Theravance Biopharma Finally Shelves Failed JAK Inhibitor Program, Lays Off Staff

Theravance Biopharma Inc TBPH is cutting 17% of its workforce by the end of March and a mid-stage inhaled JAK inhibitor program.
In 2021, Theravance announced topline results from its Phase 2 study evaluating nezulcitinib for hospitalized patients with confirmed COVID-19-associated acute lung injury and impaired oxygenation.
Nezulcitinib is an inhaled JAK inhibitor. The study showed no statistically significant difference in Respiratory Failure-Free Days (RFDs) from randomization through Day 28 between nezulcitinib and placebo.
Theravance Biopharma's other JAK inhibitor program, Izencitinib, for ulcerative colitis and Crohn's disease, failed a key Phase 2 trial.
The company will prioritize resource allocation toward ampreloxetine Phase 3 study and completion of the Yupelri PIFR-2 study.
Related: Theravance Biopharma's Ampreloxetine Shows Benefit In Atrophy Patients, But Not In Parkinson's.
The biotech added a new board member in Susannah Gray, formerly CFO of Royalty Pharma. In addition, it will propose declassifying the board at its next shareholder meeting, which means that all directors will stand for re-election in the same year.
Theravance reported the highest quarter of Yupelri (revefenacin) net sales and profitability to date, with Q4 sales of $19.5 million, up 27% Y/Y (TBPH implied 35% share).
Price Action: TBPH shares are down 0.57% at $10.50 on the last check Tuesday.