$INVA
Innoviva, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022007798 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $322.0K $30.00K
YoY Change 973.33% -99.96%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.492M $6.000M
YoY Change 8.2% 130.77%
% of Gross Profit
Research & Development $5.838M $49.00K
YoY Change 11814.29%
% of Gross Profit
Depreciation & Amortization $3.501M $3.460M
YoY Change 1.18% -0.09%
% of Gross Profit
Operating Expenses $12.33M $6.035M
YoY Change 104.31% 135.47%
Operating Profit $77.73M $79.48M
YoY Change -2.21% 4.42%
Interest Expense $3.010M $4.694M
YoY Change -35.88% 3.94%
% of Operating Profit 3.87% 5.91%
Other Income/Expense, Net -$250.0K -$433.0K
YoY Change -42.26% -736.76%
Pretax Income $44.72M $129.4M
YoY Change -65.45% 36.41%
Income Tax $6.900M $19.70M
% Of Pretax Income 15.43% 15.22%
Net Earnings $37.86M $109.7M
YoY Change -65.49% 38.94%
Net Earnings / Revenue 11757.14% 365650.0%
Basic Earnings Per Share $0.23 $0.93
Diluted Earnings Per Share $0.20 $0.84
COMMON SHARES
Basic Shares Outstanding 69.54M 101.4M
Diluted Shares Outstanding 93.73M 113.6M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.8M $282.9M
YoY Change -23.36% -26.32%
Cash & Equivalents $216.8M $282.9M
Short-Term Investments
Other Short-Term Assets $1.930M $1.100M
YoY Change 75.45% 37.5%
Inventory
Prepaid Expenses
Receivables $93.52M $89.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $317.8M $372.9M
YoY Change -14.78% -20.13%
LONG-TERM ASSETS
Property, Plant & Equipment $191.0K $24.00K
YoY Change 695.83% -42.86%
Goodwill $5.544M
YoY Change
Intangibles $105.0M
YoY Change
Long-Term Investments $544.4M $519.3M
YoY Change 4.84% 1007.25%
Other Assets $313.0K $188.0K
YoY Change 66.49% -34.72%
Total Long-Term Assets $789.7M $715.4M
YoY Change 10.39% 122.78%
TOTAL ASSETS
Total Short-Term Assets $317.8M $372.9M
Total Long-Term Assets $789.7M $715.4M
Total Assets $1.107B $1.088B
YoY Change 1.76% 38.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.808M $14.00K
YoY Change 12814.29% -88.52%
Accrued Expenses $11.40M $3.800M
YoY Change 200.08% 40.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $96.02M
YoY Change
Total Short-Term Liabilities $109.2M $3.804M
YoY Change 2771.37% 35.95%
LONG-TERM LIABILITIES
Long-Term Debt $442.7M $387.7M
YoY Change 14.19% 2.26%
Other Long-Term Liabilities $3.299M $77.00K
YoY Change 4184.42% -59.9%
Total Long-Term Liabilities $446.0M $387.8M
YoY Change 15.01% 2.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.2M $3.804M
Total Long-Term Liabilities $446.0M $387.8M
Total Liabilities $555.3M $391.6M
YoY Change 41.79% 2.48%
SHAREHOLDERS EQUITY
Retained Earnings -$403.1M -$627.9M
YoY Change -35.79% -28.73%
Common Stock $1.184B $1.262B
YoY Change -6.24% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $386.6M $634.5M
YoY Change
Total Liabilities & Shareholders Equity $1.107B $1.088B
YoY Change 1.76% 38.11%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $37.86M $109.7M
YoY Change -65.49% 38.94%
Depreciation, Depletion And Amortization $3.501M $3.460M
YoY Change 1.18% -0.09%
Cash From Operating Activities $98.10M $84.11M
YoY Change 16.64% 14.46%
INVESTING ACTIVITIES
Capital Expenditures $9.000K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $2.015M $112.6M
YoY Change -98.21% 599.3%
Cash From Investing Activities -$143.2M -$26.39M
YoY Change 442.38% -264.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $260.0K $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.33M -21.31M
YoY Change -383.11% 36.25%
NET CHANGE
Cash From Operating Activities 98.10M 84.11M
Cash From Investing Activities -143.2M -26.39M
Cash From Financing Activities 60.33M -21.31M
Net Change In Cash 15.28M 36.40M
YoY Change -58.03% -50.73%
FREE CASH FLOW
Cash From Operating Activities $98.10M $84.11M
Capital Expenditures $9.000K $0.00
Free Cash Flow $98.09M $84.11M
YoY Change 16.63% 14.48%

Facts In Submission

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GainsLossesOnExtinguishmentOfDebt
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CY2021Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2021Q1 us-gaap Other Noncash Income Expense
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-17196000
CY2021Q1 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-4957000
CY2022Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1345000
CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2022Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2021Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
198000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-52000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2116000
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
227000
CY2022Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-2755000
CY2021Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-2484000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
98102000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
84107000
CY2022Q1 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
56217000
CY2021Q1 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
26394000
CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2015000
CY2021Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
112587000
CY2022Q1 inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
24281000
CY2021Q1 inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
2387000
CY2022Q1 inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
132266000
CY2021Q1 inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2022Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
23070000
CY2021Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-143156000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26394000
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
6507000
CY2021Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
21285000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
46000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
25000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
260000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2022Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
165131000
CY2021Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0
CY2022Q1 inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
PurchasesOfCappedCallOptionsAssociatedWithConvertibleSeniorNotes
21037000
CY2021Q1 inva Purchases Of Capped Call Options Associated With Convertible Senior Notes
PurchasesOfCappedCallOptionsAssociatedWithConvertibleSeniorNotes
0
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
252792000
CY2021Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
60331000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21310000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15277000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
36403000
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
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
216802000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
282890000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
5411000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
4967000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3289000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 inva Decrease To Accumulated Deficit
DecreaseToAccumulatedDeficit
37200000
CY2022Q1 inva Reduction To Additional Paid In Capital
ReductionToAdditionalPaidInCapital
65400000
CY2022Q1 inva Increase In Deferred Tax Assets
IncreaseInDeferredTaxAssets
7400000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15773000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
94123000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
18342000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
95327000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69544000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101365000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
116000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
70000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93730000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113624000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.93
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2022Q1 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
7700000
CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
69500000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35500000
CY2022Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
105000000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2022Q1 inva Accrued Manufacturing Liability
AccruedManufacturingLiability
2610000
CY2022Q1 inva Accrued Clinical Liability
AccruedClinicalLiability
1273000
CY2022Q1 inva Accrued Research Liability
AccruedResearchLiability
361000
CY2022Q1 inva Accrued Professional Services
AccruedProfessionalServices
2935000
CY2021Q4 inva Accrued Professional Services
AccruedProfessionalServices
894000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
622000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
106000
CY2022Q1 us-gaap Other Liabilities
OtherLiabilities
272000
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
9000
CY2022Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8073000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1009000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
954000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
451000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
549707000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
433484000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
10960000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
38831000
CY2022Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
538747000
CY2021Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
394653000
CY2022Q1 us-gaap Debt Current
DebtCurrent
96016000
CY2021Q4 us-gaap Debt Current
DebtCurrent
0
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
442731000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
394653000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
96207000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
192500000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
CY2022Q1 inva Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
261000000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
549707000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3794000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
97000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
622000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
106000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3299000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3921000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
106000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6900000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19700000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.153
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.152

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