Single and Multiple Ascending Dose Study of TD-8236 by Inhalation

Inclusion Criteria: * Male or female, 18 - 60 years old * Willing and able to give informed consent and comply with the study * Body mass index (BMI) 18 to 32 kg/m2 and weighs at least 50 kg * Women of child bearing potential must have a negative pregnancy test and use a highly efficient birth control method * Pre-bronchodilator FEV ≥ 70% predicted for MAD cohorts and \>40% predicted for biomarker cohorts * Treatment with inhaled corticosteroids with or without long acting beta agonists * Additional inclusion criteria apply Exclusion Criteria: * Positive for hepatitis A, B or C, HIV or tuberculosis * Clinically significant abnormalities of laboratory evaluations * Have abnormal ECG measurements * Any sign of respiratory tract infection within 6 weeks of screening * Have a current bacterial, parasitic, fungal or viral infection * Uses or have used tobacco or nicotine-containing products within 6 months prior to screening * Additional exclusion criteria apply