Innoviva (INVA) 10-K 26 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Entity Registrant Name	INNOVIVA, INC.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	000-30319
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3265960
Entity Address, Address Line One	1350 Old Bayshore Highway, Suite 400
Entity Address, City or Town	Burlingame
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94010
City Area Code	650
Local Phone Number	238-9600
Title of 12(b) Security	Common Stock $0.01 Par Value
Trading Symbol	INVA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 899,110,517
Entity Common Stock, Shares Outstanding		62,675,545
Entity Central Index Key	0001080014
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Specified portions of the registrant’s definitive Proxy Statement to be issued in conjunction with the registrant’s 2025 Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant’s fiscal year ended December 31, 2024 , are incorporated by reference into Part III of this Annual Report. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be a part of this Annual Report on Form 10-K.
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Jose, California
Auditor Firm ID	34
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Innoviva, Inc. and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 304,964	$ 193,513
Accounts receivable	20,392	14,454
Receivable from collaboration arrangements	65,974	69,621
Inventory	33,725	40,737
Prepaid expenses	21,063	21,630
Current portion of ISP Fund investments	107,532	0
Other current assets	656	4,264
Total current assets	554,306	344,219
Property and equipment, net	514	483
Equity method investments	52,293	116,546
Equity and long-term investments	341,664	444,432
Capitalized fees paid, net	69,961	83,784
Right-of-use assets	2,453	2,536
Goodwill	17,905	17,905
Intangible assets	208,433	230,335
Deferred tax assets, net	12,054	0
Other assets	41,477	3,267
Total assets	1,301,060	1,243,507
Current liabilities:
Accounts payable	2,132	6,717
Accrued personnel-related expenses	7,376	7,020
Accrued interest payable	3,422	3,422
Deferred revenue	1,126	1,277
Convertible notes, due 2025, net of issuance costs	192,028	0
Other accrued liabilities	29,999	19,698
Total current liabilities	236,083	38,134
Long-term debt, net of discount and issuance costs	256,316	446,234
Other long-term liabilities	64,275	71,870
Deferred tax liabilities, net	0	563
Income tax payable, long-term	53,227	11,751
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding	0	0
Common stock: $0.01 par value, 200,000 shares authorized, 62,665 and 63,307 issued and outstanding as of December 31, 2024 and 2023 respectively	627	633
Treasury stock: at cost, nil and, 32,005 shares as of December 31, 2024 and 2023, respectively	0	(393,829)
Additional paid-in capital	692,329	1,093,340
Accumulated deficit	(1,797)	(25,189)
Total stockholders' equity	691,159	674,955
Total liabilities and stockholders' equity	$ 1,301,060	$ 1,243,507

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	230	230
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	62,665	63,307
Common stock, shares outstanding	62,665	63,307
Treasury stock, shares	0	32,005

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 358,711	$ 310,463	$ 331,339
Expenses:
Selling, general and administrative	115,690	98,232	63,538
Research and development	13,654	33,922	41,432
Amortization of acquired intangible assets	25,902	21,784	5,581
Gain on sale of Theravance Respiratory Company, LLC ("TRC")	0	0	(266,696)
Loss on extinguishment of debt	0	0	20,662
Changes in fair values of equity method investments, net	64,253	(77,392)	161,749
Changes in fair value of equity and long-term investments, net	59,161	(11,129)	(8,462)
Interest and dividend income	(19,141)	(15,818)	(6,369)
Interest expense	22,209	19,157	15,789
Other expense, net	2,997	4,969	3,373
Total expenses, net	321,323	116,365	44,390
Income before income taxes	37,388	194,098	286,949
Income tax expense, net	13,996	14,376	66,687
Net income	23,392	179,722	220,262
Net loss attributable to noncontrolling interests	0	0	6,341
Net income attributable to Innoviva stockholders	$ 23,392	$ 179,722	$ 213,921
Basic net income per share attributable to Innoviva stockholders	$ 0.37	$ 2.75	$ 3.07
Diluted net income per share attributable to Innoviva stockholders	$ 0.36	$ 2.2	$ 2.37
Shares used to compute Innoviva basic and diluted net income per share:
Shares used to compute basic net income per share	62,726	65,435	69,644
Shares used to compute diluted net income per share	74,187	86,876	95,248
Royalty revenue
Revenue:
Total revenue	$ 241,733	$ 238,846	$ 311,645
Net product sales
Revenue:
Total revenue	97,492	60,617	19,694
Expenses:
Cost of products sold (inclusive of amortization of inventory fair value adjustments, excluding amortization of intangible assets)	36,598	41,040	13,793
License and other revenue
Revenue:
Total revenue	19,486	11,000	0
License
Expenses:
Cost of license revenue	$ 0	$ 1,600	$ 0

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - Royalty revenue - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amortization of capitalized fees paid	$ 13,800	$ 13,800	$ 13,800
GSK
Amortization of capitalized fees paid	$ 13,823	$ 13,823	$ 13,823

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 23,392	$ 179,722	$ 220,262
Comprehensive income	23,392	179,722	220,262
Comprehensive income attributable to noncontrolling interests	0	0	6,341
Comprehensive income attributable to Innoviva stockholders	$ 23,392	$ 179,722	$ 213,921

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Cumulative effect period of adoption adjustment member	Common stock	Common stock Cumulative effect period of adoption adjustment member	Additional Paid-In Capital	Additional Paid-In Capital Cumulative effect period of adoption adjustment member	Accumulated Deficit	Accumulated Deficit Cumulative effect period of adoption adjustment member	Treasury Stock	Treasury Stock Cumulative effect period of adoption adjustment member	Noncontrolling Interest	Noncontrolling Interest Cumulative effect period of adoption adjustment member
Balance at Dec. 31, 2021	$ 525,935,000		$ 696,000		$ 1,264,024,000		$ (456,148,000)		$ (393,829,000)		$ 111,192,000
Balance (in shares) at Dec. 31, 2021			69,566,000						32,005,000
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2020-06 [Member]			Accounting Standards Update 2020-06 [Member]		Accounting Standards Update 2020-06 [Member]
Distributions to noncontrolling interests	(69,811,000)		$ 0		$ 0		$ 0		$ 0		(69,811,000)
Distributions to noncontrolling interest (in shares)			0						0
Recognition of noncontrolling interest upon initial consolidation of Entasis	38,471,000		$ 0		0		0		$ 0		38,471,000
Recognition of noncontrolling interest upon initial consolidation of Entasis (in shares)			0						0
Equity activity of noncontrolling interest in a consolidated variable interest entity	(2,000)								$ 0		(2,000)
Equity activity of noncontrolling interests in a consolidated variable interest entity (in shares)									0
Derecognition of noncontrolling interests upon sale of TRC	(61,226,000)		$ 0		0		78,000		$ 0		(61,304,000)
Derecognition of noncontrolling interests upon sale of TRC (in shares)			0						0
Derecognition of noncontrolling interests upon acquisition of Entasis noncontrolling interest	(42,162,000)		$ 0		(14,153,000)		0		$ 0		(28,009,000)
Derecognition of noncontrolling interests upon acquisition of Entasis noncontrolling interest (in shares)			0						0
Exercise of stock options, and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	288,000		$ 2,000		286,000		0		$ 0		0
Exercise of stock options, and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)			269,000						0
Capped call options associated with convertible senior notes due 2028	(16,585,000)		$ 0		(16,585,000)		0		$ 0		0
Capped call options associated with convertible senior notes due 2028 (in shares)			0						0
Conversion of convertible subordinated notes due 2023	3,000		$ 0		3,000		0		$ 0		0
Conversion of convertible subordinated notes due 2023 (in shares)			0						0
Repurchase of common stock	(8,503,000)		$ (6,000)		(8,497,000)		0				0
Repurchase of common stock (in shares)			(647,000)
Stock-based compensation	7,347,000		$ 0		4,225,000		0		$ 0		3,122,000
Stock-based compensation (in shares)			0						0
Stock repurchased and retired during period, value			$ 8,500
Stock repurchased and retired during period, shares			647,394
Net income	220,262,000		$ 0		0		213,921,000		$ 0		6,341,000
Net income (in shares)			0						0
Balance at Dec. 31, 2022	565,788,000	$ (28,229,000)	$ 692,000	$ 0	1,163,836,000	$ (65,467,000)	(204,911,000)	$ 37,238,000	$ (393,829,000)	$ 0	0	$ 0
Balance (in shares) at Dec. 31, 2022			69,188,000	0					32,005,000	0
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	92,000		$ 3,000		89,000		0		$ 0		0
Exercise of stock options, and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)			293,000						0
Repurchase of common stock (in shares)									0
Repurchase of common stock, including accrued excise tax	(76,484,000)		$ (62,000)		(76,422,000)		0		$ 0		0
Repurchase of common stock, including accrued excise tax (in shares)			(6,174,000)						0
Stock-based compensation	5,837,000		$ 0		5,837,000		0		$ 0		0
Stock-based compensation (in shares)			0
Stock repurchased and retired during period, value			$ 76,500,000
Stock repurchased and retired during period, shares			6,173,565
Net income	179,722,000		$ 0		0		179,722,000		$ 0		0
Net income (in shares)			0						0
Balance at Dec. 31, 2023	$ 674,955,000		$ 633,000		1,093,340,000		(25,189,000)		$ (393,829,000)		0
Balance (in shares) at Dec. 31, 2023	63,307,000		63,307,000						32,005,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	$ 1,324,000		$ 3,000		1,321,000		0		$ 0		0
Exercise of stock options, and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)			345,000						0
Repurchase of common stock, including accrued excise tax	(14,925,000)		$ (9,000)		(14,916,000)		0		$ 0		0
Repurchase of common stock, including accrued excise tax (in shares)			(987,000)						0
Accrued excise tax on common stock repurchase applied against tax liability	39,000		$ 0		39,000		0		$ 0		0
Stock-based compensation	6,374,000		$ 0		6,374,000		0		$ 0		0
Stock-based compensation (in shares)			0						0
Stock repurchased and retired during period, value	0				(393,829,000)		0		$ 393,829,000		0
Stock repurchased and retired during period, shares									(32,005,000)
Net income	23,392,000		$ 0		0		23,392,000		$ 0		0
Net income (in shares)			0						0
Balance at Dec. 31, 2024	$ 691,159,000		$ 627,000		$ 692,329,000		$ (1,797,000)		$ 0		$ 0
Balance (in shares) at Dec. 31, 2024	62,665,000		62,665,000						0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 23,392	$ 179,722	$ 220,262
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(12,617)	4,400	25,006
Amortization of capitalized fees and depreciation of property and equipment	13,951	13,921	13,931
Amortization of acquired intangible assets	25,902	21,784	5,581
Inventory fair value step-up adjustment included in cost of products sold	13,820	27,164	10,023
Stock-based compensation	6,374	5,837	7,347
Amortization of debt discount and issuance costs	2,110	2,065	2,055
Changes in fair values of equity method investments, net	64,253	(77,392)	161,749
Changes in fair values of equity and long-term investments, net	59,161	(11,129)	(8,462)
Loss on extinguishment of debt	0	0	20,662
Net gain on sale of TRC	0	0	(266,696)
Other non-cash items	(722)	(517)	3,402
Changes in operating assets and liabilities:
Accounts receivable	(5,938)	(5,053)	(3,525)
Receivables from collaboration arrangements	3,647	(14,949)	13,319
Inventory	(6,808)	(12,004)	280
Prepaid expenses	567	7,929	(21,350)
Other assets	(38,186)	(2,965)	(3,341)
Accounts payable	(4,585)	3,778	92
Accrued personnel-related expenses and other accrued liabilities	3,044	(1,498)	11,913
Accrued interest payable	0	(937)	207
Deferred revenue	(151)	(817)	(755)
Income tax payable	41,476	1,725	10,026
Net cash provided by operating activities	188,690	141,064	201,726
Cash flows from investing activities
Acquisition of intangible asset	(4,000)	0	0
Purchases of equity method investments	0	0	(45,000)
Purchases of trading securities	(59,617)	(65,132)	0
Purchases of equity and long-term investments	0	(1,218)	(13,725)
Purchases of equity investments managed by ISP Fund LP	(32,270)	(31,164)	(60,910)
Purchases of trading security managed by ISP Fund LP	0	0	(50,000)
Sales of equity investments managed by ISP Fund LP	75,756	72,500	24,281
Purchases and sales of other investments managed by ISP Fund LP, net	(43,486)	(41,336)	(23,371)
Purchases of property and equipment	(270)	(411)	(67)
Sale of property and equipment	101	0	0
Proceeds from sale of ownership interest in TRC, net	0	0	248,191
Cash acquired through the consolidation of Entasis	0	0	23,070
Cash paid for the acquisition of La Jolla, net of cash acquired	0	0	(159,103)
Net cash used in investing activities	(63,786)	(66,761)	(56,634)
Cash flows from financing activities
Distributions to noncontrolling interests	0	0	(69,811)
Purchase of Entasis noncontrolling interest	0	0	(43,910)
Repurchase of common stock	(14,777)	(75,728)	(8,503)
Repurchase of shares to satisfy tax withholding	(142)	(77)	(82)
Proceeds from issuances of common stock, net	1,466	170	370
Payment for repurchase of convertible subordinated notes due 2023	0	(96,204)	(165,131)
Purchases of capped call options associated with convertible senior notes due 2028	0	0	(21,037)
Proceeds from issuance of convertible senior notes due 2028, net of issuance costs	0	0	252,536
Net cash used in financing activities	(13,453)	(171,839)	(55,568)
Net increase (decrease) in cash and cash equivalents	111,451	(97,536)	89,524
Cash and cash equivalents at beginning of period	193,513	291,049	201,525
Cash and cash equivalents at end of period	304,964	193,513	291,049
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	10,359	11,381	11,736
Cash paid for income taxes	11,793	0	53,855
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Accrued interest income converted to long-term investments	3,584	2,666	0
Adoption of ASU 2020-06	$ 0	$ 0	$ (28,228)

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBERSECURITY Risk Management and Strategy We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct risk assessments to identify cybersecurity threats at least annually, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. Following these risk assessments, we re-design, implement, and maintain reasonable safeguards to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of our safeguards. We devote internal and external resources and designate high-level personnel to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with human resources, IT, legal, and management. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings. We engage internal auditors and other third parties in connection with our risk assessment processes. These service providers assist us in designing and implementing our cybersecurity policies and procedures, as well as to monitor and test our safeguards. During the year ended December 31, 2024, we did not identify any risks from known cybersecurity threats, including because of any prior cybersecurity incidents, that have materially affected us. However, in the future, we may face certain ongoing cybersecurity risks or threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Our operations could be disrupted by failure of our information systems or cyber-attacks.” Governance One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our executive team, primarily consisting of our Chief Accounting Officer, Chief Financial Officer, and Chief Executive Officer, in conjunction with our information security team and third-party consultants, is primarily responsible in assessing and managing our material risks from cybersecurity threats. The qualifications of our executive and information security teams include a combination of formal education, current trainings and certifications in systems, network, and cybersecurity and over 50 years of combined experience in information technology and cybersecurity matters. They oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which the executive team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: • They provide briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. • In addition, they provide briefings of any significant cybersecurity matters to the board of directors as well as an annual update of cybersecurity risks and activities.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	During the year ended December 31, 2024, we did not identify any risks from known cybersecurity threats, including because of any prior cybersecurity incidents, that have materially affected us. However, in the future, we may face certain ongoing cybersecurity risks or threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Our operations could be disrupted by failure of our information systems or cyber-attacks.”
Cybersecurity Risk Board of Directors Oversight [Text Block]	One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee. Our executive team, primarily consisting of our Chief Accounting Officer, Chief Financial Officer, and Chief Executive Officer, in conjunction with our information security team and third-party consultants, is primarily responsible in assessing and managing our material risks from cybersecurity threats. The qualifications of our executive and information security teams include a combination of formal education, current trainings and certifications in systems, network, and cybersecurity and over 50 years of combined experience in information technology and cybersecurity matters. They oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which the executive team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: • They provide briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. • In addition, they provide briefings of any significant cybersecurity matters to the board of directors as well as an annual update of cybersecurity risks and activities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Cybersecurity Risk Role of Management [Text Block]	Our executive team, primarily consisting of our Chief Accounting Officer, Chief Financial Officer, and Chief Executive Officer, in conjunction with our information security team and third-party consultants, is primarily responsible in assessing and managing our material risks from cybersecurity threats. The qualifications of our executive and information security teams include a combination of formal education, current trainings and certifications in systems, network, and cybersecurity and over 50 years of combined experience in information technology and cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our executive team, primarily consisting of our Chief Accounting Officer, Chief Financial Officer, and Chief Executive Officer, in conjunction with our information security team and third-party consultants, is primarily responsible in assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	They oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The processes by which the executive team is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents includes the following: • They provide briefings to the audit committee regarding our company’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. • In addition, they provide briefings of any significant cybersecurity matters to the board of directors as well as an annual update of cybersecurity risks and activities.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51Arrangement Modified	false
Non Rule 10b51 Arrangement Modified	false

Description of Operations and S

Description of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Operations Innoviva, Inc. (and where context requires, together with its subsidiaries referred to as “Innoviva”, the “Company”, or “we” and other similar pronouns) is a company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics (“IST”), and a portfolio of strategic investments in other healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR ® /BREO ® ELLIPTA ® (fluticasone furoate/vilanterol, “FF/VI”) and ANORO ® ELLIPTA ® (umeclidinium bromide/vilanterol, “UMEC/VI”), and up until July 2022, TRELEGY ® ELLIPTA ® (the combination FF/UMEC/VI). We sold our 15 % ownership interest in Theravance Respiratory Company, LLC (“TRC”) on July 20, 2022, and are no longer entitled to receive royalties on sales of TRELEGY ® ELLIPTA ® products. Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR ® /BREO ® ELLIPTA ® as follows: 15 % on the first $ 3.0 billion of annual global net sales and 5 % for all annual global net sales above $ 3.0 billion; and royalties from the sales of ANORO ® ELLIPTA ® , which tier upward at a range from 6.5 % to 10 %. We expanded our portfolio through the acquisition of Entasis Therapeutics Holdings Inc. (“Entasis”) on July 11, 2022 and the acquisition of La Jolla Pharmaceutical Company (“La Jolla”) on August 22, 2022. Our commercial and marketed products include GIAPREZA ® (angiotensin II), approved to increase blood pressure in adults with septic or other distributive shock, and XERAVA ® (eravacycline) for the treatment of complicated intra-abdominal infections in adults. Our new product, XACDURO ® (formerly known as sulbactam-durlobactam or SUL-DUR), was approved by the United States Food and Drug Administration (“FDA”) for the treatment of hospital-acquired and ventilator-associated pneumonias caused by Acinetobacter in adults and we commenced commercial sales of XACDURO ® in the third quarter of 2023. On December 14, 2024, we entered into an exclusive distribution and license agreement with Basilea Pharmaceutica Ltd., (“Basilea”) for the commercialization of ZEVTERA ® (ceftobiprole), an advanced-generation cephalosporin antibiotic, in the U.S. We continue to further advance our pipeline and are on track to submit a New Drug Application (“NDA”) for zoliflodacin, potentially first in class, single dose oral drug for the treatment of uncomplicated gonorrhea, to the FDA in early 2025. Overall, we have a wholly owned robust critical care and infectious disease operating platform with a hospital focus anchored by four differentiated products with significant growth potential and a promising drug candidate. In addition, we own other strategic healthcare assets, such as a large equity stake in Armata Pharmaceuticals, a leader in development of bacteriophages with potential use across a range of infectious and other serious diseases. We also have economic interests in other healthcare companies. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Innoviva, our wholly owned subsidiaries and certain variable interest entities (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net income (loss) attributable to noncontrolling interest in our consolidated statements of income equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party. Factors Affecting Comparability Our historical financial condition and results of operations for the periods presented may not be comparable, either between periods or going forward due to the factors below and as discussed in Note 5, “Consolidated Entities and Acquisitions”. • Accounting consolidation of Entasis on February 17, 2022 and purchase of remaining noncontrolling interest in Entasis on July 11, 2022; • Sale of our 15 % ownership interest in TRC on July 20, 2022; and • Acquisition of La Jolla on August 22, 2022. Use of Management’s Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Management evaluates its significant accounting policies and estimates on an ongoing basis. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Concentrations of Credit Risk and of Significant Suppliers and Partners Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits. We are dependent on third-party manufacturers to supply active pharmaceutical ingredients (“API”) and drug products for commercial and research and development programs. These programs could be adversely affected by significant interruption in the supply of API or drug products. Currently, we derive most of our revenues from GSK and our near-term success depends in large part on GSK’s ability to successfully develop and commercialize the products in the respiratory programs partnered with GSK. Our near-term success depends in large part upon the performance by GSK of its commercial obligations under the GSK Agreements and the commercial success of RELVAR ® /BREO ® ELLIPTA ® and ANORO ® ELLIPTA ® . If GSK does not devote sufficient resources to the commercialization or development of these products, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed. GSK is responsible for all clinical and other product development, regulatory, manufacturing and commercialization activities for products developed under the GSK Agreements, including RELVAR ® /BREO ® ELLIPTA ® and ANORO ® ELLIPTA ® . Our royalty revenues may fluctuate due to a variety of factors, many of which are outside of our control. Our royalty revenues under the GSK Agreements may not meet our, analysts’ or investors’ expectations, due to a number of important factors. Our revenue for the periods include product sales of GIAPREZA ® , XERAVA ® and XACDURO ® . Hospitals and other healthcare organizations generally purchase our products through a network of specialty distributors. These specialty distributors, which are located in the U.S., are considered our customers for accounting purposes. We do not believe that loss of one of these distributors would significantly impact our ability to distribute our products, as we expect that sales volume would be absorbed by new or remaining distributors. Three of our customers each account for approximately: • 31 %, 24 % and 24 %, respectively, of our net product sales for the year ended December 31, 2024; • 31 %; 27 % and 27 %, respectively, of our net product sales for the year ended December 31, 2023; and, • 33 %, 29 % and 28 %, respectively, of our net product sales for the year ended December 31, 2022. These same customers account for 31 %, 18 % and 15 %, respectively, of our receivables from net product sales, which are included in “Accounts receivables, net” in our consolidated balance sheet as of December 31, 2024. These same customers account for 29 %, 19 % and 15 %, respectively, of our receivables from net product sales, which are included in “Accounts receivables, net” in our consolidated balance sheet as of December 31, 2023. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is made available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. Refer to Note 15, “Segment Reporting”, for more segment information. Variable Interest Entities The primary beneficiary of a variable interest entity (“VIE”) is required to consolidate the assets and liabilities of the VIE. When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests that are deemed to be variable interests in the VIE. This assessment requires us to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Business Combination When we acquire an entity in a business combination, we recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquiree and establish the acquisition date as the fair value measurement point. We recognize and measure goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. Acquisition-related expenses and related restructuring costs are expensed as incurred. Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. For intangible assets, we typically use the income method. This method starts with a forecast of all of the expected future net cash flows for each asset. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. Some of the more significant estimates and assumptions inherent in the income method or other methods include the amount and timing of projected future cash flows, the discount rate selected to measure the risks inherent in the future cash flows and the assessment of the asset’s life cycle and the competitive trends impacting the asset, including consideration of any technical, legal, regulatory, or economic barriers to entry. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. Cash and Cash Equivalents We consider all highly liquid investments purchased with a maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Accounts Receivable Accounts receivable are recorded net of estimates for prompt-pay discounts, chargebacks, returns and rebates. Allowances for prompt-pay discounts and chargebacks are based on contractual terms. We estimate the allowance for credit losses based on existing contractual payment terms, actual payment patterns of customers and individual customer circumstances. Inventory Inventory is stated at the lower of cost or estimated net realizable value on a first-in, first-out basis. We periodically analyze inventory levels and write down inventory as cost of products sold when the following occurs: inventory has become obsolete, inventory has a cost basis in excess of its estimated net realizable value, or inventory quantities are in excess of expected product sales. Property and Equipment Property and equipment, which consist of laboratory equipment, computer equipment, software, office furniture and fixtures, and leasehold improvements, were not material as of December 31, 2024 and 2023, respectively. Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Leasehold improvements Shorter of remaining lease terms or useful life Laboratory equipment, furniture and fixtures 5 – 7 years Software and computer equipment 3 years Equity and Long-Term Investments We invest from time to time in equity and debt securities of private or public companies. If we determine that we have control over these companies under either voting or VIE models, we consolidate them in our consolidated financial statements. If we determine that we do not have control over these companies under either voting or VIE models, we then determine if we have an ability to exercise significant influence via voting interests, board representation or other business relationships. We may account for the investments where we exercise significant influence using either an equity method of accounting or at fair value by electing the fair value option under Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments . If the fair value option is applied to an investment that would otherwise be accounted for under the equity method, we apply it to all our financial interests in the same entity (equity and debt, including guarantees) that are eligible items. All gains and losses from fair value changes, unrealized and realized, are presented as changes in fair values of equity method investments, net, and changes in fair values of equity and long-term investments, net, within the consolidated statements of income. If we conclude that we do not have an ability to exercise significant influence over an investee, we may elect to account for the security without a readily determinable fair value using the measurement alternative method under ASC 321, Investments – Equity Securities . This measurement alternative method allows us to measure the equity investment at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We also invest in ISP Fund LP, which investments consist of money market funds and equity and debt securities in the healthcare, pharmaceutical and biotechnology industries. Pursuant to the Partnership Agreement entered in December 2020, we became a limited partner of this partnership, and our contributions were subject to a 36-month lock-up period, which restriction prevented us from having control over and access to the contributions and related investments. The lock-up period for a certain portion of our contributions expired in December 2023. Strategic Partners did not elect to make a withdrawal in 2023, thereby extending the lock-up period and withdrawal elections into subsequent years. These investments were classified as long-term investments in the consolidated balance sheet as of December 31, 2023. In October 2024, Strategic Partners made an election to unwind its capital accounts in the Partnership in accordance with the terms of the Partnership Agreement and we expect to receive distributions of our capital accounts through April 2026. Accordingly, a portion of these investments, which consist mainly of cash and money market funds that we expect to be distributed in the next 12 months, were classified as “Current portion of ISP Fund investments” in the consolidated balance sheet as of December 31, 2024. Fair Value of Financial Instruments We define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Our valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. We classify these inputs into the following hierarchy: Level 1 —Quoted prices for identical instruments in active markets. Level 2 —Quoted prices for similar instruments in active markets; quoted prices for identical 3or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 —Unobservable inputs and little, if any, market activity for the assets. Financial instruments include cash equivalents, accounts receivable, receivables from collaborative arrangements, accounts payable, and accrued liabilities, equity investments and convertible promissory notes. The carrying values of cash equivalents, receivables from collaborative arrangements, accounts payable, and accrued liabilities approximate their estimated fair values due to the relatively short-term nature of these instruments. Capitalized Fees Paid We capitalize fees paid to licensors related to agreements for approved products or commercialized products. We capitalize these fees as capitalized fees paid (“Capitalized Fees”) and amortize them on a straight-line basis over their estimated useful lives upon the commercial launch of the product, shortly after its regulatory approval. The estimated useful lives of these Capitalized Fees are determined on a country-by-country and product-by-product basis, as the later of the expiration or termination of the last patent right covering the compound in such product in such country and 15 years from first commercial sale of such product in such country, unless the Collaboration Agreement is terminated earlier. Consistent with our policy for classification of costs under the research and development collaborative arrangements, the amortization of these Capitalized Fees is recognized as a reduction of royalty revenue. We review our Capitalized Fees for impairment on a product-by-product basis for each major geographic area when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverability of Capitalized Fees is measured by comparing the asset’s carrying amount to the expected undiscounted future cash flows that the asset is expected to generate. The determination of recoverability typically requires various estimates and assumptions, including estimating the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. We derive the required cash flow estimates from near-term forecasted product sales and long-term projected sales in the corresponding market. Goodwill and Intangible Assets Goodwill is recognized as the excess of the purchase consideration of an acquired entity over the fair value assigned to assets acquired and liabilities assumed in a business combination. In addition to recognizing intangible assets acquired in a business combination, we capitalize milestone payments related to in-licensing agreements for approved products as an intangible asset when the contingency for the milestone is resolved and the consideration is issued or becomes issuable. Goodwill and intangible assets with indefinite useful life are not amortized and are tested for impairment at least annually on the first day of December of each year or more frequently if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying asset amount may not be recoverable. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective remaining useful lives and are tested for impairment only if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Significant judgment may be involved in determining if an indicator of impairment has occurred. Operating Leases Right-of-use assets represent our right to use an underlying asset over the lease term and include any lease payments made prior to the lease commencement date and are reduced by lease incentives. Lease liabilities represent the present value of the total lease payments over the lease term, calculated using an estimated incremental borrowing rate. Lease expense is recognized on a straight-line basis over the expected lease term. Revenue Recognition We apply the guidance on principal versus agent considerations under ASC Topic 606, Revenue from Contracts with Customers , to determine the appropriate treatment for the transactions between us and third parties. The classification of transactions under our arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants. Any consideration related to activities in which we are considered the principal, which includ es being in control of the good or service before such good or service is transferred to the customer, are accounted for as product sales. Revenue is recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. Revenue is recognized through a five-step process: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price for the contract; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as a performance obligation is satisfied. Royalty Revenue We recognize the royalty revenue on net sales of products with respect to which we have contractual royalty rights in the period in which the royalties are earned. The net sales reports provided by our partner are based on its methodology and assumptions to estimate rebates and returns, which it monitors and adjusts regularly in light of contractual and legal obligations, historical trends, past experience and projected market conditions. Our partner may make significant adjustments to its sales based on actual results recorded, which could cause our royalty revenue to fluctuate. We conduct periodic royalty audits to evaluate the information provided by our partner. Royalties are recognized net of amortization of capitalized fees associated with any approval and launch milestone payments made to GSK. Revenue from Product Sales Revenue from product sales is recognized when our customers obtain control of the product and is recorded at the transaction price, net of estimates for variable consideration consisting of chargebacks, discounts, returns and rebates. Variable consideration is estimated using the expected-value amount method, which is the sum of probability-weighted amounts in a range of possible consideration amounts. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary materially from our estimates, we will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. These items may include: • Chargebacks: Chargebacks are discounts we provide to distributors in the event that the sales prices to end users are below the distributors’ acquisition price. This may occur due to a direct contract with a health system, a group purchasing organization (“GPO”) agreement or a sale to a government facility. Chargebacks are estimated based on known chargeback rates and recorded as a reduction of revenue on delivery to our customers. • Discounts: We offer customers various forms of incentives and consideration, including prompt-pay and other discounts. We estimate discounts primarily based on contractual terms. These discounts are recorded as a reduction of revenue on delivery to our customers. • Returns: We offer customers a limited right of return, generally for damaged or expired product. We estimate returns based on an internal analysis, which includes actual experience. The estimates for returns are recorded as a reduction of revenue on delivery to our customers. • Rebates: We participate in Medicaid rebate programs, which provide assistance to certain low-income patients based on each individual state’s guidelines regarding eligibility and services. Under the Medicaid rebate programs, we pay a rebate to each participating state, generally within three months after the quarter in which product was sold. Additionally, we may offer customer incentives and consideration in the form of volume-based or other rebates. The estimates for rebates are recorded as a reduction of revenue on delivery to our customers. We continue to assess our estimates of variable consideration as we accumulate additional historical data and will adjust these estimates accordingly. License Revenue At the inception of a licensing arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price. We generally recognize these milestone payments as revenues when they are achieved because there is considerable uncertainty in the research and development processes that trigger receipt of these payments under our agreements. Similarly, we recognize regulatory approval milestone payments as revenues once the product is approved by the applicable regulatory agency. For delivery of other goods or services related to a licensing arrangement, we determine whether the performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Research and Development Expenses Research and development expenses are recognized in the period that services are rendered or goods are received. Research and development expenses consist of salaries and benefits, laboratory supplies, facilities and other overhead costs, research-related manufacturing costs, contract service and clinical-related service costs performed by third party research organizations, research institutions and other outside service providers. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the related goods are delivered or the related services are performed. We also utilize significant judgment and estimates to record accruals for estimated ongoing research costs based on the progress of the studies and progress of research manufacturing activities. Interest Expense on Deferred Royalty Obligation Interest expense related to the deferred royalty obligation is recognized over the expected repayment term of the deferred royalty obligation using the effective interest method. The assumptions used in determining the expected repayment term of the deferred royalty obligation require us to make estimates that could impact the effective interest rate. Each reporting period, we estimate the expected repayment term of the deferred royalty obligation based on forecasted net sales of GIAPREZA ® . Changes in interest expense resulting from changes in the effective interest rate, if any, are recorded on a prospective basis. Refer to Note 12, “Debt”, for more information. Fair Value of Stock‑Based Compensation Awards We use the Black-Scholes-Merton option pricing model to estimate the fair value of options granted under our equity incentive plans and rights to acquire stock granted under our employee stock purchase plan (“ESPP”). The Black-Scholes-Merton option valuation model requires the use of assumptions, including the expected term of the award and the expected stock price volatility. We use the “simplified” method as described in Staff Accounting Bulletin No. 107, “ Share-Based Payment ,” for the expected option term. We use our historical volatility to estimate expected stock price volatility. Restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) are measured based on the fair market values of the underlying stock on the dates of grant. Stock-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differed from those estimates. Our estimated annual forfeiture rates for stock options, RSUs and RSAs are based on our historical forfeiture experience. The estimated fair value of stock options, RSUs and RSAs is expensed on a ratable or straight-line basis over the expected term of the grant or expected term of the vesting. Compensation expense is recorded over the requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. Compensation expense for purchases under the ESPP is recognized based on the fair value of the common stock on the date of offering, less the purchase discount percentage provided for in the plan. Income Taxes We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The recognition and measurement of tax benefits requires significant judgment. Our judgment might change as new information becomes available. We continue to evaluate our deferred tax assets each reporting period to determine whether adjustments to our valuation allowance are required and deferred tax assets will be realized based on the consideration of all available positive and negative evidence, including the differences between our anticipated and actual future operating results, using a “more likely than not” standard. We assess all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and we determine whether the factors underlying the sustainability assertion have changed and whether the amount of the recognized tax benefit is still appropriate. Related Parties Sarissa Capital ow ned 11.6 % of o ur outstanding common stock as of December 31, 2024 . Transactions with Sarissa Capital are described in Note 5, “Consolidated Entities and Acquisitions”. Sarissa Capital is considered to be a related party because two of its principals are members of our board of directors. Recently Adopted Accounting Pronouncement In November 2023, the Financial Accounting S

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
NET INCOME PER SHARE	2. NET INCOME PER SHARE Basic net income per share attributable to Innoviva stockholders is computed by dividing net income attributable to Innoviva stockholders by the weighted-average number of shares of common stock outstanding. Diluted net income per share attributable to Innoviva stockholders is computed by dividing net income attributable to Innoviva stockholders by the weighted-average number of shares of common stock and dilutive potential common stock equivalents then outstanding. Dilutive potential common stock equivalents include the assumed exercise, vesting and issuance of employee stock awards using the treasury stock method, as well as common stock issuable upon assumed conversion of our convertible subordinated notes due 2023 (the “2023 Notes”) up until its maturity date on January 15, 2023, our convertible senior notes due 2025 (the “2025 Notes”), and our convertible senior notes due 2028 (the “2028 Notes”) using the if-converted method. If the results attributable to Innoviva stockholders are in a net loss position, diluted net loss per share attributable to Innoviva stockholders is computed by dividing the net loss attributable to Innoviva stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common stock equivalents. The following table shows the computation of basic and diluted net income per share for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands except per share data) 2024 2023 2022 Numerator: Net income attributable to Innoviva stockholders, basic $ 23,392 $ 179,722 $ 213,921 Add: interest expense on 2023 Notes, net of tax effect — 89 2,439 Add: interest expense on 2025 Notes, net of tax effect 3,468 5,116 4,583 Add: interest expense on 2028 Notes, net of tax effect — 6,377 4,626 Net income attributable to Innoviva stockholders, diluted $ 26,860 $ 191,304 $ 225,569 Denominator: Weighted-average shares used to compute basic net income 62,726 65,435 69,644 Dilutive effect of 2023 Notes — 187 6,188 Dilutive effect of 2025 Notes 11,150 11,150 11,150 Dilutive effect of 2028 Notes — 9,955 8,158 Dilutive effect of options and awards granted under equity 311 149 108 Weighted-average shares used to compute diluted net income 74,187 86,876 95,248 Net income per share attributable to Innoviva stockholders Basic $ 0.37 $ 2.75 $ 3.07 Diluted $ 0.36 $ 2.20 $ 2.37 Anti‑dilutive Securities The following common stock equivalents were not included in the computation of diluted net income per share because their effect was anti‑dilutive for the periods presented: Year Ended December 31, (In thousands) 2024 2023 2022 Outstanding options and awards granted under equity incentive 1,196 1,333 648 Outstanding stock warrant 591 591 282 Outstanding 2028 Notes 9,955 — — Total 11,742 1,924 930

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	3. REVENUE RECOGNITION Net Revenue from Collaboration Arrangement On July 13, 2022, Innoviva’s wholly owned subsidiary, Innoviva TRC Holdings, LLC (“ITH”) entered into an equity purchase agreement (“TRC Equity Purchase Agreement”) with Royalty Pharma Investments 2019 ICAV (“Royalty Pharma”) to sell our ownership interest in TRC. As a result of the sale of our ownership interest in TRC, which was consummated on July 20, 2022, we are no longer entitled to receive 15% of royalty payments made by GSK stemming from sales of TRELEGY ® ELLIPTA ® . We retained our royalty rights with respect to RELVAR ® /BREO ® ELLIPTA ® and ANORO ® ELLIPTA ® . Net revenue recognized under our GSK Agreements was as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Royalties – RELVAR/BREO $ 207,925 $ 208,042 $ 215,034 Royalties – ANORO 47,631 44,627 38,405 Royalties – TRELEGY (1) — — 72,029 Total royalties 255,556 252,669 325,468 Less: amortization of capitalized ( 13,823 ) ( 13,823 ) ( 13,823 ) Total royalty revenue $ 241,733 $ 238,846 $ 311,645 (1) The year ended December 31, 2022 represents the period from January 1, 2022 to July 20, 2022, the date of the sale of our ownership interest in TRC. LABA Collaboration As a result of the launch and approval of RELVAR ® /BREO ® ELLIPTA ® and ANORO ® ELLIPTA ® in the U.S., Japan and Europe, we paid milestone fees to GSK totaling $ 220.0 million during the year ended December 31, 2014. The milestone fees paid to GSK were recognized as capitalized fees paid, which are being amortized over their estimated useful lives commencing upon the commercial launch of the product. The amortization is recorded as a reduction to the royalties from GSK. We are entitled to receive annual royalties from GSK on sales of RELVAR ® /BREO ® ELLIPTA ® as follows: 15 % on the first $ 3.0 billion of annual global net sales and 5 % for all annual global net sales above $ 3.0 billion. Sales of single‑agent LABA medicines and combination medicines would be combined for the purposes of this royalty calculation. For other products combined with a LABA from the LABA Collaboration, such as ANORO ® ELLIPTA ® , royalties are upward tiering and range from 6.5 % to 10 %. We are also entitled to 15 % of royalty payments made by GSK under its agreements originally entered into with us, and since assigned to TRC in connection with the Spin-Off, including TRELEGY ® ELLIPTA ® through July 20, 2022, which royalties were upward tiering and ranged from 6.5 % to 10 %. Net Product Sales Total net product sales was as follows: Year Ended December 31, (In thousands) 2024 2023 2022 GIAPREZA® $ 55,037 $ 41,294 $ 14,214 XERAVA® 21,385 17,320 5,480 XACDURO® 21,070 2,003 — Total net product sales $ 97,492 $ 60,617 $ 19,694 We derived our net product sales: • approximately 83 % from customers located in the U.S. and 17 % from the rest of the world for the year ended December 31, 2024; • approximately 91 % from customers located in the U.S. and 9 % from the rest of the world for the year ended December 31, 2023; and, • approximately 96 % from customers located in the U.S. and 4 % from the rest of the world from the date of acquisition of La Jolla, which occurred on August 22, 2022, to December 31, 2022. License and Other Revenue Refer to the out-license agreement with Zai Lab and Everest in Note 4, “License and Collaboration Arrangements”.

License and Collaboration Arran

License and Collaboration Arrangements	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE AND COLLABORATION ARRANGEMENTS	4. LICENSE AND COLLABORATION ARRANGEMENTS Out-License Agreements Zai Lab Entasis entered into a license and collaboration agreement with Zai Lab (Shanghai) Co., Ltd. (“Zai Lab”) (Nasdaq: ZLAB), pursuant to which Zai Lab licensed exclusive rights to durlobactam and SUL-DUR, in the Asia-Pacific region (“the Zai Agreement”). Under the terms of the Zai Agreement, Zai Lab will fund most of the registrational clinical trial costs in China for SUL-DUR, with the exception of Phase 3 patient drug supply of licensed products. Zai Lab will conduct development activities and plan and obtain regulatory approval in a specified number of countries in the Asia-Pacific region beyond China after receipt of regulatory approval of a licensed product in China. Zai Lab is also solely responsible for commercializing licensed products in the Asia-Pacific region and will commercialize licensed products for which it has obtained regulatory approval. We are obligated to supply Zai Lab with the licensed products for clinical development and, if the licensed product is approved, for commercial use for a certain period unless Zai Lab notifies otherwise. Zai Lab may take over manufacturing responsibilities for its own commercialization activities within a specified time period following the effective date of the Zai Agreement. We ar e eligible to receive up to an aggregate of $ 91.0 million in research and development support payments and development, regulatory and sales milestone payments related to SUL-DUR, imipenem and other combinations with the licensed products. Zai Lab will pay us a tiered royalty equal to from a high-single digit to low-double digit percentage based on annual net sales of licensed products in the territory, subject to specified reductions for the market entry of competing products, loss of patent coverage of licensed products and for payments owed to third parties for additional rights necessary to commercialize licensed products in the territory. Payments received for research support and reimbursable clinical trial costs are recorded as a reduction to research and development expense during the period in which the qualifying expenses are incurred. Such amounts recorded for the years ended December 31, 2024 and 2023 were not material. SUL-DUR was approved by China’s National Medical Products Administration in May 2024, and we recognized $ 8.0 million in license revenue for the year ended December 31, 2024 under this agreement. Following the approval of XACDURO ® by the FDA in May 2023, we recognized $ 3.0 million in license revenue for the year ended December 31, 2023. In April 2024, we entered into an amendment to the Zai Agreement (the “Amended Zai Agreement”), pursuant to which Zai Lab shall share costs associated with certain new manufacturing and technology transfer activities for XACDURO ® (the “Services”), which were not contemplated under the Zai Agreement and are crucial for regulatory approval in the Asia-Pacific region. We determined that the Amended Zai Agreement falls within the scope of ASC 606 and Zai Lab is a customer in this arrangement as the Services are an output of our ordinary activities. We have determined that the Services represent the only performance obligation and are distinct from the performance obligations under the original Zai Agreement. In addition, the expenses we incur in performing the Services most accurately depict the transfer of value to Zai Lab and maximize the use of observable inputs for measuring progress, therefore, we recognize revenue from this arrangement as the expenses related to Services are incurred. We recognized $ 8.1 million in license and other revenue for the year ended December 31, 2024 under the Amended Zai Agreement, of which $ 1.6 million is included in “Accounts receivable” in our consolidated balance sheet as of December 31, 2024. In June 2024, we entered into an interim supply agreement with Zai Lab, under which Zai Lab shall purchase XACDURO ® inventory (the “Supplied Inventory”) for their commercial launch. We have determined that this agreement falls within the scope of ASC 606. Zai Lab is a customer and the Supplied Inventory is an output of our ordinary activities. We have also determined that the Supplied Inventory represents the only performance obligation and is distinct from the performance obligations under the Zai agreements discussed above. Furthermore, we evaluated that the performance obligation is satisfied over time and that a cost-to-cost measure of progress would be the measure of progress that most accurately depicts the transfer of value to Zai Lab and maximizes the use of observable inputs to measure progress. We recognized $ 6.3 million in net product sales for the Supplied Inventory for the year ended December 31, 2024, of which $ 0.6 million is included in “Accounts receivable” in our consolidated balance sheet as of December 31, 2024. We also entered into a manufacturing stage transfer agreement with Zai Lab in June 2024, which was amended in September 2024 (the “Zai Manufacturing Stage Transfer Agreement”). Pursuant to this agreement, Entasis shall provide assistance to Zai Lab for building out Zai Lab’s manufacturing site for XACDURO ® and be compensated for Entasis' services and associated costs. We have determined this agreement falls within the scope of ASC 606. Zai Lab is a customer and the transfer service is an output of our ordinary activities and represents our only performance obligation, which is distinct from the performance obligations under the Zai agreements. Furthermore, we have evaluated that the performance obligation is satisfied over time and that the costs we incur in performing the transfer service most accurately depicts the transfer of value to Zai Lab and maximizes the use of observable inputs for measuring progress, therefore, we recognize revenue from this arrangement as the services are provided and the costs are incurred. We recognized $ 3.4 million in license and other revenue for the year ended December 31, 2024 under the Zai Manufacturing Stage Transfer Agreement, of which $ 0.1 million is included in “Accounts receivable” in our consolidated balance sheet as of December 31, 2024. In October 2024, we entered into a letter agreement pursuant to which Zai Lab will purchase regulatory starting material (“RSM”) supply for use in the production of XACDURO ® for up to $ 10.9 million. We will supply the RSM while we continue to work on executing a commercial supply agreement with Zai Lab in accordance with the Zai Agreement. Based on our assessments, this agreement does not modify any of our existing contracts with Zai Lab discussed above and should be accounted for separately. We have also determined that this agreement falls within the scope of ASC 606. However, this does not meet the definition of a contract with a customer since the contract does not identify each party’s rights regarding goods or services. Accordingly, we deferred the consideration received amounting to $ 5.3 million as of December 31, 2024 in “Other accrued liabilities” until the execution of a commercial supply agreement, which will include all the required terms necessary for identifying each party’s rights regarding goods or services. GARDP Entasis entered into a collaboration agreement with the Global Antibiotic Research and Development Partnership (“GARDP”) for the development, manufacture and commercialization of the product candidate zoliflodacin in certain countries (“the GARDP Collaboration Agreement”). Under the terms of the GARDP Collaboration Agreement, GARDP will use commercially reasonable endeavors to perform and fully fund the Phase 3 registrational trial, including the manufacture and supply of the product candidate containing zoliflodacin, in uncomplicated gonorrhea. We recorded immaterial reimbursements from GARDP under this agreement as reduction to research and development expense during the periods presented. In addition, under the GARDP Collaboration Agreement, GARDP was granted a worldwide, fully paid, exclusive and royalty-free license, with the right to sublicense, to use our zoliflodacin technology in connection with GARDP’s development, manufacture and commercialization of zoliflodacin in low-income and specified middle-income countries. We retained commercial rights in all other countries worldwide, including the major markets in North America, Europe and Asia-Pacific. We also retained the right to use and grant licenses to our zoliflodacin technology to perform our obligations under the GARDP Collaboration Agreement and for any purpose other than gonorrhea or community-acquired indications. If we believe that the results of the Phase 3 registrational trial of zoliflodacin would be supportive of an application for marketing approval, we are obligated to use our best efforts to file an application for marketing approval with the FDA within six months of the completion of the trial and to use commercially reasonable endeavors to file an application for marketing approval with the European Medicines Agency (“EMA”). Each party is responsible for using commercially reasonable efforts to obtain marketing authorizations for the product candidate in their respective territories. PAION Pharma GmbH Pursuant to the PAION AG and PAION Deutschland GmbH (together and individually “PAION”) License, La Jolla granted PAION an exclusive license to commercialize GIAPREZA ® and XERAVA ® in the European Economic Area, the United Kingdom and Switzerland (collectively, the “PAION Territory”). We are entitled to receive potential commercial milestone payments of up to $ 109.5 million and double-digit tiered royalty payments. Royalties payable in a given jurisdiction under the PAION License will be subject to reduction on account of generic competition and after patent expiration in that jurisdiction. Pursuant to the PAION License, PAION will be solely responsible for the future development and commercialization of GIAPREZA ® and XERAVA ® in the PAION Territory. PAION is required to use commercially reasonable efforts to commercialize GIAPREZA® and XERAVA ® in the PAION Territory. We have not recognized any revenue from PAION related to commercial milestones from the date of acquisition of La Jolla to December 31, 2024. Royalty revenue recognized under this agreement for the year ended December 31, 2024 was $ 1.5 million . Royalty revenue recognized under this agreement for the year ended December 31, 2023 and from the date of acquisition of La Jolla to December 31, 2022 was no t material. La Jolla also entered into the PAION commercial supply agreement (the “PAION Supply Agreement”) whereby La Jolla will supply PAION a minimum quantity of GIAPREZA ® and XERAVA ® through July 13, 2024. The PAION supply agreement will automatically renew until the earlier of July 13, 2027, or until a new supply agreement is executed. During the initial term of the supply agreement, we will be reimbursed for direct and certain indirect manufacturing costs at cost. We recognized $ 1.3 million in cost reimbursements under this agreement for the year ended December 31, 2023. Amounts recognized under this agreement for the year ended December 31, 2024 and from the date of acquisition of La Jolla to December 31, 2022 were not material. PAION filed for insolvency in Germany on October 27, 2023 and the insolvency proceedings commenced on January 1, 2024. PAION announced on December 22, 2023 that it concluded negotiations with Humanwell Healthcare Group and entered into an agreement on the sale of the essential business operations of PAION with the approval of the insolvency administrator in both procedures. In early 2024, the sale of business operations of PAION was completed and starting February 2024, PAION has continued its business as a subsidiary of the Humanwell Healthcare Group as an independent company under the name PAION Pharma GmbH. Everest Medicines Limited Pursuant to the Everest Medicines Limited (“Everest”) License, La Jolla granted Everest an exclusive license to develop and commercialize XERAVA ® for the treatment of complicated intra-abdominal infections (“cIAI”) and other indications in mainland China, Taiwan, Hong Kong, Macau, South Korea, Singapore, the Malaysian Federation, the Kingdom of Thailand, the Republic of Indonesia, the Socialist Republic of Vietnam and the Republic of the Philippines (collectively, the “Everest Territory”). Under the Everest License, we recognized $ 8.0 million in license revenue for the year ended December 31, 2023 as a result of an achievement of a regulatory milestone during the period. We are eligible to receive additional sales milestone payments of up to an aggregate of $ 20.0 million. We are also entitled to receive tiered royalties from Everest at percentages in the low double digits on sales, if any, in the Everest Territory of products containing eravacycline. Royalties are payable with respect to each jurisdiction in the Everest Territory until the latest to occur of: (i) the last-to-expire of specified patent rights in such jurisdiction in the Everest Territory; (ii) expiration of marketing or regulatory exclusivity in such jurisdiction in the Everest Territory; or (iii) 10 years after the first commercial sale of a product in such jurisdiction in the Everest Territory. Royalty revenue recognized under this agreement for the years ended December 31, 2024 and 2023 was $ 4.7 million and $ 1.4 million, respectively. Royalty revenue recognized under this agreement from the date of acquisition of La Jolla to December 31, 2022 was no t material. La Jolla also entered into the Everest commercial supply agreement (the “Everest Supply Agreement”) whereby La Jolla will supply Everest a minimum quantity of XERAVA ® and will transfer to Everest certain XERAVA ® -related manufacturing know-how. We were eligible to be reimbursed for direct and certain indirect manufacturing costs at 110 % of cost through December 31, 2023. W e recognized $ 3.2 million and $ 2.4 million in revenue under this agreement for the years ended December 31, 2024 and 2023, respectively. We recognized $ 0.8 million in revenue under this agreement from the acquisition of La Jolla to December 31, 2022. In-License Agreements Basilea In December 2024, we entered into an exclusive distribution and license agreement with Basilea under which we were granted exclusive marketing rights to ZEVTERA ® in the U.S. The agreement will remain in effect until the expiration of market exclusivity of ZEVTERA ® in the U.S. in 2034 (the “initial term”), subject to automatic renewal unless either party provides notice. We paid an upfront fee of $ 4.0 million, which we recognized as an intangible asset and will be amortized over the initial term of the agreement. We will exclusively purchase ZEVTERA ® (pre-packaging and labeling) from Basilea throughout the term. We are also obligated to pay Basilea tiered royalties ranging from the high-teens to mid-twenties, as well as tiered milestones, on annual net sales in the U.S. We anticipate commercializing ZEVTERA ® in mid-year 2025 and, therefore, have not incurred any royalties or sales milestone payments for the year ended December 31, 2024. George Washington University Pursuant to the George Washington University (“GW”) License, GW exclusively licensed to La Jolla certain intellectual property rights relating to GIAPREZA ® , including the exclusive rights to certain issued patents and patent applications covering GIAPREZA ® . Under the GW License, we are obligated to use commercially reasonable efforts to develop, commercialize, market and sell GIAPREZA ® . We are obligated to pay a 6 % royalty on net sales of GIAPREZA ® and 15 % on payments received from sublicensees. The obligation to pay royalties under this agreement extends through the last-to-expire patent covering GIAPREZA ® . We recognized $ 3.4 million and $ 2.5 million for the years ended December 31, 2024 and 2023, respectively, under this agreement. Amounts recognized from the date of acquisition of La Jolla to December 31, 2022 were no t material. Harvard University Pursuant to the Harvard University (“Harvard”) License, Harvard exclusively licensed to La Jolla certain intellectual property rights relating to tetracycline-based products, including XERAVA ® , including the exclusive rights to certain issued patents and patent applications covering such products. Under the Harvard License, we are obligated to use commercially reasonable efforts to develop, commercialize, market and sell tetracycline-based products, including XERAVA ® . For each product covered by the Harvard License, we are obligated to make certain payments for the following: (i) up to approximately $ 15.1 million upon the achievement of certain clinical development and regulatory milestones; (ii) a 5 % royalty on direct U.S. net sales of XERAVA ® ; (iii) a single-digit tiered royalty on direct ex-U.S. net sales of XERAVA ® , starting at a minimum royalty rate of 4.5 %, with step-ups to a maximum royalty of 7.5 % based on the achievement of annual net product sales thresholds; and (iv) 20 % on payments received from sublicensees. The obligation to pay royalties under this agreement extends through the last-to-expire patent covering tetracycline-based products, including XERAVA ® . We recognized $ 1.4 million for the year ended December 31, 2024 under this agreement. For the year ended December 31, 2023, we recognized $ 1.2 million as cost of license revenue under this agreement as a result of the license revenue we earned under the out-licensing agreement with Everest for the same period. For the years ended December 31, 2024 and 2023 and from the date of acquisition of La Jolla to December 31, 2022, royalties recognized under this agreement were no t material. Paratek Pharmaceuticals, Inc. Pursuant to the Paratek Pharmaceuticals, Inc. (“Paratek”) License, Paratek non-exclusively licensed to La Jolla certain intellectual property rights relating to XERAVA ® , including non-exclusive rights to certain issued patents and patent applications covering XERAVA ® . We were obligated to pay Paratek a 2.25 % royalty based on direct U.S. net sales of XERAVA ® . Our obligation to pay royalties with respect to the licensed product was retroactive to the date of the first commercial sale of XERAVA ® and continued until there are no longer any valid claims of the Paratek patents, which expired in October 2023 . For the year ended December 31, 2023, and from the date of acquisition of La Jolla to December 31, 2022, amounts recognized under this agreement were not material. Business Transfer and Subscription Agreement with AstraZeneca Entasis entered into a Business Transfer and Subscription Agreement with AstraZeneca, AstraZeneca UK Limited and AstraZeneca Pharmaceuticals LP (collectively, “AstraZeneca”) (the “AstraZeneca Agreement”) in 2015, which was amended and restated through 2018, pursuant to which Entasis obtained, among other things, worldwide rights to durlobactam and zoliflodacin. Under the AstraZeneca Agreement, we are obligated to pay AstraZeneca a one-time milestone payment of $ 5.0 million within three months of achieving a specified cumulative net sales milestone for durlobactam. We are also obligated to pay AstraZeneca a one-time milestone payment of $ 10.0 million within two years of achieving the first commercial sale of zoliflodacin. Additionally, we are obligated to pay AstraZeneca tiered, single-digit royalties on the annual worldwide net sales of durlobactam and, the lesser of tiered, single-digit royalties on the worldwide annual net sales of zoliflodacin and a specified share of the royalties we receive from sublicensees of zoliflodacin. Royalties on sales of zoliflodacin do not include sales by GARDP in low-income and specified middle-income countries as discussed above. Our obligation to make these royalty payments expires with respect to each product on a country-by-country basis upon the later of (i) the 10-year anniversary of the first commercial sale of a product in each such country or (ii) when the last patent right covering a product expires in each such country. Royalty expense on durlobactam arising from our net sales of XACDURO ® for the year ended December 31, 2024 and 2023 was no t material.

Consolidated Entities and Acqui

Consolidated Entities and Acquisitions	12 Months Ended
	Dec. 31, 2024
Consolidated Entities
CONSOLIDATED ENTITIES AND ACQUISITIONS	5. CONSOLIDATED ENTITIES AND ACQUISITIONS Consolidated Entities Theravance Respiratory Company, LLC Up until July 20, 2022, we consolidated TRC under the VIE model as we determined that TRC was a VIE and we were the primary beneficiary of the entity because we had the power to direct the economically significant activities of TRC and the obligation to absorb losses of, or the right to receive benefits from, TRC. We held 15 % ownership interest of TRC. The primary source of revenue for TRC is the royalties generated from the net sales of TRELEGY ® ELLIPTA ® by GSK. As discussed in Note 3, “Revenue Recognition”, on July 13, 2022, ITH entered into the TRC Equity Purchase Agreement to sell our ownership interest in TRC. Upon the closing of the transaction on July 20, 2022, we received $ 277.5 million in cash from Royalty Pharma. We are also entitled to receive up to $ 50.0 million in contingent sales-based milestone payments in the future. In connection with the closing of the transaction, we also received our portion of TRC’s remaining cash balance of $ 4.4 million from Royalty Pharma rather than through a cash distribution from TRC. Prior to the closing of the transaction and as part of the agreement, TRC distributed its ownership interests and investments in InCarda Therapeutics (“InCarda”), Inc., ImaginAb, Inc. (“ImaginAb”), Gate and Nanolive SA (“Nanolive”), which had a total carrying value of $ 39.4 million, to ITH. We accounted for the transaction similar to an upstream sale between a parent and a VIE under ASC 810-10. As such, ITH recorded the transferred investments at their respective carrying values and no gain or loss was recognized in the consolidated statement of income. The summarized financial information of TRC from January 1, 2022 to July 20, 2022, the date of the sale of our ownership interest in TRC, is presented as follows: (In thousands) Royalty revenue $ 72,029 Operating expenses ( 332 ) Income from operations 71,697 Other income, net 10 Realized loss ( 39,386 ) Income tax expense, net 1 Changes in fair values of equity and ( 8,884 ) Net income $ 23,438 ISP Fund LP In December 2020, Innoviva Strategic Partners LLC, our wholly owned subsidiary (“Strategic Partners”), contributed $ 300.0 million to ISP Fund LP (the “Partnership”) for investing in “long” positions in the healthcare, pharmaceutical and biotechnology sectors and became a limited partner. The general partner of the Partnership (“General Partner”) is an affiliate of Sarissa Capital. The Partnership Agreement provides for Sarissa Capital to receive management fees from the Partnership, payable quarterly in advance, measured based on the Net Asset Value of Strategic Partners’ capital account in the Partnership. In addition, General Partner is entitled to an annual performance fee based on the Net Profits of the Partnership during the annual measurement period. The Partnership Agreement includes a lock-up period of thirty-six months after which Strategic Partners is entitled to make withdrawals from the Partnership as of such lock-up expiration date and each anniversary thereafter, subject to certain limitations. The lock-up period for the initial contribution of $ 190.0 million, which excludes the amount discussed below, expired in December 2023 . Strategic Partners did not elect to make a withdrawal in 2023, thereby extending the lock-up period and withdrawal elections into subsequent years. In May 2021, Strategic Partners received a distribution of $ 110.0 million from the Partnership to provide funding to Innoviva for a strategic repurchase of shares held by GSK. On March 30, 2022, Strategic Partners made an additional capital contribution of $ 110.0 million to the Partnership pursuant to the letter agreement entered into between Strategic Partners, the Partnership and Sarissa Capital Fund GP LP on May 20, 2021. The capital contribution is subject to a 36-month lock up period from the contribution date. We consolidate ISP Fund LP under the VIE model as we have determined that ISP Fund LP is a VIE and we are the primary beneficiary of the entity via our related party relationships with Sarissa Capital entities. Our maximum exposure to loss is equal to the amount we invested in the entity. ISP Fund LP is determined to be an investment company under ASC 946, Financial Services – Investment Companies , as it meets all fundamental characteristics of an investment company, and its activities are consistent with those of an investment company. Since ISP Fund LP is subject to investment company industry specific guidance, we have retained the industry-specific guidance applied by the Partnership. In addition, as our investment in the Partnership is a passive investment for the Company and is not part of our main operations, the investments are presented as part of “Equity and long-term investments” in our consolidated balance sheets. In October 2024, Strategic Partners made an election to unwind its capital accounts in the Partnership in accordance with the terms of the Partnership Agreement and we expect to receive distributions of our capital accounts through April 2026. Accordingly, a portion of our investments, which consist of cash and money market funds that we expect to be distributed in the next 12 months, were classified as ISP Fund investments in the consolidated balance sheet as of December 31, 2024, and the remaining equity investments managed by ISP Fund LP are expected to be distributed through April 2026. We report in our consolidated statements of income any investment gains and losses by the Partnership as part of “Changes in fair value of equity and long-term investments, net”, any interest and dividend income as part of “Interest and dividend income” and any investment expenses as part of “Other expense, net”. As of December 31, 2024 , we continued to hold 100 % of the economic interest of Partnership. As of December 31, 2024 and 2023, total assets of the Partnership were $ 255.7 million and $ 311.8 million, respectively, of which the majority was attributable to equity and long-term investments. As of December 31, 2024 and 2023, total liabilities of the Partnership w ere $ 0.2 mill ion and $ 0.1 million, respectively. The Partnership ’s assets can only be used to settle its own obligations. During the year ended December 31, 2024, the Partnership incurred $ 3.7 million in net investment-related expenses, generated $ 4.4 million interest income, recorded $ 5.3 million in net realized losses and $ 51.5 million in net unrealized losses as changes in fair values of equity and long-term investments, net, in the consolidated statement of income. During the year ended December 31, 2023, the Partnership incurred $ 4.3 million in net investment-related expenses, generated $ 6.3 million interest income, recorded $ 2.4 million in net realized losses and $ 6.7 million in net unrealized losses as changes in fair values of equity and long-term investments, net, in the consolidated statement of income. During the year ended December 31, 2022, the Partnership incurred $ 5.2 million in net investment-related expense, generated $ 2.0 million interest income, and recorded net $ 6.8 million realized gains and net $ 9.9 million unrealized losses as changes in fair values of equity and long-term investments, net, in the consolidated statement of income. We account for the long-term investments held by ISP Fund LP as of December 31, 2024 and 2023 and 2022 as equity investments measured at fair value. The following is a summary of individual investments held by ISP Fund at each balance sheet date: December 31, In thousands 2024 2023 Common stock - Publicly traded healthcare companies United States $ 84,039 $ 184,926 United Kingdom 1,989 2,942 Total common stock 86,028 187,868 Preferred stock - Privately held healthcare companies United States 53,591 52,530 Warrants - Privately held healthcare companies 8,507 8,075 Money market fund and cash 107,532 63,339 Total investments held by ISP Fund LP $ 255,658 $ 311,812 Acquisitions Entasis Therapeutics Holdings Inc. We started investing in Entasis in 2020 as part of our capital allocation strategy of deploying cash generated from royalty income and investing in different life sciences companies. Entasis at the time was an advanced, late clinical-stage biopharmaceutical company focused on the discovery and development of novel antibacterial products. Effective in June 2020, after certain conditions were met with respect to the sales of Entasis equity shares, Innoviva had the right to designate two members to Entasis’ board. Our investment in Entasis consisted of shares of common stock and warrants to purchase shares of Entasis common stock. The fair value of Entasis’ common stock was measured based on its closing market price at each balance sheet date. We used the Black-Scholes-Merton pricing model to estimate the fair value of the warrants. On February 17, 2022, Innoviva Strategic Opportunities, LLC (“ISO”) entered into a securities purchase agreement with Entasis pursuant to which ISO purchased a convertible promissory note for a total purchase price of $ 15.0 million. The note bore an annual interest rate of 0.59 % and was due to mature and become payable on August 18, 2022 unless it was converted at a conversion price of $ 1.48 before the maturity date. With this financing, we determined that we had both (i) the power to direct the economically significant activities of Entasis and (ii) the obligation to absorb the losses, or the right to receive the benefits, that could potentially be significant to Entasis and therefore, we were the primary beneficiary of Entasis. Accordingly, we consolidated Entasis’ financial position and results of operations effective on February 17, 2022. Our equity ownership interest remained at 59.9 % as of February 17, 2022, and the fair values of our holdings of Entasis common stock and warrants were remeasured and estimated at $ 64.5 million and $ 31.4 million, respectively. The remeasurement resulted in a $ 7.8 million loss in the first quarter of 2022 which was included in changes in fair values of equity method investments, net, in the consolidated statement of income for the year ended December 31, 2022. We completed our acquisition of Entasis’ noncontrolling interest on July 11, 2022. No payments were made toward the convertible promissory note through the date of acquisition of Entasis. In connection with the acquisition, all of the Entasis warrants were replaced with Innoviva warrants (the “Replacement Warrants”) of equivalent value and bearing the same terms. The Replacement Warrants were classified as equity. We recognized the difference between the acquisition price and the carrying value of the acquired noncontrolling interest on July 11, 2022 in our additional paid-in capital. The fair values assigned to assets acquired and liabilities assumed as of February 17, 2022 were based on management’s best estimates and assumptions. After the acquisition in July 2022, we adjusted the purchase price allocation based on new and additional information related to product sales forecast provided by Entasis and deferred tax liabilities. During the year ended December 31, 2022, we recorded measurement period adjustments of $ 4.7 million decrease in goodwill, primarily related to a decrease in estimated purchase price of $ 1.4 million, an increase in noncontrolling interests of $ 1.7 million, and an increase in intangible assets of $ 2.5 million. The cumulative impact of the measurement period adjustments included in the consolidated net income for the year ended December 31, 2022 was not material. In February 2023, we recorded a measurement period adjustment of $ 1.2 million increase in goodwill, primarily related to a decrease in intangible assets of $ 0.8 million and an increase in deferred tax liabilities of $ 0.4 million. The measurement period adjustment did not impact the consolidated net income for the year ended December 31, 2023. The following table represents the adjusted fair values of the assets acquired and liabilities assumed by us in the transaction: (In thousands) February 17, 2022 Cash and cash equivalents $ 23,070 Prepaid expenses 5,554 Other current assets 1,959 Property and equipment, net 185 Right-of-use assets 959 Goodwill 11,493 Intangible assets 106,700 Other assets 302 Total assets acquired $ 150,222 Accounts payable $ 1,583 Accrued personnel-related expenses 1,058 Other accrued liabilities 5,096 Deferred tax liabilities 7,769 Total liabilities assumed $ 15,506 Total assets acquired, net $ 134,716 The goodwill arising from the acquisition of Entasis is primarily attributable to Entasis’ assembled workforce and the value associated with growing our business more efficiently. The goodwill from this acquisition is not expected to be deductible for tax purposes. Refer to Note 8, “Goodwill and Intangible Assets”, for more discussion on the intangible assets recognized as part of this acquisition. As a result of the consolidation, we recognized a non-controlling interest of $ 38.5 million as of February 17, 2022. Our consolidated net income for the year ended December 31, 2022 included the net loss attributable to noncontrolling interest since the consolidation date until the date of acquisition of $ 13.6 million. La Jolla Pharmaceutical Company On August 22, 2022, ISO acquired La Jolla for a total consideration of $ 206.6 million. ISO acquired La Jolla at a price of $ 6.23 per share. La Jolla brought to Innoviva an established product portfolio, including GIAPREZA ® (angiotensin II), approved to increase blood pressure in adults with septic or other distributive shock and XERAVA ® (eravacycline) for the treatment of complicated intra-abdominal infections (cIAIs). We incurred approximately $ 5.3 million in acquisition-related costs in connection with this acquisition during the year ended December 31, 2022. The fair values assigned to assets acquired and liabilities assumed as of August 22, 2022 were based on management’s best estimates and assumptions. During the year ended December 31, 2022, we recorded measurement period adjustments of $ 3.7 million increase in goodwill, primarily related to a decrease in inventory and intangible assets of $ 7.7 million and $ 1.5 million, respectively, and an increase in deferred tax liabilities of $ 2.6 million, partially offset by a decrease in other long-term liabilities of $ 8.3 million. The cumulative impact of the measurement period adjustments included in the consolidated net income for the year ended December 31, 2022 was not material. In June 2023, we recorded a measurement period adjustment of $ 13.1 million decrease in goodwill, primarily related to an increase in deferred tax assets of $ 10.5 million and a decrease in deferred tax liabilities of $ 2.6 million. In August 2023, we recorded a measurement period adjustment of $ 3.0 million increase in goodwill, primarily related to a decrease in deferred tax assets of $ 2.4 million and an increase in deferred tax liabilities of $ 0.6 million. The cumulative impact of the measurement period adjustments included did not impact the consolidated net income for the year ended December 31, 2023. The following table represents the adjusted fair values of assets acquired and liabilities assumed by us in the transaction: (In thousands) August 22, 2022 Cash and cash equivalents $ 47,415 Short-term marketable securities 471 Accounts receivable 5,876 Inventory 66,200 Prepaid expenses 1,261 Other current assets 907 Property and equipment, net 13 Right-of-use assets 226 Goodwill 6,411 Intangible assets 151,000 Deferred tax assets 7,461 Other assets 710 Total assets acquired $ 287,951 Accounts payable $ 1,237 Deferred revenue 2,849 Other accrued liabilities 11,362 Other long-term liabilities 65,944 Total liabilities assumed $ 81,392 Total assets acquired, net $ 206,559 The goodwill arising from the acquisition of La Jolla is primarily attributable to La Jolla’s assembled workforce and the value associated with leveraging the workforce to develop and commercialize new drug products in the future and growing our business more efficiently. The goodwill from this acquisition is not expected to be deductible for tax purposes. Refer to Note 8, “Goodwill and Intangible Assets”, for more discussion on the intangible assets recognized as part of this acquisition. Pro Forma Financial Information The following table presents certain unaudited pro-forma financial information for the year ended December 31, 2022 as if the consolidation of Entasis and La Jolla occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only, and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2021, or of results that may occur in the future. The unaudited pro forma financial information combines the historical results of the Entasis and La Jolla with the Company’s consolidated historical results and includes certain adjustments including, but not limited to, fair value adjustments to equity investments in Entasis’ common stock and warrants, fair value adjustments to inventory, amortization of intangible assets, and interest expense on deferred royalty obligations and acquisition-related costs. Year Ended December 31, (In thousands) 2022 Revenue $ 357,880 Net income $ 204,987 Net income attributable to Innoviva stockholders $ 214,390

Equity and Long-term Investment

Equity and Long-term Investments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
EQUITY AND LONG-TERM INVESTMENTS AND FAIR VALUE MEASUREMENTS	6. EQUITY AND LONG-TERM INVESTMENTS AND FAIR VALUE MEASUREMENTS Equity and Other Investments in Armata During the first quarter of 2020, Innoviva acquired 8,710,800 shares of common stock as well as warrants to purchase 8,710,800 additional shares of common stock of Armata Pharmaceuticals, Inc. (“Armata”) for approximately $ 25.0 million in cash. Armata is a clinical stage biotechnology company focused on precisely targeted bacteriophage therapeutics for antibiotic-resistant infections. During the first quarter of 2021, ISO entered into a securities purchase agreement with Armata to acquire 6,153,847 shares of Armata common stock and warrants to purchase 6,153,847 additional shares of Armata common stock for approximately $ 20.0 million. Armata also entered into a voting agreement with the Company and ISO, pursuant to which the Company and ISO agreed not to vote or take any action by written consent with respect to any common shares held by the Company and ISO that represent, in the aggregate, more than 49.5 % of the total number of shares of Armata’s common stock for voting on the matters related to election or removal of Armata’s board members. The voting agreement will expire on the earlier of the second anniversary of the agreement effective date and approval by the FDA of any of Armata’s product candidates for marketing and commercial distribution. During the fourth quarter of 2021, ISO also purchased an additional 1,212,122 shares of Armata common stock for approximately $ 4.0 million. On February 9, 2022, ISO entered into a securities purchase agreement with Armata to acquire 9,000,000 shares of Armata common stock and warrants to purchase 4,500,000 additional shares of common stock with an exercise price of $ 5.00 per share for $ 45.0 million. The investment closed in two tranches on February 9, 2022 and March 31, 2022. The investment is intended to aid Armata in advancing its clinical pipeline and strengthening its bacteriophage platform. On February 9, 2022, Armata also entered a second amended and restated voting agreement with the Company and ISO, pursuant to which the Company and ISO agreed not to vote or take any action by written consent with respect to any common shares held by the Company and ISO that represent, in the aggregate, more than 49.5 % of the total number of shares of Armata’s common stock for voting on the matters related to election or removal of Armata’s board members or amend the bylaws of Armata to reduce the maximum number of directors or set the number of directors who may serve on the board of Armata. The voting agreement will expire the earlier of the second anniversary of the agreement effective date and approval by the FDA of any of Armata’s product candidates for marketing and commercial distribution. In addition, as of February 9, 2022, Armata entered into an amended and restated investor rights agreement with the Company and ISO, pursuant to which for as long as the Company and ISO hold at least 12.5 % of the outstanding shares of Armata’s common stock on a fully-diluted, the Company and ISO shall have the right to designate two directors to Armata’s board of directors, and for so long as the Company and ISO hold at least 8 %, but less than 12.5 %, of the outstanding shares of Armata’s common stock on a fully-diluted basis, the Company and ISO shall have the right to designate one director to Armata’s board of directors, subject to certain conditions and qualifications set forth in the amended and restated investor rights agreement. On July 10, 2023, Armata entered into an amendment to the amended and restated investor rights agreement with the Company and ISO, pursuant to which the Company and ISO agreed that the voting agreement will expire on the earlier of the fifth anniversary of the original agreement’s effective date, January 26, 2021, or the approval by the FDA of any of Armata’s product candidates for marketing and commercial distribution. As of December 31, 2024, three of the seven members of Armata’s board of directors are also members of the board of directors of Innoviva. As of December 31, 2024 and 2023, we owned approximately 69.3 % and 69.4 %, respectively, of Armata’s common stock. On January 10, 2023, we entered into a Secured Convertible Credit Agreement (the “Credit Agreement”) with Armata, under which we invested in a one-year convertible note (the “Armata Convertible Note”) in an aggregate amount of $ 30.0 million at an interest rate of 8.0 % per annum. Pursuant to the Credit Agreement, the balance on the Armata Convertible Note, including all accrued and unpaid interest thereon, will convert into shares of Armata ’s common stock upon the occurrence of a qualified financing, as defined in the Credit Agreement. Any portion of the balance on the Armata Convertible Note, including all accrued and unpaid interest thereon, may also be converted into shares of Armata’ s common stock at our option once a registration statement covering the resale of such securities has been declared effective by the SEC. The Armata Convertible Note is secured by substantially all of the assets of Armata and its domestic and foreign material subsidiaries. On July 10, 2023, ISO and Armata executed an amendment to the Armata Convertible Note extending the maturity date from January 10, 2024 to January 10, 2025 . On November 12, 2024, ISO and Armata executed an amendment to the Armata Convertible Note extending the maturity date from January 10, 2025 to January 10, 2026 . On July 10, 2023, ISO and Armata entered into a Credit and Security Agreement (the “July 2023 Credit and Security Agreement"), under which we extended a term loan to Armata (the “Armata July 2023 Term Loan”) in an aggregate amount of $ 25.0 million. The Armata July 2023 Term Loan is subject to an interest rate of 14 % per annum and is due to mature on January 10, 2025 . The July 2023 Credit and Security Agreement is secured by substantially all of the assets of Armata and its domestic and foreign material subsidiaries. On November 12, 2024, ISO and Armata executed an amendment to the Armata July 2023 Term Loan extending the maturity date from January 10, 2025 to January 10, 2026 . On March 4, 2024, ISO and Armata entered into a Credit and Security Agreement (the “March 2024 Credit and Security Agreement”), under which we extended a term loan to Armata (the “Armata March 2024 Term Loan”) in an aggregate amount of $ 35.0 million. The Armata March 2024 Term Loan is subject to an interest rate of 14 % per annum and is due to mature on June 4, 2025 . The March 2024 Credit and Security Agreement is secured by substantially all of the assets of Armata and its domestic and foreign material subsidiaries. The investments in Armata’s common stock and warrants provide Innoviva and ISO the ability to have significant influence, but not control, over Armata’s operations. Armata’s business and affairs are managed under the direction of its board of directors, which Innoviva and ISO do not control. Based on our evaluation, we determined that Armata is a VIE, but Innoviva and ISO are not the primary beneficiaries of the VIE. We have not provided financial or other support that we were not previously contractually required to provide during the periods presented. Our maximum exposure to loss is equal to the amount we invested in the entity. We account for Armata’s common stock and warrants under the equity method using the fair value option. The fair value of Armata’s common stock is measured based on its closing market price. The warrants purchased in 2020, 2021 and 2022 have an exercise price of $ 2.87 , $ 3.25 and $ 5.00 per share, respectively. All warrants are exercisable immediately within five years from the issuance date of the warrants and include a cashless exercise option. We use the Black-Scholes-Merton pricing model to estimate the fair value of these warrants with the following input assumptions: Armata’s closing market price on the valuation date, the risk-free interest rate computed based on the U.S. Treasury yield, the remaining contractual term as the expected term, and the expected stock price volatility calculated based on the historical volatility of the common stock of Armata and its peer companies. We account for the Armata Convertible Note as a trading security, measured at fair value using a Monte Carlo simulation model with the probability of certain qualified events and the assumptions of risk-free rate, volatility of stock price and timing of certain qualified events. We account for the Armata July 2023 Term Loan and the Armata March 2024 Term Loan as trading securities, measured at fair value using income approach based on the discounted value of expected future cash flows. As of December 31, 2024, the fair values of our holdings of Armata common stock, warrants, the Armata Convertible Note, the Armata July 2023 Term Loan and the Armata March 2024 Term Loan were estimated at $ 46.4 million, $ 5.9 million, $ 42.1 million, $ 30.2 million and $ 39.3 million, respectively . As of December 31, 2023 the fair values of our holdings of Armata common stock, warrants, the Armata Convertible Note and Armata July 2023 Term Loan were estimated at $ 81.2 million, $ 35.3 million, $ 51.9 million and $ 27.0 million, respectively. For the Armata common stock and warrants, we recorded $ 64.3 million unrealized losses, $ 77.4 million unrealized gains and $ 152.5 million unrealized losses as changes in fair values of equity method investments, net, in the consolidated statements of income for the years ended December 31, 2024, 2023 and 2022, respectively . For the Armata Convertible Note, we recorded $ 9.8 million unrealized losses and $ 21.8 million unrealized gains as changes in fair values of equity and long-term investments, net, in the consolidated statements of income for the years ended December 31, 2024 and 2023, respectively. For the Armata July 2023 Term Loan, we rec orded $ 3.2 million and $ 2.0 million unrealized gains as changes in fair values of equity and long-term investments, net, in the consolidated statements of income for the years ended December 31, 2024 and 2023, respectively. For the Armata March 2024 Term Loan, we recorded $ 4.3 million unrealized gains as changes in fair values of equity and long-term investments, net, in the consolidated statements of income for the year ended December 31, 2024. The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag as follows: Balance Sheet Information September 30, (In thousands) 2024 2023 Current assets $ 22,389 $ 36,585 Noncurrent assets $ 75,848 $ 76,176 Current liabilities $ 118,204 $ 21,884 Noncurrent liabilities $ 31,006 $ 103,263 Income Statement Information Twelve Months Ended September 30, (In thousands) 2024 2023 2022 Revenue $ 5,467 $ 4,052 $ 5,446 Loss from operations $ ( 38,476 ) $ ( 41,639 ) $ ( 32,666 ) Net loss $ ( 41,363 ) $ ( 59,512 ) $ ( 32,650 ) Equity Method Investment in Entasis Prior to the consolidation of Entasis’ financial position and results of operations in February 2022, we accounted for Entasis as an equity method investment. Refer to Note 5, “Consolidated Entities and Acquisitions”, for more information. Equity Investment in InCarda During the third quarter of 2020, TRC purchased 20,469,432 shares of Series C preferred stock and a warrant to purchase 5,117,358 additional shares of Series C preferred stock of InCarda Therapeutics, Inc. (“InCarda”) (the “InCarda 2020 Warrant”) for $ 15.8 million, which included $ 0.8 million of transaction costs. InCarda is a privately held biopharmaceutical company focused on developing inhaled therapies for cardiovascular diseases. The investment is intended to fund the ongoing clinical development of InRhythm TM (flecainide for inhalation), InCarda’s lead program, for the treatment of a recent-onset episode of paroxysmal atrial fibrillation. On July 20, 2022, under the terms of the TRC Equity Purchase Agreement, TRC transferred to Innoviva’s wholly-owned subsidiary, Innoviva TRC Holdings, LLC (“ITH”) all of TRC’s ownership interests and investments in InCarda. ITH has the right to designate one member to InCarda’s board of directors. As of December 31, 2024, no ITH designee is serving on InCarda’s six -member board. We did not exercise the InCarda 2020 Warrant which expired in March 2023 and wrote off its carrying value of $ 0.1 million during 2023. On March 9, 2022, TRC entered into a Note and Warrant Purchase Agreement (the “InCarda Agreement”) with InCarda to acquire a convertible promissory note (the “InCarda Convertible Note”) and warrants (the “InCarda 2022 Warrant”) for $ 0.7 million. The InCarda 2022 Warrant expires on March 9, 2027 and is measured at fair value. On June 15, 2022, the principal amount and the accrued interest of the InCarda Convertible Note were converted into equity securities. In addition, TRC participated in InCarda’s Series D preferred stock financing by investing $ 2.3 million. In connection with the new round of financing, InCarda recapitalized its equity structure resulting in TRC owning 4,093,886 shares of InCarda’s common stock, 37,350 shares of its Series A-1 preferred stock, 20,469,432 shares of its Series C preferred stock, 8,771,780 shares of its Series D-1 preferred stock, 3,369,802 shares of its Series D-2 preferred stock, a warrant to purchase 5,117,358 shares of its Series C preferred stock at $ 0.73 per share and a warrant to purchase 2,490,033 shares of its Series D-1 preferred stock at $ 0.20 per share. As of December 31, 2024 and 2023, we held 9.1 % and 8.1 % of InCarda equity ownership, respectively. Our investment in InCarda does not provide us with the ability to control or have significant influence over InCarda’s operations. Based on our evaluation, we determined that InCarda is a VIE, but we are not the primary beneficiary of the VIE. We have not provided financial or other support that we were not previously contractually required to provide during the periods presented. Our maximum exposure to loss is equal to the amount we invested in the entity. With the exception of the InCarda Series D Warrants, which is measured at fair value, we account for the aforementioned investments in InCarda under the measurement alternative. Under the measurement alternative, the equity investment is initially recorded at its allocated cost, but the carrying value may be adjusted through earnings upon an impairment or when there is an observable price change involving the same or a similar investment with the same issuer. Due to InCarda’s equity recapitalization in the second quarter of 2022, TRC reassessed the value of its investments in InCarda using the Option Pricing Model Backsolve valuation methodology. Key assumptions used in the valuation model included an expected holding period of two years , a risk-free interest rate of 3.2 %, a dividend yield of 0.0 % and an estimated volatility of 122.0 %. The estimated volatility was calculated based on the historical volatility of a selected peer group of public companies comparable to InCarda. We recognized an impairment charge of $ 9.0 million during the second quarter of 2022. Due to certain changes in InCarda’s business operations during the second quarter of 2023, ITH reassessed the value of its investments in InCarda using the Option Pricing Model methodology. Key assumptions used in the valuation model included an expected holding period of two years , a risk-free interest rate of 4.9 %, a dividend yield of 0.0 % and an estimated volatility of 114.2 %. The estimated volatility was calculated based on the historical volatility of a selected peer group of public companies comparable to InCarda. We recognized an impairment charge of $ 2.9 million during the second quarter of 2023. On January 17, 2024, ITH purchased a secured convertible promissory note (the “InCarda Convertible Note”) from InCarda for a total purchase price of $ 0.4 million. The InCarda Convertible Note bears an annual interest rate of 8 % and shall be due and payable upon the earlier to occur of certain events defined in the InCarda Convertible Note. The InCarda Convertible Note will convert into equity securities or shadow equity securities of InCarda depending upon the occurrence of a qualified event or a qualified financing event as also defined in the InCarda Convertible Note. The InCarda Convertible Note is secured by certain intellectual property rights of InCarda. We account for the InCarda Convertible Note as a trading security, measured at fair value. As of December 31, 2024 and 2023, we recorded as equity and long-term investments in the consolidated balance sheets $ 4.8 million in carrying amount of InCarda’s Series C preferred stock and $ 0.1 million in fair value of the InCarda Series D Warrants. As of December 31, 2024 and 2023, we recognized as equity and long-term investments in the consolidated balance sheets $ 2.7 million, for InCarda’s Series D-1 preferred stock, Series D-2 preferred stock, and common stock using the measurement alternative. As of December 31, 2024, we recorded $ 0.4 million in fair value of the InCarda Convertible Note as equity and long-term investments in the consolidated balance sheet. During the year ended December 31, 2024, there were immaterial changes in the carrying amount of our investments. We recorded $ 3.1 million and $ 8.7 million in unrealized loss as changes in fair values of equity and long-term investments, net, in the consolidated statements of income for the years ended December 31, 2023 and 2022, respectively. Equity Investment in ImaginAb On March 18, 2021, TRC entered into a securities purchase agreement with ImaginAb, Inc. (“ImaginAb”) to purchase 4,051,724 shares of ImaginAb Series C preferred stock for $ 4.7 million. On the same day, TRC also entered into a securities purchase agreement with one of ImaginAb’s common stockholders to purchase 4,097,157 shares of ImaginAb common stock for $ 1.3 million. ImaginAb is a privately held biotechnology company focused on clinically managing cancer and autoimmune diseases via molecular imaging. $ 0.4 million was incurred for investment due diligence costs and execution and recorded as part of the equity investment in the consolidated balance sheets. On July 20, 2022, under the terms of the TRC Equity Purchase Agreement, TRC transferred to ITH all of TRC’s ownership interests and investments in ImaginAb. On March 14, 2023, ITH entered into a securities purchase agreement with ImaginAb to purchase 270,568 shares of ImaginAb Series C-2 preferred stock for $ 0.6 million. On September 14, 2023, ITH entered into a securities purchase agreement with ImaginAb to purchase another 405,852 shares of ImaginAb Series C-2 preferred stock for $ 0.6 million. On February 23, 2024, ITH purchased a subordinated convertible promissory note (the “ImaginAb Convertible Note”) from ImaginAb for a total purchase price of $ 2.7 million. The ImaginAb Convertible Note bears an annual interest rate of 10 % and shall be due and payable upon the earlier to occur of January 31, 2025 and certain events defined in the ImaginAb Convertible Note. Under certain circumstances, the ImaginAb Convertible Note is convertible at the option of ITH into ImaginAb’s equity securities at defined conversion prices. The ImaginAb Convertible Note is subordinate to certain existing indebtedness of ImaginAb as defined in the ImaginAb Convertible Note. On October 31, 2024, ITH entered into an agreement with ImaginAb to amend the ImaginAb Convertible Note. Pursuant to the agreement, the principal amount of the ImaginAb Convertible Note was increased from $ 2.7 million to $ 4.8 million, which represents the principal as of February 23, 2024, accrued interest as of amendment date, commitment fees and an additional cash investment of $ 1.5 million. On January 13, 2025, ITH and ImaginAb executed an amendment to the ImaginAb Convertible Note extending the maturity date from January 31, 2025 to May 30, 2025. All other material terms of the ImaginAb Convertible Note were unchanged during the aforementioned amendments to the ImaginAb Convertible Note. As of December 31, 2024, one of ImaginAb’s six board members was designated by ITH. As of December 31, 2024 and 2023, we held 11.8 % and 12.4 %, respectively, of ImaginAb equity ownership. Our investment in ImaginAb does not provide us with the ability to control or have significant influence over ImaginAb’s operations. Based on our evaluation, we determined that ImaginAb is a VIE, but we are not the primary beneficiary of the VIE. We have not provided financial or other support that we were not previously contractually required to provide during the periods presented. Our maximum exposure to loss is equal to the amount we invested in the entity. Because ImaginAb’s equity securities are not publicly traded and do not have a readily determinable fair value, we account for our investment in ImaginAb’s Series C preferred stock, Series C-2 preferred stock and common stock using the measurement alternative. We account for the ImaginAb Convertible Note as a trading security, measured at fair value using a Monte Carlo simulation model with the probability of certain qualified events and the assumptions of risk-free rate, volatility of stock price and timing of certain qualified events. As of December 31, 2024 and 2023, our investment in ImaginAb’s Series C preferred stock, Series C-2 preferred stock and common stock amounted to $ 7.6 million and recorded as equity and long-term investments in the consolidated balance sheets. As of December 31, 2024, we recorded $ 5.0 million in fair value of the ImaginAb Convertible Note as equity and long-term investments in the consolidated balance sheets. During the year ended December 31, 2024, we recorded $ 0.1 million in net unrealized gain on the ImaginAb Convertible Note as changes in fair values of equity and long-term investments, net, in the consolidated statements of income. There was no change in the carrying amount of our equity investments in ImaginAb. Convertible Promissory Note in Gate Neurosciences On November 24, 2021, TRC entered into a Convertible Promissory Note Purchase Agreement with Gate to acquire a convertible promissory note (the “Gate Convertible Note”) with a principal amount of $ 15.0 million. Gate is a privately held biopharmaceutical company focused on developing the next generation of targeted nervous system therapies, leveraging precision medicine approaches to develop breakthrough drugs for psychiatric and neurologic diseases. The investment is intended to fund Gate ’ s ongoing development and research. The Gate Convertible Note bears an annual interest rate of 8 % and will convert into shares of common stock of Gate upon a qualified event or into shares of shadow preferred stock of Gate (“Shadow Preferred”) upon a qualified financing. A qualifying event can be a qualified initial price offering, a qualified merger, or a merger with a special-purpose acquisition company (“SPAC”). Shadow Preferred means preferred stock having identical rights, preferences and restrictions as the preferred stock that would be issued in a qualified financing. The number of common stock shares to be issued in a qualified event shall be equal to the amount due on the conversion date divided by the lesser of a capped conversion price (the “Capped Conversion Price”) and the qualified event price (the “Qualified Event Price”). The Capped Conversion Price is calculated as $50.0 million divided by the number of shares of common stock outstanding at such time on a fully diluted basis. The Qualified Event Price is the price per share determined by the qualified event. A qualified financing is a sale or series of sales of preferred stock where (i) at least 50 percent of counterparties are not existing shareholders, (ii) net proceeds to Gate are at least $35.0 million, and (iii) the stated or implied equity valuation of Gate is at least $80.0 million. On July 20, 2022, under the terms of the TRC Equity Purchase Agreement, TRC transferred to ITH all of TRC’s debt investments in Gate. On February 2, 2023, ITH entered into a Note Amendment Agreement with Gate to amend the Gate Convertible Note. Pursuant to the Note Amendment Agreement, the principal amount of the Gate Convertible Note was increased from $ 15.0 million to $ 21.5 million, which represents the original principal, accrued interest as of the amendment date and an additional cash investment of $ 5.0 million. All other material terms of the Gate Convertible Note were unchanged. On October 6, 2023, ITH entered into a Second Note Amendment Agreement with Gate to amend the Note Amendment Agreement. Pursuant to the Second Note Amendment Agreement, the principal amount of the Gate Convertible Note was increased from $ 21.5 million to $ 27.7 million, which represents the amended principal as of February 2, 2023, accrued interest as of the second amendment date and an additional cash investment of $ 5.0 million. All other material terms of the Gate Convertible Note were unchanged. On February 13, 2024, ITH entered into a Third Note Amendment Agreement with Gate to amend the Gate Convertible Note. Pursuant to the Third Note Amendment Agreement, the principal amount of the Gate Convertible Note was increased from $ 27.7 million to $ 33.5 million, which represents the principal and accrued interest as of the third amendment date and an additional cash investment of $ 5.0 million. All other material terms of the Gate Convertible Note were unchanged. On August 5, 2024, ITH entered into a Fourth Note Amendment Agreement with Gate to amend the Gate Convertible Note. Pursuant to the Fourth Note Amendment Agreement, the principal amount of the Gate Convertible Note was increased from $ 33.5 million to $ 39.8 million, which represents the principal and accrued interest as of the fourth amendment date and an additional cash investment of $ 5.0 million. All other material terms of the Gate Convertible Note were unchanged. On November 13, 2024, ITH entered into a Fifth Note Amendment Agreement with Gate to amend the Gate Convertible Note. Pursuant to the Fifth Note Amendment Agreement, the principal amount of the Gate Convertible Note was increased from $ 39.8 million to $ 50.6 million, which represents the principal and accrued interest as of the fifth amendment date and an additional cash investment of $ 10.0 million. All other material terms, except for the conversion terms of the Gate Convertible Note, remained unchanged. We have accounted for the Gate Convertible Note as a trading security, measured at fair value using a Monte Carlo simulation model with the probability of certain qualified events and the assumptions of equity value of Gate, risk-free rate, expected stock price, volatility of its peer companies, and the time until a financing is raised. As of December 31, 2024 and 2023, the fair value of the Gate Convertible Note was estimated at $ 50.9 million and $ 28.0 million, respectively, and recorded as equity and long-term investments in the consolidated balance sheets. We recorded $ 0.4 million of unrealized loss and $ 0.6 million of unrealized gain as changes in fair values of equity and long-term investments, net, in the consolidated statements of income for the years ended December 31, 2023 and 2022, respectively. The change in fair value is not material for the year ended December 31, 2024. Equity Investment in Nanolive On February 18, 2022, TRC entered into an investment and shareholders agreement with Nanolive to purchase 18,750,000 shares of Nanolive Series C preferred stock for $ 9.8 million (equivalent to 9.0 million CHF). Nanolive SA is a Swiss privately held life sciences company focused on developing breakthrough imaging solutions that accelerate research in growth industries such as drug discovery and cell therapy. $ 0.7 million was incurred for investment due diligence costs and execution and recorded as part of the equity and long-term investment in the consolidated balance sheets. On July 20, 2022, under the terms of the TRC Equity Purchase Agreement, TRC transferred to ITH all of TRC’s ownership interests and investments in Nanolive. ITH has the right to designate one member to Nanolive’s board. ITH also has the right to designate another member, who will be mutually acceptable to ITH and another stockholder, to Nanolive’s board. As of December 31, 2024 , no Innoviva designee is serving on Nanolive’s six -member board. As of December 31, 2024 and 2023 , we held 13.0 % and 15.3 % of Nanolive equity ownership, respectively. Our investment in Nanolive does not provide us with the ability to control or have significant influence over Nanolive’s operations. Based on our evaluation, we determined that Nanolive is a VIE, but we are not the primary beneficiary of the VIE. We have not provided financial or other support that we were not previously contractually required to provide during the periods presented. Our maximum exposure to loss is equal to the amount we invested in the entity. Because Nanolive’s equity securities are not publicly traded and do not have a readily determinable fair value, we account for our investment in Nanolive’s Series C preferred stock using the measurement alternative. As of December 31, 2024 and 2023, $ 10.6 million of investment in Nanolive was recorded as equity and long-term investments in the consolidated balance sheets, and there was no change to the carrying amount of our investment. Reconciliation of Equity and Long-Term Investments Balances The following table reconciles the change in balances in “Equity and Long-Term Investments” as of each balance sheet date: (In thousands) Equity and long-term investments as of December 31, 2022 $ 363,859 Purchases of trading securities 67,798 Purchases of equity and long-term investments 1,218 Changes in fair value, net 11,129 Other 428 Equity and long-term investments as of December 31, 2023 444,432 Purchases of trading securities 63,201 Changes in fair value, net ( 59,161 ) Reclassification of current portion ( 107,532 ) Other 724 Equity and long-term investments as of December 31, 2024 $ 341,664 Available-for-Sale Securities The estimated fair value of available-for-sale securities is based on quoted market prices for these or similar investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below: December 31, 2024 Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Money market funds (1) $ 289,441 $ — $ — $ 289,441 Total $ 289,441 $ — $ — $ 289,441 (1) Money market funds are included in cash and cash equivalents in the consolidated balance sheets . December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Money market funds (1) $ 170,706 $ — $ — $ 170,706 Total $ 170,706 $ — $ — $ 170,706 (1) Money market funds are included in cash and cash equivalents in the consolidated balance sheets. As of December 31, 2024 and 2023, all available-for-sale securities were money market funds, and there was no credit loss recognized. Fair Value Measurements Our available-for-sale securities, equity and long-term investments and contingent value rights are measured at fair value on a recurring basis and our debt is carried at amortized cost basis. Estimated Fair Value Measurements as of December 31, 2024 Using: Quoted Price Significant Significant Identical Observable Unobservable Types of Instruments Assets Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 289,441 $ — $ — $ 289,441 Investments held by ISP Fund LP 193,560 — 62,098 255,658 Equity investment - Armata Common Stock 46,392 — — 46,392 Equity investment - Armata Warrants — 5,901 — 5,901 Equity investment - InCarda Warrants — — 59 59 Convertible debt investment - Armata Note — — 42,095 42,095 Term loan investment - Armata July 2023 Term Loan — — 30,197 30,197 Term loan investment - Armata March 2024 Term Loan — — 39,275 39,275 Convertible debt investment - InCarda Note — — 436 436 Convertible debt investment - ImaginAb Note — — 4,950 4,950 Convertible debt investment - Gate Note — — 50,881 50,881 Total assets measured at estimated fair value $ 529,393 $ 5,901 $ 229,991 $ 765,285 Liabilities Debt 2025 Notes $ — $ 222,353 $ — $ 222,353 2028 Notes — 251,213 — 251,213 Total fair value of debt $ — $ 473,566 $ — $ 473,566 Estimated Fair Value Measurements as of December 31, 2023 Using: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Types of I

Capitalized Fees Paid

Capitalized Fees Paid	12 Months Ended
	Dec. 31, 2024
Capitalized Contract Cost [Abstract]
CAPITALIZED FEES PAID	7. CAPITALIZED FEES PAID Capitalized fees paid, which consist of registrational and launch-related milestone fees paid to GSK, were as follows: December 31, (In thousands) Amortization period 2024 2023 United States 2013-2030 $ 120,000 $ 120,000 Europe 2013-2029 60,000 60,000 Japan 2013-2029 40,000 40,000 Gross carrying value 220,000 220,000 Accumulated amortization ( 150,039 ) ( 136,216 ) Net carrying value $ 69,961 $ 83,784 These milestone fees are amortized over their estimated useful lives commencing upon the commercial launch of the product in their respective regions with the amortization recorded as a reduction in revenue from collaborative arrangements. As of December 31, 2024, the weighted average remaining amortization period wa s 5.2 years. Additional information regarding these milestone fees is included in Note 3, “Revenue Recognition”. Amortization for each of the years ended December 31, 2024, 2023 and 2022 was $ 13.8 million . The remaining estimated amortization is $ 13.8 million for each of the years from 2025 to 2027, $ 13.7 million for the year 2028, $ 9.4 million for the year 2029 and $ 5.4 million thereafter.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	8. GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets acquired are recognized at fair value as of the acquisition date. The carrying amount of goodwill as of December 31, 2024 and 2023 was $ 17.9 million . We have no t recognized any impairment losses related to goodwill and intangible assets during the periods presented. Intangible assets with definite lives are amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets as of December 31, 2024 and 2023 were as follows: December 31, 2024 Useful Life Gross Accumulated Net Carrying (In thousands) (Years) Amount Amortization Amount Marketed products 8 - 10 $ 223,700 $ ( 47,559 ) $ 176,141 In-process research and development 2,600 — 2,600 Collaboration agreement 10 35,400 ( 5,708 ) 29,692 Total $ 261,700 $ ( 53,267 ) $ 208,433 December 31, 2023 Useful Life Gross Accumulated Net Carrying (In thousands) (Years) Amount Amortization Amount Marketed products 8 - 10 $ 219,700 $ ( 25,204 ) $ 194,496 In-process research and development 2,600 — 2,600 Collaboration agreement 10 35,400 ( 2,161 ) 33,239 Total $ 257,700 $ ( 27,365 ) $ 230,335 Intangible assets recognized as a result of the acquisition of Entasis amounted to $ 106.7 million, which consisted of Entasis’ in-process research and development related to its antibacterial therapeutic product candidates and a collaboration agreement amounting to $ 71.3 million and $ 35.4 million, respectively. Following the FDA approval of XACDURO ® in May 2023, we started amortizing $ 68.7 million of the then in-process research and development as a marketed product, as well as the collaboration agreement, over their estimated useful lives. The useful life of the remaining in-process research and development of $ 2.6 million will be determined upon commercialization of the underlying product candidate; thus, no amortization expense for this intangible asset was recognized for the periods presented. Intangible assets recognized as a result of the acquisition of La Jolla amounting to $ 151.0 million pertain to product rights and developed technologies on La Jolla’s currently marketed products. These are intangible assets with determinable lives and are amortized over their estimated useful lives. As discussed in Note 4 “License and Collaboration Arrangements”, we capitalized the upfront fee of $ 4.0 million that we paid to Basilea under our exclusive distribution and license agreement as an intangible asset. This amount is included in marketed products in the table above and will be amortized over the term of the agreement. We recognized amortization expense of $ 25.9 million, $ 21.8 million and $ 5.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Future amortization expense is expected to be $ 26.3 million for each of the years from 2025 to 2029 and $ 74.3 million thereafter.

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET COMPONENTS	9. BALANCE SHEET COMPONENTS Inventory Inventory consisted of the following: December 31, (In thousands) 2024 2023 Raw materials $ 11,113 $ 11,257 Work-in-process 20,529 15,670 Finished goods 2,083 13,810 Total inventory $ 33,725 $ 40,737 As of December 31, 2024 and 2023, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $ 9.2 million and $ 23.0 million, respectively , which will be recognized as cost of products sold when sales occur in future periods. The fair value adjustments recorded as part of cost of products sold amounted to $ 13.8 million, $27 .2 million and $ 10.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Other Accrued Liabilities Other accrued liabilities consisted of the following: December 31, (In thousands) 2024 2023 Accrued contract manufacturing expenses $ 1,071 $ 1,966 Accrued clinical and research expenses 611 776 Accrued professional services 8,682 8,876 Current portion of lease liabilities 1,572 1,207 Royalty obligation payable 2,951 1,928 Current portion of deferred royalty obligation 6,438 — Accrued license fees and royalties 1,727 1,575 Other 6,947 3,370 Total other accrued liabilities $ 29,999 $ 19,698 Amount in “Other” as of December 31, 2024 includes $ 5.3 million in consideration received under a letter agreement we have entered into with Zai Lab as discussed in Note 4, “License and Collaboration Arrangements”. Other Long-Term Liabilities Other long-term liabilities consisted of the following: December 31, (In thousands) 2024 2023 Long-term portion of deferred royalty obligation $ 63,096 $ 69,876 Long-term portion of lease liabilities 1,179 1,635 Contingent value rights liability — 359 Total other long-term liabilities $ 64,275 $ 71,870

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	10. STOCK‑BASED COMPENSATION Equity Incentive Plans In May 2012, we adopted the 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the grant of incentive stock options, nonstatutory stock options, RSAs, RSUs and Stock Appreciation Rights to employees, non-employee directors and consultants. As of December 31, 2024 , total shares remaining available for issuance under the 2012 Plan were 1,758,450 . Employee Stock Purchase Plan Under the 2004 Employee Stock Purchase Plan (the “2004 ESPP”), our employees may purchase common stock through payroll deductions at a price equal to 85 % of the lower of the fair market value of the stock at the beginning of the offering period or at the end of each applicable purchase period. The 2004 ESPP provided for consecutive and overlapping offering periods of 24 months in duration, with each offering period composed of four consecutive six-month purchase periods. The purchase periods ended on either May 15 or November 15. The 2004 ESPP contributions were limited to a maximum of 15 % of an employee’s eligible compensation. The maximum number of shares that an employee may purchase in any purchase period was 2,500 . An employee may not purchase shares with a value greater than $ 25,000 in any calendar year. On April 13, 2023, the Board of Directors adopted the 2023 ESPP (the “2023 ESPP”). The 2023 ESPP, which supersedes the 2004 ESPP, was approved by the Company’s stockholders on May 22, 2023. Under the 2023 ESPP, eligible employees may purchase common stock through payroll deductions at a price equal to 85 % of the lower of the fair market value of the stock at the beginning or end of each applicable purchase period. The 2023 ESPP provides for offering periods of six months , which ends on either May 15 or November 15. The 2023 ESPP contributions are limited to a maximum of 15 % of an employee’s eligible compensation. The maximum number of shares that an employee may purchase in any purchase period is 2,500 . An employee may not purchase shares with a value greater than $ 25,000 in any calendar year. A total of 2.5 million shares of our common stock was reserved and available for issuance under the 2023 ESPP. As of December 31, 2024 , total shares remaining available for issuance under the 2024 ESPP were 2,467,596 . Director Compensation Program Our non-employee directors receive compensation for services provided as a director. Each member of our board of directors who is not an employee receives both cash and equity compensation for services as a director, member of a committee of the board of directors, lead independent director and chairman, as applicable. In October 2017, both the cash and equity components of the compensation program were amended, effective immediately (the “October 2017 Amendments”). Each of our independent directors receives periodic automatic grants of equity awards under a program implemented under the 2012 Plan. These grants are non‑discretionary. Only our independent directors or affiliates of such directors are eligible to receive automatic grants under the 2012 Plan. Under the program, each individual who first became a non-employee director will, on the date such individual joins the board of directors, automatically be granted a one‑time grant of RSUs covering a number of shares of our common stock calculated as $ 125,000 ($ 250,000 prior to the October 2017 Amendments) divided by our common stock closing share price on the date of grant as reported on The Nasdaq Global Select Market, rounded down to the nearest whole share (the “Initial RSUs”), plus a one‑time grant of RSUs covering a number of shares of our common stock calculated as $ 225,000 ($ 250,000 prior to the October 2017 Amendments) divided by our common stock closing share price on the date of grant as reported on The Nasdaq Global Select Market, which would be pro-rated for the number of whole months remaining until the anniversary of the prior year’s stockholders’ meeting, rounded down to the nearest whole share (the “Pro Rata RSUs”). The Initial RSUs vest in two equal annual installments, while Pro Rata RSUs vest in a single installment at the sooner of the next annual stockholder meeting or the one-year grant anniversary, in each case subject to the non-employee director’s continuous service through the applicable vesting date. Annually, upon his or her re‑election to the board of directors at the Annual Meeting of Stockholders, each non-employee director is automatically granted an RSU covering a number of shares of our common stock calculated as $ 225,000 ($ 250,000 prior to the October 2017 Amendments) divided by our common stock closing share price on the date of grant as reported on The Nasdaq Global Select Market, rounded down to the nearest whole share. These RSUs will vest at the sooner of the next annual stockholder meeting or the one-year anniversary of grant, subject to the non-employee director’s continuous service through the applicable vesting date. Following the amendment to our non-employee director compensation program, both the annual RSUs and Initial RSUs described above remained unchanged with the exception that the number of shares of our common stock subject to each award has been reduced. These RSUs will vest in full upon the director’s death, the occurrence of a change in control or, with respect to awards made after the October 2017 Amendments, the director’s disability before the director’s service terminates. Director RSUs carry dividend equivalent rights to be credited with an amount equal to all cash dividends paid on the underlying shares of common stock while unvested. Dividend equivalents are subject to the same terms and conditions, including vesting, as the RSUs to which they attach and are paid in cash upon vesting. Stock‑Based Compensation Expense Stock‑based compensation expense is included in the consolidated statements of income as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Selling, general and administrative $ 6,040 $ 4,645 $ 5,305 Research and development 334 1,192 2,042 Total $ 6,374 $ 5,837 $ 7,347 Stock‑based compensation expense included in the consolidated statements of income by award type is as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Stock options $ 2,738 $ 1,980 $ 3,057 RSUs 3,348 3,663 4,053 RSAs 123 168 194 ESPP 165 26 43 Total stock-based compensation expense $ 6,374 $ 5,837 $ 7,347 As of December 31, 2024, the unrecognized stock-based compensation cost and the estimated weighted-average amortization period were as follows: (In thousands) Unrecognized Compensation Cost Weighted-Average Amortization Period (Years) Stock options $ 6,765 2.8 RSUs 6,996 2.5 RSAs 98 1.3 Total unrecognized compensation expense $ 13,859 Compensation Awards The following table summarizes equity award activity under the 2012 Plan and prior plans and related information: (In thousands, except per share data) Number of outstanding options Weighted-Average Exercise Price of Outstanding Options Number of outstanding RSUs Weighted-Average Fair Value per Share at Grant Number of outstanding RSAs Weighted-Average Fair Value per Share at Grant Balance as of December 31, 2023 1,499 $ 14.09 482 $ 12.62 16 $ 14.93 Granted 1,062 $ 16.67 502 $ 15.77 — $ — Exercised ( 80 ) $ 12.88 — $ — — $ — Released RSUs and RSAs — $ — ( 241 ) $ 12.52 ( 9 ) $ 14.46 Forfeited ( 414 ) $ 15.24 ( 145 ) $ 13.86 — $ — Balance as of December 31, 2024 2,067 $ 15.23 598 $ 15.00 7 $ 15.50 Vested and expected to vest 2,067 $ 15.23 598 $ 15.00 — $ — As of December 31, 2024 , the aggregate intrinsic value of options outstanding and options exercisable was $ 5.0 million and $ 2.4 million, respectively . As of December 31, 2023, the aggregate intrinsic value of options outstanding and options exercisable was $ 3.6 million and $ 0.8 million, respectively . As of December 31, 2024, 759,904 options were exercisable. The weighted average remaining contractual term of options outstanding was 8.04 years and 7.96 years as of December 31, 2024 and 2023, respectively. The total intrinsic value of the options exercised was no t material for the year ended December 31, 2024, 2023 and 2022. The total estimated fair value of options vested was $ 2.5 million and $ 1.9 million for the years ended December 31, 2024 and 2023, respectively. The total estimated fair value of options vested was no t material for the year ended December 31, 2022. The total estimated fair value of RSUs vested was $ 3.2 million, $ 3.9 million and $ 2.3 million for the years December 31, 2024, 2023 and 2022, respectively. The total estimated fair value of RSAs vested was not material for the year ended December 31, 2024, 2023, and 2022. Valuation Assumptions Black-Scholes-Merton weighted-average assumptions used in calculating the estimated value of stock options granted by Innoviva on the dates of grant were as follows: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.2 % 4.0 % 3.6 % Expected term (in years) 6.10 6.09 6.04 Volatility 35.5 % 37.8 % 38.6 % Dividend yield 0.0 % 0.0 % 0.0 % Weighted-average estimated fair value of stock options granted $ 8.17 $ 5.57 $ 6.43

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	11. Stockholders’ Equity On October 31, 2022, our board of directors authorized a share repurchase program under which we may repurchase up to $ 100.0 million of our outstanding shares of common stock. The repurchase program authorized the repurchase by the Company of its common stock in open market transactions, including pursuant to a trading plan in accordance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), privately negotiated transactions, in block trades, accelerated share repurchase transactions, exchange transactions, or any combination thereof or by other means in accordance with federal securities laws. The authorization permitted management to repurchase shares of the Company’s common stock from time to time at management’s discretion. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. From program inception through December 31, 2022, we repurchased 647,394 shares in the open market at an average price of $ 13.13 per share for a total amount of approximately $ 8.5 million. For the year ended December 31, 2023, we repurchased 6,173,565 shares in the open market at an average price of $ 12.39 per share for a total amount of approximately $ 76.5 million. From January to April 2024, we repurchased 986,928 shares in the open market at an average price of $ 15.12 per share for a total amount of approximately $ 14.9 million. The share repurchase program was completed in April 2024. All of the repurchased shares were retired. In April 2024, we retired all shares held in treasury resulting from our strategic buyback of GSK’s common shares in the Company in 2021. We recorded the corresponding cost of treasury stock of $ 393.8 million in additional paid-in capital.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	12. DEBT Our debt consists of the following: December 31, (In thousands) 2024 2023 2025 Notes $ 192,500 $ 192,500 2028 Notes 261,000 261,000 Total debt 453,500 453,500 Less: Unamortized debt discount and issuance costs ( 5,156 ) ( 7,266 ) Total debt, net 448,344 446,234 Less: Current portion of long-term debt, net ( 192,028 ) — Total long-term debt, net $ 256,316 $ 446,234 Convertible Subordinated Notes Due 2023 In January 2013, we completed an underwritten public offering of $ 287.5 million aggregate principal amount of our 2023 Notes, which matured on January 15, 2023. The 2023 Notes bore interest at the rate of 2.125 % per year that is payable semi-annually in arrears in cash on January 15 and July 15 of each year, beginning on July 15, 2013. The 2023 Notes were convertible, at the option of the holder, into shares of our common stock at an initial conversion rate of 35.9903 shares per $1,000 principal amount of the 2023 Notes, subject to adjustment in certain circumstances, which represented an initial conversion price of approximately $ 27.79 per share. In connection with the offering of the 2023 Notes, we entered into two privately negotiated capped call option transactions with a single counterparty. The capped call option transaction was an integrated instrument consisting of a call option on our common stock purchased by us with a strike price equal to the initial conversion price of $ 27.79 per share for the underlying number of shares and a cap price of $ 38.00 per share, both of which were subject to adjustments consistent with the 2023 Notes. The cap component was economically equivalent to a call option sold by us for the underlying number of shares with an initial strike price of $ 38.00 per share. As an integrated instrument, the settlement of the capped call coincided with the due date of the convertible debt. Upon settlement, we would receive from our hedge counterparty a number of shares of our common shares that would range from zero , if the stock price was below $ 27.79 per share, to a maximum of 2,779,659 shares, if the stock price was above $38.00 per share. However, if the market price of our common stock, as measured under the terms of the capped call transactions, exceeded $38.00 per share, there was no incremental anti-dilutive benefit from the capped call. As a result of the partial conversion by certain holders of the 2023 Notes in July 2014, and dividends declared and paid in 2014 and 2015, the conversion rate with respect to our 2023 Notes was adjusted in total to 50.5818 shares of our common stock per $1,000 principal amount of the 2023 Notes, which represented a conversion price of approximately $ 19.77 per share. As a result of the conversion rate adjustments, the capped call strike price and cap price were also adjusted to $ 19.77 and $ 27.04 , respectively. For the year ended December 31, 2016, we retired a portion of our 2023 Notes with a face value of $ 14.1 million and carrying value of $ 13.9 million by way of purchase in the open market. On March 7, 2022, we used $ 165.6 million from the sale of the 2028 Notes to repurchase 60 % of the 2023 Notes with a face value of $ 144.8 million. The carrying value of the repurchased 2023 Notes was $ 144.5 million. Accrued interest was $ 0.4 million and unamortized debt issuance costs were $ 0.3 million on the date of repurchase. We recognized a loss on the extinguishment of the 2023 Notes of $ 20.7 million in other expense, net, in the consolidated statement of operations. The repurchase reduced the outstanding principal balance to $ 96.2 million and unamortized debt issuance costs to $ 0.2 million. The annual effective interest rate of the 2023 Notes changed from 2.36 % to 2.37 %. On April 18, 2022, certain 2023 Notes holders converted their notes of $ 3.0 thousand into Innoviva’s common stock. The outstanding principal balance was reduced slightly to $ 96.2 million. This remaining balance was fully paid upon the maturity date in January 2023. The following table sets forth total interest expense recognized related to the 2023 Notes for the years ended December 31, 2023 and 2022: Year Ended December 31, (In thousands) 2023 2022 Contractual interest expense $ 85 $ 2,617 Amortization of debt issuance costs 11 302 Total interest and amortization expense $ 96 $ 2,919 Convertible Senior Notes Due 2025 On August 7, 2017, we completed a private placement of $ 192.5 million aggregate principal amount of our 2025 Notes. The proceeds include the 2025 Notes sold pursuant to the $ 17.5 million over-allotment option granted by us to the initial purchasers, which option was exercised in full. The 2025 Notes were sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2025 Notes are senior unsecured obligations and bear interest at a rate of 2.5 % per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2018. The 2025 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election. The initial conversion rate for the 2025 Notes is 57.9240 shares of our common stock per $1,000 principal amount of the 2025 Notes (which is equivalent to an initial conversion price of approximately $ 17.26 per share), representing a 30.0 % conversion premium over the last reported sale price of the Company’s common stock on August 1, 2017, which was $ 13.28 per share. The conversion rate is subject to customary anti-dilution adjustments in certain circumstances. The 2025 Notes will mature on August 15, 2025 , unless repurchased or converted in accordance with their terms prior to such date. Prior to February 15, 2025, the 2025 Notes will be convertible at the option of the holders only upon the occurrence of specified events and during certain periods, as described below. From, and including, February 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2025 Notes will be convertible at any time. Holders of the 2025 Notes may convert all or a portion of their 2025 Notes prior to the close of business on February 15, 2025 only under the following circumstances: • after September 30, 2017, if our closing common stock price for at least 20 days out of the most recent 30 consecutive trading days of the preceding quarter is greater than 130 % of the current conversion price of the 2025 Notes; • for five consecutive business days, if the average trading price per $1,000 of Notes during the prior 10 consecutive trading days is less than 98 % of the product of our closing common stock price and the conversion rate of the 2025 Notes on such day; and, • upon the occurrence of specified corporate events, including certain distributions, the occurrence of a fundamental changes (as defined in the indenture governing the 2025 Notes) or a transaction resulting in our common stock converting into other securities or property or assets. On or after February 15, 2025, holders of the 2025 Notes may convert their 2025 Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2025 Notes. In the event of default or a fundamental change (as defined above), holders of the 2025 Notes may require us to repurchase all or a portion of their 2025 Notes at price equal to 100 % of the principal amount of the 2025 Notes, plus any accrued and unpaid interest. Effective January 1, 2022, we adopted ASU 2020-06 using a modified retrospective method, under which financial results reported in prior periods were not adjusted. Prior to the adoption of ASU 2020-06, we separately accounted for the liability and equity components of the 2025 Notes by allocating the proceeds between the liability component and the embedded conversion option (“equity component”) due to our ability to settle the conversion obligation of the 2025 Notes in cash, common stock or a combination of cash and common stock, at our option. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using the income approach. The allocation was performed in a manner that reflected our non-convertible debt borrowing rate for similar debt. The equity component of the 2025 Notes of $ 67.3 million was recognized as a debt discount and represents the difference between the proceeds from the issuance of the 2025 Notes and the fair value of the liability of the 2025 Notes on the date of issuance. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) was amortized to interest expense using the effective interest method over the term of the 2025 Notes. The equity component was not remeasured as long as it continued to meet the conditions for equity classification. Additionally, we separated the total issuance costs of $ 5.4 million incurred into liability and equity components in proportion to the allocation of the initial proceeds, resulting in liability issuance costs of $ 3.5 million and equity issuance costs of $ 1.9 million. Issuance costs attributable to the liability component were amortized on a straight-line basis, which approximated the effective interest rate method, to interest expense over the term of the 2025 Notes. The issuance costs attributable to the equity component were netted against the equity component in additional paid-in capital. The annual effective interest rate of the liability component of the 2025 Notes was 8.87 %. Upon adoption of ASU 2020-06 on January 1, 2022, we combined the liability and equity components of the 2025 Notes assuming that the instrument was accounted for as a single liability from inception to the date of adoption. We similarly combined the liability and equity components of the issuance costs. The issuance costs are presented as a deduction from the outstanding principal balance of the 2025 Notes and are amortized on a straight-line basis over the term of the 2025 Notes under the effective interest rate method. Beginning January 1, 2022, the annual effective interest rate on the 2025 Notes is 2.88 %. Our outstanding 2025 Notes balances consisted of the following: December 31, (In thousands) 2024 2023 Principal $ 192,500 $ 192,500 Debt discount and issuance costs, net ( 472 ) ( 1,205 ) Net carrying amount $ 192,028 $ 191,295 The following table sets forth total interest expense recognized related to the 2025 Notes for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 2022 Contractual interest expense $ 4,813 $ 4,813 $ 4,813 Amortization of debt issuance costs 733 712 692 Total interest and amortization expense $ 5,546 $ 5,525 $ 5,505 Convertible Senior Notes Due 2028 In March 2022, we completed a private placement of $ 261.0 million aggregate principal amount of our 2028 Notes, which will mature on March 15, 2028 . The proceeds include the 2028 Notes sold pursuant to the $ 45.0 million over-allotment option granted by us to the initial purchasers, of which $ 36.0 million was exercised. The 2028 Notes were sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The net proceeds from the sale of the $ 261.0 million aggregate principal amount of 2028 Notes were approximately $ 252.6 million after deducting the initial purchasers’ discounts and commissions and our estimated offering expenses. We used approximately $ 21.0 million of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below. In addition, we used $ 165.6 million of the remaining net proceeds to repurchase $ 144.8 million aggregate principal amount of the 2023 Notes in separate and individually negotiated transactions with certain holders of the 2023 Notes, which closed concurrently with the issuance of the 2028 Notes. We expect to use the remaining net proceeds for general corporate purposes. The 2028 Notes bear interest at an annual rate of 2.125 % that is payable semi-annually in arrears in cash on March 15 and September 15 of each year, beginning on September 15, 2022. The 2028 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election. The initial conversion rate was 38.1432 shares per $1,000 principal amount of the 2028 Notes, subject to customary anti-dilution adjustment in certain circumstances, which represented an initial conversion price of approximately $ 26.22 per share. Prior to September 15, 2027, the 2028 Notes will be convertible at the option of the holders only upon the occurrence of specified events and during certain periods, and will be convertible on or after September 15, 2027, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2028 Notes. Holders of the 2028 Notes may convert all or a portion of their 2028 Notes prior to the close of business on September 15, 2027, only under the following circumstances: • after March 31, 2022, if our closing common stock price for at least 20 days out of the most recent 30 consecutive trading days of the preceding quarter is greater than 130 % of the current conversion price of the 2028 Notes; • for five consecutive business days, if the average trading price per $1,000 of Notes during the prior 10 consecutive trading days is less than 98 % of the product of our closing common stock price and the conversion rate of the 2028 Notes on such day; and, • upon the occurrence of specified corporate events, including certain distributions, the occurrence of a fundamental changes (as defined in the indenture governing the 2028 Notes) or a transaction resulting in our common stock converting into other securities or property or assets. On or after September 15, 2027, holders of the 2028 Notes may convert their 2028 Notes at any time until the close of the business on the second day immediately preceding the maturity date of the 2028 Notes. The 2028 Notes will be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 20, 2025, and on or before the 75th scheduled trading day immediately before the maturity date but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, calling any 2028 Note for redemption will constitute a make-whole fundamental change (as defined in the indenture governing the 2028 Notes) with respect to that 2028 Note, in which case the conversion rate applicable to the conversion of that 2028 Note will be increased in certain circumstances if it is converted after it is called for redemption. If we undergo a fundamental change, subject to certain conditions, holders may require us to purchase for cash all or any portion of their 2028 Notes. The fundamental change purchase price will be 100 % of the principal amount of the 2028 Notes to be purchased plus any accrued and unpaid interest to, but excluding, the fundamental change purchase date. The indenture governing the 2028 Notes contains customary terms and covenants, including a merger covenant and that upon certain events of default occurring and continuing, either the Trustee or the holders of at least 25% of the aggregate principal amount of the outstanding Notes may declare 100% of the principal of, and accrued and unpaid interest, if any, on, all the Notes to be due and payable immediately. In connection with the offering of the 2028 Notes, we entered into privately negotiated capped call transactions. The cap price of the capped call transaction is initially $ 33.9850 per share and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions cover, subject to customary adjustments, the number of shares of common stock initially underlying the 2028 Notes. The capped call transactions are expected generally to reduce potential dilution to our common stock upon conversion of the 2028 Notes or at our election (subject to certain conditions) offset any cash payments we are required to make in excess of the aggregate principal amount of converted 2028 Notes, as the case may be, with such reduction or offset subject to a cap. The annual effective interest rate on the 2028 Notes is 2.70 %. Our outstanding 2028 Notes balance consisted of th e following: December 31, (In thousands) 2024 2023 Principal $ 261,000 $ 261,000 Debt discount and issuance costs, net ( 4,684 ) ( 6,061 ) Net carrying amount $ 256,316 $ 254,939 The following table sets forth total interest expense recognized related to the 2028 Notes for the years ended December 31, 2024, 2023, and from the issuance through December 31, 2022: Year Ended December 31, Date of Issuance Through (In thousands) 2024 2023 December 31, 2022 Contractual interest expense $ 5,546 $ 5,546 $ 4,514 Amortization of debt discount and issuance costs 1,377 1,342 1,061 Total interest and amortization expense $ 6,923 $ 6,888 $ 5,575 Debt Maturities The aggregate scheduled maturities of our convertible debt as of December 31, 2024 are as follows: (In thousands) Amount Year ending December 31, 2025 $ 192,500 2026 — 2027 — 2028 261,000 Total $ 453,500 Deferred Royalty Obligation As part of our acquisition of La Jolla, we recorded the fair value of its deferred royalty obligation in connection with La Jolla’s royalty financing agreement (“La Jolla Royalty Agreement”) with HealthCare Royalty Partners (“HCR”). Under the terms of the La Jolla Royalty Agreement, HCR is entitled to receive quarterly royalties on worldwide net sales of GIAPREZA ® until either January 1, 2031 or when the maximum aggregate royalty payments have been made, whichever occurs first. Quarterly payments to HCR under the Royalty Agreement start at a maximum royalty rate, with step-downs based on the achievement of annual net product sales thresholds. The maximum royalty rate through December 31, 2023 was 14 %. Starting January 1, 2024, the maximum royalty rate was increased to 18 % based on the terms of the Agreement. The La Jolla Royalty Agreement is subject to maximum aggr egate royalty payments to HCR of $ 225.0 million. For the years ended December 31, 2024 and 2023, we recognized interest expense of $ 9.8 million and $ 6.5 million, respectively, on the deferred royalty obligation. From the date of our acquisition of La Jolla through December 31, 2022, we recognized interest expense of $ 1.8 million on the deferred royalty obligation. The carrying value of the deferred royalty obligation as of December 31, 2024 and 2023 was $ 69.5 million and $ 69.9 million, respectively, (refer to Note 9 “Balance Sheet Components ” ). During the years ended December 31, 2024 and 2023, we made royalty payments to HCR of $ 9.1 million and $ 5.4 million, respectively. From the date of acquisition of La Jolla through December 31, 2022, we made royalty payments to HCR of $ 1.0 million. The deferred royalty obligation was valued using Level 3 inputs, and its carrying value as of December 31, 2024 and 2023 approximates fair value. The fair value of the deferred royalty obligation was calculated as the discounted deferred royalty obligations based on revenue projections for GIAPREZA ® . As of December 31, 2024, the annual effective interest rate of the deferred royalty obligation is 9.44 %. Under the terms of the La Jolla Royalty Agreement, if we are unable to meet certain obligations, including the obligation to use commercially reasonable and diligent efforts to commercialize GIAPREZA ® , HCR would have the right to terminate the La Jolla Royalty Agreement and demand payment of either $ 125.0 million or $ 225.0 million (depending on which obligation we have failed to meet) less aggregate royalties already paid to HCR. As of December 31, 2024, inclusive of the aggregate royalties paid to HCR by La Jolla under the La Jolla Royalty Agreement prior to our acquisition, La Jolla paid $ 27.2 million of aggregate royalties to HCR. In the event that we fail to pay such amount if and when due in a timely manner, HCR would have the right to foreclose on the GIAPREZA ® -related assets. HCR has no recourse against any asset other than GIAPREZA ® . Certain contract provisions within the La Jolla Royalty Agreement that could result in an acceleration of amounts due under the La Jolla Royalty Agreement are recognized as embedded derivatives that require bifurcation from the deferred royalty obligation and fair value recognition. We determined the fair value of each derivative by assessing the probability of each event occurring, as well as the potential repayment amounts and timing of such repayments that would result under various scenarios. As a result of this assessment, we determined that the fair value of the embedded derivatives is immaterial and, therefore, not recognized as of December 31, 2023 and 2022. We estimate the fair value of the embedded derivatives for each reporting period until either the features lapse or the La Jolla Royalty Agreement is terminated, whichever occurs first. Any material change in the fair value of the embedded derivatives will be recorded as either a gain or loss in the consolidated statements of income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Operating Lease We have operating leases for our corporate headquarters, office spaces and laboratory facilities. In 2019, we entered into an operating lease for our headquarters in Burlingame, California for approximately 2,111 rentable square feet. The lease commenced in November 2019 with an initial term of thirty-six calendar months, which was subsequently amended to expire in December 2027 . Our operating leases include a facility lease consisting of 15,500 square feet of office space in Waltham, Massachusetts, which expires in March 2029 . The components of lease costs are as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Straight line operating lease costs $ 1,200 $ 1,428 $ 1,585 Variable lease costs 14 189 155 Total lease costs $ 1,214 $ 1,617 $ 1,740 Supplemental cash flow information related to leases are as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of $ 1,464 $ 1,542 $ 790 Operating lease right-of-use assets obtained in exchange 1,156 — 3,323 Right-of-use assets obtained through acquisitions — — 1,185 As of December 31, 2024, our operating leases have weighted-average remaining term of approximately 2.6 years and the weighted-average discount rate on our operating lease liabilities was 7.0 %. Future minimum lease payments on our operating leases as of December 31, 2024 are as follows: (In thousands) Amount Year ending December 31, 2025 $ 1,705 2026 435 2027 455 2028 326 2029 83 Total undiscounted lease payments 3,004 Less: imputed interest ( 253 ) Total operating lease liabilities $ 2,751 Purchase Commitments In April 2024, we entered into a Commercial Supply Agreement with Corden Pharma CHENÔVE SAS (“Corden”), under which we engaged Corden to manufacture and supply certain products related to XACDURO ® and to perform certain services and studies. Under the agreement, we committed to minimum purchase commitments through December 31, 2027. As of December 31, 2024, we have approximately $ 6.7 million U.S. dollar equivalent in outstanding purchase commitments under the agreement for the year 2024, which will be utilized in early 2025. We also have approximately $ 6.5 million, $ 7.3 million and $ 5.9 million U.S. dollar equivalent in purchase commitments under the agreement for the years 2025, 2026 and 2027, respectively. Legal Proceedings From time to time, the Company is involved in legal proceedings in the ordinary course of its business. We are not currently a party to any material legal proceedings except as discussed below. On February 15, 2022, La Jolla received a paragraph IV notice of certification (the “First Notice Letter”) from Gland Pharma Limited (“Gland”) advising that Gland had submitted an Abbreviated New Drug Application (“ANDA”) to the FDA seeking approval to manufacture, use or sell a generic version of GIAPREZA ® in the U.S. prior to the expiration of U.S. Patent Nos.: 9,220,745; 9,572,856; 9,867,863; 10,028,995; 10,335,451; 10,493,124; 10,500,247; 10,548,943; 11,096,983; and 11,219,662 (the “GIAPREZA ® Patents”), which are listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”). The First Notice Letter alleges that the GIAPREZA ® Patents are invalid, unenforceable and/or will not be infringed by the commercial manufacture, use or sale of the generic product described in Gland’s ANDA. On March 29, 2022, La Jolla filed a complaint for patent infringement of the GIAPREZA ® Patents against Gland and certain related entities in the United States District Court for the District of New Jersey in response to Gland’s ANDA filing. In accordance with the Hatch-Waxman Act, because GIAPREZA ® is a new chemical entity and La Jolla filed a complaint for patent infringement within 45 days of receipt of the First Notice Letter, the FDA cannot approve Gland’s ANDA any earlier than 7.5 years from the approval of the GIAPREZA ® NDA unless the District Court finds that all of the asserted claims of the patents-in-suit are invalid, unenforceable and/or not infringed. On February 22, 2023, La Jolla received a paragraph IV notice of certification (the “Second Notice Letter”) from Gland advising that Gland had amended its ANDA filing to include a paragraph IV certification alleging that all claims of the newly-issued and Orange Book-listed U.S. Patent No. 11,559,559 (“the ’559 Patent”), which covers GIAPREZA®, are invalid, unenforceable and/or not infringed. On March 22, 2023, La Jolla filed a First Amended Complaint in this litigation adding Gland’s marketing and distribution partners for its ANDA angiotensin II product, Fresenius Kabi USA LLC and Fresenius Kabi SwissBiosim GmbH (collectively, the “Fresenius Kabi Defendants”), as co-defendants. On April 7, 2023, La Jolla filed a Second Amended Complaint in response to the Second Notice Letter, adding claims that the manufacture, use, sale, offer for sale, or import of Gland’s ANDA angiotensin II product will infringe the ’559 Patent. On November 14, 2023, La Jolla filed a Third Amended Complaint adding additional infringement claims against the Fresenius Kabi Defendants. On February 18, 2025, La Jolla, as well as The George Washington University (collectively, with the La Jolla entities, the “Plaintiffs”) entered into a settlement agreement (the “Settlement Agreement”) with Gland and the Fresenius Kabi Defendants (collectively, “Defendants”) resolving the Hatch-Waxman Act concerning Gland’s ANDA filing. Under the terms of the Settlement Agreement, Plaintiffs granted Defendants a perpetual, royalty-free and fully paid-up, non-exclusive, non-sublicensable, non-transferable right and license solely to make, have made, use, sell, offer to sell, import, and/or distribute the product that is subject to Gland’s ANDA in the United States commencing in the early 2030s, subject to certain exceptions as is customary in these type of agreements. As required by law, the settlement is subject to review by the U.S. Department of Justice and the Federal Trade Commission. Indemnifications and Other Contingencies In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, directors, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect in our consolidated financial statements. We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors. To date, we have not incurred any material costs and, as of December 31, 2024, we have not accrued any liabilities in the consolidated financial statements as a result of these provisions.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES Income tax expense consists of the following: Year Ended December 31, (In thousands) 2024 2023 2022 Current Federal $ 23,438 $ 7,799 $ 40,822 State 3,175 2,177 464 Total current 26,613 9,976 41,286 Deferred Federal ( 12,606 ) 6,594 26,026 State ( 11 ) ( 2,194 ) ( 625 ) Total deferred ( 12,617 ) 4,400 25,401 Total income tax expense, net $ 13,996 $ 14,376 $ 66,687 The impacts of the differences between the expected U.S. federal statutory income tax to our income tax expense are as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Expected tax at federal statutory rate $ 7,846 $ 40,747 $ 58,928 State income tax expense (benefit), net of federal benefit 1,864 1,433 ( 1,414 ) Federal and state research credits ( 90 ) ( 1,582 ) ( 2,453 ) Foreign derived intangible income deduction ( 11,767 ) ( 15,274 ) — Noncontrolling interest — — 7,468 Impact of consolidation and deconsolidation of subsidiaries — — ( 8,897 ) Other ( 2,243 ) 1,219 ( 125 ) Change in valuation allowance 18,386 ( 12,167 ) 13,180 Total income tax expense, net $ 13,996 $ 14,376 $ 66,687 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and deferred tax liabilities are as follows: December 31, (In thousands) 2024 2023 Deferred tax assets Net operating loss carryforwards $ 176,989 $ 182,013 Research and development tax credit carryforwards 21,359 21,357 Unrealized loss on investment, net 11,481 — Deferred royalty obligation, net 17,452 18,084 Other 6,832 6,467 Total deferred tax assets before valuation allowance 234,113 227,921 Valuation allowance ( 187,635 ) ( 169,249 ) Total deferred tax assets 46,478 58,672 Deferred tax liabilities Depreciation and amortization ( 31,626 ) ( 39,064 ) Unrealized gain on investment, net — ( 13,747 ) Inventory fair value adjustment ( 2,798 ) ( 6,424 ) Net deferred tax assets (liabilities) $ 12,054 $ ( 563 ) We record deferred tax assets if the realization of such assets is more likely than not to occur. Significant management judgment is required in determining whether a valuation allowance against the deferred tax assets is required. We have considered all available evidence, both positive and negative, such as our historical operating results and predictability of future taxable income, in making such determination. We are also required to exercise significant management’s judgment in forecasting future taxable income. Specifically, we evaluate the following criteria when considering a valuation allowance: • the history of tax net operating losses in recent years; • predictability of operating results; • profitability for a sustained period of time; and • level of profitability on a quarterly basis. As of December 31, 2024 , we had federal net operating loss carryforwards of approximately $ 520.6 million , $ 456.5 million of which do not expire. As of December 31, 2024, we also had state net operating loss carryforwards of approximately $ 1.0 billion , which will expire beginning 2030 and state research tax credits of approximately $ 33.3 million , which do not expire. Utilization of net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations provided by the Internal Revenue Code and similar state provisions. Annual limitations may result in expiration of net operating loss and tax credit carryforwards before some or all of such amounts have been utilized. We conducted an Internal Revenue Code of 1986, as amended, Section 382 (“Section 382”) analysis of the Company through December 31, 2024 to determine whether an ownership change had occurred since inception. The Section 382 study concluded that it is more likely than not that the Company did not experience an ownership change during the testing period. If we ever undergo an ownership change, the utilization of the pre-ownership change net operating loss carryforwards or pre-ownership change tax attributes, such as research tax credits, to offset the post-ownership change income may be subject to an annual limitation, pursuant to Sections 382 and 383 of the Internal Revenue Code of 1986, as amended. Similar rules may apply under state tax laws. As of December 31, 2024, $ 154.8 million of Entasis’ federal net operating losses and $ 365.8 million of La Jolla’s federal operating losses from the acquisitions in 2022, both subject to annual limitations, were available for future utilization. Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2024 and 2023, we had no accrued interest or penalties due to the Company ’s net operating losses available to offset any tax adjustments. We do not have any tax positions for which a significant change in the total amount of gross unrecognized tax benefits is reasonably possible within 12 months of December 31, 2024. Uncertain Tax Positions A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows: (In thousands) Amount Unrecognized tax benefits as of December 31, 2021 $ 14,872 Net increase in tax portions for 2022 1,452 Unrecognized tax benefits as of December 31, 2022 16,324 Net increase in tax portions for 2023 3,119 Unrecognized tax benefits as of December 31, 2023 19,443 Net increase in tax portions for 2024 41,851 Unrecognized tax benefits as of December 31, 2024 $ 61,294 The increase of $ 41.9 million in 2024 was primarily due to our strategic intercompany intellectual property alignment across different jurisdictions. We are subject to taxation in the U.S. and various state and foreign jurisdictions. The tax years 2006 through 2013, 2015 and forward remain open to examination by the federal and most state tax authorities due to net operating loss and overall credit carryforward positions. We are not currently subject to any income tax audits by federal or state taxing authorities. In December 2021, the Organization for Economic Cooperation and Development (“OECD”) enacted model rules for a new global minimum tax framework (“BEPS Pillar Two”), and various governments around the world have enacted, or are in the process of enacting legislation. We are in the process of evaluating whether and when these new rules may come into effect and apply to us, including the eligibility to qualify for safe harbor rules . We plan to treat the tax if any as a period cost. We do not believe that the Pillar Two rules apply to us yet. As such, the potential future quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	15. SEGMENT REPORTING We operate as a single operating and reportable segment, focused on creating value for our stockholders. We achieve this by maximizing the value of our respiratory royalty portfolio and growing our investments in innovative healthcare assets that address critical unmet medical needs. Our Chief Executive Officer , as the chief operating decision-maker (“CODM”), evaluates the company’s financial performance and operational efficiency using consolidated net income. This helps guide decisions related to commercial operations, product development, and regulatory compliance, ensuring resources are allocated effectively to support growth initiatives. Consolidated net income also helps inform reinvestment strategies to strengthen our market position and drive innovation. The accounting policies of the segment are the same as those described in Note 1, “Description of Operations and Summary of Significant Accounting Policies”. Our revenues are generated primarily from our collaborative arrangements and royalty payments from GSK, located in Great Britain. We also generate revenue from net product sales of GIAPREZA ® , XERAVA ® , and XACDURO ® , as well as license and other revenues. Refer to Note 3, “Revenue Recognition”, for more information on our revenues for the periods presented. Our long-term assets are located within the United States. The CODM does not review assets at a different level or category than the amounts disclosed in the consolidated balance sheets. The table below presents the financial information used by the CODM to assess performance, which reconcile to the consolidated net income: Year Ended December 31, (In thousands) 2024 2023 2022 Total revenue $ 358,711 $ 310,463 $ 331,339 Less: Cost of products sold - U.S. 10,921 7,535 2,488 Cost of products sold - Rest of the world 11,857 6,341 1,282 Cost of products sold - Amortization of inventory fair value adjustments 13,820 27,164 10,023 Cost of license revenue — 1,600 — Selling and marketing 31,441 30,739 6,886 General and administrative 84,249 67,493 56,652 Research and development - External services 7,408 20,051 24,666 Research and development - Internal expenses 6,246 13,871 16,766 Amortization of acquired intangible assets 25,902 21,784 5,581 Changes in fair values of equity method investments, net 64,253 ( 77,392 ) 161,749 Changes in fair values of equity and long-term investments, net 59,161 ( 11,129 ) ( 8,462 ) Interest and dividend income ( 19,141 ) ( 15,818 ) ( 6,369 ) Interest expense 22,209 19,157 15,789 Gain on sale of TRC — — ( 266,696 ) Loss on extinguishment of debt — — 20,662 Other expense, net 2,997 4,969 3,373 Income tax expense, net 13,996 14,376 66,687 Consolidated net income $ 23,392 $ 179,722 $ 220,262

Description of Operations and_2

Description of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Operations	Description of Operations Innoviva, Inc. (and where context requires, together with its subsidiaries referred to as “Innoviva”, the “Company”, or “we” and other similar pronouns) is a company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics (“IST”), and a portfolio of strategic investments in other healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR ® /BREO ® ELLIPTA ® (fluticasone furoate/vilanterol, “FF/VI”) and ANORO ® ELLIPTA ® (umeclidinium bromide/vilanterol, “UMEC/VI”), and up until July 2022, TRELEGY ® ELLIPTA ® (the combination FF/UMEC/VI). We sold our 15 % ownership interest in Theravance Respiratory Company, LLC (“TRC”) on July 20, 2022, and are no longer entitled to receive royalties on sales of TRELEGY ® ELLIPTA ® products. Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR ® /BREO ® ELLIPTA ® as follows: 15 % on the first $ 3.0 billion of annual global net sales and 5 % for all annual global net sales above $ 3.0 billion; and royalties from the sales of ANORO ® ELLIPTA ® , which tier upward at a range from 6.5 % to 10 %. We expanded our portfolio through the acquisition of Entasis Therapeutics Holdings Inc. (“Entasis”) on July 11, 2022 and the acquisition of La Jolla Pharmaceutical Company (“La Jolla”) on August 22, 2022. Our commercial and marketed products include GIAPREZA ® (angiotensin II), approved to increase blood pressure in adults with septic or other distributive shock, and XERAVA ® (eravacycline) for the treatment of complicated intra-abdominal infections in adults. Our new product, XACDURO ® (formerly known as sulbactam-durlobactam or SUL-DUR), was approved by the United States Food and Drug Administration (“FDA”) for the treatment of hospital-acquired and ventilator-associated pneumonias caused by Acinetobacter in adults and we commenced commercial sales of XACDURO ® in the third quarter of 2023. On December 14, 2024, we entered into an exclusive distribution and license agreement with Basilea Pharmaceutica Ltd., (“Basilea”) for the commercialization of ZEVTERA ® (ceftobiprole), an advanced-generation cephalosporin antibiotic, in the U.S. We continue to further advance our pipeline and are on track to submit a New Drug Application (“NDA”) for zoliflodacin, potentially first in class, single dose oral drug for the treatment of uncomplicated gonorrhea, to the FDA in early 2025. Overall, we have a wholly owned robust critical care and infectious disease operating platform with a hospital focus anchored by four differentiated products with significant growth potential and a promising drug candidate. In addition, we own other strategic healthcare assets, such as a large equity stake in Armata Pharmaceuticals, a leader in development of bacteriophages with potential use across a range of infectious and other serious diseases. We also have economic interests in other healthcare companies.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Innoviva, our wholly owned subsidiaries and certain variable interest entities (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net income (loss) attributable to noncontrolling interest in our consolidated statements of income equal to the percentage of the economic or ownership interest retained in such entity by the respective noncontrolling party.
Factors Affecting Comparability	Factors Affecting Comparability Our historical financial condition and results of operations for the periods presented may not be comparable, either between periods or going forward due to the factors below and as discussed in Note 5, “Consolidated Entities and Acquisitions”. • Accounting consolidation of Entasis on February 17, 2022 and purchase of remaining noncontrolling interest in Entasis on July 11, 2022; • Sale of our 15 % ownership interest in TRC on July 20, 2022; and • Acquisition of La Jolla on August 22, 2022.
Use of Management's Estimates	Use of Management’s Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Management evaluates its significant accounting policies and estimates on an ongoing basis. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources.
Concentrations of Credit Risk and of Significant Suppliers and Partners	Concentrations of Credit Risk and of Significant Suppliers and Partners Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits. We are dependent on third-party manufacturers to supply active pharmaceutical ingredients (“API”) and drug products for commercial and research and development programs. These programs could be adversely affected by significant interruption in the supply of API or drug products. Currently, we derive most of our revenues from GSK and our near-term success depends in large part on GSK’s ability to successfully develop and commercialize the products in the respiratory programs partnered with GSK. Our near-term success depends in large part upon the performance by GSK of its commercial obligations under the GSK Agreements and the commercial success of RELVAR ® /BREO ® ELLIPTA ® and ANORO ® ELLIPTA ® . If GSK does not devote sufficient resources to the commercialization or development of these products, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed. GSK is responsible for all clinical and other product development, regulatory, manufacturing and commercialization activities for products developed under the GSK Agreements, including RELVAR ® /BREO ® ELLIPTA ® and ANORO ® ELLIPTA ® . Our royalty revenues may fluctuate due to a variety of factors, many of which are outside of our control. Our royalty revenues under the GSK Agreements may not meet our, analysts’ or investors’ expectations, due to a number of important factors. Our revenue for the periods include product sales of GIAPREZA ® , XERAVA ® and XACDURO ® . Hospitals and other healthcare organizations generally purchase our products through a network of specialty distributors. These specialty distributors, which are located in the U.S., are considered our customers for accounting purposes. We do not believe that loss of one of these distributors would significantly impact our ability to distribute our products, as we expect that sales volume would be absorbed by new or remaining distributors. Three of our customers each account for approximately: • 31 %, 24 % and 24 %, respectively, of our net product sales for the year ended December 31, 2024; • 31 %; 27 % and 27 %, respectively, of our net product sales for the year ended December 31, 2023; and, • 33 %, 29 % and 28 %, respectively, of our net product sales for the year ended December 31, 2022. These same customers account for 31 %, 18 % and 15 %, respectively, of our receivables from net product sales, which are included in “Accounts receivables, net” in our consolidated balance sheet as of December 31, 2024. These same customers account for 29 %, 19 % and 15 %, respectively, of our receivables from net product sales, which are included in “Accounts receivables, net” in our consolidated balance sheet as of December 31, 2023.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is made available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. Refer to Note 15, “Segment Reporting”, for more segment information.
Variable Interest Entities	Variable Interest Entities The primary beneficiary of a variable interest entity (“VIE”) is required to consolidate the assets and liabilities of the VIE. When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests that are deemed to be variable interests in the VIE. This assessment requires us to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE.
Business Combination	Business Combination When we acquire an entity in a business combination, we recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquiree and establish the acquisition date as the fair value measurement point. We recognize and measure goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. Acquisition-related expenses and related restructuring costs are expensed as incurred. Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. For intangible assets, we typically use the income method. This method starts with a forecast of all of the expected future net cash flows for each asset. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. Some of the more significant estimates and assumptions inherent in the income method or other methods include the amount and timing of projected future cash flows, the discount rate selected to measure the risks inherent in the future cash flows and the assessment of the asset’s life cycle and the competitive trends impacting the asset, including consideration of any technical, legal, regulatory, or economic barriers to entry. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments purchased with a maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded net of estimates for prompt-pay discounts, chargebacks, returns and rebates. Allowances for prompt-pay discounts and chargebacks are based on contractual terms. We estimate the allowance for credit losses based on existing contractual payment terms, actual payment patterns of customers and individual customer circumstances.
Inventory	Inventory Inventory is stated at the lower of cost or estimated net realizable value on a first-in, first-out basis. We periodically analyze inventory levels and write down inventory as cost of products sold when the following occurs: inventory has become obsolete, inventory has a cost basis in excess of its estimated net realizable value, or inventory quantities are in excess of expected product sales.
Property and Equipment	Property and Equipment Property and equipment, which consist of laboratory equipment, computer equipment, software, office furniture and fixtures, and leasehold improvements, were not material as of December 31, 2024 and 2023, respectively. Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Leasehold improvements Shorter of remaining lease terms or useful life Laboratory equipment, furniture and fixtures 5 – 7 years Software and computer equipment 3 years
Equity and Long-Term Investments	Equity and Long-Term Investments We invest from time to time in equity and debt securities of private or public companies. If we determine that we have control over these companies under either voting or VIE models, we consolidate them in our consolidated financial statements. If we determine that we do not have control over these companies under either voting or VIE models, we then determine if we have an ability to exercise significant influence via voting interests, board representation or other business relationships. We may account for the investments where we exercise significant influence using either an equity method of accounting or at fair value by electing the fair value option under Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments . If the fair value option is applied to an investment that would otherwise be accounted for under the equity method, we apply it to all our financial interests in the same entity (equity and debt, including guarantees) that are eligible items. All gains and losses from fair value changes, unrealized and realized, are presented as changes in fair values of equity method investments, net, and changes in fair values of equity and long-term investments, net, within the consolidated statements of income. If we conclude that we do not have an ability to exercise significant influence over an investee, we may elect to account for the security without a readily determinable fair value using the measurement alternative method under ASC 321, Investments – Equity Securities . This measurement alternative method allows us to measure the equity investment at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We also invest in ISP Fund LP, which investments consist of money market funds and equity and debt securities in the healthcare, pharmaceutical and biotechnology industries. Pursuant to the Partnership Agreement entered in December 2020, we became a limited partner of this partnership, and our contributions were subject to a 36-month lock-up period, which restriction prevented us from having control over and access to the contributions and related investments. The lock-up period for a certain portion of our contributions expired in December 2023. Strategic Partners did not elect to make a withdrawal in 2023, thereby extending the lock-up period and withdrawal elections into subsequent years. These investments were classified as long-term investments in the consolidated balance sheet as of December 31, 2023. In October 2024, Strategic Partners made an election to unwind its capital accounts in the Partnership in accordance with the terms of the Partnership Agreement and we expect to receive distributions of our capital accounts through April 2026. Accordingly, a portion of these investments, which consist mainly of cash and money market funds that we expect to be distributed in the next 12 months, were classified as “Current portion of ISP Fund investments” in the consolidated balance sheet as of December 31, 2024.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Our valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. We classify these inputs into the following hierarchy: Level 1 —Quoted prices for identical instruments in active markets. Level 2 —Quoted prices for similar instruments in active markets; quoted prices for identical 3or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 —Unobservable inputs and little, if any, market activity for the assets. Financial instruments include cash equivalents, accounts receivable, receivables from collaborative arrangements, accounts payable, and accrued liabilities, equity investments and convertible promissory notes. The carrying values of cash equivalents, receivables from collaborative arrangements, accounts payable, and accrued liabilities approximate their estimated fair values due to the relatively short-term nature of these instruments.
Capitalized Fees Paid	Capitalized Fees Paid We capitalize fees paid to licensors related to agreements for approved products or commercialized products. We capitalize these fees as capitalized fees paid (“Capitalized Fees”) and amortize them on a straight-line basis over their estimated useful lives upon the commercial launch of the product, shortly after its regulatory approval. The estimated useful lives of these Capitalized Fees are determined on a country-by-country and product-by-product basis, as the later of the expiration or termination of the last patent right covering the compound in such product in such country and 15 years from first commercial sale of such product in such country, unless the Collaboration Agreement is terminated earlier. Consistent with our policy for classification of costs under the research and development collaborative arrangements, the amortization of these Capitalized Fees is recognized as a reduction of royalty revenue. We review our Capitalized Fees for impairment on a product-by-product basis for each major geographic area when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverability of Capitalized Fees is measured by comparing the asset’s carrying amount to the expected undiscounted future cash flows that the asset is expected to generate. The determination of recoverability typically requires various estimates and assumptions, including estimating the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. We derive the required cash flow estimates from near-term forecasted product sales and long-term projected sales in the corresponding market.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is recognized as the excess of the purchase consideration of an acquired entity over the fair value assigned to assets acquired and liabilities assumed in a business combination. In addition to recognizing intangible assets acquired in a business combination, we capitalize milestone payments related to in-licensing agreements for approved products as an intangible asset when the contingency for the milestone is resolved and the consideration is issued or becomes issuable. Goodwill and intangible assets with indefinite useful life are not amortized and are tested for impairment at least annually on the first day of December of each year or more frequently if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying asset amount may not be recoverable. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective remaining useful lives and are tested for impairment only if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Significant judgment may be involved in determining if an indicator of impairment has occurred.
Operating Leases	Operating Leases Right-of-use assets represent our right to use an underlying asset over the lease term and include any lease payments made prior to the lease commencement date and are reduced by lease incentives. Lease liabilities represent the present value of the total lease payments over the lease term, calculated using an estimated incremental borrowing rate. Lease expense is recognized on a straight-line basis over the expected lease term.
Revenue Recognition	Revenue Recognition We apply the guidance on principal versus agent considerations under ASC Topic 606, Revenue from Contracts with Customers , to determine the appropriate treatment for the transactions between us and third parties. The classification of transactions under our arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants. Any consideration related to activities in which we are considered the principal, which includ es being in control of the good or service before such good or service is transferred to the customer, are accounted for as product sales. Revenue is recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. Revenue is recognized through a five-step process: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price for the contract; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as a performance obligation is satisfied. Royalty Revenue We recognize the royalty revenue on net sales of products with respect to which we have contractual royalty rights in the period in which the royalties are earned. The net sales reports provided by our partner are based on its methodology and assumptions to estimate rebates and returns, which it monitors and adjusts regularly in light of contractual and legal obligations, historical trends, past experience and projected market conditions. Our partner may make significant adjustments to its sales based on actual results recorded, which could cause our royalty revenue to fluctuate. We conduct periodic royalty audits to evaluate the information provided by our partner. Royalties are recognized net of amortization of capitalized fees associated with any approval and launch milestone payments made to GSK. Revenue from Product Sales Revenue from product sales is recognized when our customers obtain control of the product and is recorded at the transaction price, net of estimates for variable consideration consisting of chargebacks, discounts, returns and rebates. Variable consideration is estimated using the expected-value amount method, which is the sum of probability-weighted amounts in a range of possible consideration amounts. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary materially from our estimates, we will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. These items may include: • Chargebacks: Chargebacks are discounts we provide to distributors in the event that the sales prices to end users are below the distributors’ acquisition price. This may occur due to a direct contract with a health system, a group purchasing organization (“GPO”) agreement or a sale to a government facility. Chargebacks are estimated based on known chargeback rates and recorded as a reduction of revenue on delivery to our customers. • Discounts: We offer customers various forms of incentives and consideration, including prompt-pay and other discounts. We estimate discounts primarily based on contractual terms. These discounts are recorded as a reduction of revenue on delivery to our customers. • Returns: We offer customers a limited right of return, generally for damaged or expired product. We estimate returns based on an internal analysis, which includes actual experience. The estimates for returns are recorded as a reduction of revenue on delivery to our customers. • Rebates: We participate in Medicaid rebate programs, which provide assistance to certain low-income patients based on each individual state’s guidelines regarding eligibility and services. Under the Medicaid rebate programs, we pay a rebate to each participating state, generally within three months after the quarter in which product was sold. Additionally, we may offer customer incentives and consideration in the form of volume-based or other rebates. The estimates for rebates are recorded as a reduction of revenue on delivery to our customers. We continue to assess our estimates of variable consideration as we accumulate additional historical data and will adjust these estimates accordingly. License Revenue At the inception of a licensing arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price. We generally recognize these milestone payments as revenues when they are achieved because there is considerable uncertainty in the research and development processes that trigger receipt of these payments under our agreements. Similarly, we recognize regulatory approval milestone payments as revenues once the product is approved by the applicable regulatory agency. For delivery of other goods or services related to a licensing arrangement, we determine whether the performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
Research and Development Expenses	Research and Development Expenses Research and development expenses are recognized in the period that services are rendered or goods are received. Research and development expenses consist of salaries and benefits, laboratory supplies, facilities and other overhead costs, research-related manufacturing costs, contract service and clinical-related service costs performed by third party research organizations, research institutions and other outside service providers. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the related goods are delivered or the related services are performed. We also utilize significant judgment and estimates to record accruals for estimated ongoing research costs based on the progress of the studies and progress of research manufacturing activities.
Interest Expense on Deferred Royalty Obligation	Interest Expense on Deferred Royalty Obligation Interest expense related to the deferred royalty obligation is recognized over the expected repayment term of the deferred royalty obligation using the effective interest method. The assumptions used in determining the expected repayment term of the deferred royalty obligation require us to make estimates that could impact the effective interest rate. Each reporting period, we estimate the expected repayment term of the deferred royalty obligation based on forecasted net sales of GIAPREZA ® . Changes in interest expense resulting from changes in the effective interest rate, if any, are recorded on a prospective basis. Refer to Note 12, “Debt”, for more information.
Fair Value of Stock-Based Compensation Awards	Fair Value of Stock‑Based Compensation Awards We use the Black-Scholes-Merton option pricing model to estimate the fair value of options granted under our equity incentive plans and rights to acquire stock granted under our employee stock purchase plan (“ESPP”). The Black-Scholes-Merton option valuation model requires the use of assumptions, including the expected term of the award and the expected stock price volatility. We use the “simplified” method as described in Staff Accounting Bulletin No. 107, “ Share-Based Payment ,” for the expected option term. We use our historical volatility to estimate expected stock price volatility. Restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) are measured based on the fair market values of the underlying stock on the dates of grant. Stock-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differed from those estimates. Our estimated annual forfeiture rates for stock options, RSUs and RSAs are based on our historical forfeiture experience. The estimated fair value of stock options, RSUs and RSAs is expensed on a ratable or straight-line basis over the expected term of the grant or expected term of the vesting. Compensation expense is recorded over the requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. Compensation expense for purchases under the ESPP is recognized based on the fair value of the common stock on the date of offering, less the purchase discount percentage provided for in the plan.
Income Taxes	Income Taxes We utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The recognition and measurement of tax benefits requires significant judgment. Our judgment might change as new information becomes available. We continue to evaluate our deferred tax assets each reporting period to determine whether adjustments to our valuation allowance are required and deferred tax assets will be realized based on the consideration of all available positive and negative evidence, including the differences between our anticipated and actual future operating results, using a “more likely than not” standard. We assess all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and we determine whether the factors underlying the sustainability assertion have changed and whether the amount of the recognized tax benefit is still appropriate.
Related Parties	Related Parties Sarissa Capital ow ned 11.6 % of o ur outstanding common stock as of December 31, 2024 . Transactions with Sarissa Capital are described in Note 5, “Consolidated Entities and Acquisitions”. Sarissa Capital is considered to be a related party because two of its principals are members of our board of directors.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncement In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU update requires enhanced segment disclosures, primarily related to significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. We adopted ASU 2023-07 for the 2024 fiscal year and provided the enhanced disclosures for the comparative years. The adoption of ASU 2023-07 did not have a material impact on the Company's financial statements. Enhanced disclosures related to significant segment expenses are included in Note 15, “Segment Reporting.” Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) . The ASU requires the disclosure of income taxes paid disaggregated by jurisdiction and enhanced disclosures for the entity’s effective tax rate reconciliation as well as other income tax related disclosures. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. The Company has not early adopted the ASU during 2024 and does not expect the adoption of the amendments to have a significant impact on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of income as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company in annual reporting periods beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the potential impact that ASU 2024-03 may have on our financial statement disclosures. In November 2024, the FASB issued ASU 2024-04, Debt — Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. We are currently evaluating the potential impact that ASU 2024-04 may have on our financial statements and related disclosures.

Description of Operations and_3

Description of Operations and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of property, equipment and leasehold improvements useful lives	Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Leasehold improvements Shorter of remaining lease terms or useful life Laboratory equipment, furniture and fixtures 5 – 7 years Software and computer equipment 3 years

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted net income per share	The following table shows the computation of basic and diluted net income per share for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands except per share data) 2024 2023 2022 Numerator: Net income attributable to Innoviva stockholders, basic $ 23,392 $ 179,722 $ 213,921 Add: interest expense on 2023 Notes, net of tax effect — 89 2,439 Add: interest expense on 2025 Notes, net of tax effect 3,468 5,116 4,583 Add: interest expense on 2028 Notes, net of tax effect — 6,377 4,626 Net income attributable to Innoviva stockholders, diluted $ 26,860 $ 191,304 $ 225,569 Denominator: Weighted-average shares used to compute basic net income 62,726 65,435 69,644 Dilutive effect of 2023 Notes — 187 6,188 Dilutive effect of 2025 Notes 11,150 11,150 11,150 Dilutive effect of 2028 Notes — 9,955 8,158 Dilutive effect of options and awards granted under equity 311 149 108 Weighted-average shares used to compute diluted net income 74,187 86,876 95,248 Net income per share attributable to Innoviva stockholders Basic $ 0.37 $ 2.75 $ 3.07 Diluted $ 0.36 $ 2.20 $ 2.37
Schedule of anti-dilutive securities	The following common stock equivalents were not included in the computation of diluted net income per share because their effect was anti‑dilutive for the periods presented: Year Ended December 31, (In thousands) 2024 2023 2022 Outstanding options and awards granted under equity incentive 1,196 1,333 648 Outstanding stock warrant 591 591 282 Outstanding 2028 Notes 9,955 — — Total 11,742 1,924 930

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of net revenue from collaboration arrangement	Net revenue recognized under our GSK Agreements was as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Royalties – RELVAR/BREO $ 207,925 $ 208,042 $ 215,034 Royalties – ANORO 47,631 44,627 38,405 Royalties – TRELEGY (1) — — 72,029 Total royalties 255,556 252,669 325,468 Less: amortization of capitalized ( 13,823 ) ( 13,823 ) ( 13,823 ) Total royalty revenue $ 241,733 $ 238,846 $ 311,645 (1) The year ended December 31, 2022 represents the period from January 1, 2022 to July 20, 2022, the date of the sale of our ownership interest in TRC.
Schedule of net product sales	Total net product sales was as follows: Year Ended December 31, (In thousands) 2024 2023 2022 GIAPREZA® $ 55,037 $ 41,294 $ 14,214 XERAVA® 21,385 17,320 5,480 XACDURO® 21,070 2,003 — Total net product sales $ 97,492 $ 60,617 $ 19,694

Consolidated Entities and Acq_2

Consolidated Entities and Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2024
Consolidated Entities and Acquisitions [Line Items]
Pro Forma Information	The following table presents certain unaudited pro-forma financial information for the year ended December 31, 2022 as if the consolidation of Entasis and La Jolla occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only, and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2021, or of results that may occur in the future. The unaudited pro forma financial information combines the historical results of the Entasis and La Jolla with the Company’s consolidated historical results and includes certain adjustments including, but not limited to, fair value adjustments to equity investments in Entasis’ common stock and warrants, fair value adjustments to inventory, amortization of intangible assets, and interest expense on deferred royalty obligations and acquisition-related costs. Year Ended December 31, (In thousands) 2022 Revenue $ 357,880 Net income $ 204,987 Net income attributable to Innoviva stockholders $ 214,390
Entasis Therapeutics Holdings Inc
Consolidated Entities and Acquisitions [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table represents the adjusted fair values of the assets acquired and liabilities assumed by us in the transaction: (In thousands) February 17, 2022 Cash and cash equivalents $ 23,070 Prepaid expenses 5,554 Other current assets 1,959 Property and equipment, net 185 Right-of-use assets 959 Goodwill 11,493 Intangible assets 106,700 Other assets 302 Total assets acquired $ 150,222 Accounts payable $ 1,583 Accrued personnel-related expenses 1,058 Other accrued liabilities 5,096 Deferred tax liabilities 7,769 Total liabilities assumed $ 15,506 Total assets acquired, net $ 134,716
La Jolla Pharmaceutical Company
Consolidated Entities and Acquisitions [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table represents the adjusted fair values of assets acquired and liabilities assumed by us in the transaction: (In thousands) August 22, 2022 Cash and cash equivalents $ 47,415 Short-term marketable securities 471 Accounts receivable 5,876 Inventory 66,200 Prepaid expenses 1,261 Other current assets 907 Property and equipment, net 13 Right-of-use assets 226 Goodwill 6,411 Intangible assets 151,000 Deferred tax assets 7,461 Other assets 710 Total assets acquired $ 287,951 Accounts payable $ 1,237 Deferred revenue 2,849 Other accrued liabilities 11,362 Other long-term liabilities 65,944 Total liabilities assumed $ 81,392 Total assets acquired, net $ 206,559
Theravance Respiratory Company, LLC
Consolidated Entities and Acquisitions [Line Items]
Summary of Financial Information of TRC	(In thousands) Royalty revenue $ 72,029 Operating expenses ( 332 ) Income from operations 71,697 Other income, net 10 Realized loss ( 39,386 ) Income tax expense, net 1 Changes in fair values of equity and ( 8,884 ) Net income $ 23,438
ISP Fund LP
Consolidated Entities and Acquisitions [Line Items]
Summary of Individual Investments Held by ISP Fund	The following is a summary of individual investments held by ISP Fund at each balance sheet date: December 31, In thousands 2024 2023 Common stock - Publicly traded healthcare companies United States $ 84,039 $ 184,926 United Kingdom 1,989 2,942 Total common stock 86,028 187,868 Preferred stock - Privately held healthcare companies United States 53,591 52,530 Warrants - Privately held healthcare companies 8,507 8,075 Money market fund and cash 107,532 63,339 Total investments held by ISP Fund LP $ 255,658 $ 311,812

Equity and Long-term Investme_2

Equity and Long-term Investments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Reconciliation of Equity and Long-Term Investments Balances	The following table reconciles the change in balances in “Equity and Long-Term Investments” as of each balance sheet date: (In thousands) Equity and long-term investments as of December 31, 2022 $ 363,859 Purchases of trading securities 67,798 Purchases of equity and long-term investments 1,218 Changes in fair value, net 11,129 Other 428 Equity and long-term investments as of December 31, 2023 444,432 Purchases of trading securities 63,201 Changes in fair value, net ( 59,161 ) Reclassification of current portion ( 107,532 ) Other 724 Equity and long-term investments as of December 31, 2024 $ 341,664
Schedule of Amortized Cost and Estimated Fair Values for Available-for-Sale Securities	The estimated fair value of available-for-sale securities is based on quoted market prices for these or similar investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below: December 31, 2024 Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Money market funds (1) $ 289,441 $ — $ — $ 289,441 Total $ 289,441 $ — $ — $ 289,441 (1) Money market funds are included in cash and cash equivalents in the consolidated balance sheets . December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Money market funds (1) $ 170,706 $ — $ — $ 170,706 Total $ 170,706 $ — $ — $ 170,706 (1) Money market funds are included in cash and cash equivalents in the consolidated balance sheets.
Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis	Our available-for-sale securities, equity and long-term investments and contingent value rights are measured at fair value on a recurring basis and our debt is carried at amortized cost basis. Estimated Fair Value Measurements as of December 31, 2024 Using: Quoted Price Significant Significant Identical Observable Unobservable Types of Instruments Assets Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 289,441 $ — $ — $ 289,441 Investments held by ISP Fund LP 193,560 — 62,098 255,658 Equity investment - Armata Common Stock 46,392 — — 46,392 Equity investment - Armata Warrants — 5,901 — 5,901 Equity investment - InCarda Warrants — — 59 59 Convertible debt investment - Armata Note — — 42,095 42,095 Term loan investment - Armata July 2023 Term Loan — — 30,197 30,197 Term loan investment - Armata March 2024 Term Loan — — 39,275 39,275 Convertible debt investment - InCarda Note — — 436 436 Convertible debt investment - ImaginAb Note — — 4,950 4,950 Convertible debt investment - Gate Note — — 50,881 50,881 Total assets measured at estimated fair value $ 529,393 $ 5,901 $ 229,991 $ 765,285 Liabilities Debt 2025 Notes $ — $ 222,353 $ — $ 222,353 2028 Notes — 251,213 — 251,213 Total fair value of debt $ — $ 473,566 $ — $ 473,566 Estimated Fair Value Measurements as of December 31, 2023 Using: Quoted Price in Active Significant Markets for Other Significant Identical Observable Unobservable Types of Instruments Assets Inputs Inputs (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 170,706 $ — $ — $ 170,706 Investments held by ISP Fund LP 251,207 — 60,605 311,812 Equity investment - Armata Common Stock 81,249 — — 81,249 Equity investment - Armata Warrants — 35,297 — 35,297 Convertible debt investment - Armata Note — — 51,883 51,883 Term loan investment - Armata July 2023 Term Loan — — 27,044 27,044 Convertible debt investment - Gate Note — — 27,972 27,972 Total assets measured at estimated fair value $ 503,162 $ 35,297 $ 167,504 $ 705,963 Debt 2025 Notes $ — $ 200,407 $ — $ 200,407 2028 Notes — 227,070 — 227,070 Total fair value of debt — 427,477 — 427,477 Contingent value rights — — 359 359 Total liabilities at estimated fair value $ — $ 427,477 $ 359 $ 427,836
Armata
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Schedule of Balance Sheets and Income Statements of VIE	The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag as follows: Balance Sheet Information September 30, (In thousands) 2024 2023 Current assets $ 22,389 $ 36,585 Noncurrent assets $ 75,848 $ 76,176 Current liabilities $ 118,204 $ 21,884 Noncurrent liabilities $ 31,006 $ 103,263 Income Statement Information Twelve Months Ended September 30, (In thousands) 2024 2023 2022 Revenue $ 5,467 $ 4,052 $ 5,446 Loss from operations $ ( 38,476 ) $ ( 41,639 ) $ ( 32,666 ) Net loss $ ( 41,363 ) $ ( 59,512 ) $ ( 32,650 )

Capitalized Fees Paid (Tables)

Capitalized Fees Paid (Tables)	12 Months Ended
	Dec. 31, 2024
Capitalized Contract Cost [Abstract]
Schedule of Capitalized Fees Paid	Capitalized fees paid, which consist of registrational and launch-related milestone fees paid to GSK, were as follows: December 31, (In thousands) Amortization period 2024 2023 United States 2013-2030 $ 120,000 $ 120,000 Europe 2013-2029 60,000 60,000 Japan 2013-2029 40,000 40,000 Gross carrying value 220,000 220,000 Accumulated amortization ( 150,039 ) ( 136,216 ) Net carrying value $ 69,961 $ 83,784

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Accumulated Amortization of Recognized Intangible Assets	The carrying basis and accumulated amortization of recognized intangible assets as of December 31, 2024 and 2023 were as follows: December 31, 2024 Useful Life Gross Accumulated Net Carrying (In thousands) (Years) Amount Amortization Amount Marketed products 8 - 10 $ 223,700 $ ( 47,559 ) $ 176,141 In-process research and development 2,600 — 2,600 Collaboration agreement 10 35,400 ( 5,708 ) 29,692 Total $ 261,700 $ ( 53,267 ) $ 208,433 December 31, 2023 Useful Life Gross Accumulated Net Carrying (In thousands) (Years) Amount Amortization Amount Marketed products 8 - 10 $ 219,700 $ ( 25,204 ) $ 194,496 In-process research and development 2,600 — 2,600 Collaboration agreement 10 35,400 ( 2,161 ) 33,239 Total $ 257,700 $ ( 27,365 ) $ 230,335

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	Inventory consisted of the following: December 31, (In thousands) 2024 2023 Raw materials $ 11,113 $ 11,257 Work-in-process 20,529 15,670 Finished goods 2,083 13,810 Total inventory $ 33,725 $ 40,737
Schedule of Other Accrued Liabilities	Other accrued liabilities consisted of the following: December 31, (In thousands) 2024 2023 Accrued contract manufacturing expenses $ 1,071 $ 1,966 Accrued clinical and research expenses 611 776 Accrued professional services 8,682 8,876 Current portion of lease liabilities 1,572 1,207 Royalty obligation payable 2,951 1,928 Current portion of deferred royalty obligation 6,438 — Accrued license fees and royalties 1,727 1,575 Other 6,947 3,370 Total other accrued liabilities $ 29,999 $ 19,698
Schedule of Other Long-term Liabilities	Other long-term liabilities consisted of the following: December 31, (In thousands) 2024 2023 Long-term portion of deferred royalty obligation $ 63,096 $ 69,876 Long-term portion of lease liabilities 1,179 1,635 Contingent value rights liability — 359 Total other long-term liabilities $ 64,275 $ 71,870

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	Stock‑based compensation expense is included in the consolidated statements of income as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Selling, general and administrative $ 6,040 $ 4,645 $ 5,305 Research and development 334 1,192 2,042 Total $ 6,374 $ 5,837 $ 7,347
Schedule of stock-based compensation expense included in the consolidated statements of operations by award type	Stock‑based compensation expense included in the consolidated statements of income by award type is as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Stock options $ 2,738 $ 1,980 $ 3,057 RSUs 3,348 3,663 4,053 RSAs 123 168 194 ESPP 165 26 43 Total stock-based compensation expense $ 6,374 $ 5,837 $ 7,347
Schedule of unrecognized stock-based compensation cost	As of December 31, 2024, the unrecognized stock-based compensation cost and the estimated weighted-average amortization period were as follows: (In thousands) Unrecognized Compensation Cost Weighted-Average Amortization Period (Years) Stock options $ 6,765 2.8 RSUs 6,996 2.5 RSAs 98 1.3 Total unrecognized compensation expense $ 13,859
Summary of equity award activity and related information	The following table summarizes equity award activity under the 2012 Plan and prior plans and related information: (In thousands, except per share data) Number of outstanding options Weighted-Average Exercise Price of Outstanding Options Number of outstanding RSUs Weighted-Average Fair Value per Share at Grant Number of outstanding RSAs Weighted-Average Fair Value per Share at Grant Balance as of December 31, 2023 1,499 $ 14.09 482 $ 12.62 16 $ 14.93 Granted 1,062 $ 16.67 502 $ 15.77 — $ — Exercised ( 80 ) $ 12.88 — $ — — $ — Released RSUs and RSAs — $ — ( 241 ) $ 12.52 ( 9 ) $ 14.46 Forfeited ( 414 ) $ 15.24 ( 145 ) $ 13.86 — $ — Balance as of December 31, 2024 2,067 $ 15.23 598 $ 15.00 7 $ 15.50 Vested and expected to vest 2,067 $ 15.23 598 $ 15.00 — $ —
Summary of weighted-average assumptions used to calculate estimated value of stock options	Black-Scholes-Merton weighted-average assumptions used in calculating the estimated value of stock options granted by Innoviva on the dates of grant were as follows: Year Ended December 31, 2024 2023 2022 Risk-free interest rate 4.2 % 4.0 % 3.6 % Expected term (in years) 6.10 6.09 6.04 Volatility 35.5 % 37.8 % 38.6 % Dividend yield 0.0 % 0.0 % 0.0 % Weighted-average estimated fair value of stock options granted $ 8.17 $ 5.57 $ 6.43

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt
Schedule of Debt	Our debt consists of the following: December 31, (In thousands) 2024 2023 2025 Notes $ 192,500 $ 192,500 2028 Notes 261,000 261,000 Total debt 453,500 453,500 Less: Unamortized debt discount and issuance costs ( 5,156 ) ( 7,266 ) Total debt, net 448,344 446,234 Less: Current portion of long-term debt, net ( 192,028 ) — Total long-term debt, net $ 256,316 $ 446,234
Aggregate Scheduled Maturities of Convertible Debt	The aggregate scheduled maturities of our convertible debt as of December 31, 2024 are as follows: (In thousands) Amount Year ending December 31, 2025 $ 192,500 2026 — 2027 — 2028 261,000 Total $ 453,500
2023 Notes
Debt
Schedule of Components of Interest Expense	The following table sets forth total interest expense recognized related to the 2023 Notes for the years ended December 31, 2023 and 2022: Year Ended December 31, (In thousands) 2023 2022 Contractual interest expense $ 85 $ 2,617 Amortization of debt issuance costs 11 302 Total interest and amortization expense $ 96 $ 2,919
2025 Notes
Debt
Summary of Liability and Equity Components of Convertible Notes	Our outstanding 2025 Notes balances consisted of the following: December 31, (In thousands) 2024 2023 Principal $ 192,500 $ 192,500 Debt discount and issuance costs, net ( 472 ) ( 1,205 ) Net carrying amount $ 192,028 $ 191,295
Schedule of Components of Interest Expense	The following table sets forth total interest expense recognized related to the 2025 Notes for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, (In thousands) 2024 2023 2022 Contractual interest expense $ 4,813 $ 4,813 $ 4,813 Amortization of debt issuance costs 733 712 692 Total interest and amortization expense $ 5,546 $ 5,525 $ 5,505
2028 Notes
Debt
Summary of Liability and Equity Components of Convertible Notes	Our outstanding 2028 Notes balance consisted of th e following: December 31, (In thousands) 2024 2023 Principal $ 261,000 $ 261,000 Debt discount and issuance costs, net ( 4,684 ) ( 6,061 ) Net carrying amount $ 256,316 $ 254,939
Schedule of Components of Interest Expense	The following table sets forth total interest expense recognized related to the 2028 Notes for the years ended December 31, 2024, 2023, and from the issuance through December 31, 2022: Year Ended December 31, Date of Issuance Through (In thousands) 2024 2023 December 31, 2022 Contractual interest expense $ 5,546 $ 5,546 $ 4,514 Amortization of debt discount and issuance costs 1,377 1,342 1,061 Total interest and amortization expense $ 6,923 $ 6,888 $ 5,575

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Lease Cost	The components of lease costs are as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Straight line operating lease costs $ 1,200 $ 1,428 $ 1,585 Variable lease costs 14 189 155 Total lease costs $ 1,214 $ 1,617 $ 1,740
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases are as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of $ 1,464 $ 1,542 $ 790 Operating lease right-of-use assets obtained in exchange 1,156 — 3,323 Right-of-use assets obtained through acquisitions — — 1,185
Schedule of Future Minimum Lease Payments	Future minimum lease payments on our operating leases as of December 31, 2024 are as follows: (In thousands) Amount Year ending December 31, 2025 $ 1,705 2026 435 2027 455 2028 326 2029 83 Total undiscounted lease payments 3,004 Less: imputed interest ( 253 ) Total operating lease liabilities $ 2,751

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of components of the income tax expense	Income tax expense consists of the following: Year Ended December 31, (In thousands) 2024 2023 2022 Current Federal $ 23,438 $ 7,799 $ 40,822 State 3,175 2,177 464 Total current 26,613 9,976 41,286 Deferred Federal ( 12,606 ) 6,594 26,026 State ( 11 ) ( 2,194 ) ( 625 ) Total deferred ( 12,617 ) 4,400 25,401 Total income tax expense, net $ 13,996 $ 14,376 $ 66,687
Schedule of differences between expected U.S. federal statutory income tax to income tax expense	The impacts of the differences between the expected U.S. federal statutory income tax to our income tax expense are as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Expected tax at federal statutory rate $ 7,846 $ 40,747 $ 58,928 State income tax expense (benefit), net of federal benefit 1,864 1,433 ( 1,414 ) Federal and state research credits ( 90 ) ( 1,582 ) ( 2,453 ) Foreign derived intangible income deduction ( 11,767 ) ( 15,274 ) — Noncontrolling interest — — 7,468 Impact of consolidation and deconsolidation of subsidiaries — — ( 8,897 ) Other ( 2,243 ) 1,219 ( 125 ) Change in valuation allowance 18,386 ( 12,167 ) 13,180 Total income tax expense, net $ 13,996 $ 14,376 $ 66,687
Schedule of deferred tax assets and deferred tax liabilities	Significant components of our deferred tax assets and deferred tax liabilities are as follows: December 31, (In thousands) 2024 2023 Deferred tax assets Net operating loss carryforwards $ 176,989 $ 182,013 Research and development tax credit carryforwards 21,359 21,357 Unrealized loss on investment, net 11,481 — Deferred royalty obligation, net 17,452 18,084 Other 6,832 6,467 Total deferred tax assets before valuation allowance 234,113 227,921 Valuation allowance ( 187,635 ) ( 169,249 ) Total deferred tax assets 46,478 58,672 Deferred tax liabilities Depreciation and amortization ( 31,626 ) ( 39,064 ) Unrealized gain on investment, net — ( 13,747 ) Inventory fair value adjustment ( 2,798 ) ( 6,424 ) Net deferred tax assets (liabilities) $ 12,054 $ ( 563 )
Summary of changes in unrecognized tax benefits	A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits are as follows: (In thousands) Amount Unrecognized tax benefits as of December 31, 2021 $ 14,872 Net increase in tax portions for 2022 1,452 Unrecognized tax benefits as of December 31, 2022 16,324 Net increase in tax portions for 2023 3,119 Unrecognized tax benefits as of December 31, 2023 19,443 Net increase in tax portions for 2024 41,851 Unrecognized tax benefits as of December 31, 2024 $ 61,294

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of reconciliation to the consolidated net income	The table below presents the financial information used by the CODM to assess performance, which reconcile to the consolidated net income: Year Ended December 31, (In thousands) 2024 2023 2022 Total revenue $ 358,711 $ 310,463 $ 331,339 Less: Cost of products sold - U.S. 10,921 7,535 2,488 Cost of products sold - Rest of the world 11,857 6,341 1,282 Cost of products sold - Amortization of inventory fair value adjustments 13,820 27,164 10,023 Cost of license revenue — 1,600 — Selling and marketing 31,441 30,739 6,886 General and administrative 84,249 67,493 56,652 Research and development - External services 7,408 20,051 24,666 Research and development - Internal expenses 6,246 13,871 16,766 Amortization of acquired intangible assets 25,902 21,784 5,581 Changes in fair values of equity method investments, net 64,253 ( 77,392 ) 161,749 Changes in fair values of equity and long-term investments, net 59,161 ( 11,129 ) ( 8,462 ) Interest and dividend income ( 19,141 ) ( 15,818 ) ( 6,369 ) Interest expense 22,209 19,157 15,789 Gain on sale of TRC — — ( 266,696 ) Loss on extinguishment of debt — — 20,662 Other expense, net 2,997 4,969 3,373 Income tax expense, net 13,996 14,376 66,687 Consolidated net income $ 23,392 $ 179,722 $ 220,262

Description of Operations and_4

Description of Operations and Summary of Significant Accounting Policies - Description of Operations (Details) $ in Billions	12 Months Ended
	Dec. 31, 2024 USD ($) Customer	Dec. 31, 2023	Dec. 31, 2022	Jul. 20, 2022
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Numberof major customers | Customer	3
Capitalized fees paid, estimated useful life	15 years
Theravance Respiratory Company, LLC
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Equity method investment ownership percentage				15%
Customer Concentration Risk | Net Product Sales | La Jolla [Member] | Customer One
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration Risk, Percentage	31%	31%	33%
Customer Concentration Risk | Net Product Sales | La Jolla [Member] | Customer Two
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration Risk, Percentage	24%	27%	29%
Customer Concentration Risk | Net Product Sales | La Jolla [Member] | Customer Three
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration Risk, Percentage	24%	27%	28%
Customer Concentration Risk | Receivables from Net Product Sales | La Jolla [Member] | Customer One
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration Risk, Percentage	31%	29%
Customer Concentration Risk | Receivables from Net Product Sales | La Jolla [Member] | Customer Two
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration Risk, Percentage	18%	19%
Customer Concentration Risk | Receivables from Net Product Sales | La Jolla [Member] | Customer Three
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration Risk, Percentage	15%	15%
Sarissa Capital
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of common stock owned by a related party	11.60%
Long-Acting Beta2 Agonist (LABA) Collaboration | GSK | RELVAR/BREO
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Royalty rate for first level of annual global net sales (as a percent)	15%
Annual global sales level used to determine royalty rate | $	$ 3
Royalty rate for sales above first level of annual global net sales (as a percent)	5%
Long-Acting Beta2 Agonist (LABA) Collaboration | GSK | ANORO | Minimum
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Royalty rate for combination products (as a percent)	6.50%
Long-Acting Beta2 Agonist (LABA) Collaboration | GSK | ANORO | Maximum
DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Royalty rate for combination products (as a percent)	10%

Description of Operations and_5

Description of Operations and Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2024
Laboratory equipment furniture and fixtures | Minimum
Property, Plant and Equipment [Abstract]
Estimated useful life	5 years
Laboratory equipment furniture and fixtures | Maximum
Property, Plant and Equipment [Abstract]
Estimated useful life	7 years
Software and computer equipment
Property, Plant and Equipment [Abstract]
Estimated useful life	3 years

Description of Operations and_6

Description of Operations and Summary of Significant Accounting Policies - Related Party Transactions (Details)	Dec. 31, 2024
Sarissa Capital
Related Parties
Percentage of common stock owned by a related party	11.60%

Net Income Per Share - Basic an

Net Income Per Share - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to Innoviva stockholders, basic	$ 23,392	$ 179,722	$ 213,921
Net income attributable to Innoviva stockholders, diluted	$ 26,860	$ 191,304	$ 225,569
Denominator:
Weighted-average shares used to compute basic net income per share attributable to Innoviva stockholders	62,726	65,435	69,644
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan	311	149	108
Weighted-average shares used to compute diluted net income per share attributable to Innoviva stockholders	74,187	86,876	95,248
Net income per share attributable to Innoviva stockholders
Basic net income per share	$ 0.37	$ 2.75	$ 3.07
Diluted net income per share	$ 0.36	$ 2.2	$ 2.37
2023 Notes
Numerator:
Add: interest expense on Notes, net of tax effect	$ 0	$ 89	$ 2,439
Denominator:
Dilutive effect	0	187	6,188
2025 Notes
Numerator:
Add: interest expense on Notes, net of tax effect	$ 3,468	$ 5,116	$ 4,583
Denominator:
Dilutive effect	11,150	11,150	11,150
2028 Notes
Numerator:
Add: interest expense on Notes, net of tax effect	$ 0	$ 6,377	$ 4,626
Denominator:
Dilutive effect	0	9,955	8,158

Net Income Per Share - Anti-Dil

Net Income Per Share - Anti-Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	11,742	1,924	930
Equity incentive plans and ESPP
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	1,196	1,333	648
Outstanding Stock Warrant
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	591	591	282
Outstanding 2028 Notes
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	9,955	0	0

Revenue Recognition - Schedule

Revenue Recognition - Schedule of net revenue from collaboration arrangement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition and Collaborative Arrangements
Total royalty revenue	$ 358,711	$ 310,463	$ 331,339
Royalty revenue
Revenue Recognition and Collaborative Arrangements
Less: amortization of capitalized fees paid	(13,800)	(13,800)	(13,800)
Total royalty revenue	241,733	238,846	311,645
GSK
Revenue Recognition and Collaborative Arrangements
Total royalty revenue	241,733	238,846	311,645
GSK | Royalty revenue
Revenue Recognition and Collaborative Arrangements
Total royalties	255,556	252,669	325,468
Less: amortization of capitalized fees paid	(13,823)	(13,823)	(13,823)
GSK | RELVAR/BREO
Revenue Recognition and Collaborative Arrangements
Total royalties	207,925	208,042	215,034
GSK | ANORO
Revenue Recognition and Collaborative Arrangements
Total royalties	47,631	44,627	38,405
GSK | TRELEGY
Revenue Recognition and Collaborative Arrangements
Total royalties	$ 0	$ 0	$ 72,029

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of net product sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 358,711	$ 310,463	$ 331,339
GIAPREZA [Member]
Disaggregation of Revenue [Line Items]
Total revenue	55,037	41,294	14,214
XERAVA [Member]
Disaggregation of Revenue [Line Items]
Total revenue	21,385	17,320	5,480
XACDURO [Member]
Disaggregation of Revenue [Line Items]
Total revenue	21,070	2,003	0
Net product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 97,492	$ 60,617	$ 19,694

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2014
Disaggregation of Revenue [Line Items]
Total net revenue	$ 358,711	$ 310,463	$ 331,339
Milestone fees paid	220,000	220,000
U.S.
Disaggregation of Revenue [Line Items]
Milestone fees paid	$ 120,000	$ 120,000
Net Product Sales | Geographic Concentration Risk | U.S.
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	83%	91%
Net Product Sales | Geographic Concentration Risk | Rest of the world
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	17%	9%
Royalty revenue
Disaggregation of Revenue [Line Items]
Total net revenue	$ 241,733	$ 238,846	311,645
GIAPREZA
Disaggregation of Revenue [Line Items]
Total net revenue	55,037	41,294	14,214
XERAVA
Disaggregation of Revenue [Line Items]
Total net revenue	21,385	17,320	5,480
XACDURO
Disaggregation of Revenue [Line Items]
Total net revenue	21,070	2,003	0
GSK
Disaggregation of Revenue [Line Items]
Total net revenue	$ 241,733	$ 238,846	$ 311,645
GSK | Long-Acting Beta2 Agonist (LABA) Collaboration
Disaggregation of Revenue [Line Items]
Milestone fees paid				$ 220,000
Percentage of economic interest in any future payments made under the agreements	15%
GSK | RELVAR/BREO | Long-Acting Beta2 Agonist (LABA) Collaboration
Disaggregation of Revenue [Line Items]
Royalty rate for first level of annual global net sales (as a percent)	15%
Annual global sales level used to determine royalty rate	$ 3,000,000
Royalty rate for sales above first level of annual global net sales (as a percent)	5%
GSK | ANORO | Long-Acting Beta2 Agonist (LABA) Collaboration | Minimum
Disaggregation of Revenue [Line Items]
Royalty rate for combination products (as a percent)	6.50%
GSK | ANORO | Long-Acting Beta2 Agonist (LABA) Collaboration | Maximum
Disaggregation of Revenue [Line Items]
Royalty rate for combination products (as a percent)	10%
GSK | TRELEGY | Long-Acting Beta2 Agonist (LABA) Collaboration | Minimum
Disaggregation of Revenue [Line Items]
Royalty rate for combination products (as a percent)	6.50%
GSK | TRELEGY | Long-Acting Beta2 Agonist (LABA) Collaboration | Maximum
Disaggregation of Revenue [Line Items]
Royalty rate for combination products (as a percent)	10%
La Jolla [Member] | Net Product Sales | Geographic Concentration Risk | U.S.
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			96%
La Jolla [Member] | Net Product Sales | Geographic Concentration Risk | Rest of the world
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			4%

License and Collaboration Arr_2

License and Collaboration Arrangements (Additional Information) (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		$ (358,711)	$ (310,463)	$ (331,339)
Accounts receivable		20,392	14,454
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future potential milestone payment receivable		109,500
XACDURO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		(21,070)	(2,003)	0
Royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		(241,733)	(238,846)	(311,645)
GIAPREZA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		(55,037)	(41,294)	(14,214)
License and other revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		(19,486)	(11,000)	0
XERAVA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		$ (21,385)	(17,320)	$ (5,480)
Percentage of royalty payable on net sales		2.25%
Zai Lab
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination deferred consideration		$ 5,300
Zai Lab | Amended Zai Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License and other revenue		8,100
Accounts receivable		1,600
Zai Lab | Interim Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accounts receivable		600
Amount on net product sales recognized		6,300
Zai Lab | Manufacturing Stage Transfer Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License and other revenue		3,400
Accounts receivable		100
Zai Lab | Sulbactam Durlobactam
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized		8,000
Zai Lab | XACDURO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized			3,000
Zai Lab | XACDURO | Regulatory Starting Material
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letter agreement for purchase of material used for production value					$ 10,900
Zai Lab | Research and Development Support | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future potential milestone payment receivable		91,000
PAION AG | Royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 0	$ 1,500	0
PAION AG | Cost Reimbursement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues			1,300
Everest Medicines Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties payable period after first commercial sale of product		10 years
Everest Medicines Limited | Commercial Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	800	$ 3,200	$ 2,400
Percentage of reimbursed for direct and certain indirect manufacturing costs			110%
Everest Medicines Limited | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sales milestone payments receivable			$ 20,000
Everest Medicines Limited | Royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	0	4,700	1,400
Everest Medicines Limited | License and other revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues			8,000
Basilea
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment under intangible asset		4,000
George Washington University | GIAPREZA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Obligation to pay royalties	0	$ 3,400	2,500
Percentage of royalty payable on net sales		6%
Percentage of royalty on payments received from sublicensees		15%
Harvard University
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of license revenue		$ 1,400	1,200
Percentage of royalty payable on net sales		5%
Percentage of royalty on payments received from sublicensees		20%
Percentage of minimum royalty rate		4.50%
Percentage of maximum royalty based on achievement of annual net product sales thresholds		7.50%
Harvard University | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Clinical development and regulatory milestones amount payable		$ 15,100
Harvard University | Royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 0	$ 0	0
Paratek Pharmaceuticals, Inc | XERAVA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Claim Expiration Date		2023-10
AstraZeneca | Durlobactam
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Subscription agreement one-time milestone payment on net sales		$ 5,000
Term of the milestone payment on net sales		3 months
RoyaltyExpense		$ 0	$ 0
AstraZeneca | Zoliflodacin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Subscription agreement one-time milestone payment on first commercial sale		$ 10,000
Term of the milestone payment on first commercial sale		2 years

Consolidated Entities and Acq_3

Consolidated Entities and Acquisitions - Theravance Respiratory Company, LLC (Details) - Theravance Respiratory Company, LLC - USD ($) $ in Millions		12 Months Ended
	Jul. 20, 2022	Dec. 31, 2022
CONSOLIDATED ENTITIES
Ownership interest in LLC		15%
Proceeds from sale of economic interest under Equity Purchase Agreement	$ 277.5
Cash distribution	4.4
Total carrying value of ownership interests and investments	39.4
Maximum
CONSOLIDATED ENTITIES
Contingent sales based milestone payment	$ 50

Consolidated Entities and Acq_4

Consolidated Entities and Acquisitions - Summary of Financial Information of Theravance Respiratory Company, LLC (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Jul. 20, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total revenue		$ 358,711	$ 310,463	$ 331,339
Other income, net		(2,997)	(4,969)	(3,373)
Income tax expense, net		13,996	14,376	66,687
Net income		23,392	179,722	220,262
Royalty revenue
Variable Interest Entity [Line Items]
Total revenue		$ 241,733	$ 238,846	$ 311,645
Theravance Respiratory Company, LLC
Variable Interest Entity [Line Items]
Operating expenses	$ (332)
Income from operations	71,697
Other income, net	10
Realized loss	(39,386)
Income tax expense, net	1
Changes in fair values of equity and long-term investments, net	(8,884)
Net income	23,438
Theravance Respiratory Company, LLC | Royalty revenue
Variable Interest Entity [Line Items]
Total revenue	$ 72,029

Consolidated Entities and Acq_5

Consolidated Entities and Acquisitions - ISP Fund LP (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2021	Dec. 31, 2020
CONSOLIDATED ENTITIES
Total assets		$ 1,301,060	$ 1,243,507
ISP Fund LP
CONSOLIDATED ENTITIES
Distribution from partnership					$ 110,000
Capital contribution	$ 110,000					$ 300,000
Initial contribution			$ 190,000
Lock-up expiration date			Dec. 31, 2023
Economic interest of the Partnership (in percent)			100%
Total liabilities		200	$ 100
Net investment-related income (expense) earned (incurred)		(3,700)	(4,300)	$ (5,200)
Investment income, interest		4,400	6,300	2,000
Unrealized loss on other equity investments		(51,500)	(6,700)	(9,900)
Lock-up period	36 months
Realized gain on equity investments		(5,300)	(2,400)	$ 6,800
Total assets		$ 255,700	$ 311,800

Consolidated Entities and Acq_6

Consolidated Entities and Acquisitions - Summary of Individual Investments Held by ISP Fund (Details) - Isp Fund Lp [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Preferred stocks - Privately held healthcare companies
Money market fund and cash	$ 107,532	$ 63,339
Total investments held by ISP Fund LP	255,658	311,812
Publicly Held Healthcare Companies
Common stock - Publicly traded healthcare companies
Common stock	86,028	187,868
Privately Held Healthcare Companies
Preferred stocks - Privately held healthcare companies
Warrants	8,507	8,075
United States | Publicly Held Healthcare Companies
Common stock - Publicly traded healthcare companies
Common stock	84,039	184,926
United States | Privately Held Healthcare Companies
Preferred stocks - Privately held healthcare companies
Preferred stock	53,591	52,530
United Kingdom | Publicly Held Healthcare Companies
Common stock - Publicly traded healthcare companies
Common stock	$ 1,989	$ 2,942

Consolidated Entities and Acq_7

Consolidated Entities and Acquisitions - Entasis Therapeutics Holdings, Inc. (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	5 Months Ended	12 Months Ended
	Feb. 17, 2022 USD ($) $ / shares	Feb. 28, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jul. 11, 2022 USD ($)	Dec. 31, 2024 USD ($) Director	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsidiary or Equity Method Investee [Line Items]
Total debt					$ 453,500	$ 453,500
Net loss attributable to noncontrolling interests					$ 0	$ 0	$ 6,341
Entasis Therapeutics Holdings Inc
Subsidiary or Equity Method Investee [Line Items]
Number of investee's board members which may be designated by the Company | Director					2
Remeasurement loss			$ 7,800
Payment towards convertible promissory note				$ 0
Measurement period adjustments for change in value of goodwill		$ 1,200					(4,700)
Measurement period adjustments for change in estimated purchase price							(1,400)
Measurement period adjustments for change in value of noncontrolling interests							1,700
Measurement period adjustments for change in value of intangible assets		(800)					2,500
Measurement period adjustments increase decrease in deferred tax liabilities		$ 400
Noncontrolling interests	$ 38,500
Net loss attributable to noncontrolling interests							$ (13,600)
Entasis Therapeutics Holdings Inc | Consolidated Investees
Subsidiary or Equity Method Investee [Line Items]
Equity method investment ownership percentage	59.90%
Entasis Therapeutics Holdings Inc | Securities purchase agreement | Convertable promissory note
Subsidiary or Equity Method Investee [Line Items]
Total debt	$ 15,000
Debt Instrument, annual interest rate	0.59%
Debt instrument maturity date	Aug. 18, 2022
Conversion price (dollars per share) | $ / shares	$ 1.48
Entasis Therapeutics Holdings Inc | Common stock
Subsidiary or Equity Method Investee [Line Items]
Fair value of equity securities	$ 64,500
Entasis Therapeutics Holdings Inc | Warrants
Subsidiary or Equity Method Investee [Line Items]
Fair value of equity securities	$ 31,400

Consolidated Entities and Acq_8

Consolidated Entities and Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Aug. 22, 2022	Feb. 17, 2022
Business Acquisition [Line Items]
Goodwill	$ 17,905	$ 17,905
Entasis Therapeutics Holdings Inc
Business Acquisition [Line Items]
Cash and cash equivalents				$ 23,070
Prepaid expenses				5,554
Other current assets				1,959
Property and equipment, net				185
Right-of-use assets				959
Goodwill				11,493
Intangible assets				106,700
Other assets				302
'Total assets acquired				150,222
Accounts payable				1,583
Accrued personnel-related expenses				1,058
Other accrued liabilities				5,096
Deferred tax liabilities				7,769
Total liabilities assumed				15,506
Total assets acquired, net				$ 134,716
La Jolla Pharmaceutical Company
Business Acquisition [Line Items]
Cash and cash equivalents			$ 47,415
Short-term marketable securities			471
Accounts receivable			5,876
Inventory			66,200
Prepaid expenses			1,261
Other current assets			907
Property and equipment, net			13
Right-of-use assets			226
Goodwill			6,411
Intangible assets	$ 151,000
Intangible assets			151,000
Deferred tax assets			7,461
Other assets			710
'Total assets acquired			287,951
Accounts payable			1,237
Deferred revenue			2,849
Other accrued liabilities			11,362
Other long-term liabilities			65,944
Total liabilities assumed			81,392
Total assets acquired, net			$ 206,559

Consolidated Entities and Acq_9

Consolidated Entities and Acquisitions - La Jolla Pharmaceutical Company (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Aug. 22, 2022	Aug. 31, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Change in inventory				$ 6,808	$ 12,004	$ (280)
La Jolla Pharmaceutical Company
Business Acquisition [Line Items]
Total consideration paid	$ 206,600
Acquisition share price	$ 6.23
Measurement period adjustments for change in value of goodwill		$ 3,000	$ (13,100)			3,700
Increase (decrease) in deferred tax assets		(2,400)	10,500
Change in inventory						(7,700)
Measurement period adjustments for change in value of intangible assets						(1,500)
Measurement period adjustments increase (decrease) in liabilities						(8,300)
Acquisition-related costs						5,300
Increase (decrease) in deferred tax liabilities		$ 600	$ (2,600)			$ 2,600

Consolidated Entities and Ac_10

Consolidated Entities and Acquisitions - Pro Forma Information (Details) - Entasis Therapeutics Holdings Inc - La Jolla Pharmaceutical Company $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Revenue	$ 357,880
Net income	204,987
Net income attributable to Innoviva stockholders	$ 214,390

Equity and Long-term Investme_3

Equity and Long-term Investments and Fair Value Measurements - Equity Investment in Armata (Details) $ / shares in Units, $ in Millions

2 Months Ended

3 Months Ended

12 Months Ended

Nov. 12, 2024

Mar. 04, 2024 USD ($)

Jul. 10, 2023 USD ($)

Jan. 10, 2023 USD ($)

Feb. 09, 2022 USD ($) $ / shares shares

Mar. 31, 2022 Tranche

Dec. 31, 2021 USD ($) shares

Mar. 31, 2021 USD ($) shares

Mar. 31, 2020 USD ($) shares

Dec. 31, 2024 USD ($) Director $ / shares

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Armata Convertible Note | Secured Convertible Credit Agreement

Equity Investment

Term loan facility in aggregate amount

$ 30

Debt Instrument, annual interest rate

8%

Debt instrument maturity date

Jan. 10, 2026

Jan. 10, 2025

Armata

Equity Investment

Number of tranches | Tranche

2

Percentage of maximum voting rights

49.50%

49.50%

Number of Investee's Board members currently representing the Company | Director

3

Special terms on re-designating board member to board of investee

In addition, as of February 9, 2022, Armata entered into an amended and restated investor rights agreement with the Company and ISO, pursuant to which for as long as the Company and ISO hold at least 12.5% of the outstanding shares of Armata’s common stock on a fully-diluted, the Company and ISO shall have the right to designate two directors to Armata’s board of directors, and for so long as the Company and ISO hold at least 8%, but less than 12.5%, of the outstanding shares of Armata’s common stock on a fully-diluted basis, the Company and ISO shall have the right to designate one director to Armata’s board of directors, subject to certain conditions and qualifications set forth in the amended and restated investor rights agreement.

Armata | July 2023 Credit and Security Agreement

Equity Investment

Term loan facility in aggregate amount

$ 25

Debt Instrument, annual interest rate

14%

Debt instrument maturity date

Jan. 10, 2026

Jan. 10, 2025

Armata | March 2024 Credit and Security Agreement

Equity Investment

Term loan facility in aggregate amount

$ 35

Debt Instrument, annual interest rate

14%

Debt instrument maturity date

Jun. 04, 2025

Armata | Secured Convertible Credit Agreement

Equity Investment

Debt instrument, description

On January 10, 2023, we entered into a Secured Convertible Credit Agreement (the “Credit Agreement”) with Armata, under which we invested in a one-year convertible note (the “Armata Convertible Note”) in an aggregate amount of $30.0 million at an interest rate of 8.0% per annum.

Debt instrument, term

1 year

Armata | Consolidated Investees

Equity Investment

Equity method investment ownership percentage

69.30%

69.40%

Armata | Two Directors

Equity Investment

Armata outstanding shares percentage

12.50%

Armata | Common stock and warrants

Equity Investment

Amount of securities purchase agreement

$ 25

Unrealized gain

$ 77.4

Unrealized loss

$ 64.3

$ 152.5

Armata | Warrants purchased in 2020

Equity Investment

Number of warrants purchased under the securities purchase agreement | shares

8,710,800

Exercise price of warrants | $ / shares

$ 2.87

Term of warrants

5 years

Armata | Warrants purchased in 2021

Equity Investment

Number of warrants purchased under the securities purchase agreement | shares

6,153,847

Exercise price of warrants | $ / shares

3.25

Term of warrants

5 years

Armata | Warrants purchased in 2022

Equity Investment

Exercise price of warrants | $ / shares

$ 5

Term of warrants

5 years

Armata | Warrants

Equity Investment

Equity and long-term investments at fair value

$ 5.9

35.3

Armata | Common stock

Equity Investment

Number of shares to be purchased under the securities purchase agreement | shares

8,710,800

Equity and long-term investments at fair value

46.4

81.2

Armata | Armata Convertible Note

Equity Investment

Equity and long-term investments at fair value

42.1

51.9

Unrealized gain

21.8

Unrealized loss

9.8

Armata | Armata July 2023 Term Loan

Equity Investment

Equity and long-term investments at fair value

30.2

27

Unrealized gain

3.2

$ 2

Armata | Armata March 2024 Term Loan

Equity Investment

Equity and long-term investments at fair value

39.3

Unrealized gain

$ 4.3

Minimum [Member] | Armata | One Director

Equity Investment

Armata outstanding shares percentage

8%

Maximum [Member] | Armata | One Director

Equity Investment

Armata outstanding shares percentage

12.50%

Innoviva Strategic Opportunities, LLC | Armata | Common stock and warrants

Equity Investment

Amount of securities purchase agreement

$ 45

$ 20

Innoviva Strategic Opportunities, LLC | Armata | Warrants purchased in 2022

Equity Investment

Number of warrants purchased under the securities purchase agreement | shares

4,500,000

Innoviva Strategic Opportunities, LLC | Armata | Warrants

Equity Investment

Exercise price of warrants | $ / shares

$ 5

Innoviva Strategic Opportunities, LLC | Armata | Common stock

Equity Investment

Number of shares to be purchased under the securities purchase agreement | shares

9,000,000

1,212,122

6,153,847

Amount of securities purchase agreement

$ 4

Equity and Long-term Investme_4

Equity and Long-term Investments and Fair Value Measurements - Summarized Financial Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Balance Sheet Information
Current assets	$ 554,306		$ 344,219
Current liabilities	236,083		38,134
Income Statement Information
Total revenue	358,711		310,463		$ 331,339
Net loss	$ 23,392		$ 179,722		$ 220,262
Armata
Balance Sheet Information
Current assets		$ 22,389		$ 36,585
Noncurrent assets		75,848		76,176
Current liabilities		118,204		21,884
Noncurrent liabilities		31,006		103,263
Income Statement Information
Total revenue		5,467		4,052		$ 5,446
Loss from operations		(38,476)		(41,639)		(32,666)
Net loss		$ (41,363)		$ (59,512)		$ (32,650)

Equity and Long-term Investme_5

Equity and Long-term Investments and Fair Value Measurements - Equity Investment in InCarda (Details) $ / shares in Units, $ in Thousands			3 Months Ended			12 Months Ended
	Jun. 15, 2022 USD ($) $ / shares shares	Mar. 09, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2020 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) Director	Jan. 17, 2024 USD ($)
Equity Investment
Total purchase price						$ 453,500		$ 453,500
InCarda
Equity Investment
Number of Investee's Board members currently representing the Company | Director								0
Number of the Investee's Board members | Director								6
Unrealized loss from fair value changes in equity investments						$ 3,100	$ 8,700
Consolidated Investees [Member] | InCarda
Equity Investment
Equity investment ownership percentage						8.10%		9.10%
InCarda Convertible Note | InCarda
Equity Investment
Equity and long-term investments at fair value								$ 400
Total purchase price									$ 400
Debt Instrument, annual interest rate									8%
Series C preferred stock and warrants | InCarda
Equity Investment
Amount of securities purchase agreement					$ 15,800
Warrants | InCarda
Equity Investment
Expiration date					Mar. 31, 2023
Warrant carrying value write off amount						$ 100
Convertible note and warrants | InCarda
Equity Investment
Amount of securities purchase agreement		$ 700
Common stock | InCarda
Equity Investment
Debt Conversion, Converted Instrument, Shares Issued | shares	4,093,886
Series A1 preferred stock | InCarda
Equity Investment
Debt Conversion, Converted Instrument, Shares Issued | shares	37,350
Series D 1 Preferred Stock | InCarda
Equity Investment
Debt Conversion, Converted Instrument, Shares Issued | shares	8,771,780
Series D 2 Preferred Stock | InCarda
Equity Investment
Debt Conversion, Converted Instrument, Shares Issued | shares	3,369,802
Series D1 Warrant | InCarda
Equity Investment
Debt Conversion, Converted Instrument, Shares Issued | shares	2,490,033
Exercise price of warrants | $ / shares	$ 0.2
Series C preferred stock | InCarda
Equity Investment
Number of shares to be purchased under the securities purchase agreement | shares					20,469,432
Debt Conversion, Converted Instrument, Shares Issued | shares	20,469,432
Maximum number of additional shares into which warrants may be converted under the securities purchase agreement | shares					5,117,358
Transaction cost					$ 800
Equity and long-term investments at fair value						4,800		4,800
Exercise price of warrants | $ / shares	$ 0.73
Series C warrants | InCarda
Equity Investment
Debt Conversion, Converted Instrument, Shares Issued | shares	5,117,358
Series D Warrants | InCarda
Equity Investment
Equity and long-term investments at fair value						100		100
Series D Preferred Stock | InCarda
Equity Investment
Payments to acquire equity securities	$ 2,300
Series D 1 And D 2 Preferred Stock And Common Stock | InCarda
Equity Investment
Equity and long-term investments at fair value						$ 2,700		$ 2,700
Backsolve Valuation | InCarda
Equity Investment
Impairment of equity investments			$ 2,900	$ 9,000
Significant Unobservable Inputs, Level 3 | Backsolve Valuation | InCarda
Equity Investment
Expected holding period			2 years	2 years
Risk free interest rate			4.90%	3.20%
Dividend yield			0%	0%
Estimated volatility			114.20%	122%

Equity and Long-term Investme_6

Equity and Long-term Investments and Fair Value Measurements - Equity Investment in ImaginAb (Details) $ in Thousands					12 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 14, 2023 USD ($) shares	Mar. 14, 2023 USD ($) shares	Mar. 18, 2021 USD ($) shares	Dec. 31, 2024 USD ($) Director	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 23, 2024 USD ($)
Equity Investment
Total purchase price					$ 453,500	$ 453,500
Payments to Acquire Long-Term Investments					$ 0	$ 1,218	$ 13,725
ImaginAb
Equity Investment
Cost on equity investment				$ 400
Number of Investee's Board members currently representing the Company | Director					1
Number of the Investee's Board members | Director					6
ImaginAb | Consolidated Investees [Member]
Equity Investment
Equity investment ownership percentage					11.80%	12.40%
ImaginAb | Series C preferred stock
Equity Investment
Number of shares purchased under the securities purchase agreement | shares				4,051,724
Amount of securities purchase agreement				$ 4,700
ImaginAb | Series C-2 preferred stock
Equity Investment
Number of shares purchased under the securities purchase agreement | shares		405,852	270,568
Amount of securities purchase agreement		$ 600	$ 600
ImaginAb | Series C preferred stock, Series C-2 preferred stock and common stock
Equity Investment
Equity and long-term investments at fair value					$ 7,600	$ 7,600
ImaginAb | ImaginAb Convertible Note
Equity Investment
Total purchase price								$ 2,700
Debt Instrument, annual interest rate								10%
Convertible notes face value	$ 2,700
Unrealized gain from fair value changes in equity investments					100
Equity and long-term investments at fair value					$ 5,000
ImaginAb | ImaginAb Convertible Note | First Amendment
Equity Investment
Convertible notes face value	4,800
Payments to Acquire Long-Term Investments	$ 1,500
ImaginAb | One of ImaginAb's Common Stockholders | Common stock
Equity Investment
Number of shares purchased under the securities purchase agreement | shares				4,097,157
Amount of securities purchase agreement				$ 1,300

Equity and Long-term Investme_7

Equity and Long-term Investments and Fair Value Measurements - Convertible Promissory Note in Gate Neurosciences (Details) - USD ($) $ in Thousands							12 Months Ended
	Nov. 13, 2024	Aug. 05, 2024	Feb. 13, 2024	Oct. 06, 2023	Feb. 02, 2023	Nov. 24, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Investment
Additional cash investment							$ 0	$ 1,218	$ 13,725
Gate Neuroscience [Member]
Equity Investment
Number of common stock issued description						The number of common stock shares to be issued in a qualified event shall be equal to the amount due on the conversion date divided by the lesser of a capped conversion price (the “Capped Conversion Price”) and the qualified event price (the “Qualified Event Price”). The Capped Conversion Price is calculated as $50.0 million divided by the number of shares of common stock outstanding at such time on a fully diluted basis. The Qualified Event Price is the price per share determined by the qualified event. A qualified financing is a sale or series of sales of preferred stock where (i) at least 50 percent of counterparties are not existing shareholders, (ii) net proceeds to Gate are at least $35.0 million, and (iii) the stated or implied equity valuation of Gate is at least $80.0 million.
Equity and long-term investments at fair value							$ 50,900	28,000
Unrealized gain from fair value changes in equity investments									$ 600
Unrealized loss from fair value changes in equity investments								$ 400
Convertible Promissory Note Purchase Agreement | Gate Neuroscience [Member]
Equity Investment
Debt Instrument, Interest Rate, Effective Percentage						8%
Convertible notes face value		$ 39,800	$ 33,500	$ 27,700	$ 21,500	$ 15,000
Convertible Promissory Note Purchase Agreement Amendment | Gate Neuroscience [Member]
Equity Investment
Convertible notes face value					21,500
Additional cash investment					$ 5,000
Convertible Promissory Note Purchase Agreement Second Amendment | Gate Neuroscience [Member]
Equity Investment
Convertible notes face value				27,700
Additional cash investment				$ 5,000
Convertible Promissory Note Purchase Agreement Third Amendment | Gate Neuroscience [Member]
Equity Investment
Convertible notes face value			33,500
Additional cash investment			$ 5,000
Convertible Promissory Note Purchase Agreement Fourth Amendment | Gate Neuroscience [Member]
Equity Investment
Convertible notes face value		39,800
Additional cash investment		$ 5,000
Convertible Promissory Note Purchase Agreement Fifth Amendment | Gate Neuroscience [Member]
Equity Investment
Convertible notes face value	$ 50,600
Additional cash investment	$ 10,000

Equity and Long-term Investme_8

Equity and Long-term Investments and Fair Value Measurements - Equity Investment in Nanolive (Details) - Nanolive SFr in Millions, $ in Millions	Feb. 18, 2022 USD ($) shares	Feb. 18, 2022 CHF (SFr) shares	Dec. 31, 2024 USD ($) Director	Dec. 31, 2023 USD ($)
Equity Investment
Equity investment transaction costs incurred | $	$ 0.7
Number of Investee's Board members currently representing the Company | Director			0
Number of the Investee's Board members | Director			6
Fair value of equity securities | $			$ 10.6	$ 10.6
Consolidated Investees [Member]
Equity Investment
Equity investment ownership percentage			13%	15.30%
Series C preferred stock
Equity Investment
Number of shares to be purchased under the securities purchase agreement | shares	18,750,000	18,750,000
Amount of securities purchase agreement	$ 9.8	SFr 9

Equity and Long-term Investme_9

Equity and Long-term Investments and Fair Value Measurements - Reconciliation of Equity and Long - Term Investments Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Purchases of trading securities	$ 63,201	$ 67,798
Purchases of equity and long-term investments		1,218
Changes in fair value, net	(59,161)	11,129	$ 8,462
Reclassification of current portion	(107,532)
Other	724	428
Equity and long-term investments	$ 341,664	$ 444,432	$ 363,859

Equity and Long-term Investm_10

Equity and Long-term Investments and Fair Value Measurements - Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024		Dec. 31, 2023
Available-for-Sale Securities
Amortized Cost	$ 289,441		$ 170,706
Gross Unrealized Gains	0		0
Gross Unrealized Losses	0		0
Estimated Fair Value	289,441		170,706
Credit loss	0		0
Money market funds
Available-for-Sale Securities
Amortized Cost	289,441	[1]	170,706	[2]
Gross Unrealized Gains	0	[1]	0	[2]
Gross Unrealized Losses	0	[1]	0	[2]
Estimated Fair Value	$ 289,441	[1]	$ 170,706	[2]
[1] Money market funds are included in cash and cash equivalents in the consolidated balance sheets Money market funds are included in cash and cash equivalents in the consolidated balance sheets.

Equity and Long-term Investm_11

Equity and Long-term Investments and Fair Value Measurements - Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Contingent value rights	$ 0	$ 359
Recurring basis
Assets
Total assets measured at estimated fair value	765,285	705,963
Recurring basis | Money market funds
Assets
Total assets measured at estimated fair value	289,441	170,706
Recurring basis | Equity investments and Money market funds | ISP Fund LP
Assets
Total assets measured at estimated fair value	255,658	311,812
Recurring basis | Term loan investment | Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	30,197	27,044
Recurring basis | Term loan investment | Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	39,275
Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1
Assets
Total assets measured at estimated fair value	529,393	503,162
Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Money market funds
Assets
Total assets measured at estimated fair value	289,441	170,706
Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Equity investments and Money market funds | ISP Fund LP
Assets
Total assets measured at estimated fair value	193,560	251,207
Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Term loan investment | Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Term loan investment | Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	0
Recurring basis | Significant Other Observable Inputs, Level 2
Assets
Total assets measured at estimated fair value	5,901	35,297
Recurring basis | Significant Other Observable Inputs, Level 2 | Money market funds
Assets
Total assets measured at estimated fair value	0	0
Recurring basis | Significant Other Observable Inputs, Level 2 | Equity investments and Money market funds | ISP Fund LP
Assets
Total assets measured at estimated fair value	0	0
Recurring basis | Significant Other Observable Inputs, Level 2 | Term loan investment | Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis | Significant Other Observable Inputs, Level 2 | Term loan investment | Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	0
Recurring basis | Significant Unobservable Inputs, Level 3
Assets
Total assets measured at estimated fair value	229,991	167,504
Recurring basis | Significant Unobservable Inputs, Level 3 | Money market funds
Assets
Total assets measured at estimated fair value	0	0
Recurring basis | Significant Unobservable Inputs, Level 3 | Equity investments and Money market funds | ISP Fund LP
Assets
Total assets measured at estimated fair value	62,098	60,605
Recurring basis | Significant Unobservable Inputs, Level 3 | Term loan investment | Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	30,197	27,044
Recurring basis | Significant Unobservable Inputs, Level 3 | Term loan investment | Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	39,275
Nonrecurring basis
Fair Value Measurements
Contingent value rights		359
Liabilities
Total liabilities at estimated fair value		427,836
Nonrecurring basis | Debt
Fair Value Measurements
Total fair value of debt	473,566	427,477
Nonrecurring basis | Quoted Price in Active Markets for Identical Assets, Level 1
Fair Value Measurements
Contingent value rights		0
Liabilities
Total liabilities at estimated fair value		0
Nonrecurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Debt
Fair Value Measurements
Total fair value of debt	0	0
Nonrecurring basis | Significant Other Observable Inputs, Level 2
Fair Value Measurements
Contingent value rights		0
Liabilities
Total liabilities at estimated fair value		427,477
Nonrecurring basis | Significant Other Observable Inputs, Level 2 | Debt
Fair Value Measurements
Total fair value of debt	473,566	427,477
Nonrecurring basis | Significant Unobservable Inputs, Level 3
Fair Value Measurements
Contingent value rights		359
Liabilities
Total liabilities at estimated fair value		359
Nonrecurring basis | Significant Unobservable Inputs, Level 3 | Debt
Fair Value Measurements
Total fair value of debt	0	0
Nonrecurring basis | 2025 Notes | Debt
Fair Value Measurements
2025 Notes	222,353	200,407
Nonrecurring basis | 2025 Notes | Quoted Price in Active Markets for Identical Assets, Level 1 | Debt
Fair Value Measurements
2025 Notes	0	0
Nonrecurring basis | 2025 Notes | Significant Other Observable Inputs, Level 2 | Debt
Fair Value Measurements
2025 Notes	222,353	200,407
Nonrecurring basis | 2025 Notes | Significant Unobservable Inputs, Level 3 | Debt
Fair Value Measurements
2025 Notes	0	0
Nonrecurring basis | 2028 Notes | Debt
Fair Value Measurements
2028 Notes	251,213	227,070
Nonrecurring basis | 2028 Notes | Quoted Price in Active Markets for Identical Assets, Level 1 | Debt
Fair Value Measurements
2028 Notes	0	0
Nonrecurring basis | 2028 Notes | Significant Other Observable Inputs, Level 2 | Debt
Fair Value Measurements
2028 Notes	251,213	227,070
Nonrecurring basis | 2028 Notes | Significant Unobservable Inputs, Level 3 | Debt
Fair Value Measurements
2028 Notes	0	0
Armata | Recurring basis | Convertible debt investment
Assets
Total assets measured at estimated fair value	42,095	51,883
Armata | Recurring basis | Equity investment | Common stock
Assets
Total assets measured at estimated fair value	46,392	81,249
Armata | Recurring basis | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	5,901	35,297
Armata | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Armata | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Equity investment | Common stock
Assets
Total assets measured at estimated fair value	46,392	81,249
Armata | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	0	0
Armata | Recurring basis | Significant Other Observable Inputs, Level 2 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Armata | Recurring basis | Significant Other Observable Inputs, Level 2 | Equity investment | Common stock
Assets
Total assets measured at estimated fair value	0	0
Armata | Recurring basis | Significant Other Observable Inputs, Level 2 | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	5,901	35,297
Armata | Recurring basis | Significant Unobservable Inputs, Level 3 | Convertible debt investment
Assets
Total assets measured at estimated fair value	42,095	51,883
Armata | Recurring basis | Significant Unobservable Inputs, Level 3 | Equity investment | Common stock
Assets
Total assets measured at estimated fair value	0	0
Armata | Recurring basis | Significant Unobservable Inputs, Level 3 | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	0	0
InCarda | Recurring basis | Convertible debt investment
Assets
Total assets measured at estimated fair value	436
InCarda | Recurring basis | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	59
InCarda | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0
InCarda | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	0
InCarda | Recurring basis | Significant Other Observable Inputs, Level 2 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0
InCarda | Recurring basis | Significant Other Observable Inputs, Level 2 | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	0
InCarda | Recurring basis | Significant Unobservable Inputs, Level 3 | Convertible debt investment
Assets
Total assets measured at estimated fair value	436
InCarda | Recurring basis | Significant Unobservable Inputs, Level 3 | Equity investment | Warrants
Assets
Total assets measured at estimated fair value	59
ImaginAb | Recurring basis | Convertible debt investment
Assets
Total assets measured at estimated fair value	4,950
ImaginAb | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0
ImaginAb | Recurring basis | Significant Other Observable Inputs, Level 2 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0
ImaginAb | Recurring basis | Significant Unobservable Inputs, Level 3 | Convertible debt investment
Assets
Total assets measured at estimated fair value	4,950
Gate Neuroscience [Member] | Recurring basis | Convertible debt investment
Assets
Total assets measured at estimated fair value	50,881	27,972
Gate Neuroscience [Member] | Recurring basis | Quoted Price in Active Markets for Identical Assets, Level 1 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Gate Neuroscience [Member] | Recurring basis | Significant Other Observable Inputs, Level 2 | Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Gate Neuroscience [Member] | Recurring basis | Significant Unobservable Inputs, Level 3 | Convertible debt investment
Assets
Total assets measured at estimated fair value	$ 50,881	$ 27,972

Equity and Long-term Investm_12

Equity and Long-term Investments and Fair Value Measurements - (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of assets or liabilities transfer between levels	$ 0	$ 0

Capitalized Fees Paid - Schedul

Capitalized Fees Paid - Schedule of Capitalized Fees Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Fees paid
Gross carrying value	$ 220,000	$ 220,000
Accumulated amortization	(150,039)	(136,216)
Net carrying value	$ 69,961	83,784
Weighted average remaining amortization period	5 years 2 months 12 days
Capitalized Fees paid, Future amortization
Estimated amortization for the year 2025	$ 13,800
Estimated amortization for the year 2026	13,800
Estimated amortization for the year 2027	13,800
Estimated amortization for the year 2028	13,700
Estimated amortization for the year 2029	9,400
Estimated amortization after 2029	5,400
Royalty revenue
Capitalized Fees paid
Amortization expense	13,800	13,800	$ 13,800
United States
Capitalized Fees paid
Gross carrying value	120,000	120,000
Europe
Capitalized Fees paid
Gross carrying value	60,000	60,000
Japan
Capitalized Fees paid
Gross carrying value	40,000	40,000
GSK | Royalty revenue
Capitalized Fees paid
Amortization expense	$ 13,823	$ 13,823	$ 13,823

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2023	Aug. 22, 2022
Goodwill [Line Items]
Goodwill	$ 17,905	$ 17,905
Goodwill, impairment losses	0	0
Future amortization expense, 2025	26,300
Future amortization expense, 2026	26,300
Future amortization expense, 2027	26,300
Future amortization expense, 2028	26,300
Future amortization expense, 2029	26,300
Future amortization expense, thereafter	74,300
Intangible Assets Abstract
Amortization expense	25,902	21,784	$ 5,581
Basilea
Intangible Assets Abstract
Upfront fee	4,000
In-process research and development
Intangible Assets Abstract
Amortization expense	0	$ 0
Acquired Finite-Lived Intangible Asset, Residual Value	2,600
In-process research and development | XACDURO
Intangible Assets Abstract
Intangible assets pertain to product rights and developed technologies				$ 68,700
La Jolla Pharmaceutical Company
Goodwill [Line Items]
Goodwill					$ 6,411
Intangible Assets Abstract
Intangible assets pertain to product rights and developed technologies	151,000
Entasis
Intangible Assets Abstract
Intangible assets pertain to product rights and developed technologies	106,700
Entasis | Collaboration agreement
Intangible Assets Abstract
Intangible assets pertain to product rights and developed technologies	35,400
Entasis | In-process research and development
Intangible Assets Abstract
Intangible assets pertain to product rights and developed technologies	$ 71,300

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Accumulated Amortization of Recognized Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Marketed products, gross carrying amount	$ 223,700	$ 219,700
In-process research and development, gross carrying amount	2,600	2,600
Collaboration agreement, gross carrying amount	35,400	35,400
Total gross carrying amount	261,700	257,700
Marketed products, Accumulated amortization	(47,559)	(25,204)
In-process research and development, accumulated amortization	0	0
Collaboration agreement, accumulated amortization	(5,708)	(2,161)
Accumulated amortization	(53,267)	(27,365)
Marketed products, net carrying amount	176,141	194,496
In-process research and development, net carrying amount	2,600	2,600
Collaboration agreement, net carrying amount	29,692	33,239
Net carrying amount	$ 208,433	$ 230,335
Collaboration agreement
Finite-Lived Intangible Assets [Line Items]
Marketed products, Useful Life	10 years	10 years
Maximum | Marketed products
Finite-Lived Intangible Assets [Line Items]
Marketed products, Useful Life	10 years	10 years
Minimum | Marketed products
Finite-Lived Intangible Assets [Line Items]
Marketed products, Useful Life	8 years	8 years

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 11,113	$ 11,257
Work-in-process	20,529	15,670
Finished goods	2,083	13,810
Total inventory	$ 33,725	$ 40,737

Balance Sheet Components (Addit

Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Zai Lab
Inventory [Line Items]
Business combination deferred consideration	$ 5.3
La Jolla Pharmaceutical Company
Inventory [Line Items]
Net fair value adjustment of inventory from acquisition	9.2	$ 23
Amortization of fair value adjustments of Cost of products sold	$ 13.8	$ 0.2	$ 10

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule Of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued contract manufacturing expenses	$ 1,071	$ 1,966
Accrued clinical and research expenses	611	776
Accrued professional services	$ 8,682	$ 8,876
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other accrued liabilities	Total other accrued liabilities
Current portion of lease liabilities	$ 1,572	$ 1,207
Royalty obligation payable	2,951	1,928
Current portion of deferred royalty obligation	6,438	0
Accrued license fees and royalties	1,727	1,575
Other	6,947	3,370
Total other accrued liabilities	$ 29,999	$ 19,698

Balance Sheet Components -Sched

Balance Sheet Components -Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Long-term portion of deferred royalty obligation	$ 63,096	$ 69,876
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other long-term liabilities	Total other long-term liabilities
Long-term portion of lease liabilities	$ 1,179	$ 1,635
Contingent value rights liability	0	359
Total other long-term liabilities	$ 64,275	$ 71,870

Stock-based Compensation - 2012

Stock-based Compensation - 2012 Plan and ESPP (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Item shares
2012 Equity Incentive Plan
Stock-based compensation
Shares remaining available for issuance	1,758,450
ESPP
Stock-based compensation
Purchase price as a percentage of fair market value of stock	85%
Total duration of consecutive and overlapping offering periods	24 months
Number of offering periods | Item	4
Duration of purchase period	6 months
Maximum contributions as a percentage of employee's eligible compensation	15%
Maximum number of shares an employee may purchase during any purchase period	2,500
Maximum value of shares an employee may purchase in a calendar year | $	$ 25,000
2023 ESPP
Stock-based compensation
Purchase price as a percentage of fair market value of stock	85%
Total duration of consecutive and overlapping offering periods	6 months
Maximum contributions as a percentage of employee's eligible compensation	15%
Maximum number of shares an employee may purchase during any purchase period	2,500
Maximum value of shares an employee may purchase in a calendar year | $	$ 25,000
Common Stock, Capital Shares Reserved for Future Issuance	2,500,000
Shares remaining available for issuance	2,467,596

Stock-based Compensation - Dire

Stock-based Compensation - Director Compensation Program (Details) - RSUs - Non-employee director	1 Months Ended
	Oct. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2016 Installment
Stock-based compensation
One time grant of shares, value	$ 125,000	$ 250,000
Pro rata shares grant, value	225,000	250,000
Number of annual installments | Installment			2
Annual grant of shares, value	$ 225,000	$ 250,000

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based compensation
Total stock-based compensation expense	$ 6,374	$ 5,837	$ 7,347
Unrecognized compensation cost	13,859
ESPP
Stock-based compensation
Total stock-based compensation expense	165	26	43
Stock options
Stock-based compensation
Total stock-based compensation expense	2,738	1,980	3,057
Unrecognized compensation cost	$ 6,765
Weighted-Average Amortization Period (Years)	2 years 9 months 18 days
RSUs
Stock-based compensation
Total stock-based compensation expense	$ 3,348	3,663	4,053
Unrecognized compensation cost	$ 6,996
Weighted-Average Amortization Period (Years)	2 years 6 months
RSAs
Stock-based compensation
Total stock-based compensation expense	$ 123	168	194
Unrecognized compensation cost	$ 98
Weighted-Average Amortization Period (Years)	1 year 3 months 18 days
Selling, general and administrative
Stock-based compensation
Total stock-based compensation expense	$ 6,040	4,645	5,305
Research and development
Stock-based compensation
Total stock-based compensation expense	$ 334	$ 1,192	$ 2,042

Stock-based Compensation - Comp

Stock-based Compensation - Compensation Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Number of outstanding options
Balance at the beginning of the period (in shares)	1,499,000
Granted (in shares)	1,062,000
Exercised (in shares)	(80,000)
Released RSUs/RSAs (in shares)	0
Forfeited (in shares)	(414,000)
Balance at the end of the period (in shares)	2,067,000	1,499,000
Vested and expected to vest at the end of the period (in shares)	2,067,000
Weighted-Average Exercise Price of Outstanding Options
Balance at the beginning of the period (in dollars per share)	$ 14.09
Granted (in dollars per share)	16.67
Exercised (in dollars per share)	12.88
Released RSUs/RSAs (in shares)	0
Forfeited (in dollars per share)	15.24
Balance at the end of the period (in dollars per share)	15.23	$ 14.09
Vested and expected to vest at the end of the period (in dollars per shares)	$ 15.23
Additional disclosures
Aggregate intrinsic value of options outstanding	$ 5	$ 3.6
Aggregate intrinsic value of options exercisable	$ 2.4	$ 0.8
Exercisable option	759,904
Weighted average remaining contractual term of options exercisable	8 years 14 days	7 years 11 months 15 days
Total intrinsic value of options exercised	$ 0	$ 0	$ 0
Total estimated fair value of options vested	$ 2.5	$ 1.9	0
RSUs
Number of outstanding RSUs and PSUs/RSAs and PSAs
Balance at the beginning of the period (in shares)	482,000
Granted (in shares)	502,000
Exercised (in shares)	0
Released RSUs and RSAs (in shares)	(241,000)
Forfeited (in shares)	(145,000)
Balance at the end of the period (in shares)	598,000	482,000
Vested and expected to vest at the end of the period (in shares)	598,000
Weighted-Average Fair Value per Share at Grant
Balance at the beginning of the period (in dollars per share)	$ 12.62
Granted (in dollars per share)	15.77
Exercised (in dollars per share)	0
Released RSUs and RSAs (in dollars per share)	12.52
Forfeited (in dollars per share)	13.86
Balance at the end of the period (in dollars per share)	15	$ 12.62
Vested and expected to vest at the end of the period (in dollars per share)	$ 15
Additional disclosures
Total estimated fair value of equity instruments vested	$ 3.2	$ 3.9	$ 2.3
RSAs
Number of outstanding RSUs and PSUs/RSAs and PSAs
Balance at the beginning of the period (in shares)	16,000
Granted (in shares)	0
Exercised (in shares)	0
Released RSUs and RSAs (in shares)	(9,000)
Forfeited (in shares)	0
Balance at the end of the period (in shares)	7,000	16,000
Vested and expected to vest at the end of the period (in shares)	0
Weighted-Average Fair Value per Share at Grant
Balance at the beginning of the period (in dollars per share)	$ 14.93
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Released RSUs and RSAs (in dollars per share)	14.46
Forfeited (in dollars per share)	0
Balance at the end of the period (in dollars per share)	15.5	$ 14.93
Vested and expected to vest at the end of the period (in dollars per share)	$ 0

Stock-based Compensation - Valu

Stock-based Compensation - Valuation Assumptions (Details) - Employee Stock Option - Innoviva [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation Assumptions
Risk-free interest rate	4.20%	4%	3.60%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 2 days	6 years 14 days
Volatility	35.50%	37.80%	38.60%
Weighted-average estimated fair value of shares granted (in dollars per share)	$ 8.17	$ 5.57	$ 6.43
Weighted-average
Valuation Assumptions
Dividend yield	0%	0%	0%

Stockholders' Equity (Additiona

Stockholders' Equity (Additional Information) (Details) - USD ($)	4 Months Ended	12 Months Ended
	Apr. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2022
Stock repurchased and retired during period, value		$ 0
Cost of treasury stock		0	$ 393,829,000
Common stock
Amount of shares repurchased					$ 100,000,000
Stock repurchased and retired during period, shares	986,928		6,173,565	647,394
Shares repurchased average price per share	$ 15.12		$ 12.39	$ 13.13
Stock repurchased and retired during period, value	$ 14,900,000		$ 76,500,000	$ 8,500
Additional Paid-In Capital
Stock repurchased and retired during period, value		$ (393,829,000)
Additional Paid-In Capital | GSK
Cost of treasury stock	$ 393,800,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt
Total		$ 453,500	$ 453,500
Less: Unamortized debt discount and issuance costs		(5,156)	(7,266)
Net carrying amount		448,344	446,234
Less: Current portion of long-term debt, net		(192,028)	0
Total long-term debt, net		256,316	446,234
Interest expense		$ 22,209	$ 19,157	$ 15,789
HealthCare Royalty Partners
Debt
Maximum potential royalty payout			14%
Increase in maximum potential payout percent		18%
Maximum aggregate royalty payments		$ 225,000
Maximum aggregate royalty payments		225,000
Required payment for breach of agreement, payment one		125,000
Payment for royalty agreement		27,200
2025 Notes | Convertible senior notes
Debt
Total debt		192,500	$ 192,500
Less: Unamortized debt discount and issuance costs		(472)	(1,205)
Net carrying amount		192,028	191,295
2028 Notes | Convertible senior notes
Debt
Total debt		261,000	261,000
Less: Unamortized debt discount and issuance costs		(4,684)	(6,061)
Royalty Financing Agreement | Loans Payable [Member] | HealthCare Royalty Partners
Debt
Interest expense	$ 1,800	9,800	6,500
Deferred Royalty obligations		69,500	69,900
Royalty Payments	$ 1,000	$ 9,100	$ 5,400
Interest Rate of Deferred Royalty Obligation		9.44%

Debt - Convertible Subordinated

Debt - Convertible Subordinated Notes (Details)			1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 18, 2022 USD ($)	Mar. 07, 2022 USD ($)	Jul. 31, 2014 $ / shares	Jan. 31, 2013 USD ($) Item $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2016 USD ($)
Debt
Payment for repurchase of debt instrument						$ 0	$ 96,204,000	$ 165,131,000
Accrued interest payable						3,422,000	3,422,000
Loss on extinguishment of debt						0	0	(20,662,000)
Debt discount and issuance costs, net						$ 5,156,000	7,266,000
2023 Notes | Convertible subordinated notes
Debt
Loan amount				$ 287,500,000
Debt Instrument, annual interest rate				2.125%
Portion of debt retired, face value		$ 144,800,000			$ 144,800,000				$ 14,100,000
Portion of debt retired, carrying value		144,500,000							$ 13,900,000
Payment for repurchase of debt instrument		$ 165,600,000			$ 165,600,000
Percentage of notes repurchased		60%
Accrued interest payable		$ 400,000
Unamortized debt issuance cost		300,000
Loss on extinguishment of debt		(20,700,000)
Principal	$ 96,200,000	96,200,000
Debt discount and issuance costs, net		$ 200,000
Interest expense
Contractual interest expense							85,000	2,617,000
Amortization of debt issuance costs							11,000	302,000
Total interest and amortization expense							$ 96,000	$ 2,919,000
2023 Notes | Convertible subordinated notes | Privately-negotiated capped call option
Debt
Number of derivative instruments purchased | Item				2
Strike price for the underlying number of shares (in dollars per share) | $ / shares			$ 19.77	$ 27.79
2023 Notes | Convertible subordinated notes | Stock prices below $27.79 per share | Minimum
Debt
Net shares settlement payable to the entity | shares				0
2023 Notes | Convertible subordinated notes | Stock prices below $27.79 per share | Maximum
Debt
Net shares settlement payable to the entity | shares				2,779,659
2023 Notes | Convertible subordinated notes | Privately-negotiated cap price
Debt
Strike price for the underlying number of shares (in dollars per share) | $ / shares			$ 27.04	$ 38
2023 Notes | Old Rate [Member] | Convertible subordinated notes
Debt
Effective interest rate		2.36%
2023 Notes | New Rate [Member] | Convertible subordinated notes
Debt
Effective interest rate		2.37%
Innoviva's Common Stock | 2023 Notes | Convertible subordinated notes
Debt
Notes converted into common stock, Amount	$ 3,000
Common stock | 2023 Notes | Convertible subordinated notes
Debt
Conversion rate for shares of common stock per $1,000 principal			50.5818	35.9903
Conversion price (dollars per share) | $ / shares			$ 19.77	$ 27.79

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended	10 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) $ / shares	Mar. 07, 2022 USD ($)	Aug. 07, 2017 USD ($) $ / shares	Jul. 31, 2014 $ / shares	Jan. 31, 2013 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 18, 2022 USD ($)	Jan. 01, 2022	Dec. 31, 2021	Aug. 01, 2017 $ / shares	Dec. 31, 2016 USD ($)
Debt
Payment upon maturity of debt instrument								$ 0	$ 96,204	$ 165,131
Debt discount and issuance costs, net								(5,156)	(7,266)
Net carrying amount								$ 448,344	446,234
2025 Notes
Debt
Common stock price to current conversion price ratio								130%
Average trading price percentage								98%
Total issuance costs								$ 5,400
Liability issuance costs								3,500
Equity issuance costs								1,900
2025 Notes | ASU 2020-06
Debt
Unamortized Debt discount								$ 67,300
2025 Notes | Common stock
Debt
Share Price | $ / shares														$ 13.28
2028 Notes
Debt
Debt instrument, covenant terms description								The indenture governing the 2028 Notes contains customary terms and covenants, including a merger covenant and that upon certain events of default occurring and continuing, either the Trustee or the holders of at least 25% of the aggregate principal amount of the outstanding Notes may declare 100% of the principal of, and accrued and unpaid interest, if any, on, all the Notes to be due and payable immediately.
Convertible senior notes | 2025 Notes
Debt
Ratio of repurchase price to the principal amount								100%
Effective interest rate												2.88%	8.87%
Principal								$ 192,500	192,500
Debt discount and issuance costs, net								(472)	(1,205)
Net carrying amount								192,028	191,295
Interest expense
Contractual interest expense								4,813	4,813	4,813
Amortization of debt issuance costs								733	712	692
Total interest and amortization expense								$ 5,546	5,525	5,505
Convertible senior notes | 2025 Notes | Over-Allotment Option
Debt
Loan amount			$ 17,500
Portion of debt instrument face amount, Exercised			17,500
Convertible senior notes | 2025 Notes | Private Placement
Debt
Loan amount			$ 192,500
Debt Instrument, annual interest rate			2.50%
Convertible senior notes | 2025 Notes | Common stock
Debt
Conversion rate for shares of common stock per $1,000 principal			57.924
Conversion price (dollars per share) | $ / shares			$ 17.26
Debt instrument maturity date			Aug. 15, 2025
Conversion premium (as a percent)			30%
Convertible senior notes | 2028 Notes
Debt
Loan amount	$ 261,000					$ 261,000
Debt instrument maturity date						Mar. 15, 2028
Proceeds from issuance of convertible notes, net of issuance costs						$ 252,600
Common stock price to current conversion price ratio						130%
Average trading price percentage						98%
Ratio of repurchase price to the principal amount						100%
Effective interest rate								2.70%
Principal								$ 261,000	261,000
Debt discount and issuance costs, net								(4,684)	(6,061)
Net carrying amount								256,316	254,939
Interest expense
Contractual interest expense							$ 4,514	5,546	5,546
Amortization of debt issuance costs							1,061	1,377	1,342
Total interest and amortization expense							$ 5,575	$ 6,923	6,888
Convertible senior notes | 2028 Notes | Privately-negotiated capped call option
Debt
Strike price for the underlying number of shares (in dollars per share) | $ / shares	$ 33.985
Purchases of capped calls in connection with convertible senior notes due 2028						$ 21,000
Convertible senior notes | 2028 Notes | Over-Allotment Option
Debt
Loan amount	$ 45,000					45,000
Portion of debt instrument face amount, Exercised	$ 36,000					$ 36,000
Convertible senior notes | 2028 Notes | Private Placement
Debt
Debt Instrument, annual interest rate	2.125%					2.125%
Convertible senior notes | 2028 Notes | Common stock
Debt
Conversion rate for shares of common stock per $1,000 principal						38.1432
Conversion price (dollars per share) | $ / shares	$ 26.22					$ 26.22
Convertible subordinated notes | 2023 Notes
Debt
Loan amount					$ 287,500
Debt Instrument, annual interest rate					2.125%
Debt Instrument, Repurchased Face Amount	$ 144,800	$ 144,800				$ 144,800									$ 14,100
Payment upon maturity of debt instrument		165,600				$ 165,600
Principal		96,200									$ 96,200
Debt discount and issuance costs, net		$ (200)
Interest expense
Contractual interest expense									85	2,617
Amortization of debt issuance costs									11	302
Total interest and amortization expense									$ 96	$ 2,919
Convertible subordinated notes | 2023 Notes | Privately-negotiated capped call option
Debt
Strike price for the underlying number of shares (in dollars per share) | $ / shares				$ 19.77	$ 27.79
Convertible subordinated notes | 2023 Notes | Common stock
Debt
Conversion rate for shares of common stock per $1,000 principal				50.5818	35.9903
Conversion price (dollars per share) | $ / shares				$ 19.77	$ 27.79

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-term debt maturities for years ending December 31:
2025	$ 192,500
2026	0
2027	0
2028	261,000
Total	$ 453,500	$ 453,500

Commitments and Contingencies_2

Commitments and Contingencies (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) ft²	Nov. 30, 2019 ft²
Lessee, Lease, Description [Line Items]
Operating lease, Weighted average remaining lease term	2 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	7%
Corden Pharma [Member]
Lessee, Lease, Description [Line Items]
Future minimum purchase commitments, remainder of 2025	$ 6.5
Future minimum purchase commitments, 2026	7.3
Future minimum purchase commitments, 2027	5.9
Corden Pharma [Member] | Commitments for 2024 to be utilized in 2025 [Member]
Lessee, Lease, Description [Line Items]
Future minimum purchase commitments, remainder of 2025	$ 6.7
Burlingame, California
Lessee, Lease, Description [Line Items]
Rentable square feet | ft²		2,111
Lease expiration, date	Dec. 31, 2027
Lease term		36 months
Waltham Massachusetts Member
Lessee, Lease, Description [Line Items]
Lease space | ft²	15,500
Lease expiration, date	Mar. 31, 2029

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Components of Least Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Straight line operating lease costs	$ 1,200	$ 1,428	$ 1,585
Variable lease costs	14	189	155
Total lease costs	$ 1,214	$ 1,617	$ 1,740

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities:	$ 1,464	$ 1,542	$ 790
Operating lease right-of-use assets obtained in exchange for operating lease obligations	1,156	0	3,323
Right-of-use assets obtained through acquisitions	$ 0	$ 0	$ 1,185

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 1,705
2026	435
2027	455
2028	326
2029	83
Total undiscounted lease payments	3,004
Less: imputed interest	$ (253)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities and Equity
Total operating lease liabilities	$ 2,751

Income Taxes - Income tax expen

Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 23,438	$ 7,799	$ 40,822
State	3,175	2,177	464
Total current	26,613	9,976	41,286
Deferred
Federal	(12,606)	6,594	26,026
State	(11)	(2,194)	(625)
Total deferred	(12,617)	4,400	25,401
Total income tax expense, net	$ 13,996	$ 14,376	$ 66,687

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Differences between the expected U.S. federal statutory income tax to income tax expense
Expected tax at federal statutory rate	$ 7,846	$ 40,747	$ 58,928
State income tax expense (benefit), net of federal benefit	1,864	1,433	(1,414)
Federal and state research credits	(90)	(1,582)	(2,453)
Foreign derived intangible income deduction	(11,767)	(15,274)	0
Noncontrolling Interest	0	0	7,468
Impact of consolidation and deconsolidation of subsidiaries	0	0	(8,897)
Other	(2,243)	1,219	(125)
Change in valuation allowance	18,386	(12,167)	13,180
Total income tax expense, net	$ 13,996	$ 14,376	$ 66,687

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Net operating loss carryforwards	$ 176,989	$ 182,013
Research and development tax credit carryforwards	21,359	21,357
Unrealized loss on investment, net	11,481	0
Deferred royalty obligation, net	17,452	18,084
Other	6,832	6,467
Total deferred tax assets before valuation allowance	234,113	227,921
Valuation allowance	(187,635)	(169,249)
Total deferred tax assets	46,478	58,672
Deferred tax liabilities
Depreciation and amortization	(31,626)	(39,064)
Unrealized gain on investment, net	0	(13,747)
Inventory fair value adjustment	(2,798)	(6,424)
Net deferred tax assets	$ 12,054
Net deferred tax (liabilities)		$ (563)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Net increase in tax portions	$ 41,851	$ 3,119	$ 1,452
Accrued interest and penalties	0	$ 0
Federal
Income Taxes
Net operating loss carryforwards	520,600
Net operating loss carryforwards do not expire	456,500
Federal | Entasis Therapeutics Holdings Inc
Income Taxes
Net operating loss carryforwards	154,800
Federal | La Jolla Pharmaceutical Company
Income Taxes
Net operating loss carryforwards	365,800
State
Income Taxes
Net operating loss carryforwards	1,000,000
State | Research and development
Income Taxes
Tax credit carryforward amount	$ 33,300

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 61,294	$ 19,443	$ 16,324	$ 14,872
Net increase in tax portions	$ 41,851	$ 3,119	$ 1,452

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reconciliation to the Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	$ 358,711	$ 310,463	$ 331,339
Research and development	13,654	33,922	41,432
Amortization of acquired intangible assets	25,902	21,784	5,581
Changes in fair values of equity method investments, net	64,253	(77,392)	161,749
Changes in fair value of equity and long-term investments, net	59,161	(11,129)	(8,462)
Interest and dividend income	(19,141)	(15,818)	(6,369)
Interest expense	22,209	19,157	15,789
Gain on sale of Theravance Respiratory Company, LLC ("TRC")	0	0	(266,696)
Loss on extinguishment of debt	0	0	20,662
Other expense, net	2,997	4,969	3,373
Income tax expense, net	13,996	14,376	66,687
Net income	23,392	179,722	220,262
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	358,711	310,463	331,339
Selling and marketing	31,441	30,739	6,886
General and administrative	84,249	67,493	56,652
Amortization of acquired intangible assets	25,902	21,784	5,581
Changes in fair values of equity method investments, net	64,253	(77,392)	161,749
Changes in fair value of equity and long-term investments, net	59,161	(11,129)	(8,462)
Interest and dividend income	(19,141)	(15,818)	(6,369)
Interest expense	22,209	19,157	15,789
Gain on sale of Theravance Respiratory Company, LLC ("TRC")	0	0	(266,696)
Loss on extinguishment of debt	0	0	20,662
Other expense, net	2,997	4,969	3,373
Income tax expense, net	13,996	14,376	66,687
Net income	23,392	179,722	220,262
Amortization of inventory fair value adjustments | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Cost of products sold	13,820	27,164	10,023
U.S. | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Cost of products sold	10,921	7,535	2,488
Rest of the world | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Cost of products sold	11,857	6,341	1,282
License
Segment Reporting, Revenue Reconciling Item [Line Items]
Cost of license revenue	0	1,600	0
License | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Cost of license revenue	0	1,600	0
External services | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Research and development	7,408	20,051	24,666
Internal expenses | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Research and development	$ 6,246	$ 13,871	$ 16,766

Segment Reporting (Additional I

Segment Reporting (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of Operating Segments	1
Number of Reportable Segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	chief operating decision-maker (“CODM”), evaluates the company’s financial performance and operational efficiency using consolidated net income.