Theravance Biopharma (NASDAQ:TBPH) said March 3, 2026 that its Phase 3 CYPRESS study evaluating ampreloxetine in patients with symptomatic neurogenic orthostatic hypotension (nOH) linked to multiple system atrophy did not achieve its primary endpoint, prompting the company to discontinue the program.
The biotech firm said it will carry out additional data analyses solely to determine whether any remaining value can be extracted from the trial results. Following the setback, Theravance’s board-level Strategic Review Committee has accelerated its evaluation of strategic options, which could include a potential sale of the company.
Alongside the strategic review, management unveiled a sweeping restructuring plan aimed at sharply reducing costs and refocusing the business. The overhaul will eliminate the company’s research and development function, reduce headcount by approximately 50%, and lower operating expenses by roughly 60%.
Theravance intends to center its operations around its cash-generating YUPELRI franchise, its existing cash reserves and potential milestone payments tied to TRELEGY. The company expects these assets to support annualized cash flow of $60 million to $70 million beginning in the third quarter of 2026.
More about Theravance Biopharma
Theravance Biopharma, Inc. is a Dublin-based biopharmaceutical company specializing in respiratory treatments. Its primary commercial product is YUPELRI, a once-daily nebulized long-acting muscarinic antagonist (LAMA) used for maintenance treatment of chronic obstructive pulmonary disease (COPD) in the United States.
The company retains a 35% economic interest in YUPELRI through a profit-and-loss sharing agreement with Viatris. In addition, Theravance benefits from potential milestone payments related to TRELEGY and from certain Irish tax assets.