Innoviva, Inc. Files 10-K/A Amendment for Fiscal Year 2023

TL;DR

<b>Innoviva, Inc. has filed an amended 10-K report for the fiscal year 2023, providing updated information.</b>

AI Summary

Innoviva, Inc. (INVA) filed a Amended Annual Report (10-K/A) with the SEC on March 5, 2024. Innoviva, Inc. filed an amended 10-K for the fiscal year ending December 31, 2023. The filing is an amendment (10-K/A) to the previously submitted annual report. The company's Central Index Key (CIK) is 0001080014. Innoviva, Inc. is incorporated in Delaware (DE). The company's primary business is in Pharmaceutical Preparations (SIC code 2834).

Why It Matters

For investors and stakeholders tracking Innoviva, Inc., this filing contains several important signals. This amended filing may contain crucial updates or corrections to the company's financial and operational disclosures for 2023, impacting investor understanding of its performance and position. As a 10-K/A filing, it signifies a revision to the original annual report, potentially highlighting significant changes or clarifications that investors should review.

Risk Assessment

Risk Level: low — Innoviva, Inc. shows low risk based on this filing. The risk is low as this is a routine amendment to a 10-K filing, typically for corrections or minor updates, rather than indicating new material adverse events.

Analyst Insight

Review the specific amendments made in this 10-K/A filing to understand any changes to Innoviva's financial reporting or disclosures for fiscal year 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240305 — Filing Date (Filed as of date)
• 0001080014 — Central Index Key (Innoviva, Inc.)
• 2834 — Standard Industrial Classification (Pharmaceutical Preparations)

Key Players & Entities

• Innoviva, Inc. (company) — Filer name
• 0001080014 (company) — Central Index Key
• 2834 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 1350 OLD BAYSHORE HIGHWAY (company) — Business Address Street 1
• BURLINGAME (company) — Business Address City
• CA (company) — Business Address State
• 94010 (company) — Business Address ZIP

FAQ

Industry Context

Innoviva, Inc. operates within the Pharmaceutical Preparations industry, focusing on the development and commercialization of medicines.

Regulatory Implications

The filing is a 10-K/A, an amendment to the annual report, subject to SEC regulations under the 1934 Act.

What Investors Should Do

1. Analyze the specific changes and additions made in the 10-K/A filing compared to the original 10-K.
2. Verify if the amendments impact key financial figures, risk factors, or business descriptions.
3. Cross-reference the amended filing with other recent company announcements or analyst reports.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating a revision to the original 10-K report for the fiscal year 2023.

Key Financial Figures

• $0.01 — ange On Which Registered Common Stock $0.01 Par Value INVA The Nasdaq Stock Mar

Filing Documents

• inva-20231231.htm (10-K/A) — 3088KB
• inva-ex23_1.htm (EX-23.1) — 2KB
• inva-ex31_1.htm (EX-31.1) — 13KB
• inva-ex31_2.htm (EX-31.2) — 13KB
• inva-ex32.htm (EX-32) — 14KB
• 0000950170-24-025088.txt (&nbsp;) — 16867KB
• inva-20231231.xsd (EX-101.SCH) — 2664KB
• inva-20231231_htm.xml (XML) — 3478KB

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Page Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 5 Consolidated Statements of Income for each of the three years in the period ended December 31, 2023 6 Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2023 7 Consolidated Statements of Stockholders' Equity for each of the three years in the period ended December 31, 2023 8 Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2023 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Reports of Independent Registered Public Accounting Firm (PCAOB ID 34 ) 50 Report of Independent Registered Public Accounting Firm (PCAOB ID 248) 52 4 INNOVIVA, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) December 31, December 31, 2023 2022 Assets Current assets: Cash and cash equivalents $ 193,513 $ 291,049 Accounts receivable 14,454 9,401 Receivables from collaboration arrangements 69,621 54,672 Inventory 40,737 55,897 Prepaid expenses 21,630 29,559 Other current assets 4,264 2,933 Total current assets 344,219 443,511 Property and equipment, net 483 170 Equity method investments 116,546 39,154 Equity and long-term investments 444,432 363,859 Capitalized fees paid, net 83,784 97,607 Right-of-use assets 2,536 3,265 Goodwill 17,905 26,713 Intangible assets 230,335 252,919 Other assets 3,267 4,299 Total assets $ 1,243,507 $ 1,231,497 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 6,717 $ 2,939 Accrued personnel-related expenses 7,020 8,022 Accrued interest payable 3,422 4,359 Deferred revenue 1,277 2,094 Convertible subordinated notes due 2023, net of issuance costs — 96,193 Income tax payable — 154 Other accrued liabilities 19,698 21,207 Total current liabilities 38,134 134,968 Long-term debt, net of discount and issuance costs 446,234 444,180 Other long-term liabilities 71,870 70,918 Deferred tax liabilities, net 563 5,771 Income tax payable, long-term 11,751 9,872 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock: $ 0.01 par value, 230 shares authorized, no shares issued and outstanding — — Common stock: $ 0.01 par value, 200,000 shares authorized, 63,307 and 69,188 issued and outstanding as of December 31, 2023 a

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. DESCRIPTION OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Operations Innoviva, Inc. (and where context requires, together with its subsidiaries referred to as "Innoviva", the "Company", or "we" and other similar pronouns) is a company with a portfolio of royalties and innovative healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited ("GSK"), including RELVAR /BREO ELLIPTA (fluticasone furoate/vilanterol, "FF/VI") and ANORO ELLIPTA (umeclidinium bromide/vilanterol, "UMEC/VI"), and up until July 2022, TRELEGY ELLIPTA (the combination FF/UMEC/VI). We sold our 15 % ownership interest in Theravance Respiratory Company, LLC ("TRC") on July 20, 2022, and are no longer entitled to receive royalties on sales of TRELEGY ELLIPTA products. Under the Long-Acting Beta2 Agonist ("LABA") Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR /BREO ELLIPTA as follows: 15 % on the first $ 3.0 billion of annual global net sales and 5 % for all annual global net sales above $ 3.0 billion; and royalties from the sales of ANORO ELLIPTA , which tier upward at a range from 6.5 % to 10 %. We expanded our portfolio through the acquisition of Entasis Therapeutics Holdings Inc. ("Entasis") on July 11, 2022 and the acquisition of La Jolla Pharmaceutical Company ("La Jolla") on August 22, 2022. Our commercial and marketed products include GIAPREZA (angiotensin II), approved to increase blood pressure in adults with septic or other distributive shock, and XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults. Our new product, XACDURO (formerly known as sulbactam-durlobactam or SUL-DUR), was approved by the United States Food and Drug Administration ("FDA") for the treatment of hospital-acquired and ventilator-associated pneumonias caused by Acinetobacter in adults on May 23, 2023. We comme

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) t Use of Management's Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Management evaluates its significant accounting policies and estimates on an ongoing basis. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Concentrations of Credit Risk and of Significant Suppliers and Partners Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits. We are dependent on third-party manufacturers to supply active pharmaceutical ingredients ("API") and drug products for research and development and commercial programs. These programs could be adversely affected by significant interruption in the supply of API or drug products. Currently, we derive most of our revenues from GSK and our near-term success depends in large part on GSK's ability to successfully develop and commercialize the products in the respiratory programs partnered with GSK. Our near-term success depends in large part upon the performance by GSK of its commercial obligations under the GSK Agreements and the commercial success of RELVAR /BREO ELLIPTA and ANORO ELLIPTA . If GSK does not devote sufficient resources to the commercialization or development of these pro

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Variable Interest Entities The primary beneficiary of a variable interest entity ("VIE") is required to consolidate the assets and liabilities of the VIE. When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE's economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identify

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