Shares of Theravance Biopharma, Inc. (TBPH) plunged nearly 24% on Tuesday morning after the company said its Phase 3 CYPRESS study failed to meet its primary endpoint.
The stock is currently trading at $14.36, down $4.59 or 23.88%, on the Nasdaq. It opened at $14.27 after closing the previous session at $18.95. The stock has traded between $7.90 and $21.03 over the past 52 weeks.
Theravance reported that its Phase 3 CYPRESS trial evaluating ampreloxetine in patients with symptomatic neurogenic orthostatic hypotension (nOH) due to multiple system atrophy did not meet the primary endpoint based on the OHSA Composite Score. The company will wind down the ampreloxetine program.
In response, the board's Strategic Review Committee is accelerating efforts to evaluate value-maximizing alternatives, including a potential sale of the company. Management also announced a major restructuring, reducing operating expenses by approximately 60%, or about $70 million, and cutting roughly 50% of the workforce.
The company expects to end first-quarter 2026 with approximately $400 million in cash, including milestone payments, and remains confident in achieving a $100 million TRELEGY milestone in 2026.
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