Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-Based Compensation

Schedule of share-based compensation expense included in the consolidated statements of operations

	Year Ended December 31,
(In thousands)	2021		2020		2019
Research and development	$	25,634	$	31,294	$	28,953
Selling, general and administrative		28,065		31,682		31,497
Restructuring and related expenses		8,362		—		—
Total share-based compensation expense	$	62,061	$	62,976	$	60,450

Schedule of share-based compensation expense by award type included in the consolidated statements of operations

	Year Ended December 31,
(In thousands)	2021		2020		2019
Innoviva equity:
Options	$	—	$	—	$	—
RSUs		—		—		—
RSAs		—		—		64
Performance RSAs		—		—		—
Theravance Biopharma equity:
Options		5,473		6,536		6,381
RSUs		54,931		49,803		39,520
Performance RSAs and RSUs		763		3,943		12,717
ESPP		894		2,694		1,768
Total share-based compensation expense	$	62,061	$	62,976	$	60,450

Schedule of unrecognized compensation cost, net of expected forfeitures, and the estimated weighted-average amortization period, using the straight-line attribution method

	Unrecognized		Weighted‑Average
	Compensation		Amortization Period
(In thousands, except amortization period)	Cost		(Years)
Theravance Biopharma equity:
Options	$	4,535	1.98
RSUs		88,220	2.77
Performance RSAs and RSUs (1)		795	2.37
ESPP		1	0.70
Total	$	93,551

(1) Represents unrecognized share-based compensation cost associated with the Company’s performance-contingent awards described above that are probable of vesting.

Summary of option activity under the 2013 EIP and 2014 NEEIP

	Number of Shares	Weighted-Average	Exercise Price of			Aggregate
	Subject to	Remaining Contractual	Outstanding Options			Intrinsic Value
	Outstanding Options	Term (Years)	(in dollars)			(in thousands)
Outstanding at December 31, 2020	3,299,179		$	24.58
Granted	230,750			18.85
Exercised	(275)			16.76
Forfeited	(658,086)			22.41
Outstanding at December 31, 2021	2,871,568	4.63		24.62	$	1,070
Exercisable at December 31, 2021		3.95				867
Vested and expected to vest at December 31, 2021		4.62				1,070

	2021		2020		2019
Weighted average fair value of options (in dollars)	$	9.25	$	11.03	$	10.20
Total intrinsic value of options exercised (in thousands)	$	1	$	384	$	822

Schedule of RSU and RSA activity (including performance RSUs and RSAs)

	Number of Shares	Number of Shares
	Subject to	Outstanding Subject to
	Outstanding RSUs	Performance Conditions (RSAs)
Outstanding at December 31, 2020	4,993,918	414,000
Granted	7,850,175	—
Released	(2,682,186)	(414,000)
Forfeited	(1,808,058)	—
Outstanding at December 31, 2021	8,353,849	—

Schedule of range of assumptions used to estimate the fair value of share options granted and rights granted

	Year Ended December 31,
	2021		2020		2019
Options
Risk-free interest rate		0.5% - 1.2%		0.3% - 1.7%		1.6% - 2.5%
Expected term (in years)		5.3 - 6.1		5.2 - 6.1		6.0
Volatility		52% - 53%		50% - 53%		51% - 53%
Dividend yield		—		—		—
Weighted-average estimated fair value	$	9.25	$	11.03	$	10.20
2013 ESPP
Risk-free interest rate		0.03% - 0.2%		0.1% - 0.2%		1.5% - 2.4%
Expected term (in years)		0.5 - 2.0		0.5 - 2.0		0.5 - 2.0
Volatility		40% - 79%		53% - 76%		40% - 48%
Dividend yield		—		—		—
Weighted-average estimated fair value	$	3.52	$	8.04	$	6.17