STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Selling, general and administrative	$	4,645	$	5,305	$	2,017
Research and development		1,192		2,042		—
Total	$	5,837	$	7,347	$	2,017

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)	2023		2022		2021
Stock options	$	1,980	$	3,057	$	490
RSUs		3,663		4,053		1,280
RSAs		168		194		200
ESPP		26		43		47
Total stock-based compensation expense	$	5,837	$	7,347	$	2,017

Schedule of unrecognized stock-based compensation cost

As of December 31, 2023, 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	$	4,861		2.9
RSUs		4,430		2.4
RSAs		220		1.9
Total unrecognized compensation expense	$	9,511

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, 2022		948		$	15.56		518		$	12.16		30		$	14.97
Granted		828		$	12.77		389		$	12.85		—		$	—
Exercised		(2	)	$	12.98		—		$	—		—		$	—
Released RSUs and RSAs		—		$	—		(284	)	$	12.42		(14	)	$	15.02
Forfeited		(275	)	$	15.22		(141	)	$	11.98		—		$	—
Balance as of December 31, 2023		1,499		$	14.09		482		$	12.62		16		$	14.93
Vested and expected to vest    as of December 31, 2023		1,499		$	14.09		482		$	12.62		—		$	—

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

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

	Year Ended December 31,
	2023			2022			2021
Risk-free interest rate		4.0	%		3.6	%		1.1	%
Expected term (in years)		6.09			6.04			6.11
Volatility		37.8	%		38.6	%		44.9	%
Dividend yield		0.0	%		0.0	%		0.0	%
Weighted-average estimated fair value of stock options granted	$	5.57		$	6.43		$	5.84