Stock-Based Compensation

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Selling, general and administrative	$	1,042	$	1,030	$	2,194	$	1,818
Research and development		478		320		924		486
Total	$	1,520	$	1,350	$	3,118	$	2,304

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Risk-free interest rate	3.50% - 3.76%	2.84% - 3.03%	3.50% - 4.0%	1.6% - 3.03%
Expected term (in years)	5.50 - 6.16	5.50 - 6.11	5.16 - 6.16	5.50 - 6.11
Volatility	38.0%	38.8% - 39.0%	38.0% - 38.5%	38.8% - 40.5%
Dividend yield	0.0%	0.0%	0.0%	0.0%
Weighted-average estimated fair value of stock options granted	$5.22 - $5.64	$6.98 - $7.18	$5.22 - $5.64	$6.98 - $7.73