The Phase 3 CYPRESS study evaluating ampreloxetine for symptomatic neurogenic orthostatic hypotension (nOH) due to multiple system atrophy (MSA) did not meet its primary endpoint, the OHSA Composite Score. The company will wind down the ampreloxetine program as a result of the study outcome. An organizational restructuring is being implemented to reduce the cost base by approximately 60% (or approximately $70 million) relative to 2025 preliminary actuals of $110 million. The restructuring is expected to impact approximately 50% of the overall workforce, including the complete wind-down of the R&D function and a significant reduction in the G&A function. The company expects to incur approximately $5 million to $7 million in one-time cash severance costs related to the restructuring. The Strategic Review Committee is accelerating its ongoing review of alternatives to maximize shareholder value, including but not limited to a potential sale of the company. Cash totaled $326.5 million as of December 31, 2025, with no debt, and is expected to be approximately $400 million at the end of Q1 2026, including recent milestone receipts. The company received a $25 million YUPELRI U.S. sales milestone in January 2026 and a $50 million TRELEGY milestone in February 2026. Theravance Biopharma is highly confident in achieving an additional $100 million TRELEGY milestone in 2026. The streamlined portfolio will focus on YUPELRI, which generated FY 2025 U.S. net sales of $266.6 million (+12% YoY) and has intellectual property protection into 2039. The cost savings from the restructuring and continued YUPELRI sales are expected to generate approximately $60 million to $70 million of annualized cash flow starting in Q3 2026.