$INVA
Innoviva Inc

2024 Q3 Form 10-Q Financial Statement

#000095017024088661 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $89.51M $99.90M
YoY Change 33.08% 23.34%
Cost Of Revenue $9.990M $8.472M
YoY Change -2.06% -5.65%
Gross Profit $79.52M $91.43M
YoY Change 39.26% 26.96%
Gross Profit Margin 88.84% 91.52%
Selling, General & Admin $26.22M $27.74M
YoY Change -8.44% 17.83%
% of Gross Profit 32.97% 30.34%
Research & Development $3.551M $2.560M
YoY Change -10.98% -82.92%
% of Gross Profit 4.47% 2.8%
Depreciation & Amortization $9.991M $9.916M
YoY Change 0.92% 17.59%
% of Gross Profit 12.56% 10.85%
Operating Expenses $29.77M $30.30M
YoY Change -8.75% -30.33%
Operating Profit $49.75M $61.13M
YoY Change 103.26% 114.3%
Interest Expense $5.807M $5.802M
YoY Change 32.1% -127.86%
% of Operating Profit 11.67% 9.49%
Other Income/Expense, Net -$914.0K -$973.0K
YoY Change -187.3% -48.68%
Pretax Income $6.849M -$39.28M
YoY Change -92.03% -776.64%
Income Tax $5.600M -$4.600M
% Of Pretax Income 81.76%
Net Earnings $1.213M -$34.69M
YoY Change -98.52% -2809.77%
Net Earnings / Revenue 1.36% -34.72%
Basic Earnings Per Share $0.02 -$0.55
Diluted Earnings Per Share $0.02 -$0.55
COMMON SHARES
Basic Shares Outstanding 62.56M 62.44M
Diluted Shares Outstanding 62.95M 62.53M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $260.6M $217.0M
YoY Change 44.79% 25.42%
Cash & Equivalents $260.6M $217.0M
Short-Term Investments
Other Short-Term Assets $2.047M $2.146M
YoY Change 2.76% -90.53%
Inventory $34.24M $36.66M
Prepaid Expenses
Receivables $91.06M $93.98M
Other Receivables $0.00 $0.00
Total Short-Term Assets $400.6M $358.3M
YoY Change 31.35% 10.74%
LONG-TERM ASSETS
Property, Plant & Equipment $544.0K $427.0K
YoY Change 50.69% -85.17%
Goodwill $17.90M $17.90M
YoY Change 0.0% 20.13%
Intangibles $210.9M $217.5M
YoY Change -10.94% -10.64%
Long-Term Investments $507.7M $536.4M
YoY Change -4.11% 23.89%
Other Assets $2.800M $2.982M
YoY Change -18.7% -69.85%
Total Long-Term Assets $831.0M $866.6M
YoY Change -5.9% 9.05%
TOTAL ASSETS
Total Short-Term Assets $400.6M $358.3M
Total Long-Term Assets $831.0M $866.6M
Total Assets $1.232B $1.225B
YoY Change 3.66% 9.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.170M $2.039M
YoY Change 10.23% -55.6%
Accrued Expenses $20.80M $19.26M
YoY Change -32.26% -38.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $191.8M
YoY Change
Total Short-Term Liabilities $223.8M $28.21M
YoY Change 518.38% -28.41%
LONG-TERM LIABILITIES
Long-Term Debt $256.0M $447.3M
YoY Change -42.57% 0.47%
Other Long-Term Liabilities $71.45M $72.07M
YoY Change 4.02% -8.26%
Total Long-Term Liabilities $327.4M $519.3M
YoY Change -36.35% -0.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.8M $28.21M
Total Long-Term Liabilities $327.4M $519.3M
Total Liabilities $551.2M $547.6M
YoY Change 0.11% -2.77%
SHAREHOLDERS EQUITY
Retained Earnings -$22.13M -$23.34M
YoY Change -74.48% -86.17%
Common Stock $690.7M $688.9M
YoY Change -37.67% -38.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $668.5M $665.5M
YoY Change
Total Liabilities & Shareholders Equity $1.232B $1.225B
YoY Change 3.66% 9.54%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.213M -$34.69M
YoY Change -98.52% -2809.77%
Depreciation, Depletion And Amortization $9.991M $9.916M
YoY Change 0.92% 17.59%
Cash From Operating Activities $48.69M $43.72M
YoY Change 10.9% 14.5%
INVESTING ACTIVITIES
Capital Expenditures $270.0K $0.00
YoY Change -10.0%
Acquisitions
YoY Change
Other Investing Activities -$5.000M $0.00
YoY Change -80.54%
Cash From Investing Activities -$5.270M $0.00
YoY Change -79.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 211.0K -5.072M
YoY Change -101.9% -44.91%
NET CHANGE
Cash From Operating Activities 48.69M 43.72M
Cash From Investing Activities -5.270M 0.000
Cash From Financing Activities 211.0K -5.072M
Net Change In Cash 43.63M 38.65M
YoY Change 532.28% 33.37%
FREE CASH FLOW
Cash From Operating Activities $48.69M $43.72M
Capital Expenditures $270.0K $0.00
Free Cash Flow $48.42M $43.72M
YoY Change 11.05% 14.5%

Facts In Submission

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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
565788000
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-23000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
40735000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1598000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
34865000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
561493000
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
80000
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9286000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1520000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
1280000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
555087000
us-gaap Profit Loss
ProfitLoss
1847000
us-gaap Profit Loss
ProfitLoss
36145000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-12009000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
533000
inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
6986000
inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
6954000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12880000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8763000
inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
10306000
inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
13750000
us-gaap Share Based Compensation
ShareBasedCompensation
3098000
us-gaap Share Based Compensation
ShareBasedCompensation
3118000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1048000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1032000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-24766000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-4094000
inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-43891000
inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-2247000
inva Accrued Interest Income Included Added In Long Term Investments
AccruedInterestIncomeIncludedAddedInLongTermInvestments
0
inva Accrued Interest Income Included Added In Long Term Investments
AccruedInterestIncomeIncludedAddedInLongTermInvestments
-1482000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
153000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1061000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
12328000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5874000
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-2423000
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
11049000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6233000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4699000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-13146000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-9024000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1604000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1534000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4678000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1653000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5950000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3260000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-937000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-543000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
99000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-422000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1160000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
80765000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
63866000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
43136000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
0
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
35689000
inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
30892000
inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
17784000
inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
5976000
inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
2482000
inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
-24916000
inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
-15302000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
98000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43038000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35722000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14777000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50021000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
105000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
54000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
645000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
111000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
96204000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14237000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-146168000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
23490000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-118024000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
193513000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10800000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.684
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
291049000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
217003000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173025000
us-gaap Interest Paid Net
InterestPaidNet
5179000
us-gaap Interest Paid Net
InterestPaidNet
6202000
inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
799000
inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Management’s Estimates</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed 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></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and of Significant Suppliers and Partner</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Currently, we derive most of our revenues from 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</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">/BREO</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and ANORO</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. If GSK does not devote sufficient resources to the commercialization of these products, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed. GSK is responsible for all clinical and other product development, regulatory, manufacturing and commercialization activities for products developed under the GSK Agreements, including RELVAR</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">/BREO</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and ANORO</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> ELLIPTA</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Our quarterly royalty revenues may fluctuate due to a variety of factors, many of which are outside of our control. Our royalty revenues under the GSK Agreements may not meet our analysts’ or investors’ expectations due to a number of important factors.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">We also generate revenue from product sales of GIAPREZA</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and XERAVA</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Additionally, we generate revenue from product sales of XACDURO</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, which was commercially launched in September 2023. In the U.S., hospitals and other healthcare organizations generally acquire our products through a network of specialty distributors, which are regarded as our customers for accounting purposes. We do not believe that the loss of one of these distributors would significantly impact our ability to distribute our products, as we expect that sales volume would be absorbed by either new or remaining distributors. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">Three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of our customers each account for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">32</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">23</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, of our net product sales for the three months ended </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">34</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">24</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">25</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, for the six months ended </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. These same customers account for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">31</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">18</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, of our receivables from net product sales, which are included in “Accounts receivable” in our unaudited condensed consolidated balance sheet as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">Three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of our customers each account for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">37</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, of our net product sales for the three months ended June 30, 2023, and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">30</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, for the six months ended June 30, 2023. These same customers account for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">19</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, of our receivables from net product sales, which are included in “Accounts receivable” in our condensed consolidated balance sheet as of December 31, 2023.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Refer to Item 1A. “Risk Factors” disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.</span></p>
inva Number Of Major Customers
NumberOfMajorCustomers
3
inva Number Of Major Customers
NumberOfMajorCustomers
3
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34685000
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