Theravance Biopharma is a biopharmaceutical company focused on respiratory medicines, built primarily around a single commercial asset: YUPELRI (revefenacin), a once-daily nebulized LAMA approved in the U.S. for COPD maintenance therapy. YUPELRI targets COPD patients who need or prefer nebulized drug delivery over handheld inhalers. Theravance co-developed YUPELRI with Viatris, who leads commercialization and books all net sales; Theravance receives a 35% profit share. YUPELRI is sold through two channels — hospital inpatient (formulary wins and new patient starts) and community outpatient (long-term maintenance following discharge). Theravance also holds contingent economic interests in TRELEGY ELLIPTA, a triple-therapy COPD/asthma drug marketed by GSK, in the form of milestone payments from Royalty Pharma tied to TRELEGY's annual global net sales, plus retained royalty rights on TRELEGY sales beginning in the late 2020s and early 2030s. Theravance outsources manufacturing and does not operate its own production facilities. Following the Phase 3 failure of its pipeline drug ampreloxetine in early 2026, Theravance is winding down its R&D function and restructuring G&A, leaving YUPELRI profit share and TRELEGY milestones as the primary cash flow drivers. The company's Board formed a Strategic Review Committee, working with Lazard, to evaluate value-maximizing alternatives including a potential sale.