities $145.4M $5.445M $144.2M
Total Liabilities $168.3M $27.11M $169.0M
YoY Change 422.41% -19.95% 456.45%
SHAREHOLDERS EQUITY
Retained Earnings -$937.3M -$920.8M -$909.1M
YoY Change 5.12% 5.11% 6.46%
Common Stock $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $193.7M $204.9M $213.0M
YoY Change
Total Liabilities & Shareholders Equity $362.0M $371.3M $382.0M
YoY Change -18.94% -31.05% -37.11%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$16.53M -$11.66M -$8.511M
YoY Change 5.65% -47.19% -17.86%
Depreciation, Depletion And Amortization $427.0K $432.0K $392.0K
YoY Change -22.36% -30.88% -40.52%
Cash From Operating Activities -$4.415M -$1.022M -$854.0K
YoY Change -64.51% -90.89% -99.31%
INVESTING ACTIVITIES
Capital Expenditures $36.00K $91.00K $677.0K
YoY Change -95.76% -90.3% 154.51%
Acquisitions
YoY Change
Other Investing Activities -$2.995M $17.12M $1.000K
YoY Change -125.17% -140.65% -100.0%
Cash From Investing Activities -$3.031M $17.03M -$677.0K
YoY Change -127.43% -139.56% -101.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.00K -1.716M -30.61M
YoY Change -99.95% -96.95% -13.71%
NET CHANGE
Cash From Operating Activities -4.415M -1.022M -854.0K
Cash From Investing Activities -3.031M 17.03M -677.0K
Cash From Financing Activities -44.00K -1.716M -30.61M
Net Change In Cash -7.490M 14.29M -32.14M
YoY Change -90.87% -112.93% -73.3%
FREE CASH FLOW
Cash From Operating Activities -$4.415M -$1.022M -$854.0K
Capital Expenditures $36.00K $91.00K $677.0K
Free Cash Flow -$4.451M -$1.113M -$1.531M
YoY Change -66.51% -90.85% -98.77%

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CY2023Q1 tbph Increase Decrease In Right Of Use Assets
IncreaseDecreaseInRightOfUseAssets
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CY2024Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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CY2024Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
184000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2024Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3396000
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4337000
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2024Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1256000
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
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-966000
CY2024Q1 tbph Period Increase Decrease Unrecognized Tax Benefits
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CY2024Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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39000
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2024Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2024Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2023Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2024Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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CY2023Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
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CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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14290000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7000
CY2023Q1 tbph Tenant Improvement Allowance
TenantImprovementAllowance
6490000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3261000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4289000
CY2024Q1 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. Due to the inherent uncertainty in making estimates, actual results could differ materially from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company expects its cash, cash equivalents and marketable securities will be sufficient to fund its operations for at least the next twelve months from the issuance date of these condensed consolidated financial statements based on current operating plans and financial forecasts.</p>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-11664000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-22088000
CY2024Q1 tbph Weighted Average Number Of Shares Outstanding Before Forfeitures
WeightedAverageNumberOfSharesOutstandingBeforeForfeitures
48283000
CY2023Q1 tbph Weighted Average Number Of Shares Outstanding Before Forfeitures
WeightedAverageNumberOfSharesOutstandingBeforeForfeitures
62934000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48283000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62934000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2024Q1 tbph Profit Loss Percentage As Per Collaboration Agreement
ProfitLossPercentageAsPerCollaborationAgreement
0.35
CY2024Q1 tbph Collaboration Arrangement Maximum Potential Payments Receivable
CollaborationArrangementMaximumPotentialPaymentsReceivable
205000000.0
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
53835000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
187665000
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
836000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
836000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54671000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
188501000
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-100000
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
100000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
75380000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
41000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
75339000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
89125000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
69000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
89060000
CY2024Q1 tbph Marketable Securities Maximum Contractual Maturity Period
MarketableSecuritiesMaximumContractualMaturityPeriod
P6M
CY2024Q1 tbph Marketable Securities Average Contractual Maturity Period
MarketableSecuritiesAverageContractualMaturityPeriod
P2M
CY2024Q1 tbph Fair Value Assets Level2 To Level1 Transfer Amount
FairValueAssetsLevel2ToLevel1TransferAmount
0
CY2024Q1 tbph Fair Value Assets Level1 To Level2 Transfer Amount
FairValueAssetsLevel1ToLevel2TransferAmount
0
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
49271000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
41000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
49271000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
41000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
57880000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
69000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
57880000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
69000
CY2024Q1 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
0
CY2023Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
62900000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-200000
CY2024Q1 us-gaap Business Combination Contingent Consideration Asset
BusinessCombinationContingentConsiderationAsset
194200000
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
38462
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
11.551
CY2024Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
400000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
31412000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
10.3544
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
325300000
CY2023Q1 tbph Percentage Of Reduction In Workforce
PercentageOfReductionInWorkforce
0.17
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
CY2024Q1 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
0
CY2023Q1 tbph Number Of Patents Listed In Orange Book
NumberOfPatentsListedInOrangeBook
5
CY2023Q1 tbph Number Of Patents Listed In Orange Book
NumberOfPatentsListedInOrangeBook
5
CY2024Q1 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
3

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