Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

Stock- Based Compensation Expense

The following table summarizes stock-based compensation expense, which included $0.7 million and $1.0 million, respectively, related to Entasis’ equity awards, for the three and six months ended June 30, 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
General and administrative	$	1,030	$	470	$	1,818	$	921
Research and development		320		—		486		—
Total	$	1,350	$	470	$	2,304	$	921

Valuation Assumptions

Black-Scholes-Merton assumptions used in calculating the estimated value of stock options granted by Innoviva on the date of grant were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Risk-free interest rate	2.84% - 3.03%			1.07%			1.6% - 3.03%			1.07% - 1.13%
Expected term (in years)	5.50 - 6.11				6.00		5.50 - 6.11				6.00
Volatility	38.8% - 39.0%				45.0	%	38.8% - 40.5%				45.0	%
Dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Weighted-average estimated fair value of stock options granted	$6.98 - $7.18			$	5.80		$6.98 - $7.73			$	5.61