$INVA
Innoviva, Inc.

2021 Q4 Form 10-K Financial Statement

#000095017022002169 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $107.7M $1.839M $90.50M
YoY Change 18.98% 20.67% 19.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.113M $16.19M $5.500M
YoY Change -43.4% 16.45% 139.13%
% of Gross Profit
Research & Development $40.00K $576.0K $200.0K
YoY Change -80.0% -67.79%
% of Gross Profit
Depreciation & Amortization $3.456M $13.83M $3.400M
YoY Change 1.65% -0.06% -2.86%
% of Gross Profit
Operating Expenses $3.153M $16.76M $5.700M
YoY Change -44.68% 6.97% 144.43%
Operating Profit $375.1M
YoY Change 16.81%
Interest Expense -$46.45M $19.07M $6.400M
YoY Change -825.75% 4.03% -300.0%
% of Operating Profit 5.08%
Other Income/Expense, Net -$1.590M -$3.626M -$400.0K
YoY Change 297.5% 941.95% 100.0%
Pretax Income $56.49M $445.3M $90.80M
YoY Change -37.79% 25.7% 29.16%
Income Tax $10.84M $76.44M $15.70M
% Of Pretax Income 19.19% 17.17% 17.29%
Net Earnings $10.35M $368.8M $53.90M
YoY Change -80.81% 25.53% -6.85%
Net Earnings / Revenue 9.61% 20056.39% 59.56%
Basic Earnings Per Share $3.24
Diluted Earnings Per Share $126.7K $2.87 $474.5K
COMMON SHARES
Basic Shares Outstanding 69.49M 82.06M 101.4M
Diluted Shares Outstanding 94.31M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $201.5M $201.5M $246.5M
YoY Change -18.24% -18.25% -29.74%
Cash & Equivalents $201.5M $201.5M $246.5M
Short-Term Investments $0.00
Other Short-Term Assets $70.00K $1.437M $1.600M
YoY Change -95.63% -10.19% 60.0%
Inventory $0.00
Prepaid Expenses
Receivables $110.7M $110.7M $93.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $313.7M $313.7M $342.1M
YoY Change -8.3% -8.31% -20.68%
LONG-TERM ASSETS
Property, Plant & Equipment $12.00K $12.00K $28.00K
YoY Change -57.14% -15.15%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $483.8M $483.8M $438.3M
YoY Change 10.39% 10.39%
Other Assets $11.00K $17.44M $214.0K
YoY Change -94.86% -81.45% -31.41%
Total Long-Term Assets $612.7M $612.7M $657.5M
YoY Change -6.81% -6.81% 123.95%
TOTAL ASSETS
Total Short-Term Assets $313.7M $313.7M $342.1M
Total Long-Term Assets $612.7M $612.7M $657.5M
Total Assets $926.4M $926.4M $999.6M
YoY Change -7.32% -7.32% 37.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.00K $27.00K $66.00K
YoY Change -59.09% -73.0% 560.0%
Accrued Expenses $5.780M $5.780M $6.000M
YoY Change -3.67% -3.67% 11.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.807M $5.807M $6.110M
YoY Change -4.96% -4.8% 13.76%
LONG-TERM LIABILITIES
Long-Term Debt $394.7M $394.7M $385.5M
YoY Change 2.37% 2.37% 2.23%
Other Long-Term Liabilities $0.00 $0.00 $106.0K
YoY Change -100.0% -100.0% -51.6%
Total Long-Term Liabilities $394.7M $394.7M $385.6M
YoY Change 2.34% 2.35% 2.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.807M $5.807M $6.110M
Total Long-Term Liabilities $394.7M $394.7M $385.6M
Total Liabilities $400.5M $511.7M $391.7M
YoY Change 2.23% 11.3% 2.36%
SHAREHOLDERS EQUITY
Retained Earnings -$456.1M -$722.0M
YoY Change -36.82% -23.71%
Common Stock $1.265B $1.262B
YoY Change 0.22% 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $414.7M $414.7M $539.9M
YoY Change
Total Liabilities & Shareholders Equity $926.4M $926.4M $999.6M
YoY Change -7.32% -7.32% 37.9%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $10.35M $368.8M $53.90M
YoY Change -80.81% 25.53% -6.85%
Depreciation, Depletion And Amortization $3.456M $13.83M $3.400M
YoY Change 1.65% -0.06% -2.86%
Cash From Operating Activities $98.38M $363.8M $85.30M
YoY Change 15.34% 16.19% 27.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$19.91M -$191.0M -$315.5M
YoY Change -93.69% 1183.66% -706.73%
Cash From Investing Activities -$19.91M $43.72M -$315.4M
YoY Change -93.69% -113.88% -706.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $393.0M
YoY Change -90233.03%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.07M -452.5M -2.500M
YoY Change 382.64% 1419.21% -81.88%
NET CHANGE
Cash From Operating Activities 98.38M 363.8M 85.30M
Cash From Investing Activities -19.91M 43.72M -315.4M
Cash From Financing Activities -12.07M -452.5M -2.500M
Net Change In Cash 66.41M -44.96M -232.6M
YoY Change -128.55% 42.24% -321.31%
FREE CASH FLOW
Cash From Operating Activities $98.38M $363.8M $85.30M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $98.38M $363.8M $85.30M
YoY Change 15.34% 16.2% 27.5%

Facts In Submission

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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
59457000
CY2021 inva Noncontrolling Interest Increase Decrease From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseDecreaseFromSubsidiaryEquityIssuance
259000
CY2021 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1109000
CY2021 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
394149000
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2017000
CY2021 us-gaap Profit Loss
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368837000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2021 us-gaap Profit Loss
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368837000
CY2020 us-gaap Profit Loss
ProfitLoss
293814000
CY2019 us-gaap Profit Loss
ProfitLoss
190993000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
76432000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
60420000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13832000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13840000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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CY2020 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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CY2019 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
7799000
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
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0
CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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0
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2019 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2021 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
0
CY2020 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
343000
CY2019 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
2229000
CY2021 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
0
CY2020 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
135000
CY2019 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
325000
CY2021 us-gaap Unrealized Gain Loss On Investments
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89309000
CY2020 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
50277000
CY2019 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
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CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2020 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-21000
CY2019 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2021 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
16780000
CY2020 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
14504000
CY2019 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-3859000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-203000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
678000
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
113000
CY2021 us-gaap Increase Decrease In Other Operating Assets
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0
CY2020 us-gaap Increase Decrease In Other Operating Assets
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0
CY2019 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-39000
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
56000
CY2019 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1000
CY2021 us-gaap Increase Decrease In Accrued Liabilities
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-257000
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
804000
CY2019 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-439000
CY2021 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0
CY2020 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0
CY2019 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-112000
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
CY2020 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
CY2019 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-126000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
363813000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
313113000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
257458000
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0
CY2020 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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CY2019 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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CY2021 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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CY2020 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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CY2019 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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CY2021 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
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CY2020 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
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CY2019 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2020 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2019 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2021 inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
21440000
CY2019 inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
0
CY2021 inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
279530000
CY2019 inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
0
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-314937000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18003000
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
394149000
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2021 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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CY2020 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
30474000
CY2019 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
92000
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
89000
CY2021 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0
CY2020 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0
CY2019 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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CY2021 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2020 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2019 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
11000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1169000
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
436000
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
627000
CY2021 inva Net Proceeds From Issuance Of Variable Interest Entity Equity
NetProceedsFromIssuanceOfVariableInterestEntityEquity
0
CY2020 inva Net Proceeds From Issuance Of Variable Interest Entity Equity
NetProceedsFromIssuanceOfVariableInterestEntityEquity
345000
CY2019 inva Net Proceeds From Issuance Of Variable Interest Entity Equity
NetProceedsFromIssuanceOfVariableInterestEntityEquity
0
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-452497000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-29785000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23776000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-44962000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-31609000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
215679000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
246487000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
278096000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62417000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201525000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
246487000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
278096000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
9933000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
9933000
CY2019 us-gaap Interest Paid Net
InterestPaidNet
10974000
CY2021 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Management’s Estimates</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“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.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Certain Risks and Concentrations</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:10.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits. Refer to “Segment Reporting” below for concentrations with respect to revenues and geographic locations.</span></p>
CY2021 inva Capitalized Fees Paid To Related Party Useful Life
CapitalizedFeesPaidToRelatedPartyUsefulLife
P15Y
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
265854000
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
224402000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
157288000
CY2021 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
4736000
CY2020 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
4717000
CY2019 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
4648000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
270590000
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
229119000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
161936000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82062000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101320000
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101150000
CY2021 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
12189000
CY2020 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
12189000
CY2019 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
59000
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
45000
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
70000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94310000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113554000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.24
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.21
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.55
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.87
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.02
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.43
CY2021Q4 inva Number Of Common Stock Issued Description
NumberOfCommonStockIssuedDescription
The number of common stock shares to be issued in a qualified event shall be equal to the amount due on the conversion date divided by the lesser of a capped conversion price (the "Capped Conversion Price") and the qualified event price (the "Qualified Event Price"). The Capped Conversion Price is calculated as $50.0 million divided by the number of common stock outstanding at such time on a fully diluted basis. The Qualified Event Price is the price per share determined by the qualified event. A qualified financing is a sale or series of sales of preferred stock where (i) at least 50 percent of counterparties are not existing shareholders, (ii) net proceeds to Gate are at least $35.0 million, and (iii) the stated or implied equity valuation of Gate is at least $80.0 million. Shadow Preferred means preferred stock having identical rights, preferences and restrictions as the preferred stock that would be issued in a qualified financing.
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
145132000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
145132000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
204808000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
204808000
CY2021Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2021 inva Capitalized Fees Paid To Related Party Weighted Average Useful Life
CapitalizedFeesPaidToRelatedPartyWeightedAverageUsefulLife
P8Y1M6D
CY2021Q4 inva Capitalized Fees Paid To Related Party Amortization Expense Next Twelve Months
CapitalizedFeesPaidToRelatedPartyAmortizationExpenseNextTwelveMonths
13800000
CY2021Q4 inva Capitalized Fees Paid To Related Party Amortization Expense Year Two
CapitalizedFeesPaidToRelatedPartyAmortizationExpenseYearTwo
13800000
CY2021Q4 inva Capitalized Fees Paid To Related Party Amortization Expense Year Three
CapitalizedFeesPaidToRelatedPartyAmortizationExpenseYearThree
13800000
CY2021Q4 inva Capitalized Fees Paid To Related Party Amortization Expense Year Four
CapitalizedFeesPaidToRelatedPartyAmortizationExpenseYearFour
13800000
CY2021Q4 inva Capitalized Fees Paid To Related Party Amortization Expense After Year Five
CapitalizedFeesPaidToRelatedPartyAmortizationExpenseAfterYearFive
42300000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2017000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1698000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2056000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2408000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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433484000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
433484000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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38831000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
47967000
CY2021Q4 us-gaap Long Term Debt Noncurrent
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394653000
CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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0
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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240984000
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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192500000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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433484000
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1321000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-197000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-579000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-7000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-11000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-26000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-70893000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-60408000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-5539000
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-12000
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-309000
CY2021 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
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CY2020 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
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CY2019 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-41876000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76439000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60431000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
41902000
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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93507000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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74392000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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48908000
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
325000
CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
1260000
CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
0
CY2019 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
0
CY2021 us-gaap Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
21626000
CY2020 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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14577000
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7078000
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1129000
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53467000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
55211000
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743000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1100000
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DeferredTaxAssetsGross
119023000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
178150000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
63423000
CY2021Q4 us-gaap Deferred Tax Assets Net
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54279000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
114727000
CY2020Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
10372000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
17327000
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
93759000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
64744000
CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Financing Costs
DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts
9158000
CY2020Q4 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Financing Costs
DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts
10596000
CY2021Q4 us-gaap Deferred Tax Liabilities Investments
DeferredTaxLiabilitiesInvestments
27794000
CY2021 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
76400000
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15413000
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
71000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15342000
CY2020 inva Unrecognized Tax Benefits Decrease Resulting From Prior Period Tax Positions Net
UnrecognizedTaxBenefitsDecreaseResultingFromPriorPeriodTaxPositionsNet
-157000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15185000
CY2021 inva Unrecognized Tax Benefits Decrease Resulting From Current Period Tax Positions Net
UnrecognizedTaxBenefitsDecreaseResultingFromCurrentPeriodTaxPositionsNet
-313000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14872000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14900000
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
8400000
CY2021 dei Auditor Name
AuditorName
GRANT THORNTON LLP
CY2021 dei Auditor Location
AuditorLocation
San Francisco, California

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