Consolidated Entities (Tables)

6 Months Ended

Jun. 30, 2022

Theravance Respiratory Company, LLC

Consolidated Entities

Schedule of Balance Sheets and Income Statements of VIE

The summarized financial information for TRC is presented as follows:

Balance sheets

	June 30,		December 31,
(In thousands)	2022		2021
Assets
Cash and cash equivalents	$	89,806	$	50,713
Receivables from collaborative arrangements		42,720		42,492
Prepaid expenses and other current assets		85		71
Equity and long-term investments		42,536		37,695
Total assets	$	175,147	$	130,971
Liabilities and LLC Members’ Equity
Current liabilities	$	493	$	252
LLC members’ equity		174,654		130,719
Total liabilities and LLC members’ equity	$	175,147	$	130,971

Income statements

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2022			2021			2022			2021
Royalty revenue from a related party	$	42,720		$	26,386		$	72,029		$	48,470
Operating expenses		139			336			337			3,617
Income from operations		42,581			26,050			71,692			44,853
Other income, net		10			—			10			—
Income tax expense, net		—			—			1			—
Changes in fair values of equity and long-term    investments		(9,313	)		(254	)		(8,884	)		(737	)
Net income	$	33,278		$	25,796		$	62,819		$	44,116

Entasis Therapeutics Holdings Inc

Consolidated Entities

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the fair values assigned to the assets acquired and liabilities assumed as of the date of the consolidation:

(In thousands)	February 17, 2022
Cash and cash equivalents	$	23,070
Prepaid expenses		5,554
Other current assets		1,959
Property and equipment, net		185
Right-of-use assets		527
Goodwill		5,544
Intangible assets		105,000
Other assets		302
Total assets acquired	$	142,141
Accounts payable	$	1,583
Accrued personnel-related expenses		1,057
Other current liabilities		5,096
Total liabilities assumed	$	7,736
Total assets acquired, net	$	134,405

Schedule of Balance Sheet Information

The following table provides the assets and liabilities of Entasis:

(In thousands)	June 30, 2022
Assets
Current assets:
Cash and cash equivalents	$	22,408
Prepaid expenses		3,177
Other current assets		1,035
Total current assets		26,620
Property and equipment, net		171
Right-of-use assets		3,503
Goodwill		5,544
Intangible assets		105,000
Other assets		1,147
Total assets	$	141,985
Liabilities
Current liabilities:
Accounts payable	$	4,025
Accrued personnel-related expenses		3,385
Other accrued liabilities		8,195
Total current liabilities		15,605
Lease liabilities, long-term		3,091
Total liabilities	$	18,696

Pro Forma Information

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands)	2022			2021		2022		2021
Revenue	$	108,220		$	100,806	$	198,279	$	186,324
Net income	$	17,221		$	34,140	$	55,248	$	144,490
Net income attributable to Innoviva stockholders	$	(3,306	)	$	17,063	$	15,727	$	116,130