$INVA
Innoviva Inc

2024 Q4 Form 10-Q Financial Statement

#000095017024122375 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $89.51M
YoY Change 33.08%
Cost Of Revenue $9.990M
YoY Change -2.06%
Gross Profit $79.52M
YoY Change 39.26%
Gross Profit Margin 88.84%
Selling, General & Admin $26.22M
YoY Change -8.44%
% of Gross Profit 32.97%
Research & Development $3.551M
YoY Change -10.98%
% of Gross Profit 4.47%
Depreciation & Amortization $9.991M
YoY Change 0.92%
% of Gross Profit 12.56%
Operating Expenses $29.77M
YoY Change -8.75%
Operating Profit $49.75M
YoY Change 103.26%
Interest Expense $5.807M
YoY Change 32.1%
% of Operating Profit 11.67%
Other Income/Expense, Net -$914.0K
YoY Change -187.3%
Pretax Income $6.849M
YoY Change -92.03%
Income Tax $5.600M
% Of Pretax Income 81.76%
Net Earnings $1.213M
YoY Change -98.52%
Net Earnings / Revenue 1.36%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding 62.60M 62.56M
Diluted Shares Outstanding 62.95M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $260.6M
YoY Change 44.79%
Cash & Equivalents $260.6M
Short-Term Investments
Other Short-Term Assets $2.047M
YoY Change 2.76%
Inventory $34.24M
Prepaid Expenses
Receivables $91.06M
Other Receivables $0.00
Total Short-Term Assets $400.6M
YoY Change 31.35%
LONG-TERM ASSETS
Property, Plant & Equipment $544.0K
YoY Change 50.69%
Goodwill $17.90M
YoY Change 0.0%
Intangibles $210.9M
YoY Change -10.94%
Long-Term Investments $507.7M
YoY Change -4.11%
Other Assets $2.800M
YoY Change -18.7%
Total Long-Term Assets $831.0M
YoY Change -5.9%
TOTAL ASSETS
Total Short-Term Assets $400.6M
Total Long-Term Assets $831.0M
Total Assets $1.232B
YoY Change 3.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.170M
YoY Change 10.23%
Accrued Expenses $20.80M
YoY Change -32.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $191.8M
YoY Change
Total Short-Term Liabilities $223.8M
YoY Change 518.38%
LONG-TERM LIABILITIES
Long-Term Debt $256.0M
YoY Change -42.57%
Other Long-Term Liabilities $71.45M
YoY Change 4.02%
Total Long-Term Liabilities $327.4M
YoY Change -36.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.8M
Total Long-Term Liabilities $327.4M
Total Liabilities $551.2M
YoY Change 0.11%
SHAREHOLDERS EQUITY
Retained Earnings -$22.13M
YoY Change -74.48%
Common Stock $690.7M
YoY Change -37.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $668.5M
YoY Change
Total Liabilities & Shareholders Equity $1.232B
YoY Change 3.66%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $1.213M
YoY Change -98.52%
Depreciation, Depletion And Amortization $9.991M
YoY Change 0.92%
Cash From Operating Activities $48.69M
YoY Change 10.9%
INVESTING ACTIVITIES
Capital Expenditures $270.0K
YoY Change -10.0%
Acquisitions
YoY Change
Other Investing Activities -$5.000M
YoY Change -80.54%
Cash From Investing Activities -$5.270M
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
YoY Change -101.9%
NET CHANGE
Cash From Operating Activities 48.69M
Cash From Investing Activities -5.270M
Cash From Financing Activities 211.0K
Net Change In Cash 43.63M
YoY Change 532.28%
FREE CASH FLOW
Cash From Operating Activities $48.69M
Capital Expenditures $270.0K
Free Cash Flow $48.42M
YoY Change 11.05%

Facts In Submission

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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
CY2023Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-11000
CY2023Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11071000
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1442000
CY2023Q3 us-gaap Profit Loss
ProfitLoss
82046000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
627493000
us-gaap Profit Loss
ProfitLoss
3060000
us-gaap Profit Loss
ProfitLoss
118191000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-15438000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1115000
inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
10466000
inva Amortization Of Capitalized Fees And Depreciation Of Property And Equipment
AmortizationOfCapitalizedFeesAndDepreciationOfPropertyAndEquipment
10437000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19391000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15274000
inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
12101000
inva Inventory Fair Value Step Up Adjustment Included In Cost Of Product Sales
InventoryFairValueStepUpAdjustmentIncludedInCostOfProductSales
19179000
us-gaap Share Based Compensation
ShareBasedCompensation
4701000
us-gaap Share Based Compensation
ShareBasedCompensation
4560000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1581000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1549000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-42997000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
67886000
inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-60827000
inva Unrealized Other Gain Loss On Investments
UnrealizedOtherGainLossOnInvestments
-4887000
inva Accrued Interest Income Added In Long Term Investments
AccruedInterestIncomeAddedInLongTermInvestments
0
inva Accrued Interest Income Added In Long Term Investments
AccruedInterestIncomeAddedInLongTermInvestments
1482000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
324000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
770000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
16092000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1351000
us-gaap Increase Decrease In Due From Affiliates Current
IncreaseDecreaseInDueFromAffiliatesCurrent
-9109000
us-gaap Increase Decrease In Due From Affiliates Current
IncreaseDecreaseInDueFromAffiliatesCurrent
2341000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5600000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3797000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-8980000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-14830000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-594000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1795000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2547000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
844000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3977000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1072000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-2589000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3526000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2771000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
148000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-560000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-546000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
129451000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
107808000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
48136000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
60132000
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
0
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
1218000
inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
32270000
inva Purchases Of Equity Investments Managed By Isp Fund Lp
PurchasesOfEquityInvestmentsManagedByIspFundLp
24914000
inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
52831000
inva Sale Of Equity Investments Managed By Isp Fund Lp
SaleOfEquityInvestmentsManagedByIspFundLp
39642000
inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
20561000
inva Purchase And Sale Of Other Investments Managed By Isp Fund Lp
PurchaseAndSaleOfOtherInvestmentsManagedByIspFundLp
14728000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
270000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
260000
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
-48308000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-61610000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14777000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
61092000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
123000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
65000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
874000
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
-14026000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-157250000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
67117000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-111052000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
193513000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
291049000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260630000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
179997000
us-gaap Interest Paid Net
InterestPaidNet
10359000
us-gaap Interest Paid Net
InterestPaidNet
11381000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11793000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
inva Accrued Interest Income Included In Long Term Investments
AccruedInterestIncomeIncludedInLongTermInvestments
2090000
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;">27</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;">20</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;">September 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;">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;">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;">23</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%, respectively, for the nine months ended </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 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;">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;">15</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;">12</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;">September 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;">27</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;">28</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;">26</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 September 30, 2023, and </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;">28</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, for the nine months ended September 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
CY2023Q3 inva Number Of Major Customers
NumberOfMajorCustomers
3
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1213000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
82046000
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