Innoviva, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Innoviva, Inc. has filed its Q1 2024 10-Q report detailing financial activities and investments.</b>

AI Summary

Innoviva, Inc. (INVA) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Innoviva, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to fair value measurements, including Level 1, Level 2, and Level 3 inputs for recurring and nonrecurring measurements. Key entities mentioned include Armata Pharmaceuticals Inc., GSK, and Incarda. The report references various financial instruments and agreements, such as convertible debt, warrants, and credit agreements. Innoviva's business address is 1350 Old Bayshore Highway, Suite 400, Burlingame, CA 94010.

Why It Matters

For investors and stakeholders tracking Innoviva, Inc., this filing contains several important signals. The 10-Q filing provides a detailed look into Innoviva's financial position and investment activities during the first quarter of 2024, which is crucial for investors to assess performance and strategy. Specific mentions of financial instruments, fair value measurements, and associated entities like Armata Pharmaceuticals and GSK offer insights into the company's operational and investment landscape.

Risk Assessment

Risk Level: low — Innoviva, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed fair value measurements and investment activities in the 10-Q to understand Innoviva's current financial health and strategic direction.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-08 — Filed As Of Date (Filed as of date)
• 000-30319 — SEC File Number (SEC file number)
• 2834 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Innoviva, Inc. (company) — Filer name
• Armata Pharmaceuticals Inc. (company) — Mentioned in relation to warrants and term loans
• GSK (company) — Mentioned in relation to Anoro and royalty payments
• Incarda (company) — Mentioned in relation to Series D1 Warrant and Series C Preferred Stock
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filing date
• 1350 Old Bayshore Highway, Suite 400, Burlingame, CA 94010 (address) — Business address
• PHARMACEUTICAL PREPARATIONS [2834] (industry) — Standard Industrial Classification

FAQ

Industry Context

Innoviva operates in the Pharmaceutical Preparations industry, focusing on developing and commercializing respiratory therapies.

Regulatory Implications

The filing is a standard SEC Form 10-Q, adhering to regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze the fair value measurements for recurring and nonrecurring items to understand asset valuations.
2. Examine disclosures related to investments in entities like Armata Pharmaceuticals and Incarda.
3. Review any mentions of collaborative arrangements or licensing agreements for potential strategic insights.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update on the company's financial status since the previous fiscal year-end report.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share INVA The Nasdaq Stock Mar

Filing Documents

• inva-20240331.htm (10-Q) — 2121KB
• inva-ex31_1.htm (EX-31.1) — 12KB
• inva-ex31_2.htm (EX-31.2) — 12KB
• inva-ex32.htm (EX-32) — 18KB
• 0000950170-24-055832.txt (&nbsp;) — 11335KB
• inva-20240331.xsd (EX-101.SCH) — 2024KB
• inva-20240331_htm.xml (XML) — 2116KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 44

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 45

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements INNOVIVA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) March 31, December 31, 2024 2023 (unaudited) * Assets Current assets: Cash and cash equivalents $ 178,357 $ 193,513 Accounts receivable 14,139 14,454 Receivables from collaboration arrangement 61,871 69,621 Inventory 37,437 40,737 Prepaid expenses 16,551 21,630 Other current assets 2,987 4,264 Total current assets 311,342 344,219 Property and equipment, net 324 483 Equity method investments 151,888 116,546 Equity and long-term investments 476,549 444,432 Capitalized fees paid, net 80,328 83,784 Right-of-use assets 2,269 2,536 Goodwill 17,905 17,905 Intangible assets 223,895 230,335 Other assets 3,112 3,267 Total assets $ 1,267,612 $ 1,243,507 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 890 $ 6,717 Accrued personnel-related expenses 3,422 7,020 Accrued interest payable 833 3,422 Deferred revenue 987 1,277 Other accrued liabilities 23,747 19,698 Total current liabilities 29,879 38,134 Long-term debt, net of discount and issuance costs 446,759 446,234 Other long-term liabilities 71,686 71,870 Deferred tax liabilities, net 3,807 563 Income tax payable, long-term 11,800 11,751 Commitments and contingencies (Note 12) 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, 62,797 and 63,307 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 628 633 Treasury stock: at cost, 32,005 shares as of March 31, 2024 and December 31, 2023 ( 393,829 ) ( 393,829 ) Additional paid-in capital 1,085,539 1,093,340 Retained earnings (accumulated deficit) 11,343 (

View Full Filing

View this 10-Q filing on SEC EDGAR