Innoviva Q2 2024 10-Q: Financials and Key Agreements

TL;DR

Innoviva's Q2 10-Q is out. Shows financials, convertible notes, and Armata loan details. #Pharma #Finance

AI Summary

Innoviva, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance, including revenues and liabilities. Key financial instruments and agreements, such as the Senior Unsecured Convertible Notes and the Term Loan Investment with Armata Pharmaceuticals, Inc., were detailed. The filing also references specific products like Giapreza and Anoro, and collaborations with GSK.

Why It Matters

This filing provides investors with a detailed look at Innoviva's financial health and operational activities for the second quarter of 2024, including information on its debt and revenue streams.

Risk Assessment

Risk Level: medium — The filing details financial instruments and potential liabilities, which carry inherent financial risks for investors.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the specific date for which financial information is reported.)
• 2023-01-01 — Start Date for Specific Disclosures (Marks the beginning of periods for which certain financial data, like Incarda and Armata Pharmaceuticals, are detailed.)

Key Players & Entities

• Innoviva, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• Senior Unsecured Convertible Notes (financial_instrument) — Mentioned financial obligation
• Armata Pharmaceuticals, Inc. (company) — Party to a Term Loan Investment
• Giapreza (product) — Mentioned product
• Anoro (product) — Mentioned product
• GSK (company) — Collaborator mentioned in relation to Anoro

FAQ

Key Financial Figures

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

Filing Documents

• inva-20240630.htm (10-Q) — 2651KB
• inva-ex31_1.htm (EX-31.1) — 12KB
• inva-ex31_2.htm (EX-31.2) — 12KB
• inva-ex32.htm (EX-32) — 18KB
• 0000950170-24-088661.txt ( ) — 12309KB
• inva-20240630.xsd (EX-101.SCH) — 1744KB
• inva-20240630_htm.xml (XML) — 2572KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

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 43

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 45

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements INNOVIVA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) June 30, December 31, 2024 2023 (Unaudited) * Assets Current assets: Cash and cash equivalents $ 217,003 $ 193,513 Accounts receivable 26,782 14,454 Receivables from collaboration arrangement 67,198 69,621 Inventory 36,664 40,737 Prepaid expenses 8,484 21,630 Other current assets 2,146 4,264 Total current assets 358,277 344,219 Property and equipment, net 427 483 Equity method investments 91,780 116,546 Equity and long-term investments 444,655 444,432 Capitalized fees paid, net 76,872 83,784 Right-of-use assets 3,118 2,536 Goodwill 17,905 17,905 Intangible assets 217,455 230,335 Deferred tax assets, net 11,446 — Other assets 2,982 3,267 Total assets $ 1,224,917 $ 1,243,507 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,039 $ 6,717 Accrued personnel-related expenses 4,757 7,020 Accrued interest payable 3,422 3,422 Deferred revenue 855 1,277 Other accrued liabilities 17,133 19,698 Total current liabilities 28,206 38,134 Long-term debt, net of discount and issuance costs 447,282 446,234 Other long-term liabilities 72,065 71,870 Deferred tax liabilities, net — 563 Income tax payable, long-term 11,849 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, 62,562 and 63,307 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 626 633 Treasury stock: at cost, nil and 32,005 shares as of June 30, 2024 and December 31, 2023, respectively — ( 393,829 ) Additional paid-in capital 688,231 1,093,340 Accumulated

View Full Filing

View this 10-Q filing on SEC EDGAR