Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Stock- Based Compensation Expense

The following table summarizes stock-based compensation expense:

	Three Months Ended March 31,
(In thousands)	2023		2022
Selling, general and administrative	$	1,152	$	788
Research and development		446		166
Total	$	1,598	$	954

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:

	Three Months Ended March 31,
	2023	2022
Risk-free interest rate	3.7% - 4.0%	1.6%
Expected term (in years)	5.16 - 6.11	6.11
Volatility	38.1% - 38.5%	40.5%
Dividend yield	0.0%	0.0%
Weighted-average estimated fair value of stock options granted	$5.40 - $5.42	$7.73