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• The study did not achieve statistical significance on the primary endpoint, Theravance Biopharma said.
• The company will reduce its workforce by around 50% and cut operating expenses by about 60%.
• Theravance expects full-year 2026 global net sales to reach at least $3.51 billion.

Shares of Theravance Biopharma (TBPH) plunged nearly 30% on Tuesday after the company reported that its Phase 3 CYPRESS study of ampreloxetine in patients with hypotension missed its primary endpoint, prompting a decision to wind down the program.

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TBPH shares broke below their 200-day moving average (200-DMA) for the first time since May 15, 2025, and are on track to record their steepest decline on a closing basis since August 2021.

Source: TradingView

No Statistical Significance On Primary Endpoint

The CYPRESS trial evaluated ampreloxetine in patients with symptomatic neurogenic orthostatic hypotension (nOH) caused by multiple system atrophy, a rare disease. The study did not achieve statistical significance on the primary endpoint, which measured change in the Orthostatic Hypotension Symptom Assessment (OHSA) composite score at Week 8. Secondary endpoints also showed similar trends, the company said.

As it phases out the program, Theravance will conduct additional analyses of the CYPRESS data in collaboration with external experts to assess whether further regulatory engagement is needed.

“Given these results, we are taking decisive steps to restructure the organization and significantly reduce our cost base, which we expect will allow YUPELRI to drive meaningful and sustainable cash flow for the company,” said Rick E Winningham, CEO of Theravance Biopharma.

YUPELRI is Theravance’s treatment for chronic obstructive pulmonary disease (COPD).

Theravance To Layoff Around 50% Of Its Workforce

Theravance also stated it will explore “value maximizing alternatives,” including a potential sale of the company. Simultaneously, it will implement a restructuring that reduces its workforce by roughly half and cuts operating expenses by about 60%.

The measures will be carried out over the next two quarters, with the company expecting to record one-time cash severance expenses of $5 million to $7 million. Along with restructuring savings and sales from YUPELRI, the company expects to generate around $60 million to $70 million in annualized cash flow from the third quarter of 2026.

Separately, the firm reported a 6% jump in U.S. net sales to $70.6 million in the fourth quarter (Q4), and expects full-year 2026 global net sales to reach at least $3.51 billion.

How Did Stocktwits Users React?

Despite the sharp decline, retail sentiment on Stocktwits turned ‘bullish’ from ‘neutral’ a day earlier, amid ‘extremely high’ message volumes.

One user said that the sharp decline has led to the stock being accurately valued.

Year-to-date, the stock has declined 28%.

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