Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Stock- Based Compensation Expense

The following table summarizes stock-based compensation expense:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Selling, general and administrative	$	1,567	$	1,042	$	2,925	$	2,194
Research and development		76		478		173		924
Total	$	1,643	$	1,520	$	3,098	$	3,118

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,
	2024	2023	2024	2023
Risk-free interest rate	4.3% - 4.6 %	3.50% - 3.76%	4.1% - 4.6%	3.50% - 4.0%
Expected term (in years)	5.07 - 6.13	5.50 - 6.16	5.07 - 6.15	5.16 - 6.16
Volatility	36.0%	38.0%	36.0 % - 36.8%	38.0% - 38.5%
Dividend yield	0.0%	0.0%	0.0%	0.0%
Weighted-average estimated fair value of stock options granted	$6.21 - $6.71	$5.22 - $5.64	$4.97 - $6.93	$5.22 - $5.64