The company's equity base of $290.6 million is severely constrained by a massive accumulated deficit of $864.6 million, reflecting a long history of capital-intensive development and clinical setbacks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 417.63M | 418.46M | 161.07M | 133.54M | 353.46M | 249.87M | 393.34M | 338.49M | 532.82M | 378.75M | 528.5M | 237.47M | 326.77M | 14.11M | 10.84M | 2.32M |
| Cash & Short-Term Investments | 394.67M | 315.36M | 88.35M | 102.43M | 327.48M | 173.47M | 292.94M | 280.83M | 505.28M | 348.57M | 501.1M | 172.43M | 306.01M | 0 | 0 | 0 |
| Cash Only | 288.1M | 167.81M | 37.8M | 39.55M | 298.17M | 89.96M | 81.47M | 58.06M | 378.02M | 88.98M | 344.71M | 112.71M | 89.22M | 0 | 0 | 0 |
| Short-Term Investments | 106.56M | 147.55M | 50.55M | 62.88M | 29.31M | 83.51M | 211.47M | 222.77M | 127.25M | 259.59M | 156.39M | 59.73M | 165.4M | 0 | 0 | 0 |
| Accounts Receivable | 15.58M | 95.54M | 68.44M | 17.47M | 16.79M | 57.6M | 69.67M | 50.57M | 10.67M | 9.36M | 9.72M | 37.15M | 2.13M | 1.13M | 1.04M | 424K |
| Days Sales Outstanding | 125.77 | 324.5 | 388.01 | 111.07 | 119.32 | 380.1 | 353.88 | 251.42 | 64.53 | 222.09 | 72.94 | 321.92 | 66.49 | 1.83K | 2.92 | 10.42 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.83M | 12.22M | 10.01M | 12.55M | 10.41M | 7.51M | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 1.02K | 1.54K | 784.16 | 1.13K | 31.5 | 24.06 | - |
| Other Current Assets | 7.38M | 7.56M | 4.2M | 11.6M | 7.68M | 8.56M | 10.36M | 7.09M | 0 | 3.7M | 2.4M | 5.12M | 6.08M | 0 | 2.38M | 1.89M |
| Total Non-Current Assets | 54.68M | 67.11M | 193.09M | 248.46M | 253.94M | 124.95M | 75.72M | 70.34M | 27.41M | 62.65M | 110.75M | 62.64M | 11M | 11.07M | 9.15M | 11.51M |
| Property, Plant & Equipment | 28.54M | 30.27M | 35.77M | 45.35M | 52M | 53.35M | 59.68M | 59.25M | 13.18M | 10.16M | 8.46M | 9.87M | 9.66M | 10.24M | 9.15M | 10.37M |
| Fixed Asset Turnover | 3.55x | 3.55x | 1.80x | 1.27x | 0.99x | 1.04x | 1.20x | 1.24x | 4.58x | 1.51x | 5.75x | 4.27x | 1.21x | 0.02x | 14.22x | 1.43x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 18.21M | 14.35M | 0 | 0 | 0 | 68.37M | 833K | 9.5M | 11.87M | 41.59M | 91.56M | 50.86M | 51.4M | 0 | 0 | 1.13M |
| Other Non-Current Assets | 25.3M | 22.5M | 157.32M | 203.1M | 201.94M | 3.23M | 15.2M | 1.59M | 2.37M | 10.91M | 10.73M | 1.91M | -50.06M | 833K | -9.15M | 0 |
| Total Assets | 472.31M | 485.57M | 354.16M | 382M | 607.4M | 374.82M | 469.06M | 408.83M | 560.24M | 441.4M | 639.25M | 300.12M | 337.77M | 25.18M | 20.96M | 13.82M |
| Asset Turnover | 0.24x | 0.22x | 0.18x | 0.15x | 0.08x | 0.15x | 0.15x | 0.18x | 0.11x | 0.03x | 0.08x | 0.14x | 0.03x | 0.01x | 6.21x | 1.07x |
| Asset Growth % | 108.92% | 37.1% | -7.29% | -37.11% | 62.05% | -20.09% | 14.73% | -27.03% | 26.92% | -30.95% | 113% | -11.15% | 1241.59% | 20.11% | 51.67% | - |
| Total Current Liabilities | 31.77M | 38.3M | 32.09M | 24.77M | 28.71M | 58.59M | 123.57M | 111.7M | 98.55M | 62.55M | 49.27M | 49.47M | 41.26M | 36.85M | 22.67M | 35.88M |
| Accounts Payable | 1.1M | 2.57M | 2.24M | 1.52M | 1.55M | 3.1M | 6.78M | 4.76M | 9.03M | 5.92M | 1.73M | 18.8M | 9.92M | 6.94M | 5.22M | 5.71M |
| Days Payables Outstanding | 32 | 169.96 | - | 13.69 | 8.95 | 5.84 | - | - | 4.61K | 358.58 | 218.57 | 1.47K | 892.35 | 21.01 | 16.73 | 542.56 |
| Short-Term Debt | 10.75M | 10.95M | 0 | 0 | 0 | 17.44M | 29.2M | 17.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 24K | 98K | 11.52M | 31.57M | 43.4M | 125K | 152K | 144K | 89K | 8.21M | 0 | 12.98M |
| Other Current Liabilities | 14.64M | 19.5M | 0 | 12.88M | -24K | 25.15M | 40.83M | 29.58M | 22.32M | 32.37M | 33.36M | 19.66M | 13.09M | 11.84M | 17.45M | 8.62M |
| Current Ratio | 13.14x | 10.93x | 5.02x | 5.39x | 12.31x | 4.26x | 3.18x | 3.03x | 5.41x | 6.05x | 10.73x | 4.80x | 7.92x | 0.38x | 0.48x | 0.06x |
| Quick Ratio | 13.14x | 10.93x | 5.02x | 5.39x | 12.31x | 4.26x | 3.18x | 3.03x | 5.41x | 5.79x | 10.48x | 4.60x | 7.62x | 0.10x | 0.15x | 0.06x |
| Cash Conversion Cycle | 93.77 | - | - | - | - | - | - | - | - | 882.24 | 1.4K | -367.72 | 302.59 | 1.84K | 10.25 | - |
| Total Non-Current Liabilities | 149.94M | 150.54M | 146.53M | 144.24M | 136.88M | 654.8M | 649.24M | 520.96M | 513.27M | 263.67M | 239.75M | 7.58M | 6.73M | 5.36M | 0 | 118.66M |
| Long-Term Debt | 32.8M | 32.8M | 0 | 0 | 0 | 599.39M | 599.84M | 445.19M | 454.35M | 223.75M | 222.68M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 130.75M | 31.76M | 39.11M | 45.24M | 45.41M | 52.68M | 47.22M | 47.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 172.83M | 85.68M | 0 | 0 | 0 | 240K | 0 | 0 | -26.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 244K | 313K | 107.42M | 99M | 91.29M | 2.18M | 1.83M | 21.29M | 32.74M | 39.92M | 17.08M | 7.58M | 6.73M | 5.36M | 0 | 0 |
| Total Liabilities | 181.72M | 188.85M | 178.62M | 169M | 165.6M | 713.39M | 772.81M | 632.67M | 611.82M | 326.22M | 289.02M | 57.05M | 47.98M | 42.21M | 22.67M | 154.54M |
| Total Debt | 73.3M | 75.5M | 49.82M | 49.16M | 52.16M | 669.52M | 676.26M | 510.53M | 454.35M | 223.75M | 222.68M | 0 | 0 | 0 | 0 | 69K |
| Net Debt | -214.8M | -92.31M | 12.02M | 9.61M | -246.01M | 579.56M | 594.79M | 452.46M | 76.33M | 134.77M | -122.03M | -112.71M | -89.22M | 0 | 0 | 69K |
| Debt / Equity | 0.25x | 0.25x | 0.28x | 0.23x | 0.12x | - | - | - | - | 1.94x | 0.64x | - | - | - | - | - |
| Debt / EBITDA | 19.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -55.81x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 2.32x | -5.38x | -16.52x | -22.83x | -12.42x | -27.80x | -34.49x | -6.59x | -20.57x | -30.79x | -127.60x | - | - | - | - | - |
| Total Equity | 290.59M | 296.72M | 175.54M | 213M | 441.8M | -338.57M | -303.75M | -223.84M | -51.59M | 115.18M | 350.23M | 243.06M | 289.79M | -17.04M | -6.99M | -140.72M |
| Equity Growth % | 185.52% | 69.03% | -17.58% | -51.79% | 230.49% | -11.46% | -35.7% | -333.89% | -144.79% | -67.11% | 44.09% | -16.12% | 1801.13% | -143.71% | 95.03% | - |
| Book Value per Share | 5.67 | 5.76 | 3.59 | 3.85 | 6.00 | -4.87 | -4.87 | -4.03 | -0.96 | 2.20 | 7.83 | 7.12 | 9.13 | -0.53 | -0.22 | -4.41 |
| Total Shareholders' Equity | 290.59M | 296.72M | 175.54M | 213M | 441.8M | -338.57M | -303.75M | -223.84M | -51.59M | 115.18M | 350.23M | 243.06M | 289.79M | -17.04M | -6.99M | -140.72M |
| Common Stock | 1K | 1K | 0 | 0 | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -864.56M | -859.63M | -965.52M | -909.1M | -853.91M | -1.73B | -1.53B | -1.25B | -1.01B | -797.74M | -512.23M | -321.56M | -139.34M | -17.04M | -6.99M | -140.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -62K | 61K | 7K | -65K | -15K | 0 | 47K | 145K | -166K | -733K | -253K | -70K | -82K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Dependency
According to recent SEC filings, TBPH's cash position reached $288.1 million in 2026Q1, yet this liquidity appears largely bolstered by non-recurring royalty divestments rather than organic operational cash generation, warranting caution regarding the company's ability to sustain its current burn rate without further asset monetization.
The current ratio of 13.14 suggests a high level of short-term solvency, but this metric is heavily skewed by the recent influx of cash from royalty sales. Investors should monitor whether this liquidity is being deployed efficiently into the R&D pipeline or if it is merely serving as a temporary cushion for ongoing operating losses.
As reported in financial statements, TBPH maintains a modest debt-to-equity ratio of 0.25 as of 2026Q1, suggesting that management has avoided excessive leverage despite persistent negative retained earnings, which currently stand at a substantial deficit of $864.6 million, indicating a long history of capital-intensive development.
The company's debt load appears manageable in the context of its current cash reserves, but the lack of consistent operating profitability makes the debt service profile sensitive to any future clinical trial failures. The reliance on debt to supplement operations, while currently low, may become a point of concern if the pipeline fails to deliver a commercial catalyst.
Based on the company's reported figures, the equity base of $290.6 million is significantly constrained by a massive accumulated deficit of $864.6 million, which highlights the long-term impact of R&D spending and previous clinical setbacks on the firm's overall book value and shareholder capital structure.
The persistent negative retained earnings suggest that the company has struggled to generate sufficient returns on invested capital over the long term. Future equity quality will likely depend on whether the current pipeline can transition from a cost center to a value-generating asset, as the current structure remains heavily reliant on external capital and asset sales.
As indicated by the balance sheet data, TBPH carries zero goodwill and minimal net PPE of $28.5 million, which suggests that the company's valuation is almost entirely tied to intangible clinical assets and intellectual property rather than physical infrastructure or established, durable commercial assets.
The absence of goodwill is a positive indicator of accounting discipline, but the low level of PPE underscores the company's reliance on third-party manufacturing and partnerships. This asset-light model is efficient but leaves the company highly vulnerable to any disruption in its collaborative agreements or failure in its clinical development programs.
Quick answers to the most common questions about buying TBPH stock.
As of 2025, Theravance Biopharma, Inc. (TBPH) had total assets of $485.6M including $418.5M in current assets.
Theravance Biopharma, Inc. (TBPH) carries total debt of $75.5M, offset by $315.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Theravance Biopharma, Inc. (TBPH) has total shareholders' equity (book value) of $296.7M ($5.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Theravance Biopharma, Inc. (TBPH) reported a current ratio of 10.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.