Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

The following table summarizes stock-based compensation expense:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Selling, general and administrative	$	1,308	$	2,422	$	3,502	$	4,240
Research and development		134		1,295	$	1,058		1,781
Total	$	1,442	$	3,717	$	4,560	$	6,021

Summary of weighted-average assumptions used to calculate estimated value of stock options

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 September 30,		Nine Months Ended September 30,
	2023	2022(1)	2023	2022
Risk-free interest rate	4.13% - 4.21%	—%	3.50% - 4.21%	1.60% - 3.03%
Expected term (in years)	6.01 - 6.22	—	5.16 - 6.22	5.50 - 6.11
Volatility	37.3% - 37.8%	—%	37.3% - 38.5%	38.8% - 40.5%
Dividend yield	—%	—%	—%	—%
Weighted-average estimated fair value of stock options granted	$5.66 - $5.97	$—	$5.22 - $5.97	$6.98 - $7.73

(1)There were no options granted for the three months ended September 30, 2022.