Theravance Biopharma, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, expenses, and net loss compared to the same periods in 2023.

For the third quarter of 2024, the company generated revenues of $16.9 million, an increase of 7% from $15.7 million in Q3 2023. For the nine-month period, revenues rose 14% to $45.6 million from $39.9 million in the prior year. This growth was primarily driven by increased customer demand for YUPELRI® (revefenacin), which saw a 14% rise in net sales, reaching $62.2 million, attributed to a significant increase in market share in both hospital and community settings.

Total expenses for Q3 2024 were $27.7 million, up from $24.5 million in Q3 2023. For the nine months, total expenses decreased to $83.4 million from $89.7 million in the previous year. The loss from operations for Q3 2024 was $(10.8) million, compared to $(8.8) million in Q3 2023, while the nine-month loss from operations improved to $(37.7) million from $(49.8) million in the prior year.

The net loss for Q3 2024 was $(12.7) million, compared to $(9.0) million in Q3 2023. For the nine months, the net loss decreased to $(40.9) million from $(46.7) million in the previous year. Basic and diluted net loss per share for Q3 2024 was $(0.26), up from $(0.17) in Q3 2023, while for the nine months, it was $(0.84), slightly higher than $(0.81) in the prior year.

As of September 30, 2024, cash and cash equivalents stood at $23.4 million, down from $39.5 million at the end of 2023. Total current assets decreased to $116.5 million from $133.5 million, while total assets fell to $356.1 million from $382.0 million. Total shareholders’ equity also declined to $185.7 million from $213.0 million.

The company continues to collaborate with Viatris Inc. on YUPELRI, with potential milestone payments of up to $205 million. The strategic review committee has been formed to explore alternatives for YUPELRI and other products to enhance shareholder value. Additionally, the company has implemented a cost savings initiative, resulting in a 20% reduction in general and administrative expenses compared to the prior year.

Theravance Biopharma is also managing ongoing patent litigation related to YUPELRI, with settlements reached with several generic companies, allowing them to market their versions starting in 2039. The company is focused on advancing its investigational product, ampreloxetine, for treating neurogenic orthostatic hypotension, with ongoing Phase 3 studies.