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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission File Number: 000-30319

 

INNOVIVA, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

94-3265960

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

1350 Old Bayshore Highway Suite 400

Burlingame, CA 94010

(Address of Principal Executive Offices)

 

(650) 238-9600

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

INVA

 

The NASDAQ Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act.

 

Large accelerated filer ☒

 

Accelerated filer ☐

 

 

 

Non-accelerated filer ☐

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No

 

The number of shares of registrant’s common stock outstanding on October 18, 2021 was 69,492,201.

 

 

 

 


 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

 

 

 

Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020

3

Unaudited Consolidated Statements of Income for the Three and Nine Months ended September 30, 2021 and 2020

4

Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2021 and 2020

5

Unaudited Consolidated Statements of Stockholders’ Equity for the Three and Nine Months ended September 30, 2021 and 2020

6

Unaudited Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2021 and 2020

8

Notes to Unaudited Consolidated Financial Statements

9

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

27

 

 

Item 4. Controls and Procedures

27

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

27

 

 

Item 1A. Risk Factors

28

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

28

 

 

Item 3. Defaults Upon Senior Securities

28

 

 

Item 4. Mine Safety Disclosure

28

 

 

Item 5. Other Information

28

 

 

Item 6. Exhibits

29

 

 

Signatures

30

 

 

 

 

 

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

INNOVIVA, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

*

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

135,115

 

 

$

246,487

 

Related party receivables from collaborative arrangements

 

 

101,271

 

 

 

93,931

 

Prepaid expenses and other current assets

 

 

542

 

 

 

1,640

 

Total current assets

 

 

236,928

 

 

 

342,058

 

Property and equipment, net

 

 

15

 

 

 

28

 

Equity and long-term investments

 

 

507,116

 

 

 

438,258

 

Capitalized fees paid to a related party, net

 

 

114,885

 

 

 

125,253

 

Deferred tax assets, net

 

 

28,159

 

 

 

93,759

 

Other assets

 

 

136

 

 

 

214

 

Total assets

 

$

887,239

 

 

$

999,570

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

89

 

 

$

66

 

Accrued personnel-related expenses

 

 

488

 

 

 

490

 

Accrued interest payable

 

 

1,668

 

 

 

4,152

 

Other accrued liabilities

 

 

880

 

 

 

1,402

 

Total current liabilities

 

 

3,125

 

 

 

6,110

 

Long-term debt, net of discount and issuance costs

 

 

392,295

 

 

 

385,517

 

Other long-term liabilities

 

 

14

 

 

 

106

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock: $0.01 par value, 230 shares authorized,
   
no shares issued and outstanding

 

 

 

 

 

 

Common stock: $0.01 par value, 200,000 shares authorized,
   
69,492 and 101,392 issued and outstanding as of
   September 30, 2021 and December 31, 2020 respectively

 

 

695

 

 

 

1,014

 

Treasury stock: at cost, 32,005 and no shares at
   September 30, 2021 and December 31, 2020, respectively

 

 

(393,829

)

 

 

 

Additional paid-in capital

 

 

1,262,438

 

 

 

1,260,900

 

Accumulated deficit

 

 

(466,493

)

 

 

(722,002

)

Total Innoviva stockholders’ equity

 

 

402,811

 

 

 

539,912

 

Noncontrolling interest

 

 

88,994

 

 

 

67,925

 

Total stockholders’ equity

 

 

491,805

 

 

 

607,837

 

Total liabilities and stockholders’ equity

 

$

887,239

 

 

$

999,570

 

 

 

*
Consolidated balance sheet as of December 31, 2020 has been derived from audited consolidated financial statements.

See accompanying notes to consolidated financial statements.

3


 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Royalty revenue from a related party, net of amortization of
   capitalized fees paid to a related party of $
3,456 in the
   three months ended September 30, 2021 and 2020,
   and $
10,368 in the nine months ended September 30, 2021
   and 2020

 

$

97,862

 

 

$

88,694

 

 

$

284,186

 

 

$

236,318

 

Revenue from collaborative arrangements
   with a related party

 

 

 

 

 

 

 

 

 

 

 

10,000

 

Total net revenue

 

 

97,862

 

 

 

88,694

 

 

 

284,186

 

 

 

246,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

449

 

 

 

1,010

 

 

 

536

 

 

 

1,569

 

General and administrative

 

 

2,860

 

 

 

3,254

 

 

 

13,074

 

 

 

8,413

 

Total operating expenses

 

 

3,309

 

 

 

4,264

 

 

 

13,610

 

 

 

9,982

 

Income from operations

 

 

94,553

 

 

 

84,430

 

 

 

270,576

 

 

 

236,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

(652

)

 

 

(13

)

 

 

(2,036

)

 

 

85

 

Interest income

 

 

453

 

 

 

41

 

 

 

503

 

 

 

1,501

 

Interest expense

 

 

(4,790

)

 

 

(4,603

)

 

 

(14,229

)

 

 

(13,680

)

Changes in fair values of equity
   and long-term investments, net

 

 

33,613

 

 

 

(29,368

)

 

 

133,973

 

 

 

39,245

 

Income before income taxes

 

 

123,177

 

 

 

50,487

 

 

 

388,787

 

 

 

263,487

 

Income tax expense, net

 

 

20,531

 

 

 

8,866

 

 

 

65,600

 

 

 

44,689

 

Net income

 

 

102,646

 

 

 

41,621

 

 

 

323,187

 

 

 

218,798

 

Net income attributable to
   noncontrolling interest

 

 

30,208

 

 

 

13,403

 

 

 

67,678

 

 

 

48,299

 

Net income attributable to
   Innoviva stockholders

 

$

72,438

 

 

$

28,218

 

 

$

255,509

 

 

$

170,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share attributable
   to Innoviva stockholders

 

$

1.04

 

 

$

0.28

 

 

$

2.96

 

 

$

1.68

 

Diluted net income per share attributable
   to Innoviva stockholders

 

$

0.90

 

 

$

0.26

 

 

$

2.63

 

 

$

1.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute Innoviva basic and diluted
     net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Shares used to compute basic net income per share

 

 

69,458

 

 

 

101,358

 

 

 

86,298

 

 

 

101,306

 

Shares used to compute diluted net income per share

 

 

81,699

 

 

 

113,572

 

 

 

98,536

 

 

 

113,543

 

 

See accompanying notes to consolidated financial statements.

4


 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

102,646

 

 

$

41,621

 

 

$

323,187

 

 

$

218,798

 

Unrealized loss on marketable securities, net

 

 

 

 

 

2

 

 

 

 

 

 

(27

)

Comprehensive income

 

 

102,646

 

 

 

41,623

 

 

 

323,187

 

 

 

218,771

 

Comprehensive income attributable to noncontrolling interest

 

 

30,208

 

 

 

13,403

 

 

 

67,678

 

 

 

48,299

 

Comprehensive income attributable to Innoviva stockholders

 

$

72,438

 

 

$

28,220

 

 

$

255,509

 

 

$

170,472

 

 

See accompanying notes to consolidated financial statements.

5


 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Interest

 

 

Equity

 

Balance as of December 31, 2020

 

 

101,392

 

 

$

1,014

 

 

$

1,260,900

 

 

$

 

 

$

(722,002

)

 

 

 

 

$

 

 

$

67,925

 

 

$

607,837

 

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,285

)

 

 

(21,285

)

Equity activity of noncontrolling interest
   from a consolidated variable interest entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

8

 

Exercise of stock options, and issuance of
   common stock units and stock awards,
   net of repurchase of shares to satisfy
   tax withholding

 

 

16

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

Stock-based compensation

 

 

 

 

 

 

 

 

451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

451

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94,123

 

 

 

 

 

 

 

 

 

15,572

 

 

 

109,695

 

Balance as of March 31, 2021

 

 

101,408

 

 

$

1,014

 

 

$

1,261,326

 

 

$

 

 

$

(627,879

)

 

 

 

 

$

 

 

$

62,220

 

 

$

696,681

 

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,161

)

 

 

(20,161

)

Equity activity of noncontrolling interest
   from a consolidated variable interest entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

8

 

Exercise of stock options, and issuance of
   common stock units and stock awards,
   net of repurchase of shares to satisfy
   tax withholding

 

 

92

 

 

 

1

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50

 

Repurchase of common stock

 

 

(32,005

)

 

 

(320

)

 

 

 

 

 

 

 

 

 

 

 

32,005

 

 

 

(393,829

)

 

 

 

 

 

(394,149

)

Stock-based compensation

 

 

 

 

 

 

 

 

470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

470

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88,948

 

 

 

 

 

 

 

 

 

21,898

 

 

 

110,846

 

Balance as of June 30, 2021

 

 

69,495

 

 

$

695

 

 

$

1,261,845

 

 

$

 

 

$

(538,931

)

 

 

32,005

 

 

$

(393,829

)

 

$

63,965

 

 

$

393,745

 

Distributions to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,912

)

 

 

(4,912

)

Equity activity of noncontrolling interest
   from a consolidated variable interest entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(267

)

 

 

(267

)

Exercise of stock options, and issuance of
   common stock units and stock awards,
   net of repurchase of shares to satisfy
   tax withholding

 

 

(3

)

 

 

 

 

 

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

 

Stock-based compensation

 

 

 

 

 

 

 

 

542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

542

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,438

 

 

 

 

 

 

 

 

 

30,208

 

 

 

102,646

 

Balance as of September 30, 2021

 

 

69,492

 

 

$

695