Projected revenues & timing
Theravance’s corporate update makes it clear that the pivotal Phase‑3 CYPRESS trial (the “CYPRESS” study) is progressing on schedule, with enrollment slated to finish by late summer 2025. The company did not disclose a specific revenue forecast tied directly to the CYPRESS study in its Q2‑2025 release; instead, the study’s financial impact is folded into the broader “post‑launch” sales expectations for YUPELRI® and the overall pipeline. Consequently, the only concrete timeline is that the final data read‑out is expected in the third quarter of 2025 (late summer).
Trading implications
Because the revenue number is not disclosed, the market’s reaction will hinge on the study’s outcome rather than a pre‑announced sales figure. Traders should watch for a pre‑catalyst rally as the summer deadline approaches—especially if analysts begin to model potential U.S. and international launch revenues based on YUPELRI’s 22% YoY growth (to $66.3 M) and the recent $225 M royalty‑sale to GSK (which underscores a willingness to monetize assets). If the CYPRESS data confirm a robust efficacy/safety profile, expect a short‑term bullish push in TVTK, potentially breaking above the recent $22‑$23 per‑share range as investors price in a larger post‑approval market opportunity. Conversely, any delay or mixed data could trigger a rapid sell‑off, with the stock likely testing its recent lows near the $18‑$19 support zone. The key actionable point is to position ahead of the anticipated late‑summer data release—consider buying on a pull‑back if the stock dips to technical support and the broader market remains neutral to bullish on inhaled COPD therapeutics. Conversely, tighten stops or consider a short‑term bearish stance if the market price already reflects a “priced‑in” rally and the study’s timeline slips beyond Q3‑2025.