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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K/A

(Amendment No. 1)

(Mark One)

 

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

For the fiscal year ended December 31, 2023

 

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 No. 000-30319

 

INNOVIVA, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

94-3265960
(I.R.S. Employer
Identification No.)

 

 

1350 Old Bayshore Highway, Suite 400
Burlingame, CA
(Address of principal executive offices)

94010
(Zip Code)

 

Registrant’s telephone number, including area code: (650) 238-9600

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange On Which Registered

Common Stock $0.01 Par Value

 

INVA

 

The Nasdaq Stock Market LLC

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

 

Indicate by check mark if the registrant is a well‑known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No

 

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 registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check One):

 

 

 

 

 

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

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

 

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant based upon the closing price of the registrant’s Common Stock on The Nasdaq Global Select Market on June 30, 2023 was $731,926,690. This calculation does not reflect a determination that persons are affiliates for any other purpose.

 

On February 14, 2024, there were 63,227,333 shares of the registrant’s Common Stock outstanding.

 

 


 

DOCUMENTS INCORPORATED BY REFERENCE

 

Specified portions of the registrant’s definitive Proxy Statement to be issued in conjunction with the registrant’s 2023 Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant’s fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be a part of this Annual Report on Form 10-K.

 

 

 

 


 

 

EXPLANATORY NOTE

 

Innoviva, Inc. (the “Company”) is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”) solely to correct clerical errors in the report titled “Report of Independent Registered Public Accounting Firm” provided by Grant Thornton LLP (the “Audit Report”). Specifically, the Audit Report inadvertently contained an incorrect date.

This Amendment does not reflect events occurring after the filing of the 2023 Form 10-K, does not update disclosures contained in the 2023 Form 10-K and does not modify or amend the 2023 Form 10-K except as specifically described above. Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of Item 8. Financial Statements and Supplementary Data, Item 9A. Controls and Procedures, Item 15. Exhibits and Financial Statement Schedules, and certifications of the Company’s Principal Executive Officer and Principal Financial Officer required under Items 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, dated as of the date of this Amendment, as well as updated inline XBRL exhibits.

3


 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

 

 

 

Page

Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022

5

Consolidated Statements of Income for each of the three years in the period ended December 31, 2023

6

Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2023

7

Consolidated Statements of Stockholders’ Equity for each of the three years in the period ended December 31, 2023

8

Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2023

9

Notes to Consolidated Financial Statements

10

Reports of Independent Registered Public Accounting Firm (PCAOB ID 34)

50

Report of Independent Registered Public Accounting Firm (PCAOB ID 248)

52

 

4


 

 

INNOVIVA, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

193,513

 

 

$

291,049

 

Accounts receivable

 

 

14,454

 

 

 

9,401

 

Receivables from collaboration arrangements

 

 

69,621

 

 

 

54,672

 

Inventory

 

 

40,737

 

 

 

55,897

 

Prepaid expenses

 

 

21,630

 

 

 

29,559

 

Other current assets

 

 

4,264

 

 

 

2,933

 

Total current assets

 

 

344,219

 

 

 

443,511

 

Property and equipment, net

 

 

483

 

 

 

170

 

Equity method investments

 

 

116,546

 

 

 

39,154

 

Equity and long-term investments

 

 

444,432

 

 

 

363,859

 

Capitalized fees paid, net

 

 

83,784

 

 

 

97,607

 

Right-of-use assets

 

 

2,536

 

 

 

3,265

 

Goodwill

 

 

17,905

 

 

 

26,713

 

Intangible assets

 

 

230,335

 

 

 

252,919

 

Other assets

 

 

3,267

 

 

 

4,299

 

Total assets

 

$

1,243,507

 

 

$

1,231,497

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

6,717

 

 

$

2,939

 

Accrued personnel-related expenses

 

 

7,020

 

 

 

8,022

 

Accrued interest payable

 

 

3,422

 

 

 

4,359

 

Deferred revenue

 

 

1,277

 

 

 

2,094

 

Convertible subordinated notes due 2023, net of issuance costs

 

 

 

 

 

96,193

 

Income tax payable

 

 

 

 

 

154

 

Other accrued liabilities

 

 

19,698

 

 

 

21,207

 

Total current liabilities

 

 

38,134

 

 

 

134,968

 

Long-term debt, net of discount and issuance costs

 

 

446,234

 

 

 

444,180

 

Other long-term liabilities

 

 

71,870

 

 

 

70,918

 

Deferred tax liabilities, net

 

 

563

 

 

 

5,771

 

Income tax payable, long-term

 

 

11,751

 

 

 

9,872

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

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,
   
63,307 and 69,188 issued and outstanding as of
   December 31, 2023 and December 31, 2022 respectively

 

 

633

 

 

 

692

 

Treasury stock: at cost, 32,005 shares as of December 31, 2023
    and 2022

 

 

(393,829

)

 

 

(393,829

)

Additional paid-in capital

 

 

1,093,340

 

 

 

1,163,836

 

Accumulated deficit

 

 

(25,189

)

 

 

(204,911

)

Total stockholders’ equity

 

 

674,955

 

 

 

565,788

 

Total liabilities and stockholders’ equity

 

$

1,243,507

 

 

$

1,231,497

 

 

See accompanying notes to consolidated financial statements.

5


 

 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

Royalty revenue, net of amortization of
   capitalized fees paid of $
13,823 in
   each of the years ended
   December 31, 2023, 2022 and 2021

 

$

238,846

 

 

$

311,645

 

 

$

391,866

 

Net product sales

 

 

60,617

 

 

 

19,694

 

 

 

 

License revenue

 

 

11,000

 

 

 

 

 

 

 

Total revenue

 

 

310,463

 

 

 

331,339

 

 

 

391,866

 

Expenses:

 

 

 

 

 

 

 

 

 

Cost of products sold (inclusive of
   amortization of inventory fair value
   adjustments, excluding amortization
   of intangible assets)

 

 

41,040

 

 

 

13,793

 

 

 

 

Cost of license revenue

 

 

1,600

 

 

 

 

 

 

 

Selling, general and administrative

 

 

98,232

 

 

 

63,538

 

 

 

16,187

 

Research and development

 

 

33,922

 

 

 

41,432

 

 

 

576

 

Amortization of acquired intangible assets

 

 

21,784

 

 

 

5,581

 

 

 

 

Gain on sale of Theravance Respiratory
   Company, LLC (“TRC”)

 

 

 

 

 

(266,696

)

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

20,662

 

 

 

 

Changes in fair values of equity method
   investments, net

 

 

(77,392

)

 

 

161,749

 

 

 

(84,392

)

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

 

 

(11,129

)

 

 

(8,462

)

 

 

(6,638

)

Interest and dividend income

 

 

(15,818

)

 

 

(6,369

)

 

 

(1,839

)

Interest expense

 

 

19,157

 

 

 

15,789

 

 

 

19,070

 

Other expense, net

 

 

4,969

 

 

 

3,373

 

 

 

3,626

 

Total expenses, net

 

 

116,365

 

 

 

44,390

 

 

 

(53,410

)

Income before income taxes

 

 

194,098

 

 

 

286,949

 

 

 

445,276

 

Income tax expense, net

 

 

14,376

 

 

 

66,687

 

 

 

76,439

 

Net income

 

 

179,722

 

 

 

220,262

 

 

 

368,837

 

Net income attributable to noncontrolling
   interests

 

 

 

 

 

6,341

 

 

 

102,983

 

Net income attributable to Innoviva
   stockholders

 

$

179,722

 

 

$

213,921

 

 

$

265,854

 

Basic net income per share attributable to
   Innoviva stockholders

 

$

2.75

 

 

$

3.07

 

 

$

3.24

 

Diluted net income per share attributable to
   Innoviva stockholders

 

$

2.20

 

 

$

2.37

 

 

$

2.87

 

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

 

 

 

 

 

 

 

 

 

Shares used to compute basic
   net income per share

 

 

65,435

 

 

 

69,644

 

 

 

82,062

 

Shares used to compute diluted
   net income per share

 

 

86,876

 

 

 

95,248

 

 

 

94,310

 

 

See accompanying notes to consolidated financial statements.

6


 

 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Net income

 

$

179,722

 

 

$

220,262

 

 

$

368,837

 

Comprehensive income

 

 

179,722

 

 

 

220,262

 

 

 

368,837

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

6,341

 

 

 

102,983

 

Comprehensive income attributable to Innoviva stockholders

 

$

179,722

 

 

$

213,921

 

 

$

265,854

 

 

See accompanying notes to consolidated financial statements.

7


 

 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Treasury Stock

 

 

Noncontrolling

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Interest

 

 

Equity

 

Balance as of January 1, 2021

 

 

101,392

 

 

$

1,014

 

 

$

1,260,900

 

 

$

(722,002

)

 

 

 

 

$

 

 

$

67,925

 

 

 

607,837

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(59,457

)

 

 

(59,457

)

Equity activity of noncontrolling interests in
   a consolidated variable interest entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(259

)

 

 

(259

)

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

 

 

179

 

 

 

2

 

 

 

1,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,109

 

Repurchase of common stock

 

 

(32,005

)

 

 

(320

)

 

 

 

 

 

 

 

 

32,005

 

 

 

(393,829

)

 

 

 

 

 

(394,149

)

Stock-based compensation

 

 

 

 

 

 

 

 

2,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,017

 

Net income

 

 

 

 

 

 

 

 

 

 

 

265,854

 

 

 

 

 

 

 

 

 

102,983

 

 

 

368,837

 

Balance as of December 31, 2021

 

 

69,566

 

 

$

696

 

 

$

1,264,024

 

 

$

(456,148

)

 

 

32,005

 

 

$

(393,829

)

 

$

111,192

 

 

$

525,935

 

Cumulative adjustment due to adoption of
ASU 2020-06

 

 

 

 

 

 

 

 

(65,467

)

 

 

37,238

 

 

 

 

 

 

 

 

 

 

 

 

(28,229

)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,811

)

 

 

(69,811

)

Recognition of noncontrolling interest upon
   initial consolidation of Entasis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,471

 

 

 

38,471

 

Equity activity of noncontrolling interests in
   a consolidated variable interest entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Derecognition of noncontrolling interests upon
   sale of TRC

 

 

 

 

 

 

 

 

 

 

 

78

 

 

 

 

 

 

 

 

 

(61,304

)

 

 

(61,226

)

Derecognition of noncontrolling interests upon
   acquisition of Entasis noncontrolling interest

 

 

 

 

 

 

 

 

(14,153

)

 

 

 

 

 

 

 

 

 

 

 

(28,009

)

 

 

(42,162

)

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

 

 

269

 

 

 

2

 

 

 

286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

288

 

Capped call options associated with convertible
   senior notes due 2028

 

 

 

 

 

 

 

 

(16,585

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,585

)

Conversion of convertible subordinated notes
   due 2023

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Repurchase of common stock

 

 

(647

)

 

 

(6

)

 

 

(8,497

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,503

)

Stock-based compensation

 

 

 

 

 

 

 

 

4,225

 

 

 

 

 

 

 

 

 

 

 

 

3,122

 

 

 

7,347

 

Net income

 

 

 

 

 

 

 

 

 

 

 

213,921

 

 

 

 

 

 

 

 

 

6,341

 

 

 

220,262

 

Balance as of December 31, 2022

 

 

69,188

 

 

$

692

 

 

$

1,163,836

 

 

$

(204,911

)

 

 

32,005

 

 

$

(393,829

)

 

$

 

 

$

565,788

 

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

 

 

293

 

 

 

3

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92

 

Repurchase of common stock

 

 

(6,174

)

 

 

(62

)

 

 

(76,422

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(76,484

)

Stock-based compensation

 

 

 

 

 

 

 

 

5,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,837

 

Net income

 

 

 

 

 

 

 

 

 

 

 

179,722

 

 

 

 

 

 

 

 

 

 

 

 

179,722

 

Balance as of December 31, 2023

 

 

63,307

 

 

$

633

 

 

$

1,093,340

 

 

$

(25,189

)

 

 

32,005

 

 

$

(393,829

)

 

$

 

 

$

674,955

 

 

See accompanying notes to consolidated financial statements.

8


 

 

INNOVIVA, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Net income

 

$

179,722

 

 

$

220,262

 

 

$

368,837

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

4,400

 

 

 

25,006

 

 

 

76,432

 

Amortization of capitalized fees and depreciation of property and equipment

 

 

13,921

 

 

 

13,931

 

 

 

13,832

 

Amortization of acquired intangible assets

 

 

21,784

 

 

 

5,581

 

 

 

 

Inventory fair value step-up adjustment included in cost of products sold

 

 

27,164

 

 

 

10,023

 

 

 

 

Stock-based compensation

 

 

5,837

 

 

 

7,347

 

 

 

2,017

 

Amortization of debt discount and issuance costs

 

 

2,065

 

 

 

2,055

 

 

 

9,136

 

Changes in fair values of equity method investments, net

 

 

(77,392

)

 

 

161,749

 

 

 

(84,392

)

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

 

 

(11,129

)

 

 

(8,462

)

 

 

(4,917

)

Loss on extinguishment of debt

 

 

 

 

 

20,662

 

 

 

 

Net gain on sale of TRC

 

 

 

 

 

(266,696

)

 

 

 

Other non-cash items

 

 

(517

)

 

 

3,402

 

 

 

(259

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(5,053

)

 

 

(3,525

)

 

 

 

Receivables from collaboration arrangements

 

 

(14,949

)

 

 

13,319

 

 

 

(16,780

)

Inventory

 

 

(12,004

)

 

 

280

 

 

 

 

Prepaid expenses

 

 

7,929

 

 

 

(21,350

)

 

 

203

 

Other assets

 

 

(2,965

)

 

 

(3,341

)

 

 

 

Accounts payable

 

 

3,778

 

 

 

92

 

 

 

(39

)

Accrued personnel-related expenses and other accrued liabilities

 

 

(1,498

)

 

 

11,913

 

 

 

(257

)

Accrued interest payable

 

 

(937

)

 

 

207

 

 

 

 

Deferred revenue

 

 

(817

)

 

 

(755

)

 

 

 

Income tax payable

 

 

1,725

 

 

 

10,026

 

 

 

 

Net cash provided by operating activities

 

 

141,064

 

 

 

201,726

 

 

 

363,813