Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Stock- Based Compensation Expense

The following table summarizes stock-based compensation expense, which included the expense associated with Entasis’ equity awards due to consolidation from February 17, 2022 to July 11, 2022 and the expense for Innoviva replacement restricted stock units in connection with the acquisition of Entasis on July 11, 2022, for the three and nine months ended September 30, 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Selling, general and administrative	$	2,422	$	542	$	4,240	$	1,463
Research and development		1,295		—		1,781		—
Total	$	3,717	$	542	$	6,021	$	1,463

Valuation Assumptions

Black-Scholes-Merton assumptions used in calculating the estimated value of stock options granted by Innoviva on the date of grant were as follows:

	Nine Months Ended September 30,
	2022	2021
Risk-free interest rate	1.6% - 3.03%	1.07% - 1.13%
Expected term (in years)	5.50 - 6.11	6.00
Volatility	38.8% - 40.5%	45.0%
Dividend yield	—%	—%
Weighted-average estimated fair value of stock options granted	$6.98 - $7.73	$5.61

There were no grants of stock options during the three months ended September 30, 2022 and 2021.